Noted investor David Katz is expecting good third-quarter earnings but a treacherous season in terms of stock prices.
That's because he thinks this quarter will be very similar to last quarter, when companies beat expectations and did pretty well in terms of outlook.
"Last quarter what you had is, if a company didn't beat and raise and they didn't beat in earnings and revenues, the stocks either sold off a little bit and if they missed, it sold off a lot," the president and chief investment officer of Matrix Asset Advisors said in an interview with "Closing Bell" on Wednesday.
"Our best advice to investors is don't buy in front of earnings unless you have a great conviction on a particular name."
Instead, he suggests waiting for earnings to come out.
"If the stock sells off a little bit and you still like it, dust settles, then we buy into it," he said.
On Wednesday, both BlackRock and Delta Air Lines reported quarterly results that beat expectations. Citigroup, JPMorgan Chase, Bank of America and Morgan Stanley, all up at least 12 percent year to date, are also scheduled to report this week.