MKM Partners' Jonathan Krinsky made an unpopular call to sell Nike back nearly a month ago, but it actually turned out to be a smart move.
Nike stock dropped close to 8 percent since Krinsky made his unconventional call. So where does Krinsky think investors should go from here?
"I think the risk here is that when something got so extended to the upside that when it finally does correct and pull back, it overshoots to the other side," Krinsky said. "Maybe back even towards the 200-day moving average, which is another 10 percent or so lower."