Don't let Tuesday's rally in stocks fool you. It's way too risky out there, according to one analyst.
"I'd be in cash," said Ian Winer, head of equity trading at Wedbush Securities, based in Los Angeles. He doesn't see any real values across the markets, he added.
After a 600-plus point loss in the Dow Jones Industrial Average on Friday and a 260 point drop on Monday, the blue-chip index opened higher on Tuesday.
"I think a lot of the [rally] is a near-term oversold bounce," Winer said. "You have some stability in the pound and talk from European Central Bank President Mario Draghi about some sort of bigger, coordinated central bank action around the globe."
The pound gained 1.3% against the dollar to almost $1.34. Draghi spoke at a panel in Portugal Tuesday, which was supposed to be attended by Bank of England Governor Mark Carney and Federal Reserve Chair Janet Yellen. Both central bankers canceled the appearance amid fallout from the Brexit vote.
"I think there's some expectation that you're going to get extra liquidity pumped into the system," he said. "While that may help asset prices, as interest rates go down, it's very hard for any of these banks to ever make money."
U.S. listed shares of European banks like Lloyds Banking (LYG) - Get Report , Barclays (BCS) - Get Report and Royal Bank of Scotland (RBS) - Get Report were particularly hard-hit on Monday, but traded higher on Tuesday morning.
Making matters worse, Winer said companies aren't likely going to guide aggressively once earnings season starts in a few weeks, given the uncertainty in global markets.
"That's going to make it more and more difficult to get the market higher," he said.