Phillips said he expects to see some upside growth in the markets.
“We’ve come off earnings season and there’s no news to track, so the news is turning negative, but the trend is going to be up,” he said.
In the meantime, Rubino said conservative investors should lighten up positions in their portfolios.
“We’re ready to exit and we think September is quite possibly the end of the rally…When we see greater deterioration in the market—anything below 8,800 on the Dow would cause us to worry,” said Rubino.
However, he recommended the emerging markets, financials, small cap growth and technology sectors for aggressive investors who want to stay in the markets.
“Those are the ones that will continue to do well if the market does continue to push forward,” said Rubino.
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No immediate information was available for Phillips or Rubino.