But he added that relative to big stocks there may still be a lot further to go.

But it may be time for the big stocks to wake up.

Those funds primarily buy big stocks, and have driven them up.

Still, while the big stocks were down, the decline was relatively thin.

Despite yesterday's rise in interest rates, many big financial stocks did well.

And it is those big stocks that have been the most successful in the recent market run-up.

"It's only a bull market in the sense that the big major stocks haven't come down 10 percent," he said.

"A lot of these big stocks have spent the last year or more going sideways."

That sent big stocks up even when smaller ones were suffering.

"Yeah, I carry a big stock for the country trade."