S&P to Reach 1,130 By Year-End: Stock Picker

Where should investors be looking in this volatile market? Ted Parrish, co-portfolio manager at Henssler Equity Fund, and David Fleisher, chief operating officer of Firstrust Financial Resources, shared their market outlooks and sector recommendations.

“We’re going to stay fully invested regardless, but the market might trade sideways for the next couple of weeks because there is a lack of news, other than some of the economic data that’s coming out,” Parrish told CNBC.

Parrish said he expects the S&P to reach 1,130 for the end of the year.

“We think that the markets might be slow for the next few weeks, but we will definitely finish higher for the year,” he said. “There’s a lot of money that’s sitting on the sideline that’s going to come in when the number starts to look better.”

Parrish said he likes the industrial sector and suggested companies like General Electric*, Emerson and Fluor.

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In the meantime, Fleisher warned investors not to get “lulled into a false sense of security.”

“We don’t know if the correction is going to be 10 or 15 percent or if yesterday was a hiccup,” he said.

“But not forgetting the past is an important aspect. For people who have been shell-shocked, still having somewhat of a defensive posture is where are clients are right now.”

Fleisher said despite the pullback, investors should be able to participate on the upside.

“Instead of being all in cash, we’re about 60-40, 50-50 in this market,” he said. “So we’re still able to participate on the upside, but still being patient to ensure that if we take a step downward, we’re not hit too hard.”

Fleisher said he is "underweight" the utilities sector.

“We’re still in an environment where laws are written over weeks or weekends…that could certainly impact the future of what used to be very predictable earnings of the utilities sector and could certainly hurt that,” he said.

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No immediate information was available for Fleisher or Parrish.

* General Electric is the parent company of CNBC and CNBC.com.