Power play: Sell and buy in May

Traders work on the floor of the New York Stock Exchange.

Brendan McDermid | Reuters

U.S. stock gains pushing the market back to record levels Monday, on some corporate earnings standouts and encouraging signs of a manufacturing comeback.

The much-refrained Wall Street expression, "Sell in May and go away," a warning for investors to liquidate stocks this month to avoid a summer slide, apparently still rings partially true for some investors.

Read MoreSell in May and go away at your own peril

Appearing on CNBC's Power Lunch Monday, Drew Kanaly, chairman and president of Kanaly Trust, said "The secular bull market in U.S. equities is intact, though valuations argue for lower returns. We also expect a ten percent correction, and when that TIME comes, we'll be buyers on the dips."

Because Kanaly thinks U.S. stocks are "expensive," he favors non-U.S. developed and emerging markets instead. "Global equity valuations remain relatively attractive and fundamentals are improving." Kanaly said.

Kanaly is currently making a bold energy play in master limited partnerships, or MLPs. Because this asset class invests in energy infrastructure like storage facilities or oil and gas pipelines, they are typically less impacted by drops in the price of oil.

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"As we move past a bottom in oil," Kanaly said, "We think there is good value in Master Limited Partnerships, like Insignia Macro I non directional alternative and Eagle MLP Strategy A."