Between the deadly clashes in Gaza and the mysterious circumstances behind the Malaysia Airlines plane crash in Ukraine, "a lot of geopolitical surprises" have made Wall Street a bit nervous, veteran trader Art Cashin told CNBC on Friday.
The mounting geopolitical turmoil, coupled with options expiration, has caused volume to rise and volatility to spike, Cashin said on "Squawk on the Street." In other words, more people are buying and selling stocks, and asset prices could swing over a larger range of values.
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Cashin, director of floor operations at the NYSE for UBS, said these concerns have so far caused "some" technical damage. Technical analysis, by the way, is the process of looking at levels on charts to identify patterns that suggest future activity.
The stock market can "begin to repair," Cashin said. The S&P 500 index has found "very credible resistance" at the 1,985/90 level, meaning it will have a hard time pushing past that level anytime soon, he said.
Given all of the uncertainty, though, "I think we can do things one step at a time."
—By CNBC's Drew Sandholm