If Amazon issues this warning in earnings, 'watch out below,' trader warns

was also getting more usage at large companies than Amazon Web Services, which remains the market leader by revenue.

"Think about how we got here," he said of the broad market's bull run. "We got here by buybacks, we got here by [price-to-earnings multiple] expansion and people buying stocks. So, I think that's going to take us higher. PE expansion could continue. So, even though people are complaining that valuations are high, I think there's still room for upside here."

"Markets do rhyme, but this time, it is different. Valuations aren't egregious," he said, noting that 1999 saw at least five days when the broad market dropped 5% in one session and multiple drops of more than 10%.

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