The stock rally could have legs after a line of better-than-expected third-quarter earnings reports, but Art Cashin, head of floor operations at UBS, said he isn't yet convinced.
"The banquet looks stupendous, I hear the wine is great," he said. "You guys can party on, but some of us are going to sit on the sideline like wallflowers."
Cashin said he doesn't think the economy is moving as much as data shows, and he's worried there are billions of dollars in excess reserves from people not borrowing.
He added that although it's difficult to compare today's environment with any other time in history, it reminds him of the dot-com bubble, when people refused to believe the markets would go anywhere but up.
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"I said, 'I've never heard of a tree growing straight to Heaven except in Jack in the Beanstalk and that was a fairy tale,'" he said. "And unfortunately [the bubble] turned out to be that way."
Cashin said he is beginning to see a pattern of component makers such asIntel [INTC 20.82 
0.33 (+1.61%) 
] performing well, while end-use makers like Johnson & Johnson [JNJ 60.49 
-0.52 (-0.85%) ] struggle.
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