The bearish call from Capital Wealth Planning's Jeffrey Saut stems from one of his proprietary gauges.
"My very short-term trading indicator did flash a sell signal," the firm's chief investment strategist told CNBC's " " on Wednesday. "We just on occasion try to make these tactical trading calls, and the market looks a little tired here."could dip about 2% from current levels over the next couple of weeks.Even though it shouldn't hurt long-term investors, Saut noted it could leave traders in a precarious spot. He recommended abstaining from taking long-term trading positions right now.
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