Stocks are rebounding on Friday after three straight days of losses, but this doesn't mean the good times are back.
Washington Crossing Advisors Portfolio Manager Chad Morganlander tells CNBC's Power Lunch he is cautious. "We were overweight equities, but reduced our exposure back to neutral several weeks ago," Morganlander said.

High valuations is a concern for Morganlander. "Today's lofty expectations, evident in elevated market multiples and low volatility, make the risk-reward tradeoff less appealing from our vantage point."
Morganlander is sticking with steadily rising dividend stocks such as Amgen, Nike and Union Pacific. All are higher during trading, except for Nike.

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