Watch Cashin: The number that's 'hypnotized' stocks

Cashin says Dow hypnotized by 10-year waffle

Art Cashin said the stock market is "hypnotized" by the yield on the U.S. 10-year note.

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday the 10-year "keeps waffling around this 2.6 (percent) level. The market seems to take it, under 2.6: risk profile increased, be a little careful. Over 2.6, less risk, be a little happy."

With the yield staying right around 2.6 percent, "it's quite frustrating. They're not moving clearly enough."

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