Watch Art Cashin: Why stocks are up today ... it's not jobs

Cashin says: December payroll now 'critically' important

Art Cashin says he believes today's rally for stocks is driven more by "buy the dippers" than by a specific news event, like this morning's strong October jobs report.

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday he's "quite impressed with the fact we raced through two resistance levels this morning."

He does worry, however, that if the 10-year U.S. note yield hits 2.8 percent it could generate some "check engine lights."