Art Cashin: 'Long Tough, Slog Ahead'

Are the markets pulling back? Art Cashin, director of floor operations at UBS offered his insights Wednesday.

"I think this is probably the March rally beginning to roll over and the question is how much of a correction does it turn into," Cashin told CNBC. "There's going to be a lot of jockeying around in the next few days."

Cashin said people on the sidelines waiting to get into the markets as well as the bulls, may be disappointed.

"I think what you've got to see disappointing both crowds," Cashin said, "is to have the market pull back enough to have those people who stood by waiting for it to pull back and say 'this is my chance' and then have it work lower than that, they can say 'I got trapped again.'"

Cashin also said that there's a long, tough slog ahead. "People are going to see below average growth and they are starting to discount earnings like they did last year," said Cashin. "We're headed for the new normal, someplace we've never been before."

As for commodities, Cashin said oil is still full of volatility. "It's wrestling with its 52 week moving average, right around 73 dollars. If it punches through there, then the speculators might poor in. If it is retrained there, then we'll get a bit of a corrective pull back," said Cashin.

As for the proposed financial regulations from the Obama administration, Cashin said that the primary concern is getting back to liquidity in the markets.

(watch video for full Cashin interview)

"Yes, you want transparency," Cashin said, "but if you are going to start inhibiting things, you are not going to get the type of liquidity to make this country grow again and we may slip into a kind of second tier nation.

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Disclosure information was not available for Cashin or his company.