Power Play: Strong dollar and weak oil investment strategy

A worker with Apache in the Permian Basin in Mentone, Texas.
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A worker with Apache in the Permian Basin in Mentone, Texas.

Stocks are pulling back after yesterday's huge gains when the Fed eliminated "patient" from its statement. The Dow hasn't seen consecutive gains since February 24-25, while S&P 500 hasn't seen consecutive gains since February 12-17.

Strategists tell CNBC's "Power Lunch" on Thursday the lack of follow-through is caused in part by the drop in crude and strength of the dollar, but this doesn't mean you can't make money in this environment.

Kristina Hooper, U.S. investment strategist at Allianz Global Investors, suggests taking a look at short duration high-yield bonds. "We expect rates to remain lower for longer and because high-yield bonds are one of the risk asset classes most insulated from strong dollar risk," Hooper said.

She also likes U.S. small-caps in terms of very little exposure to revenues outside the US, but Hooper is concerned about their valuations.

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As for the drop in energy prices, Jim Dunigan, chief investment officer at PNC Asset Management, believes patience is key and is not rushing in to buy energy stocks just yet. "While tempting, I think we are still rationalizing supply and demand factors which could take prices lower in the short run," Dunigan said.

It may be difficult to catch the bottom, but Dunigan thinks we are getting close to it.

The dollar rebounded against the euro, while WTI and Brent fell again during trading.