Investors should be cautious and certainly not expect a wild bull run in the second half due to stretched multiples and geopolitical worries, said Tom Stringfellow, President of Frost Investment Advisors. Stringfellow said individual investors remain hesitant despite stocks rallying from the lows of 2009, and are more likely to get out than jump in if stocks climb much higher. Stringfellow likes energy stocks, however, due to the problems in Iraq, as well as the growing output coming from America. Finally, Stringfellow is a fan of covered calls and said he is being rewarded with more than enough option premium despite the market's low volatility.

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