It has been a rollercoaster journey for inventory marketplaces this yr. Immediately after a robust beginning, significant U.S. indexes ended February decrease but have relished a positive begin to March. Despite the volatility, the Dow Jones Industrial Typical , S & P 500 , and Nasdaq Composite all keep on being in good territory — but marketplace watchers are divided on whether or not this is the start of a new bull market place or just another bear market rally. Michael Landsberg, companion and chief financial investment officer at Landsberg Bennett Non-public Wealth Management, is firmly in the latter camp. “Matters are enjoying out as we envisioned. We have observed these bear industry rallies engage in out considering the fact that past summer season. We believe the path is nevertheless decrease, but there will carry on to be these really potent shorter-time period rallies to the upside suggesting or else,” he wrote in notes to CNBC. Several hazards continue being in the current market, in accordance to Landsberg. He predicts the Federal Reserve will elevate fascination rates by a more 75-to-100 foundation points, “in essence acquiring us to a deep recession.” Earnings, way too, will keep on to decelerate over the upcoming few quarters, he explained. How to trade Specified all this, Landsberg has some suggestions for traders: “It is not time to broadly set income to operate. We consider there is nonetheless some agony in entrance of us.” “Patience, as perfectly as cautious unique stock selection, is crucial likely forward,” he mentioned, naming many options even now current in the marketplace. For example, limited-duration preset revenue is an “interesting” region of the industry correct now, according to Landsberg. “Hunting at the place yields are in that a person-to-three-12 months room you can get north of 5% in treasuries. You get 5.5% in substantial-high quality corporates. So, I imagine you have bought to set some dollars in all those spots to be in a position to guard by yourself. Conversely, the extended end of the curve is telling me you can find no progress to be had,” he told CNBC’s “Avenue Indications Asia” last week. In the equity place, he likes pharmaceutical organization Eli Lilly , healthcare insurer UnitedHealth , and NextEra Strength — all “extended-phrase names that present us beautiful entry details,” according to Landsberg. His major fairness holding is his small positions in Invesco QQQ Believe in , an trade-traded fund that tracks the Nasdaq 100 . “We continue to like that place as we enter the future two quarters of earnings,” he claimed. One sector that Landsberg is averting is “profitless tech,” as he thinks earnings in the sector will proceed to decelerate. “Some of these names that have gone down, they are down 30 or 40%, but even now up in excess of 100% from exactly where they had been just a few of a long time back, and they will not actually have just about anything that has modified in their businesses or earnings. These are the names you received to remain absent from,” he said.