NEW YORK (TheStreet) -- The testimony from Federal Reserve Chair Janet Yellen was the big focus among investors on Tuesday among, and she didn't disappoint, saying that interest rates won't rise for at least the next couple of Federal Open Market Committee meetings. 

The Fed has been very transparent, but it seems as if it is trying to remove a bit of that transparency, said Mark Luschini, chief investment strategist at Janney Capital Management. 

Investors have been clinging to the Fed's every word, listening for words such as "patience" and phrases like "considerable time."

Yellen is trying to indicate to the market that a rate increase is coming, just not in the next few months, and is trying to gain flexibility, Luschini said. 


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The Fed will also release its stress test results next month.

Luschini said he likes the financial sector, specifically, Citigroup (C) - Get Report .

Last year, Citigroup failed its stress test results, but this year should be a different story. The company seems likely to pass its tests and raise its dividend payout to investors. 

The company has a promising capital markets business that is being masked by investor pessimism, evidenced by the fact that the stock trades at a 20% discount to Citigroup's tangible book value. 

As for which sectors to avoid, Luschini said that utility stocks trade at a valuation that is too high, given their 2% to 3% earnings growth and sensitivity to interest rates. 

He also says to avoid industrial stocks, many of which tend to be global, putting them at risk for exposure to weaker economies and fluctuating currencies. 

-- Written by Bret Kenwell 

Follow @BretKenwell