Goldman's top stock strategist lays out the one big market risk left and what to do about it

That could mean stock prices come down in turn. But there's one main area where investors can take cover. "We have not yet seen any degradation – meaningful degradation – in the expected level of profits if you look out between now and sort of the end of next year," he said on CNBC's "Squawk on the Street ." "The risk is that earnings come down.

Kostin recommended investors continue to look at energy, dismissing some arguments that the majority of gains have already materialized. So far, the sector is up 25.9% this quarter and 64.5% this year, according to FactSet. He said the sector is "earning" its way to higher profit levels. That contrasts other areas of the market, like Big Technology, that have not performed as strongly so far in third quarter earnings season.

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