With the Dow Jones industrial average just shy of 20,000, closely watched investment analyst Jonathan Golub told CNBC on Wednesday it's not too late to profit from the postelection stock market rally.
"Leaving money on the sideline to play and wait for the dip is absolutely a mistake," the RBC Capital Markets chief U.S. market strategist said on "Squawk Box." "This run that we've had is going to keep plowing through, straight through 2017."
"By the time you get clarity on the tax deals and whether or not there will be some protectionism," he continued, "I think this rally has already smoked you."
Golub said the Dow is currently more reflective of the outlook than the broader S&P 500 index, even though the Dow was just 13 points away from 20,000 on Tuesday morning, and about 25 points away after its 17th record close since the election.
Ahead of Wednesday trading, the Dow was up about 9 percent since Election Day, while the S&P was up about 6 percent.
"If you want to know if this rally has legs, you'll see the Dow continue to do better than the S&P," he said. "Normally, 30 stocks is a silly index. But right now it's probably a better gauge of sentiment in the market."
Pointing out differences between the Dow and S&P 500, Golub said the Dow has "a huge weight in banks," which have soared since Election Day on deregulation hopes, and no exposure to lagging internet stocks such as Alphabet's Google and Facebook.
Golub also said the market is unconcerned about President-elect Donald Trump's continued practice of tweeting. "This guy has a rhetorical style that's going to from time to time disrupt the market," but investors seem to have come to accept that, he said.