Watch Art Cashin: Why jobs number doesn't scare us

Cashin eyes 2.7% yield on 10-year Treasury

Art Cashin said Wall Street isn't too worried about Friday's government report on the labor market in January.

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Courtney Reagan around midday, " I do know some traders are going into it with a 'can't lose' attitude. If the number's good, that's great, we win. And if the number's no good, we'll blame it on the weather. It's like a 'Get Out of Jail Free' card."

As for today's rally, Cashin said European markets "were happy knowing that (ECB President Mario) Draghi was not going to upset the apple cart" by raising rates.

In addition, "The yield on our 10-year (Treasury note) moved back above 2.7 (percent) and traders view that as the idea that we will not see the economy fall off a cliff."

As a result, "We're seeing a little bit of the buy-the-dippers coming in, we're seeing some of the shorts covering, but the volume still isn't a stampede."