Investors have been practically euphoric since the start of 2013, but the stock market still faces serious hurdles, Blackstone Advisory Partners Vice Chairman Byron Wien said Wednesday on CNBC.
"The market's been much stronger than I thought it would be," he said. "The market started the year with investors pretty complacent. Now, they're almost euphoric. Everybody you have on the program thinks the market's going higher. The market, when it has a good January, usually has a great year. There's a general feeling of comfort, and there's a lot of hurdles that we've got to get over."
Wien said that the issues of the federal debt ceiling and the so-called "fiscal cliff" were only delayed.
"We only took temporary action. It's not like these two problems are going away," he said. "They're going to hit us later in the spring, and the market seems to be oblivious to it."
On "Fast Money," Wien said that there would be a reckoning.
"I still think we're going to have a correction," he added.
Other factors that were not being reflected in the stock market, Wien said, included the expiration of the 2 percent payroll tax cut, as well as its effect on consumer spending, and tax increases on upper income brackets.
"I think all of these issues are going to bear on the market when people are very enthusiastic about it, so I think the market is vulnerable," he said. "I think all of these issues are going to bear on the market when people are very enthusiastic about it, so I think the market is vulnerable."
Wien also took a tempered stance on earnings, saying that "performance is coming down," adding that Wall Street would see $23 in earnings per quarter.
"I don't think the market's prepared for that," he said.
Wien's top sectors were: Commodities, technology and pharmaceuticals.
"I'm a believer in Apple," he said. "I'm looking for a buying opportunity. But I have to tell you honestly, I haven't dipped in yet."
Trader disclosure: On Feb. 6, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long JPM CALLS; Pete Najarian is long MS CALLS; Pete Najarian is long XLF CALLS; Pete Najarian is long YHOO CALLS; Pete Najarian is long BBRY; Pete Najarian is long BBRY CALLS; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long NFLX CALLS; Pete Najarian is long SCCO CALLS; Jon Najarian is long TLT PUTS; Jon Najarian is long BBRY CALLS; Jon Najarian is long DIS; Jon Najarian is long COH; Jon Najarian is long HUN; Joe Terranova is long VRTS; Joe Terranova is long AAPL; Joe Terranova is long MJN; Joe Terranova is long JPM; Joe Terranova is long DIS; Joe Terranova is long GS; Joe Terranova is long SWN; Joe Terranova is long XOM; Joe Terranova is long AAPL $470 CALLS; Stephen Weiss is long GMCR; Stephen Weiss is long SCCO; Stephen Weiss is long BAC; Dennis Gartman is funds short EURO; Dennis Gartman is funds short YEN; Dennis Gartman is funds US10Y; Dennis Gartman is funds long AUSSIE; Dennis Gartman is funds long GOLD; Dennis Gartman is funds long COPPER; Dennis Gartman is funds long S&P 500;
For Glen Yeung
Citigroup Global Markets Inc. owns a position of 1 million USD or more in the debt securities of AAPL; Citigroup Global Markets Inc. or its affiliates has received compensation for investment banking services provided within the past 12 months from AAPL; Citigroup Global Markets Inc. or its affiliates has received compensation for investment banking services provided within the past 12 months from AAPL.