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Real stock correction going to blindside us: Pro

Matthew J. Belvedere
Jin Lee | Bloomberg | Getty Images

If the stock market finishes this month with another advance, TJM Institutional Services Managing Director Jim Iuorio told CNBC that he's ready to throw in the towel on his correction call. Traders could even be in a "short squeeze" Friday, he added.

"The day we're going to get a real correction is when we stop parading people ... saying a correction is coming, people like me who have been wrong," Iuorio said in a " Squawk Box " interview. "And it's going to come and blindside us."

He said he thought stocks would pull back after rising more than 6 percent since the summer lows in the first week of August. "[But] four days have gone by and we've stayed around [record] highs. If we finish strong today, I'm going to ditch my notion of a correction."

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Jim Swanson, chief investment strategist at MFS Investment Management, does not need any convincing about the market's strength. "I'm looking at the fundamentals and it's unbelievable how these companies are making money.

"I'm not worried about hitting new highs here," he said Friday on "Squawk Box," adding that he thinks the market is just catching up with the fundamentals.

"I'm looking for the market to creep up and it's going to creep up with earnings," Swanson said. "The earnings are actually growing more than people think. ... The good news is still coming."

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Boris Schlossberg, managing director at BK Asset Management, agreed about the potential for more upside. "The story geopolitically is kind of serious. But I think actually it's a sideshow in many ways. I think the biggest story right now is the fact that U.S. growth is clearly way outperforming the rest of the world."

BNY Mellon's chief economist, Dick Hoey, characterized the U.S. economy as transitioning to a couple years of 3 percent growth. "I see the fundamentals as basically favorable. We've got moderate inflation. We've got friendly central banks."

Easy money should be phased out, according to Hoey. "There are some on the Fed who think that financial stability risks reinforce the argument that the Fed should normalize policy. We have a policy appropriate of an emergency situation. It's no longer an emergency situation in the American economy."

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"While the Fed is clearly going to cut off the liquidity spigot," Schlossberg argued, "there's a tremendous amount of pressure on the [ European Central Bank] to open up and create a new QE program because clearly nothing in the euro zone is working."

"Easy money may actually be here to stay," he contended, "but transferring over from the EBC and possibly even [the Bank of Japan ] increasing their QE." He sees that as "pretty positive" for U.S. assets. "That means the show continues to go."

-By CNBC's Matthew J. Belvedere