Art Cashin: Stock Market is 'In a Big, Major Move'

U.S. stock markets closed up yesterday (Monday) and rose anew Tuesday, after pending home sales showed the biggest gain — 6.7 percent — in more than seven years. What's next?

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

"The bulls did themselves a great deal of credit yesterday," Cashin said. "They turned a lot of indicators bullish."

He touched on Byron Wein's interview with CNBC, in which the Pequot Capital chief investment strategist said the stimulus package may drive the stock rally through the rest of this year.

"I wouldn't dispute what Byron said. ...I just don't know that we're in a bull market. We're in a big, major move — but not quite ready for a bull market."

Cashin joked that some traders should listen to Humphrey Bogart's classic lines from Casablanca (1942), in which Bogart's Rick Blaine character says he came to the Moroccan city "for the waters." When his questioner points out that "this is a desert," Bogey shrugs:

"I was misinformed."

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Disclosure information was not available for Cashin or his company.