While the recent selloff may be in the rearview mirror, there's a bigger one coming within the next three months, Empire Execution president Peter Costa told CNBC Friday.
"The market has been on a tear for over five years. We had a small pullback of 8 percent. I don't think that's enough. I think that the market needs to come back a little bit more than that for a longer duration," Costa said in an interview with "Closing Bell."