Peter Tchir, fixed-income expert and panelist on the TheStreet's latest Trading Strategies roundtable, said he maintains the mindset that the market will continue a slow, steady grind higher, with the chance of a market structure pullback.
Although he said you don't want to be overly bearish, he noted that it's not impossible that the market does move in the opposite direction. "The longer we go without a big pullback, the more likely one becomes," Tchir said.
Defining a pullback as between five and 10 percent, Tchir said that because of how interrelated the market has become, a chain of "down one percents" could snowball into a larger pullback. "That flushes out a lot of the 'buy the dip' crowd; I think that's how it's going to have to happen," Tchir said.
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