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Power Play: Two sides to the stock trade

Traders work on the floor of the New York Stock Exchange.
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Stocks trying to turn things around following the sell-off on Tuesday. The dollar continues its move higher. Stifel Portfolio Manager Chad Morganlander told CNBC's "Power Lunch" the continued strength in the dollar has the ability to fracture the market.

"Now may be the time for investors to underweight equities," Morganlander said. "Balanced portfolios should allocate 45 percent to stocks and 55 percent to bonds."

Morganlander said he favors the consumer discretionary sector and recommends owning Pepsico and Anheuser-Busch InBev.

Read More Gundlach: Stock market signaling it doesn't like strong dollar

A slightly different story if you ask Tom Sudyka, portfolio manager of the LK Balanced Fund. He said he believes the U.S. stock market remains attractive. "Valuations are not at prior peak levels and relative to alternatives, equities offer the best projected returns," Sudyka said.

He said he expects the U.S. markets to remain extremely volatile and favors a balance between asset classes, and balance within an asset class. Two stocks he recommends are Constellium N.V. and Chicago Bridge & Iron. Constellium is down two percent Wednesday. Chicago Bridge & Iron is down slightly.