Play defense in US, get aggressive here: Expert

Investors should "get defensive" on U.S. stocks despite Wednesday's broad rally, one market watcher said.

"I think if you're not taking some of those profits and getting defensive you're making a mistake," said Matt Roddy, vice president and portfolio manager at Rockland Trust, in a CNBC "Power Lunch" interview on Wednesday.

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U.S. equities moved broadly higher into Wednesday afternoon, pushing the and Nasdaq to levels just below their all-time closing highs. Amid high valuations, particularly in "high-flying" technology and health-care names, investors should consider moving their money overseas, Roddy contended.

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

Lucas Jackson | Reuters

He noted that countries whose central banks recently eased monetary policy like euro zone nations and China look more appealing in the current environment. Still, telecom, industrial or energy stocks make strong defensive plays in the U.S., Roddy added.

But U.S. stock markets could have much more room to run higher, said Brad McMillan, chief investment officer at Commonwealth Financial Network. He noted that regional banks in particular stand to benefit moving forward.

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With interest rate spreads rising, the firms are in a "much better position to make money," he said in a Wednesday "Power Lunch" interview.