CNBC Stock Blog

Time to Take on More Risk: Specialists

"We think this market will continue to ride higher," said Phil Orlando, chief equity specialist at Federated Investors. He sees the Standard & Poor's 500 rising another 10 percent to 1400 over the next couple of months. That's on top of its 20 percent move in the last three to four weeks.

Pullback Today Since the Rally

Don't bother with Treasurys, he said. In equities, he says, take some profits from "some of the defensive sectors that have done great this year," including consumer staples, health care,  utilities, and telecommunications.

Then, "move into areas more leveraged to potentially benefit from this resumption of economic growth we appear to be seeing now," Orlando said.

James Shelton, CIO of Kanaly Trust, also sees the S&P moving about 10 percent higher. His picks include exchange traded funds including the iShares Russell 1000 Growth , JPMorgan Alerian MLP Index and SPDR Gold Trust.

The iShares exchange traded fund , for instance, includes Exxon , Apple and International Business Machines , companies that can do well if the "earnings environment gets a little bit tougher," he said.


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Disclosure information was not available for James Shelton, Phil Orlando or their companies.