The Dow, S&P and Nasdaq each gained Wednesday, led by commodity stocks; Alcoa is poised to report earnings after the bell. Oil fell on economic fears as some called for controls on speculation-driven prices.
Art Cashin, director of floor operations at UBS Financial Services, offered CNBC his stock-market outlook.
Cashin reiterated his belief that another government stimulus package would be useless — because the first package was "part illusion, part hoax." And now that the economy's problems seem to be continuing, "the fire extinguisher's empty," he said.
Cashin believes the current stock rally will be short-lived.
But will the pullback be a minor dip — or a severe dive? He said it's too soon to tell definitively — but investors should keep a sharp eye on a 3-day period next week:
"[July] 15th to the 17th will tell us how meaningful the correction is going to be."
"We'll know the course clearly by the 17th," Cashin declared.
Watch the full interview (above) for Cashin's take on Earnings Season.
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Disclosure information was not available for Cashin or his company.