Art Cashin: Markets Are 'Nowhere Near a Top'

Stocks mostly rose on Monday after a round of positive earnings news. Will the rally continue and how should investors be positioned? David Kotok, chairman and chief investment officer at Cumberland Advisors and CNBC contributor, and Art Cashin, director of floor operations at UBS Financial Services, shared their insights.

The rally is "long in the tooth, but we’re getting new high readings and new 52-week highs and so even if the rally’s a little old, the market technicals are quite strong and nowhere near signaling that you’re near a top,” Cashin told CNBC.

In the meantime, Kotok said investors should look into investing in Europe using ETFs.

“The underlying logic about Europe is that the valuation in Europe now gets better, because we’ve had a 10 percent devaluation,” he said.

“We wouldn’t touch Greece at all—but we had a 10 percent devaluation that benefits Germany, Netherlands and Belgium and our biggest overweight in Europe is Sweden, all using ETFs.”

Kotok Recommends:

iShares Russell 1000 Growth Index

iShares S&P 500 Growth Index

Health Care Select Sector SPDR

iShares Dow Jones US Medical Devices

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No immediate information was available for Cashin or his firm.

Kotok owns shares of IWF, IVW, XLV, IHI and IBB.