(CNBC) U.S. stocks turned higher on Friday, cutting weekly losses for the Dow industrials, after DuPont trimmed its earnings forecast, leading a retreat in the materials sector.
"The end of the quarter is on Monday, and that's often a time for people to book profits. And, people tend to get nervous towards the weekend, as there are still some geopolitical issues out there with Iraq and Ukraine," said Randy Frederick, managing director of active trading and derivatives at Charles Schwab.
Two measures used to hedge against a market pullback are at extremes, so "technically we are clearly overdue," said Frederick, who pointed to the put-call ratio on the S&P 500 and the CBOE Volatility Index, or VIX.
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The market is likely in for a pullback of between 3 to 5 percent, he added.