Investors should be cautious on stocks in the near term but positive in the long run, says Darell Krasnoff, Managing Director at Bel Air Investment Advisors. The global risks have diminished in his view, so it makes sense to buy the dips with a growing worldwide economy, even if stocks seem fully valued now. As for bonds, Krasnoff says California munis are a much stronger credit now and worth holding even though the yields remain low. For those seeking to add yield to their portfolio he says energy MLPs offer a nice yield and take advantage of the need to improve America's infrastructure.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

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