Investors should consider increasing their European exposure in the wake of the dollar's strength, but avoid emerging market equities, said Rich Saperstein, Principal at Treasury Partners at HighTower. Saperstein added that the stronger dollar will weigh heavily on U.S. multi-national earnings in the first quarter. He said U.S. stocks were flat in the first quarter as a result of uncertainty over the Fed's rate hike, which he expects later this year, as well as consumers pocketing instead of spending the dividend from lower oil prices. Finally, Saperstein said emerging markets stocks are to be avoided because of their high levels of dollar denominated assets in a rising rate environment.