The Nasdaq 100 hit another all-time high on Thursday, but one strategist says that it may soon be time for investors to take profits.
Matt Maley, equity strategist at Miller Tabak, says that the Nasdaq 100-tracking, tech-heavy QQQ ETF has "broken out above its trend line going back to 2015" and through a bearish pattern he calls an "ascending triangle." But at this point, he says it has come too far, too fast.
"[QQQ] is getting a bit overbought on a near-term basis, so I wouldn't be surprised if it pulled back, and I wouldn't really be chasing it here," Maley said Thursday on CNBC's "Power Lunch." According to Maley, this means that investors who are even looking to get into the tech-heavy ETF should actually hold off and wait for a small pullback to happen.
That said, Maley would be a buyer on such a pullback.
On the other hand, Boris Schlossberg, managing director of FX strategy for BK Asset Management, thinks that while QQQ may not be a buy right now, investors should be "very bullish tech going forward." The recent rise in tech has played a major role in driving the Nasdaq 100 to continuous record highs in the last month, even as the sector initially sat out the postelection rally.
"I think it's a long-term good hold at this point, so you have to scale and buy as you go," said Schlossberg.
QQQ is currently up more than 3 percent year to date.