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US stock market 'sliding up a hill of complacency,' portfolio manager says

  • Investors should look outside the U.S. for opportunities, Brian Singer said.
  • He likes Italy, Spain and France.
  • Louis Navellier and Steve Wieting think even if there is a correction this summer in the U.S., bargain hunters will buy up dividend stocks.

There are some great investment opportunities right now, but not necessarily in the United States, Brian Singer told CNBC on Monday.

"The U.S. market has really been … sliding up a hill of complacency right now," the portfolio manager at William Blair said in an interview with "Closing Bell."

"You have to look elsewhere."

What he likes are the places "people don't really want to go," such as Italy, Spain and France.

The U.S. stock market has been trading in a narrow range recently after running up in the months after the presidential election.

On Monday, the Nasdaq and S&P 500 notched new all-time intraday highs after the open and eked out a record close. The Dow Jones industrial average also closed marginally higher.

In addition, there is record low volatility, which Louis Navellier said investors should appreciate.

While in the past, low volatility often crept in before a sudden correction, right now the stock market's dividend yield is too high to have a big pullback, the chairman and founder of Navellier & Associates explained.

"Even if we have a correction, then all the bargain hunters are going to come in to pick up all the dividend stocks. With a 1.95 percent dividend yield on the S&P, we should be very comfortable right now and just enjoy it," he said in an interview with "Closing Bell."

Steve Wieting, global chief investment strategist at Citi Private Bank, agrees.

"Summer corrections are very, very common and we should expect on that type of a pullback … you should see investors put money to work in equities over bonds globally," he told "Closing Bell."

—CNBC's Fred Imbert contributed to this report.

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