Position for longer-term inflation, investor says as stocks brush off higher consumer prices

That's because investors now know what to expect when it comes to inflation, Joule Financial's chief investment officer, Quint Tatro, told CNBC's"They are starting to understand that a lot of that is transitory" rather than permanent, Tatro said. "When ... you really understand the variables in play, ultimately, it's not all that concerning."

He noted that rising used car and truck prices contributed to May's uptick, a trend tied to manufacturing constraints caused by theBut while short-term inflation concerns seem overblown to Tatro, there are longer-term catalysts at play, he said. "We are seeing core inflationary concerns across the board, particularly in the wage inflation environment, so, we are already positioning more into the cyclicals, industrial-type names, value-type names," he said. "Longer term, the inflationary concerns are real and ultimately portfolios should be positioned accordingly."

The technicals appeared to support that thesis, Matt Maley, chief market strategist at Miller Tabak, said in the same "Trading Nation" interview.from last August to this spring, it is now the most overbought it has been on an intermediate basis since the mid-1990s, Maley said.

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