Art Cashin warns: 'Pronounced divergence building'

Cashin says: Europe looks the best of the lot so far

Art Cashin says he's watching a "somewhat of a pronounced divergence building so far this year" between the Dow and other, broader stock indexes.

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday that "the Dow has been stronger than the other averages... The Nasdaq and the S&P kind of pulled the Dow down behind them today... We see this in the Russell also. The small caps are having a difficult 2014."

He's also concerned that extremely cold weather now spreading through the United States will put a damper on economic activity.