Three essential charts to understand this wild market

was surging more than 1% on Friday, ending a week in which it swung from massive routs to major rallies.

"The S&P is only about [5%] off the July highs, and still in an uptrend by our work -- yet only about 40% of [stocks] on the New York Stock Exchange can say the same," Sohn said Thursday on CNBC's ". " "There's been significant internal deterioration here that I think the S&P 500 has done a good job masking."

However, a red-hot bond market could begin to cool down, which would trigger a rotation back into riskier assets such as equities, he reasons. The underperformance of the S&P 500 relative to bonds has reached oversold levels -- its relative strength index, a measure of momentum, fell to the year's lows earlier this month.

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