Russ Koesterich is the chief investment strategist at the world's largest asset manager. But that doesn't mean he's an unmitigated bull.
In fact, the BlackRock market master warns that a correction is likely ahead—and it's time to get some sort of protection.
"In the near term, I think you could keep pushing higher, which is why we've remained overweight stocks versus bonds. What investors may want to consider, though, is that even with all the good news, there's a lot of complacency in the market," Koesterich said on Thursday's "Futures Now." "It's hard to predict the timing, but we know that with volatility this low, there's not a lot of bad news discounted into the price of stocks."
So how bad could it get for the market?
"It doesn't have to be a permanent top, but it can be something that's a bit nasty," Koesterich said.