Phil Orlando sees lower oil prices coming, and some shifts in investors' preferences coming along with them.
"I think this last $20 in crude up, from $120 to $140 a barrel, was largely hedge fund speculation and a short-covering rally," the chief equity market strategist of Federated Investors told CNBC.
"Given the fact that the Fed has stopped cutting interest rates, and the fact that we're now seeing some early stages of demand destruction among drivers here in the U.S., crude is probably going to work lower, maybe down into the $110-$100-a-barrel area over the next couple of months."
Orlando says a downturn would hurt basic energy stocks, but with certain exceptions.
"You've still got to find the stuff, and so the oil-service names, like...Transocean and Schlumberger are names that make a lot of sense to us."
Disclosure information for Phil Orlando was not immediately available.