U.S. stocks traded higher on Wednesday afternoon amid better-than-expected economic data and a glimmer of optimism for a deal to be struck in Greece.

Read MoreStocks higher amid Greece hopes, financials jump 1%

Two leading strategists remain cautiously optimistic ahead of Thursday's nonfarm payrolls report and the upcoming July 4 holiday.

John Traynor, chief investment officer, at People's United Wealth Management, told CNBC's "Power Lunch" Wednesday, that this week's market are a replay of the 'risk on, risk off' trading in the first half of the year.

Consequently, Traynor maintains a positive 'risk on' bias across all portfolios.

"We are overweight U.S. and international developed markets, underweight emerging markets, said Traynor

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"While the Greek debt crisis is a tragedy for the Greek people it has actually increased our confidence in the rebound taking place in the Eurozone and in our overweight to those global developed markets."

Traynor's top stock pick is J.P. Morgan, which he said "will benefit from rising rates and the improving economy."

He also likes United Health and Express Scripts, two beneficiaries of cost controls needed in the health care market.

But fears of a low rate environment,Traynor is now underweight REITs, treasury bonds and utility stocks.

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Darin Richards, chief investment officer, AKT Wealth Advisors, describes this week's selloff in equities as "unnerving" but remains optimistic on the global economy and reiterates his firm is not taking any defensive actions.

"We are overweight stocks relative to bonds in all of our models. Accommodative central banks and reasonable equity valuations provide a nice backdrop for solid equity returns," said Richards.

Currently, he is bullish on growth oriented companies, including consumer cyclical and technology, but remains underweight in the energy, utilities, materials, and financial sectors.

Ultimately, Richards thinks consumer spending will pick up enough in the second half of 2015 to provide support for the overall economy. Which is why he is boosting the firm's international exposure, particularly the emerging markets with a focus on Asia.

"Investors that don't flinch when stocks drop will be rewarded," said Richards.

CNBC's Jennet Chin and Brenda Hentschel contributed to this article