Doug Kass, president of money manager Seabreeze Partners, says that while the stock market won’t return to its March lows, a “vicious correction” is in store.

“It’s going to be bumpy and have a lot of potholes, so we’ll have to be cautious,” Kass told CNBC TV.

The long-short fund that he began Jan. 1 is now short for the first time.

“The good news is I believe that … the variant view that we’ve seen a generational low is intact,” he says.

The bad news: “I do think that stocks are ahead of fundamentals,” he says.

“I think the stock market recovery, I would call [it] the 'Miley Cyrus' recovery. It’s very popular now (however) there may be not so much talent underneath that’s reflected in prices. And perhaps it won’t be as enduring.”

And what are the bearish signs? “There’s a hole in the consumer’s balance sheet,” Kass says.

“And there’s a hole in his confidence, which is justified because of the ill-fated dependency on the asset appreciation of home prices and stock prices.”

Bottom line: “The consumption binge is over,” he says. “This great debt unwind, both from a standpoint of consumer and banking balance sheets, is going to have a long and negative tail to it.”

Others also see stocks correcting before resuming their rise.

“The market … has become somewhat overbought, and the correction should essentially follow, but I doubt it will go and make new lows,” investment guru Marc Faber told Bloomberg.