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Are Investors Overconfident in the US?

It might be a good time to start asking whether the next winning trade is outside of the United States, Michael Santoli of Yahoo Finance said Friday.

"We have a 2,500-basis-point outperform in the S&P 500 vs. emerging markets this year," he said. "How much farther can that stretch? And in what way might that converge?"

On CNBC's "Fast Money," Santoli said that betting on U.S. stocks has, so far, been "the right position to have."

(Read More: A Wait-and-See Approach for Stocks: Pro)

And while it wasn't yet time to bail on domestic investments, Santoli said that it would be wise to start looking elsewhere.

(Read More: Not All Bonds Are Created Equal: Pro)

"The U.S. housing recovery is the one reliable global growth theme I think people have great confidence in, so I'm not really bearish because of this consensus, but I do think really as we go into 2014 have to start asking, 'Are there other parts of the world that are overdue to actually play some catch-up?'"

Santoli acknowledged that betting on emerging markets was "a huge leap, and you have all these headwinds that are very well known."

(Read More: 'A Great Trading Summer': Bessemer Trust CIO)

Even in Europe, he added, there are plenty of stocks that are cheap.

"The stuff that people acknowledge is cheapest is kind of the ugliest, riskiest stuff," he added. "I do think this general view that EM looks cheap, but is it cheap for a reason or is it an opportunity?"

Trader disclosure: On June 14, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Simon Baker is long AAPL; Simon Baker is long BAC; Simon Baker is long JPM; Simon Baker is long FB; Simon Baker is long MSFT; Simon Baker is long GOOG; Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long CSCO; Stephanie Link is long FB; Stephanie Link is long EBAY; Jon Najarian is long CLF; Jon Najarian is long GME; Jon Najarian is long FSLR; Jon Najarian is long FNSR; Jon Najarian is long INTC; Jon Najarian is long OC; Jon Najarian is long TIVO; Jon Najarian is long TMO; Jon Najarian is short GLD puts; Pete Najarian is long AAPL; Pete Najarian is long BAC; Pete Najarian is long MS; Pete Najarian is long XLF; Pete Najarian is long INTC; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long YHOO.

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