A major Wall Street firm is predicting there will be fewer runs into record-breaking territory for stocks this year. Wells Fargo has been sticking by its year-end price target of 2, to 2, — about 3 to 7 percent lower than where the index is trading now. It comes as the major indices begin the week up about one percent. The Nasdaq is now up seven out of the last eight sessions.

Wren said his latest forecast is based on fundamentals and doesn't factor in any of President Donald Trump's plans to pass pro-business legislation. But are we going to get some of that implemented in enough magnitude to move the needle on the economy anytime soon?

We didn't think it was going to happen quick," he said. But there are a few spots that could get you through a sideways market and deliver some profits, according to Wren. Right now, he's overweight consumer discretionary , industrials , financials and health care. He may appear to be more negative than his peers, but his call on the market is more encouraging than his longer-term forecast.

Wren argues there's a better than chance that the United States will see a recession in the next four years, and it has nothing to do with who won the November presidential election.

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