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Power Play: Dodging potholes, digging blue chips

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Two leading market strategists recently reset their portfolio strategies for the back-half of 2015.

Read MoreThese stocks may be winners of Russell's rebalancing

Mike Ryan, chief investment strategist with UBS, told CNBC's "Power Lunch" Friday, the bank currently has pro-risk bias despite the "potential for a messy outcome from the Greek debt discussions, prospects for the Federal Reserve to begin the process of normalization and valuations that no longer appear compelling."

As a result, recent tactical changes to UBS portfolios include moving energy to overweight and reducing consumer discretionary to neutral.

"More stable energy prices and relative valuation gaps drive this call." said Ryan

Ryan also said it is "pretty clear" Central bank policy still matters a great deal for both the real economy and financial markets.

"While the path is narrowing and policy choices from here are not without risks," Ryan said, "the just-right 'goldilocks' economic recovery provides central bankers ample latitude to retain an accommodative policy mix overall."

Against this backdrop, Ryan remains overweight risk assets, with preferences for both Eurozone equities and high yield credit.

For Bruce McCain, chief investment strategist with Key Private Bank, investors are trying to "survive potholes" more than anything else right now.

But despite some near-term turbulence, and choppy price action, McCain believes economic and earnings growth will gain strength, and is firmly bullish on several blue chip names, including Prudential, Walt Disney and ExxonMobil.

Ryan told "Power Lunch" Friday, rising rates and improving consumer spending were key factors driving his decision.

"Prudential will benefit from a steepening yield curve if longer-term rates rise as expectations of economic growth improve. Increased vacation spending should boost Disney. Exxon is likely to reap the rewards of greater capital flexibility and solid performance in a difficult sector."