Q1 earnings season is underway after starting on a downbeat note with Alcoa's (AA) results. At the same time, investors are still playing the guessing game on when the Fed will start to raise rates. Nicholas Colas is the chief market strategist at Convergex and notes 'the average sector correlation for the 10 industry groups in the S&P 500 was 81.9% last month.' But for investors with a more risk appetite there may be opportunities in the market. Colas says 'high correlations just means that you have to make concentrated bets.' A few stocks Colas mentions that have outperformed the S&P 500 are Hospira (HSP), Kraft (KRFT), Netflix (NFLX), Boston Scientific (BSX), Skyworks (SWKS), and First Solar (FSLR).