Watch Art Cashin: Why Santa could arrive next week

Cashin says: Hope for the 'Santa Claus rally'

Art Cashin says it's been slow this week due to an approaching storm and the Thanksgiving holiday, but next week historically has an upward bias and could bring the 'fabled Santa Claus rally.'

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Mary Thompson around midday that he sees no reason to sell going into the holiday.

Asked if the Nasdaq's 4000 point milestone, a 13-year high, would encourage or discourage investors, Cashin said it might, but "it's not your father's Nasdaq. This Nasdaq is completely different from the 'Nifty 20' or so" that led the index higher during the dotcom bubble. "Hopefully it's a more solid Nasdaq."