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Barry James, president of James Advantage Fund, has a warning for investors.
For the last month or so, his firm's indicators have been saying the risks are rising — and James is bracing for a possible correction.
"We don't know when there will be a peak in the market and a tumble but it does look like a tire with a bulge," he said in an interview with "Power Lunch " on Tuesday.
It's just a matter of whether the air leaks out slowly or quickly, he added.
On Tuesday, U.S. equities were lower, but still not far from their record highs.
For James, there are a number of things that are concerning, including the fact that valuations are very high and fewer names are responsible for leading the market higher.
In the last three months, the typical stock rose about 0.5 percent, while the index overall is up about 2.5 percent, he noted.
"We see this building towards perhaps some type of a correction in the stock market and we believe it's time to sell," James said.
Paul Christopher, head global market strategist at Wells Fargo Investment Institute, agrees there will be some type of consolidation in the market. He's anticipating 5 to 8 percent downside in the S&P by year-end.
However, he's also expecting further earnings gains in 2017, 2018 and probably 2019 as well.
"Along with that, we think the market will make new highs. We simply have to get over a few uncertainties regarding the Fed, regarding the administration and Congress, and tax reform and those sorts of issues, " Christopher said in an interview with "Power Lunch."
Because he's expecting a modest acceleration in economic growth next year, he likes cyclical stocks going forward.