While the trend is still upward for the stock market right now, the market is on a "knife's edge" and there are some "troubling signs" emerging, trader Keith Bliss told CNBC on Tuesday.
Those signs include the 10-year Treasury hitting its low of the year and gold at the year's high, the senior vice president of Cuttone & Company said.
"It would be wise for people to start thinking about buying some insurance on the downside protection a little bit more aggressively then they have been," Bliss said in an interview with "Closing Bell."
"If we think about the stock market being on the knife's edge, typically in those situations the market has a tendency to want to fall off the map quicker than it would be to rally up."
U.S. stocks closed lower on Tuesday, although the major large-cap indexes have recently been making new highs as people buy on the pullbacks.