Many investors are looking for bargains following the market sell-off, but investing in this sector may not be the smartest move right now.
"There was a good trade here, but that trade is over," Colas said.
He believes the outlook is pretty negative for utilities.
"Rates don't seem to want to go lower, so utilities will likely underperform between now and year end," Colas said.
Utilities are higher during trading, but down 12 percent year-to-date.