Watch Art Cashin: Too soon to celebrate

Cashin says: Weather excuse won't work forever

Art Cashin said stocks soared Tuesday in a "sigh of relief rally" as Russian President Vladimir Putin decided to end military exercises near the Ukrainian border, reducing the risk of a armed conflict. But, he warned, don't get too excited.

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midafternoon that "I don't think the viewers should assume this is all over with. Putin will probably get into a more diplomatic kind of thing, not the kind of diplomacy we like, but trying to agitate in the eastern Ukraine where the bulk of the industry is, and where the bulk of the Russian speakers are."

As a result, Cashin said, "Stay tuned. This play will play out further. But for now, without the risk of military confrontation, the markets are celebrating."

—By CNBC's Alex Crippen. Follow him on Twitter @alexcrippen.