Market Lows 'Armageddon' Is Over: Analyst

Although the Dow closed Thursday at its highest level since January 6, Tony Dwyer, equity market strategist with FTN Equity Capital Markets, still isn't convinced a recovery is imminent.

But for David Kelly, chief market strategist with JPMorgan Funds, it's a sign the "economic fog" is starting to clear.

"That Armageddon situation is off the table," Kelly said, referencing the market lows reached on March 9.

(Watch the video for the full interview.)

With the recovery comes plenty of opportunities for investors, who haven't come too late to the stock rally, Kelly said. He recommends investors consider the technology sector, where there aren't as many "question marks" as in financials and health care.

But despite the rally, Dwyer said economic fundamentals such as strong consumer headwinds will prevent an immediate recovery.

"I think right now what we have on the positive side is upward price momentum," Dwyer said. "We're in this tug of war that's probably going to last a little while longer."

His advice: investing in corporate bonds.

"Other than this cycle they are historically dislocated and attractive, and money is definitely flowing in," he said.

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Disclosure information was not available for Dwyer, Kelly or their companies.