Does the market have you scared? "The fear is interesting," says Tobias Levkovich, Citigroup's chief U.S. equity strategist. He joined "Squawk on the Street" to talk about "worried" investors -- and what they ought to do now.
Appearing at Citigroup's Small and Mid-Cap Conference in Las Vegas, Levkovich told CNBC's Mark Haines of a client survey that revealed a "lot of caution out there." He stated that some 45% of respondents at the conference said they were "worried" about the chances of a recession this year, and believe the Russell 2000 index will stay relatively flat.
Exacerbating these fears is the evaporating "thin hope" that the Federal Reserve will cut rates -- but Levkovich says the anxiety "provides opportunities for investors." Taking a note from his hockey-playing days, the strategist declares that "offense is the best defense," and takes an aggressive tack: He pointed CNBC's Erin Burnett to "beaten up" tech stocks and consumer discretionary subsegments like retail, which he praises as "very attractive" due to its valuation.