STORY: U.S. stocks pared gains on Friday, one day after the benchmark S&P 500 closed 20% above its Oct. 12 finishing low, heralding the start of a new bull market as defined by some market participants.

While Jones described many investors as "popping the champagne corks", he "absolutely" believes there are catalysts lurking that could cause a potentially painful correction. Most notable among them: a weakening consumer.