Cashin said many traders were assuming the original Sunday meeting, when EU leaders will discuss solving the debt crisis, would bring bad news—so now those traders are doing some short covering .
"I hear people talking about earnings. Earnings aren’t helping gold, earnings aren’t helping oil. This is all about Europe and the currencies," Cashin stated. However, the market's patience can only go so far, he said, foreseeing a decision being put off even beyond the newly added Wednesday meeting, perhaps delayed until early November when the G20 nations meet.
"That's going to wear thin on the market," he said.
CNBC Data Pages:
Disclosure information was not available for Art Cashin or his company.