Three best-performing S&P 500 stocks this year have something in common

"It looks very much like we're going to see mean reversion in 2020. This group has gotten way ahead of itself in a big way," Newton said on CNBC's "Charts of the group's top performer -- Advanced Micro Devices -- makes a solid case for a major pullback, Newton says.

"If you look at commonly looked-at indicators like the relative strength index, it's back up over 70 on a monthly basis. That's very much a concern. Last time you saw that, of course, is both 2014 and also the early part of 2018. Both those times coincide with periods of underperformance going forward," said Newton."You look at the SOX semiconductor index, very similar. RSI right now over 70.

Nancy Tengler, chief investment officer at Laffer Tengler Investments, says a few companies in the group still look good. "We missed Lam Research and I would be interested in that stock on a pullback. But, looking forward, we are investing in sort of the staid diversified names like

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