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Stocks are lower on Tuesday, the first down day in 5 sessions. Bob Phillips, managing principal of Spectrum Management Group, tells CNBC's "Power Lunch" the market will remain in a broad trading range, with the S&P 500 hovering between 2100 on the high side and 1820 on the low.
"We believe the market is resuming an uptrend, but valuations could limit the upside. The return to near-record highs in the S&P 500 has pushed valuations back to the upper end of their historical range," Phillips said.
But he also thinks low interest rates will give stocks a boost in the second-half. "We believe interest rates will remain very low, which could allow a significant breakout for stock prices even without much earnings improvement," Phillips said.
One stock he likes now is Align Technology, which makes the Invisalign clear braces. "90 percent of revenue from Invisalign. Annual case volume for 2016 is expected to [be] 715,000 versus a global addressable market of over 6.5 million; this will allow the company to continue to increase sales at a 20 percent per year rate going forward," Phillips said.
Align Technology is down 2 percent during trading, but is up 22 percent year-to-date.