Valuations continue to climb higher, and that has trader Peter Costa staying out of the stock market.
The president of Empire Executions has been shorting the market, and now he's "almost thinking of doubling down."
"You've had this move, and it's been nonstop," Costa told CNBC's "Closing Bell" on Friday. "There's going to be an inflection point, and I think it's coming up fairly soon."
Costa believes people aren't paying attention to the "big morass of problems" in Washington, D.C., which he said will trickle down into the equity markets.
While Costa has been betting against the stock market this year, it has continued to climb. He admitted there may come a point where he'll have to "throw in the towel," like if he sees second-quarter earnings "getting better and better."
"We'll wait until … the end of the summer and see what happens there. By that time I'll either be broke or I'll ... be right," he said.
Meanwhile, Chris Cordaro, chief investment officer at RegentAtlantic, believes "there is a lot of value out there."
He likes financials, oils and energy infrastructure. He's also a big fan of Apple, which, he notes, when you strip out the cash is selling at a 15 price-earnings ratio.
That's a "tremendous bargain" for a brand that "can mint revenue," Cordaro said.