Liz Young, head of investment strategy at SoFi, warned Friday that “bright spots” so far in the corporate earnings season may not be as impressive as they first seem, leading her to remain cautious about markets in the near term.

“If you just look at the broad data so far on earnings, the number of companies beating is below all of the longer-term averages,” Young told CNBC. “So earnings are not really all that impressive, especially considering that we’ve already revised them down … that’s not a great outlook.”

In making this assessment, the investment strategist acknowledged that stocks had been “surprisingly resilient,” even amid economic data that’s pointing towards a slowdown. However, she argued that the impact of the Federal Reserve’s raising of interest rates, and the economic effects its likely to have, have not been fully priced into the stock market.

“I’m still cautious. I still think that the economic data and the blowback from this tightening cycle have not been seen entirely,” she said.

Young added that anyone buying stocks now should do so knowing that there’s a “high probability that things can likely get worse again before they get better.”

Looking at Friday’s intraday action, the S&P 500 (SP500) (SPY) rose 0.6%, the Nasdaq Composite (COMP.IND) climbed 1.3% and the Dow (DJI) advanced 0.5%.

For another perspective on the economy, see why Seeking Alpha contributor J.G. Collins says, “Tech layoffs ahead of earning point to a slowing economy.”