Power Play: Flight to Safety

Traders work on the floor of the New York Stock Exchange.
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Traders work on the floor of the New York Stock Exchange.

U.S. Markets took a sharp turn to the downside after this morning's opening bell, rebounding shorty thereafter to near break even levels. Investors noted concerns over the Greek debt crisis as meetings were held with Eurozone leaders throughout the day.

Joseph Quinlan, Chief Market Strategist & Managing Director at U.S. Trust, Bank of America Private Wealth Management sees a buying opportunity for the medium and long term, especially in two sectors.

"As dollar strengthens and a flight to safety occurs on the back of the Greece news, the energy sector and financials should come under pressure," says Quinlan. Furthermore, he recommends investors re-balance portfolios in the next two weeks as volatility should pick up.

"We expect a grind back and forth in equities and fixed income throughout the next two weeks as developments unfold in Greece and earnings season begins."

U.S. Trust's Quinlan tells CNBC's Power Lunch that he remains underweight in emerging markets, fixed income and commodities.