Peter Tchir, managing director at Brean Capital, said the equities adage "sell in May and go away" applies in the Trump era. 

"I think you want to be out of anything that's risky on the credit side," Tchir said, adding that it's hard to recommend a long position on U.S. Treasurys. 

Read More: Trading Strategies: How Bond Investors Should Play Fed Rate Hike

Watch more of TheStreet's Trading Strategies: Sell in May and Walk Away

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