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‘Summer Wobble’ Could Hit Stocks: Pro

A strong employment number in early June could trigger a stock market correction, UBS Head of FX Distribution Paul Richards said Wednesday.

"I think the outcome is going to be binary," he said on CNBC's "Fast Money." "I think that we could get a summer wobble here on the back of a very strong payroll number."

Richards made the comments after Congressional testimony from Federal Reserve Chairman Ben Bernanke, who reiterated that reducing stimulus will depend on an improvement in the economic data.

(Read More: Stocks Rise as Bernanke Eases Tapering Fears)

"I don't think the market is ready for an early tapering to QE, and I think that risk would sell off quite markedly in the event of a very good payroll number in two-and-a-half weeks' time," Richards said.

Investors would do well to keep an eye on the U.S. Bureau of Labor Statistics' employment report due June 7, he added.

(Read More: Dow to 20,000 by 2020, CIO Says)

"I just do not believe this market can take a tapering very easily," he said, noting the stock market's bullish trajectory so far. "It's a great run, and we're probably due another correction.

"Payrolls could be that catalyst."

Trader disclosure: On May 22, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Weiss is long BAC; Steve Weiss is long C; Steve Weiss is long BBRY; Steve Weiss is long F; Steve Weiss is long LCC; Steve Weiss is long UAL; Steve Weiss is long AAMRQ; Mike Murphy is long BAC; Mike Murphy is long INTC; Mike Murphy is long FB; Mike Murphy is long GE ; Mike Murphy is long F; Mike Murphy is long TOL; Mike Murphy is long ADT; Brian Kelly is long TREASURIES ; Brian Kelly is long TLT; Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS ; Pete Najarian is long JPM CALLS; Pete Najarian is long WFC CALLS; Pete Najarian is long MS CALLS; Pete Najarian is long XLF CALLS; Pete Najarian is long INTC; Pete Najarian is long CSCO; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long MSFT; Pete Najarian is long F CALLS; Pete Najarian is long PFE; Pete Najarian is long PFE CALLS.

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