Rally? Odds are against it: Strategist

The stock market rally appears headed for a slowdown, Citi Private Bank Global Chief Strategist Steven Wieting said Wednesday.

"We've had maybe six years since World War II where returns have been 28 percent or more. We had a 14 percent first half. The odds are just against it," he said. "And there are some signs of complacency in the market on a very short-term basis."

The Dow Jones Industrial Average ended the day at 15,337.66, down 113 points. The S&P 500 closed lower at 1,685.39.

(Read more: Stocks slump on Fed uncertainty; Apple jumps 2 percent)

On CNBC's "Fast Money," Weiting noted the correlation of earnings to stock prices.

(Read more: 'I'm incredibly bullish' on tech sector: Joe Terranova)

"I think the thing that isn't talked about much, though, is that we're pretty close to record highs," he said. "Earnings are deep in record-high levels in the S&P 500. We think that this year earnings for the S&P 500 will be 30 percent higher than where they were in 2007.

"This time, the business cycle recovery isn't over. We're right here, about 7 percent higher than where we were at 2007 level. "

Quantitative easing, Wieting added, had an effect on stock pricing.

(Read more: 'I'd rather hold my nose' and buy Apple)

"So, for all of the talk of QE impact, valuation has actually fallen in the age of QE," he said. "And so aside from short-term issues, we would allocate to equities very clearly over fixed-income for the year ahead, even if returns are not as robust."

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

— CNBC's Torrey Kleinman contributed research to this report.

Trader disclosure: On Aug. 14, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Grasso is funds long FCX; Steve Grasso is funds long MU; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long BBRY; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long HERO; Steve Grasso is long HPQ; Steve Grasso is long MHY; Steve Grasso is long LNG; Steve Grasso is long MJNA; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long QCOM; Steve Grasso is long S; Steve Grasso is long ASTM; Steve Grasso is long POT; Steve Grasso is long DECK; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long TGT; Karen Finerman is long GOOG; Karen Finerman is long M; Karen Finerman is long SPY; Karen Finerman is long MDY PUTS; Dan Nathan is long FB; Dan Nathan is long JCP; Dan Nathan is long WFM; Dan Nathan is long XCO; Dan Nathan is long VIX; Dan Nathan is short IWM; Brian Kelly is long US dollar; Brian Kelly is short Yen T-Notes.