This may be the market's final run at record highs for 2019, and one top investor believes there's nothing Federal Reserve chief Jerome Powell can do about it.
The Bleakley Advisory Group's Peter Boockvar warns the rally is running out of fuel.
"The market is just rallying on a China trade deal and another rate cut and not looking past anything else," the firm's chief investment officer told CNBC's "Trading Nation" on Tuesday. "After those are sort of out of the way, then everyone has to ask, 'What's the next catalyst?'"
The answer isn't clear, according to Boockvar.
He's worried the economy and earnings are entering a challenging phase, even if the U.S. and China negotiate a trade resolution within months.
"Profit margins are now receding," he said. "You're going to need not only faster revenue growth, you're going to need to see a reversal in this reduction of profit margins to regenerate earnings higher. ... That's sort of a new thing thrown at the market."
Boockvar, who's also a CNBC contributor, cites a news cycle that's still upbeat.
"All news has been good news for stocks over the past month," Boockvar said.