As the third quarter earnings season begins, investors are contemplating whether the current market is heading for or already experiencing a "melt-up." Mariner Wealth Advisors chief investment strategist and head of equity Jeff Krumpelman joins Morning Brief to share his market outlook.

Krumpelman observes that the market has "catapulted" over the wall of worry, acknowledging the strong fundamentals driving this performance. However, he notes that valuations remain elevated, partly due to investors becoming "giddy" about potential Federal Reserve rate cuts. In his view, the market has "gotten ahead of itself."

Despite the current market, Krumpelman maintains his S&P 500 (^GSPC) targets of 5,400 for year-end 2024 and 6,000+ by mid-2025.

With markets surpassing the year-end target, Krumpelman suggests they may "stagnate and not go very much from here for a bit."

"You can't always predict exactly the timing of the gains, and I think that we could have a bit of a surge and a melt-up to 6,000 plus, and if that were to occur, I wouldn't be surprised. I also wouldn't be surprised if we got a pullback. We've got an election, we've got geopolitical risks, and I think that to see a pullback for those reasons or just concerns about rates moving up a little bit, I could equally see a 10% or so correction before we move on to those highs we expect next year," he tells Yahoo Finance.

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This post was written by Angel Smith