Temperamental stock market could see wild moves, trader says

• The market rally has largely been propelled by just five tech stocks, and that means there could be rocky times ahead, trader Keith Bliss said.
• As of last week, about a third of the market's gains this year have come from Apple, Amazon, Facebook, Microsoft and Alphabet Class A shares.
• Right now, Bliss doesn't see a catalyst to move the market higher or lower.

The market rally has largely been propelled by just five tech stocks, and that means there could be rocky times ahead, trader Keith Bliss told CNBC on Tuesday.

"We need to get more of a broad-based rally to keep this thing moving. And if we don't do that then we're still going to have a very temperamental market. It's going to be subjected to wild moves if any one of those five stocks get hit," the senior vice president of Cuttone & Company said in an interview with "Closing Bell."

As of last week, about a third of the market's gains this year have come from Apple, Amazon, Facebook, Microsoft and Alphabet Class A shares, according to data from Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.

On Tuesday, Amazon broke above $1,000 a share for the first time.

Bliss said right now he doesn't see any real catalyst to break the market out to the upside or bring it down in a correction.

Michael Zinn, senior vice president of wealth management at UBS, noted that while tech has been soaring, there isn't the incessant clamoring or mania that was seen in the dotcom boom and bust in the '90s.

"There's a possibility that as extremely overbought, as shockingly overbought as some of these big names in tech are, they may actually be undervalued, because it's very hard to find double-digit, organic sales growth that you can reasonably think you are going to see for the next 5 to 7 years in virtually any other sector," he told "Closing Bell."

—CNBC's Fred Imbert contributed to this report.

Disclaimer