Art Cashin says there's a "desperate search to put money to work" that has money managers buying commodities and European assets.
Cashin, the UBS Director of Floor Operations at the NYSE, told CNBC's Bob Pisani that "money managers are behind the eight ball and hedge funds haven't been doing well" so they're trying to boost returns by looking beyond stocks.
He's also trying to figure out a recent market "anomaly" in which U.S. stocks fall in the morning and then attempt a comeback in the afternoon. "Most of them have not been successful."
