As for those who are worried about the "Dow Theory," which essentially proposes that transportation stocks indicate where the market goes overall, Headley said the airline and railroad stocks were going down for their own reasons. He also noted that the transports didn't lead the way during the market crashes of 1987 and 2008.
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Erik Ristuben, chief investment strategist at Russell Investments, also isn't concerned. He believes the economic data will continue to improve, which should lift both the transports and the broader market.
The market is "expensive and I think it's going to remain expensive and get more expensive in the future. Our view is that the cycle is very supportive for equities so buy on the dips is a good idea," he said, also on "Closing Bell."
While Ristuben prefers Europe over the U.S., he thinks the U.S. will have good returns at the end of the year. He likes financials, health care and consumer discretionary stocks.
Headley also favors financials as well as the oil refiners.
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Meanwhile, bond investors need to prepare themselves for a very challenging environment, HighTower managing director Greg Sarian said on the program.
That's because he expects the Federal Reserve to begin hiking interest rates in the fall, especially after the recent jobs report and high auto sales numbers.
"Investors in bonds right now should be prepared to look at quality in their portfolio and shortening up their duration," Sarian said.
When it comes to equities, he thinks U.S. investors should add more international investments to their portfolios.
"[The] U.S. has been the right place to be the last two years but I think this change in interest rates is going to be a sea change in the direction of global markets," Sarian said, noting that the lowering of rates in Asia and Europe will drive their markets higher.