Beware ‘August Angst’: Levkovich

The S&P 500 could rally another 50 to 70 points before late summer headwinds force a pullback, Tobias Levkovich of Citigroup said Monday on CNBC.

"We think markets'll continue to rally this year and certainly the next couple of months," he said.

On "Fast Money," Levkovich said that the United States was unlikely to have any major pullbacks in the near term.

But potential headwinds across the pond could push stocks lower, he added.

"Now, the 'sell in May, go away' kind of concept, I would worry more about August angst than 'sell in May' as we start seeing more weakness out of Europe and things like that – and potentially some commentary about the Fed pulling back," Levkovich said. "Those are the issues."