A resurgence of the euro zone crisis in the headlines could catch investors off-guard, Brooks Macdonald Asset Management Head of Investment Strategy Gemma Godfrey said Wednesday.
"The risk that markets don't seem to be prepared for is actually the aftermath of the German election," she said on CNBC's "Fast Money."
Godfrey noted that markets have been pricing in the potential reduction in the Federal Reserve's $85 billion-per-month asset-purchase program, also known as the "taper," as well as a re-election of German Chancellor Angela Merkel.
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"What they haven't priced in for is a resurgence of the euro zone crisis in the headlines," she added.
Godfrey, who has more than $7 billion in assets under management, said that there were a couple of outcomes that could shock the markets.
The first surprise would be a loss for Merkel.
But even if she does win, "she will still have problems progressing and supporting the euro zone as a whole because there's growing euro skepticism and there's growing opposition to the bailouts. And the reason that this is important is that Greece potentially is going to need more support."
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Other economies could also provide a drag on the market, too, she said.