Billionaire Mario Gabelli hopes that the seemingly endless record-setting bull-run rally on Wall Street would come to a sudden ending so he could scoop up better bargains.

"I'd like (stocks) to go down because I like to buy things cheap," the founder of Gamco Investors told CNBC.

Meanwhile, Gabelli, who said he was "neutral" on President Donald Trump's tariffs on China, said the market hasn’t become too complacent over the ongoing trade squabble, CNBC.com explained.

"I think it has adjusted because we as a country can not continue to give $400 billion to China a year. And that has to change," said Gabelli, referring to America's trade deficit with China, which was $375 billion in 2017. "I agree with fair trade."

Meanwhile, the S&P 500 and Dow Jones Industrial Average touched record highs for a second session running on Friday, helped by a boost for energy stocks from higher oil prices as changes to Wall Street industry sectors index spurred volatility.

“We are seeing investors use the sector realignment as an excuse to take some profits from these high growth technology stocks,” Chad Oviatt, director of investment management at Huntington Private Bank in Columbus, Ohio, told Reuters.

In general, however, trade concerns have moved into the background since Tuesday’s latest blows in the conflict with China, allowing the resumption of a rally that dates back a decade.

To be sure, a host of Wall Street experts are highlighting the potential for the America-first thrust in financial markets to reverse, Bloomberg reported.

While major U.S. benchmarks rallied to fresh highs Thursday, gains in global equities have been even steeper this week, headlined by a 3.4 percent advance in Japan’s Nikkei 225 Index after a 3.5 percent jump last week.

The convergence across global assets will persist, say the chorus that includes BlackRock Inc., Bank of America Corp., JPMorgan Chase & Co. and Eaton Vance Corp. The strategists point to a U.S. dollar that may have peaked and a swollen valuation gap even as technical indicators and fundamentals abroad firm. For them, it isn’t a question of when, but rather how -- will the U.S. slump back to the pack, or will the erstwhile also-rans lap the leader?

“For now, I’m dating this rally as opposed to marrying it,” said Michael Purves, the chief global strategist at Weeden & Co., who recommends buying bullish options in developing-nation stocks. “The downward momentum in emerging-market equities had been fading amid the backdrop of escalating trade tensions -- to me, that is a huge technical tell.”

Not everyone has gotten the message yet. Fund managers surveyed by Bank of America seemingly went all-in on the divergence trade in September, making bets that the S&P 500 Index will extend its nearly 15 percentage point year-to-date outperformance over global peers.

But skeptics say the recently-mighty dollar has lost its momentum, with rising nominal and real Treasury yields failing to spark gains. A JPMorgan index of emerging-market currencies is on track for one of its biggest weekly gains this year as volatility in developing nations abates.

Material from Bloomberg and Reuters has been used in this report.