Cashin: Why stocks haven't gone 'over the cliff'

Cashin says: All's quiet on the market front
Cashin says: All's quiet on the market front

Art Cashin said some "damage" has been done to the stock market after the selloff over the past few days but "we didn't go over the cliff" and now we're seeing an "oversold bounce."

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday that "the S&P (500 stock index) yesterday got down to the top end of a very important support band ... 1837 to 1841 and it held right in there. And I think that gave people a little bit of courage."

Cashin, however, said there's potential danger on the horizon. "Keep your eye on the yield of the 10-year (U.S. note.) If it suddenly moves sharply lower then something may be going on in the Ukraine."

For now, however, he said, "Let's take a Turnaround Tuesday on its face."

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