the broader markets have managed to stay in the fight bouncing off the ropes of correction territory and sustaining a recovery rally over the past two weeks capital wealth planning founder and cio kevin simpson is warning investors the market may have more punches to throw ive spent 30 years looking at behavioral patterns within the markets and this is just a completely different environment simpson said friday on cnbc simpson believes the free money trade that has come with the markets overall uptrend over the last three years is over he referred to the current market environment as a rocky balboa market i think were going to take a few more punches before this match is over he said understanding the fight the main headwind pushing back against market momentum is inflation he said adding that a risingrates environment can be difficult to manage can the fed give us a soft landing itll be a tough tough challenge simpson thinks the market is up to the task he highlighted the strong employment numbers which leads to increased consumer spending weve got a chance of avoiding hyperinflation stagflation and maybe even we can possibly tiptoe around a recession he said see also 3 stocks to buy to beat inflation according to this wall street veteran avoiding the knockout simpson told cnbc he is deploying a coveredcall strategy amid the rocky balboa market when were selling into strength the idea is we want to sell stocks high he said you forfeit a little potential opportunity to the upside but the idea of harvesting volatility to be able to protect modestly the downside is really the reason why we like to introduce covered calls into the strategy if investors can capture a little bit of the upside while protecting most of the downside thats an ideal place to be during periods of elevated volatility he explained simpson noted he recently bought shares of deere  co de and cisco systems inc csco