If the stock market finishes this month with another advance, TJM Institutional Services Managing Director Jim Iuorio told CNBC that he's ready to throw in the towel on his correction call. Traders could even be in a "short squeeze" Friday, he added.
"The day we're going to get a real correction is when we stop parading people … saying a correction is coming, people like me who have been wrong," Iuorio said in a "Squawk Box" interview. "And it's going to come and blindside us."
He said he thought stocks would pull back after rising more than 6 percent since the summer lows in the first week of August. "[But] four days have gone by and we've stayed around [record] highs. If we finish strong today, I'm going to ditch my notion of a correction."