The U.S. is in a "slow growth economy and things aren't getting any better" as the second half begins, J.J. Burns, president of J.J. Burns & Co., told CNBC Friday.
"We continue to kick the can down the road as Greece is going with their debt," he said, and there are continued problems with the housing market and job creation.
So Burns is cautious when it comes to investing in stocks, and has cut back his company's stock allocation to 20 percent to 25 percent.
If you’re going to be in stocks, Burns advised, "I would be in the high-growth players that deal in cancer or health care like a Varian Medical Systems , or you’re going to be in a high-dividend-paying Johnson & Johnson or Procter & Gamble."
In the same interview, Yu-dee Chang, chief trader with ACE Investment Strategists, said he also sees slowing growth, including in China. He noted, however, that while growth is slow, the Chinese still need energy.
"I think the oil majors are definitely still the place to be," he said. Chang also favors coal companies because "coal is still an abundant resource that China uses a lot." The natural gas market could also be a "darling again if it could get the price back up."
His picks are Exxon Mobil , ConocoPhillips and the Select Financial Sector SPDR .
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Disclosure information was not available for J.J. Burns, Yu-dee Chang or their companies.