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No Great Upside for US Markets: Strategist

There is no great upside for U.S. markets, said Uwe Parpart, Asia chief economist and strategist at Cantor Fitzgerald.

The S&P may touch 1,200 while the Dow may rise a little bit above 11,000, he added, but said that was as far as the indexes would go.

"If you haven't entered (the markets) by now, it's probably not the greatest market to be involved in," he said on CNBC's Protect Your Wealth.

Likewise for the fixed income market which Parpart added he would avoid.

Japan Invesments 'Compelling'

Instead, Parpart said he found Japanese investments more compelling as he believes there is more upside for that market.

"While the S&P or Dow are up some 70-75 percent, the Nikkei is only up about 55 percent. There's ways to go," he said.

What makes it more compelling is not just valuation, but the fact that the Japanese economy is performing surprisingly well at this point in time, Parpart continued.

"We see, essentially, a move towards more balanced growth in Japan. A move away from dependence on exports towards -- (one where) consumption is beginning to pick up," he added

"Japan is a good market to get into."

Parpart said he expects the Bank of Japan's upcoming Tankan survey to show a significant improvement on large manufacturers, suggesting that their exporters were moving in the right direction.

Likewise for the services sector where an expected positive reading in the Tankan survey will boost the stock market.

He also said he expects the yen to weaken going forward, saying that will give exporters a better chance of positive earnings over time.

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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."