While it might be tempting to try to get in on the rally in bank stocks that has been going on since the presidential election on November 8, investors should stay away from them for now, Wedbush Equity Management Chief Information Officer Steve Massocca said on CNBC's "Power Lunch" on Friday afternoon.

"Well I certainly wouldn't choose the bank sector here right now," he said. The sector is "certainly overbought" from a technical standpoint as people expect President-elect Donald Trump to rollback regulation on banks and as the Fed is expected to increase interest rates in December, which would expand banks' net interest margins.

"But we've had a tremendous move here since the election so I think you've got to wait before you buy banks," Massocca reiterated. 

On the other hand, tech stocks have noticeably missed out on the Trump rally. 

While parts of the tech industry look "interesting," investors shouldn't buy into stocks with "incredibly high multiples," such as the FANG group that includes Facebook  (FB - Get Report) , Amazon.com  (AMZN - Get Report) , Netflix  (NFLX - Get Report) and Alphabet  (GOOGL - Get Report) , he advised. 

Other parts of tech are "somewhat inexpensive," he noted. With Intel  (INTC - Get Report) and Cisco Systems  (CSCO - Get Report) , you could pick up some dividend yield. With Seagate Technology  (STX - Get Report) , you could pick up a 6% yield and it has the chance to gain market share in the expanding cloud sector. Western Digital  (WDC - Get Report) could also take a bite out of that digital storage opportunity and also has a low multiple.