Published: Thursday, 22 Oct 2009 | 10:36 PM ET

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It is time to take some profits if one has built their portfolio up, advised Odd Haavik, managing director & CEO of Charles Monat Associates, as the recent market rally is not founded on fundamentals.

"It has been a lovely rally," Haavik said on CNBC Asia Pacific's Protect Your Wealth. "I think right now is a beautiful time to take some money off the table and to really try to protect it rather than to go for broke by expecting a super recovery back up to '07 highs."

Haavik said investors need to take stock of the situation, as the rally is momentum-driven amid "irrational exuberance". He expects consolidation in equities to be the theme for the rest of the year.

"The S&P has pretty much gotten up to about a 50 percent retracement of the big drop from the highs back in '07. There is an awful lot of cheap or free money out there with the stimulus packages. I reckon we will see a pull back some where along these levels, if not, a renewed crash," he said.

"I think there's a good chance things have gone about as far as they are going in the short-term."

Comments? Questions? Send them in here.

Catch "Protect Your Wealth" on CNBC's Asia Pacific network every Tuesday on "CNBC's Cash Flow," Wednesday on "Asia Squawk Box" and Thursday on "Capital Connection."

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