Jason Trennert expects a short-run rally, but he's also warning investors that it won't last.
The chief investment strategist of Strategas Research Partners calls it a "Michael Jordan head-fake."
"Whatever rally you get in the market will be ephemeral, and you should probably sell into strength as you get into the summer," he told CNBC.
While others talk of recession and rallies, Trennert has compiled two lists of companies. He calls one of them the "Thrifty 50," and the other, the "Iffy 50."
"It's basically the idea that companies that aren't particularly leveraged, that have already done their [capital expenditures], those are the companies that make up the 'Thrifty 50,' and those are companies like Hewlett Packard, 3M, and General Dynamics," he told CNBC.
"They're going to outperform companies on the 'Iffy 50' list, companies that have a lot of debt, haven't done a lot of cap-ex, and are really going to be...focused more on shoring up their balance sheets. Those are companies like Harley Davidson, Office Depot, and Arch Coal."
He says the main determinant is the balance sheet, not the income statement.
"Cash is king, it's a cliche, in this environment, but if you have a strong balance sheet, you're in good shape to actually take share away from weaker players," he said.
Disclosure information for Trennert was unavailable.