A Wall Street global strategy chief says investors should take profits in case of a potential downturn ahead of the US election

• Mark Grant, B. Riley chief global strategist of fixed income, told CNBC on Monday that investors should take profits now as protection against the volatile few weeks ahead leading into the election.
• Grant said there "could be a surprise" between here and the election and investors need to be cautious.
• "This is caution, it's not saying get out of everything," Grant added. "You just have to be careful in here so you don't get whacked by whatever the election results are going to be."

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B.Riley's Mark Grant said he's "somewhat concerned" about a volatile few weeks ahead for the stock market before the election, and told CNBC that investors should take profits now for protection.

"The closer we get to the election, the more the focus is going to be on the election," the chief global strategist of fixed income said on Monday. "I think there could be a surprise between here and there."

Grant said that investors should take some profits in stocks now as protection against the upcoming volatility.

"This is caution, it's not saying get out of everything," Grant added. "You just have to be careful in here so you don't get whacked by whatever the election results are going to be."

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While Joe Biden is leading Donald Trump in the latest national polls, Grant said he doesn't "trust the polls," and that the next few weeks will be a very uncertain time.

The strategist with over 45 years of experience in capital markets and public finance said he's never before seen an election with such a stark division between the two parties running. Because of that, he recommends investors be cautious and "ready to deal with whatever's going to come."

"There's just a tremendous division between what the two parties represent and the future of the country depending upon who's elected. So I think in those circumstances it's good to be cautious," Grant said.