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Get cautious on stocks: Citi strategist

Get cautious on stocks: Strategist

Following a pull-back in stocks, certain sectors will present buying opportunities, Citigroup Chief U.S. Equity Strategist Tobias Levkovich said Tuesday.

"I think you're going to be looking at it a year from now and say it was a great buying opportunity," he said. "I'm not sure you're going to be saying that a month from now."

On CNBC's "Fast Money," Levkovich said that while there was likely a pull-back ahead, the picture wasn't dire.

"We don't have deep-rooted sentiment problems," he said.

Earnings, he added, would be key.

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You asked for it trades

"Yes, taper's an issue. Yes, government debate, and rancorous as it is, is an issue," he said. "But the biggest issue is earnings."

Levkovich said that he expected earnings to grow next year by 6 to 7 percent.

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"The problem is current estimates are up about 11 and change for 2014," he said. "Companies are going to start guiding this down in October and again in January."

Levkovich said that his top sector picks were technology, energy, financials and utilities.

"If I were really, really bulled up, I'd also industrials, materials and things like that, which I'm not," he added. "I also like utilities, which is a bit more defensive."

(Read more: Market to ignore Congress 'crying wolf': Karen Finerman)

Levkovich's year-end target for the S&P 500 was 1,650 and for next year it was 1,900.

"I do think the economy's getting better, but you could look at copper and say, 'No, it's not,' if I look at different data points," he said. "I think there's a very mixed picture out there. I think the fact the Fed didn't begin to taper means it's an overhang for the several months around us."

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

— CNBC's Patricia Martell contributed research to this report.

Trader disclosure: On Oct. 1, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Josh Brown is long AAPL; Josh Brown is long PFE; Joe Terranova is long MS; Joe Terranova is long APC; Joe Terranova is long OXY; Joe Terranova is long LTD; Joe Terranova is long SBUX; Joe Terranova is short XBI; Joe Terranova is short NFLX; Joe Terranova is short PCLN; Joe Terranova is short MINY STP futures; Stephen Weiss is long AAPL calls; Stephen Weiss is long AAMRQ; Stephen Weiss is long LLC; Simon Baker is long AAPL ; Simon Baker is long BAC; Simon Baker is long GS; Simon Baker is long SBUX; Simon Baker is long FB; Simon Baker is long MSFT; Simon Baker is long GOOG; Simon Baker is long AMZN; Simon Baker is long BBY.

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