ART CASHIN: Traders Are Grumbling About One 'Missing Piece' In This Rally

But the celebrations on the New York Stock Exchange were tempered by some concerns raised by traders.

Art Cashin, UBS Financial Services Director of Floor Operations, points out one such concern in his note this morning:

In the spirit of complaining about the vintage of the celebratory champagne, traders grumbled a bit about the "missing pieces" of the "new high breakout".

The most frequently cited "missing piece" was volume. With the continued presumption of mountains of nervous money sitting on the sideline, why didn't the "breakout" turn into a cattle stampede?

Volume was mediocre and dropped markedly after the European markets closed. Was the rally and breakout fed and fueled by our friends from across the pond or even on the other side of the globe? Was there a speck of a flight to safety in the joyous breakout?

Low volume, as Doug Short describes it, "doesn't offer strong confirmation."

This is just one of many reasons why some experts worry that the market doesn't have a leg to stand on.