Watch Art Cashin: Traders see 'no-lose situation'

Cashin says: Keying on jobs ... and the weather

Art Cashin said he's hearing that a lot of traders see Friday's March employment report as a "no-lose situation."

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday that "if for some reason the jobs number is weaker than expected they'll blame it on the weather again, which they've been getting away with relative to data, not relative to companies."

If, however, the growth in non-farm payrolls is above expectations then "you've got (Federal Reserve Chair Janet) Yellen's pledge" to keep interest rates low. "It's not going to hasten the Fed up at all," as it gradually reduces the monthly stimulus it's been providing the economy through its asset purchases.

"They almost believe they can't lose. We'll see what happens."

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