Advocating the old Wall Street saying, "sell in May and then go away," a analyst said there are "dark clouds ahead" in the markets.
The ongoing Greek debt crisis puts banks in a holding pattern, senior research analyst Bob McDowell of TowerGroup told CNBC Friday.
"They don't know what the details are so it's very difficult to put strategies together," said McDowell.
"Banks are acting very tactically at the amount, and understandably," McDowell said. "Europe's in hiatus until the Greek crisis is solved," he added.
McDowell advised to "get out of cyclicals first" and focus on basic services and segments like food and transport.
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Disclosures:
Disclosure information was not available for McDowell or TowerGroup.
