Art Cashin: Traders Fear a 'Son of Bear Stearns'

Art Cashin, UBS Financial Services director of floor operations, offered CNBC his take on Tuesday's market.

A dominant theme today: Traders feel "frustrated" by the so-called stress tests of the financials, Cashin said.

"Many felt somewhat from the beginning that the [stress test] concept was somewhat questionable," Cashin said. "It's like a no-win situation: if everyone passes, no one believes it."

He notes a "watch and see" attitude in the proverbial trading pits, as investors and analysts dread the creation of a "son of Bear Stearns."

Cashin also weighed in on the economic impact of Swine Flu and yesterday's frightening public-relations goof by the Air Force over the skies of New York City.

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