Art Cashin: It IS a Bear-Market Rally

Was Monday's rally a rebound — or merely shorts covering themselves?

Art Cashin, UBS Financial Services director of floor operations, offered CNBC his stock market insights.

"It sure looked like there was some panic in buying yesterday," said Cashin.

He cited buying drivers including Warren Buffett's positive comments about financials such as Wells Fargo.

"I've been talking about a 'rolling top,' a 'canopy.' But [traders] kind of punched a hole in the canopy yesterday." He added, "We need to reassess the shape" of the markets now.

Despite that, he declared, "I still think it's a rally in a bear market."

"I'd like to see prosperity come back, but it looks like it'll take a long time."

For more of his commentary, check out the Art Cashin Page.