Market guru Art Cashin says there are looming risks to the market that savvy investor must begin taking seriously.

Cashin, UBS director of floor operations at the New York Stock Exchange, told CNBC that a "counter-intuitive" trend is appearing in the market with small-cap stocks.

The IWM, the small-caps stock tracking ETF, has lost almost all of its gains year to date, CNBC.com explained. That trend is one the UBS director describes as "slightly disturbing," given how small-caps were predicted to rally under President Donald Trump, Cashin said.

Conventional wisdom suggested that "one of the Trump initiatives would be in international trade, therefore the multinationals might be under some stress, and the small caps should be fine," he explained. "So that deterioration has bothered us somewhat."

Cashin sees two more problem areas.

"People begin to realize that the Trump agenda will be far later in being implemented than people thought, that it's going to have more difficulty getting through Congress," he said.

"Then the other one, which is more of a roll of the dice, is a geopolitical event," he said.

Cashin also warns to keep an eye on the Federal Reserve. "The Fed next week is one of the reasons that we're getting a push up under yields here in the 10-year," explained Cashin. "I think there's more watchful waiting, but if you get up around that 2.75 percent [in the 10-year note yield], I think you'll see some red lights flashing."

Cashin isn't alone with sensing some danger to the current stock market.

Veteran financial guru and former Ronald Reagan adviser told Newsmax TV that President Donald Trump must quickly push tax-reform legislation through Congress in order to avoid disappointing voters and to bolster his own standing in the eyes of the American public.

“From the Trump standpoint, he needs wins. He's got to have first-year victories and the two biggest issues are healthcare and tax reform,” the radio talk-show host and CNBC senior contributor told Newsmax TV's "The Steve Malzberg Show."

Republican officials have said they don’t expect major tax reform until after the August Congressional recess. “That means it's going to take quite some time to realize any of these tax reforms, any of them, and I think that's going to damage the outlook for 2017, I think it's going to damage the stock market, I just think it's foolish to wait. So, my view is let's get it done fast. That's what we should focus on,” the Newsmax Finance Insider said.

(Newsmax wire services contributed to this report).