Power Play: Underweight utilities and consumer staples

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Stocks are down on Monday, but the S&P 500 is still holding onto a double-digit gain since the lows of February 11.

At these levels, David Donabedian, chief investment officer at Atlantic Trust tells CNBC's "Power Lunch" it is time to rebalance your portfolio.

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"Underweight consumer staples and utilities; valuations look extended," Donabedian said.

The sectors he likes now are IT services and health care. "IT Services [has] strong recurring revenue streams, not very cyclical," Donabedian said.

Consumer staples, IT services and health care are lower during trading, while utilities is higher.