With market hitting new highs, do this: Pros

As the stock market moved higher Tuesday and better-than-expected economic data pushed the S&P 500 to a new record high, some investors wondered if the ride will continue or if there is cause for concern.

"It's not just that it's making a new high … the technical qualities of this market advance, I think, indicate a very sustainable move to much higher levels," Gene Peroni, senior vice president at Advisors Asset Management, told CNBC's "Power Lunch" Tuesday.

Peroni said the move is a macro one, with not just big-cap names advancing, but small- and mid-cap names as well.

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Traders work the floor of the New York Stock Exchange.
Stan Honda | AFP | Getty Images
Traders work the floor of the New York Stock Exchange.

However, Hugh Johnson, chief investment officer at Hugh Johnson Advisors, said while the market is performing well, he's worried about sector performance.

"When I see some of the defensive sectors at the top of the board … when I see large companies outperform small companies, when I see the performance of the bond market … that makes me nervous and it says yeah, stay with stocks but put a little defense in your portfolio," he said.

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In addition to adding defense to your portfolio, Johnson suggests maintaining a "meaningful" allocation to equities—for example, if your target rate is 50 percent, then allocate 60 percent. He also suggests being overweight large cap, underweight small cap and underweight in international and emerging equities.

Peroni would put his money to work in "core areas" such as technology, health care, energy, manufacturing and materials.

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By CNBC's Michelle Fox. CNBC's Jennet Chin contributed to this report.