I think investors should strongly invested, ... They should realize that doom and gloom and all of this talk of recession is typical of major market lows. I think they should realize that the average decline within these long-term 'super bull' markets is 19 percent. And we've been down 27-to-28 percent. It's a great time to buy.

Because of the caution that I see right now, I would emphasize some of the more defensive stocks that are the bigger, stronger leaders in their areas; essential products and services; these tend to experience less than average volatility.

I'd stay focused on the idea that the economy will show firmness in the next few months, if not the next few days.

The finance sector has really emerged as my favorite here, edging out technology by a bit. I recommend that people have about a quarter of their stock holdings in finance.

Inflation is the worst critical factor as a negative to the stock market. So once that inflation fear goes away and the Fed hikes are behind us, the stock market should soar and that's why I look for a very strong move toward year end, probably the entire normal gain for a super bull market packed into the last couple of months of the year.