Wrong time to get bullish: Top investor warns deflating tech ‘bubble’ far from over

The recent tech rally might be over.

Dan Suzuki is a money manager with Richard Bernstein Advisors and he warns that the market is not bottoming.

The deputy chief investment officer of the firm told CNBC that the two certainties in the world of uncertainty are that profits growth is going to continue to slow and that liquid assets are going to be tighter. It is not a good place to be in speculative bubble stocks.

The tech-laden Nasdaq rebounded from a huge deficit to close almost 2% higher. Earlier in the day, the S&P 500 lost 2%, but rebounded to gain 2%. After being off 700 points in the session's early hours, the stock market closed with a loss.

The investor is playing with fire.

He said it was a do not touch story. The time to be bullish on these stocks as a whole is if we are going to see signs of a bottoming in profits or if we are going to see more money flowing into the system.

The punch bowl has been taken back by the Fed. It has serious implications for most U.S. stocks.

He said that the companies that are putting up the best cash flows or the highest quality companies all have in common. The bubble was created by it.

Suzuki and his firm have a bubble call. A bubble was hitting 50% of the market according to Suzuki. He still tells investors to play defense.

Suzuki said to look for things that are bucking the trend and have a lot of positive upside from here.

It's possible to go halfway around the world. He only sees China as attractive for a short period of time.

China's market is very cheap on a valuation basis. They are the only major economy that is trying to pump money into its economy. Outside of China and the rest of the world, that is not the way things are.

He thinks it could be on the verge of a bull market if profits continue to grow.

Suzuki encourages investors to be cautious even if he is correct.

Suzuki said, "If we are in a global slowdown that may eventually turn into a global recession, this is not the time to be pedalling to the metal in risk anywhere in the portfolio."