McClennan: Expect a market correction in February

McClellan: Rally will take a break in February, March

The post-election rally should continue through the year, but expect a correction soon, market analyst Tom McClellan told CNBC on Thursday.

The rally inspired in part by President Donald Trump's election "doesn't end until 2018, but it will take a break in February and March," he said on Sqauwk Box. "We're overdue for a little bit of a correction."

The Dow Jones Industrial Average surged above the psychologically key 20,000 area on Wednesday, extending a rally that picked up speed after the results of November's elections. Stocks pared those gains in late trading on Thursday, underscoring how investors were taking a momentary breather.

However, the editor of The McClellan Market Report, said the rally we're in isn't actually a Trump rally. He says that gains were likely regardless of who won the election, as it was uncertainty that was holding traders back.

"What the election did is it had everybody on hold and just frozen like deer in the headlights, unable to move because they didn't know what the outcome was and people were afraid of the unknown," McClennan told CNBC.

"But once they got it to be a known quantity, then they could be real even and put their money back to work again," he added.