“You should not be trying to pick which stock is going to outperform in a market where equities still needs to adjust in a massive way,” warns Kirby Daley, senior strategist of New Edge Group. "And just because we’ve broken 10,000 in the Dow doesn’t mean we can’t go to 8,000."
Investors should essentially “get out of equities and go to cash,” he emphasizes. He also notes that gold is also a safer bet than other asset classes.
His one favorite -- the Japanese yen. “We’ve missed a lot of the big move (but) I think we can still go to 95 yen and down toward 90 in the risk-aversion trade.”
Bearish as he is, Daley says that if investors must stay in stocks, then defensive sectors like healthcare, pharmaceuticals, consumer staples are probably better options. But he warns equities will possibly fall another 20%.
Catch "Protect Your Wealth" on CNBC's Asia Pacific network every Tuesday on "CNBC's Cash Flow," Wednesday on "Asia Squawk Box" and Thursday on "Capital Connection."
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