The economy may be headed toward a recovery sometime in the third or fourth quarter, said Hugh Johnson of Johnson Illington Advisors.
"Because we've been getting [good economic news in the last few weeks], that's the reason you've had a good performance in the markets in the last couple of weeks," Johnson told CNBC. "You can see bull markets in sectors like basic materials, consumer cyclicals and technology [stocks]."
"I'm on the defensive side of the ledger, but I'm starting to shift slowly toward the bull side."
(Watch the video for the full interview and click here to read which stocks his fellow commentator Andy Bischel likes.)
Bank of America
Disclosure information for Hugh Johnson was not immediately available.