"I think that's the opportunity, to find these opportunities where we've seen the decoupling between the good parts and the bad parts," Rees said.
JPMorgan Private Bank said in a recent note that it has become much more selective within the U.S. market, as it sees the S&P 500 ending the year flat to up a modest 1 percent.
Still, Rees said he prefers the U.S. markets because that is where the growth is visible.
The bank counts large cap growth stocks in the technology sector as one of its preferred investments. It also says financials are oversold and look attractive in the long term, but a recovery ultimately depends on Federal Reserve action on interest rates.
Persistently low interest rates and uncertainty about how many times the Fed will raise them this year are just two of the headwinds financials face. Higher interest rates benefit banks.
Low rates are making dividend-paying stocks look like a good buy, Rees said.
"Growth companies with 3 to 4 percent yields in the domestic sectors look very attractive," he said. "A lot of people were negative on dividend yields this year because they thought rates were going to rise. That hasn't happened."