Wall Street strategy chief says stocks at current levels are 'vulnerable' to a 6% sell-off

Lucas Jackson/Reuters

• John Stoltzfus, chief investment strategist at Oppenheimer Asset Management, said in a note on Monday that stocks at current levels are vulnerable to a pullback of 4% to 6%. 
• This could enable nervous investors to take profits without FOMO, the strategist said. 
• He added: "We are reminded that stocks tend not to move in a straight line higher unchallenged for long."

• Visit Business Insider's homepage for more stories.

John Stoltzfus, chief investment strategist at Oppenheimer Asset Management, said in a note on Monday that stocks at current levels are "vulnerable" to an event in the near term that could cause a pullback of 4% to 6%.

Stoltzfus did not detail what the catalyst could be, but said that it could "enable short-term and nervous investors, as well as traders, to take some profits without FOMO (fear of missing out)."

Read more: UBS analyzed how 900 stocks perform on positive COVID-19 vaccine news days — and concluded that these 17 are poised to jump at least 9% on the next cycle of encouraging headlinesSee the rest of the story at Business Insider

NOW WATCH: How waste is dealt with on the world's largest cruise ship

See Also:

• ETF managers who target 2 of the market's hottest themes gave us inside looks into their investing approaches — including a gig economy strategy that is up 45% this year
• Jefferies says buy these 7 back-to-school stocks poised for big returns with much of the US going remote
• Meet the 2 college students running a 20,000-member online investing community