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Sit Tight, Market Choppiness Ahead 

Larry Smith, chief investment officer at Third Wave Global Investors, told CNBC’s “Squawk on the Street” that he sees a choppy market ahead.

“I’m a bull over the next six to 12 months, but I think we have some choppy waters ahead over the next six weeks or so,” Smith said Friday. “I don’t think the market has fully incorporated the fact that long bond has just gone from 4.50% to 5.20% and even though it may have rallied from 5.30%, 5.20% is still a pretty big number relative to 4.50% where it was just a few months ago.”

He urged investors to sit tight for now.

“I think this is a time to be very cautious on equities,” Smith said. “I would not be an ebullient bull running out and buying anything I could get my hands on. I would be sitting tight and waiting for the next four to six weeks to unfold.”