The has rallied 14 percent since the lows of February 11 and billionaire investor George Soros is now selling stocks and buying gold.
Chad Morganlander, portfolio strategist at Stifel, tells CNBC's "Power Lunch" on Thursday he agrees with Soros' strategy.
"We continue to have a modest underweight in equities; we expect low returns for 2016," Morganlander said. His balanced portfolio is 40 percent equities, 5 percent gold and 55 percent fixed-income.
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Even though Morganlander has a modest underweight to stocks, he is still finding opportunities in a slow growth environment and recently added Costco to his portfolio.
Jack Ablin, chief investment officer at BMO Private Bank, has been cautious on equities for some time. "Fundamentally, the environment is fine. The economy is slow and steady and liquidity is robust; our only concern is valuation, given that large-caps are trading at the high end of their market range," Ablin said.
For Ablin, the key is looking at dividend growers for equity income. A name Ablin likes now is McDonalds.
Costco and McDonald's are both higher during trading.