May Looks Eerily Similar to the Market's 2007 Peak

There is reason for investors to be cautious here, fixed-income expert Peter Tchir said Wednesday at TheStreet's monthly Trading Strategies roundtable.

Tchir said that markets look a lot like they did heading into June 2007 -- when everything looked great, but problems arose as the summer progressed. He also said volatility was low heading into summer 2007, similar to today.

"We were supposed to be past health care and move to tax reform," Tchir said. "After the [Comey firing], I don't know what's happening with tax reform."

Expectations of tax-reform contributed to the Trump rally in stocks since the November election. 

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