As S&P 500 sits at a record, nearly a quarter of stocks are still stuck in a bear market

"We think overall, over the next 12 to 18 months those types of companies, that type of thematic will perform well in relationship to the broader market indices," said Morganlander.

Some of the worst performers have held up in the face of sharp downturns, though, according to Bill Baruch, president of Blue Line Futures. Macy's, for example, has stayed above a support line more than a decade old. "If you look at a trend line going back to 2008, it's been constructive and it's held it so on a longer-term basis there is value in the mid-$20s," Baruch said Wednesday on "Trading Nation." "But ultimately if you are buying down here, your time frame has to be long term because there is some very strong overhead resistance from the high of the year."

"I also want to focus on Nvidia which is well off its highs and really hasn't participated in a broader rally," said Baruch. "There is a gap from the Nov. 15 earnings and that right there is going to provide strong overhead resistance. It's had a good trend up until where it stalled near this gap." Instead, Baruch said it's better to hedge your bets and spread risk across the semis space by looking to the

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