A major Wall Street firm is urging investors to take money out of the U.S. stock market and move it abroad.

Stephen Wood, the chief market strategist at Russell Investments, believes the bull run is on borrowed time. He says investors should pull some house chips off the table.

"Valuations are being decreasingly supported by the fundamentals in the U.S. market," said Wood on Monday's "Trading Nation." "We would say after eight-plus years of a strong rally, trim some of those profits and rebalance."

Wood has a 2,300 rolling 12-month target on the — a 7-percent drop from current levels. If he's right, the impact could be more dramatic than you think.

"Home-country bias, for example, is a problem I've seen in just about every portfolio," said Wood, who is advocating a more global, multi-asset approach to investing.

His firm has a significant footprint in the markets, managing $266 billion in assets worldwide.

"It's really an all-hands-on-deck multi-asset strategy that we're advising," he said. "I think that the non-U.S. is the strongest call."

Wood is recommending investors to seriously consider investing in Europe, emerging markets and Asia. Those places, he says, aren't facing the same valuation problems as the U.S.

"The European Central Bank will be accommodative as opposed to the U.S. Federal Reserve, which is looking at how and when to take away accommodation," added Wood. "From the economic cycle perspective, we think Europe is stronger right now than the U.S. and the valuations are relatively attractive."

Besides the "rich" valuations in the U.S., he also believes there is a more specific catalyst looming that could spark the end of the bull market: The Fed's plan to unwind its $4.5 trillion balance sheet in the coming months.

"That is going to take a little while for the market to digest," Wood cautioned.