Investors may want to curb their enthusiasm for the market rally.
The Bleakley Advisory Group’s Peter Boockvar warns stocks are vulnerable to a 10% or more summer sell-off.
“That’s when the gut check is going to take place,” the chief investment officer told CNBC’s “Trading Nation” on Wednesday. “Right now, the market is ignoring all the bad news in the hopes that things obviously get better as we reopen.”
Over the next couple of months, Boockvar suspects the market will trade sideways. Once most of the economy reopens, that’s when he warns a wave of profit-taking will likely strike stocks.