Stocks continue to gently whipsaw Wednesday, but the Vix volatility/fear index is still subsiding.
Art Cashin, UBS Financial Services director of floor operations, offered CNBC his stock-market insights.
In a sports metaphor, Cashin agreed that the bulls have stolen the ball back from the bears. "But now we have to see if they can score with it."
"What you're going to test for is...yesterday's highs, followed by a real resistance."
Cashin called the key resistance numbers:
"We've got to get through 930 [on the S&P], which was the March 8 high; then you've got to look for the early January highs up in the mid-900s."
He touched on the financial stocks, which leading the market periodically this week:
"Banks and other financials realize that this is a window of opportunity. The stress test, for all its faults and flaws, created a kind of 'pause in anxiety,' if you will. Nobody's going off the cliff."
But Cashin said the banks' siege is not over yet: "You do have to get more money. I don't know how long this wondow is going to stay open."
CNBC's Financials in the News:
Bank of America
Direxion Daily Financial Bear 3X Shares
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Disclosure information was not available for Cashin or his company.