Maybe it's time to move away from tech, Mag. 7: Strategist

Several names in the Magnificent Seven are gearing up to release their first-quarter earnings, with much of Wall Street waiting with bated breath as these tech giants hold much of the value of the S&P 500 (^GSPC). Despite seeing historic gains with these names, some on Wall Street grow concerned over future performance, causing hesitation for further investment in the tech sector.

Ladenburg Asset Management CEO and Osaic Chief Market Strategist Phil Blancato joins Market Domination to give insight into the upcoming week of tech earnings and what investors need to keep in mind when buying into the sector.

Blancato gives advice as to how to proceed during times of uncertainty: "If you have money there and you haven't taken any profits especially with a bounce like this, I do have a CAPE [ratio] moving some of that money away in the traditionally more defensive sectors... I want to see it earn a dividend. I think the energy sector is really underpriced, the financials have really come back and are quite strong and have hung in there real well."

He continues: "The other parts of the market that have better valuations are going to get you through the next two quarters. The next two quarters are difficult because we are seeing a gradual slowdown in the labor market, for example, you look at the number of open jobs versus the number of people looking, that number's continuing to narrow."

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Nicholas Jacobino