What's the summer outlook for the market?
Steen Jakobsen of Capinordic sees a "funeral" coming.
"Policy makers have been buying time — and the technicals, the ticker is running out of time," the hedge fund manager told CNBC.
He explained why he believes stocks are going to fall in the remainder of July and August.
From a technical perspective, we've just finished what's called the 'fourth wave' — we're going into the final lap, in my opinion" of the rally cycle.
Jakobsen said that "valuation is back at fair valuation," eliminating the promise of more upside — and partially explaining the low trading volume that has concerned some analysts.
He points to continuing and possibly rising unemployment as another looming threat.
The hedge fund manager joked darkly that he is wearing a black necktie because "it's a funeral tie. I'm going to wear it for the rest of July and August."
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Disclosure information was not available for Jakobsen or his company.