“I’m not really worried about the ‘sell in May and go away’ view this year,” Levkovich said in a separate CNBC article. “It doesn’t work when economic data starts to improve.”

Nevertheless, investors who are less skeptical can try to diversify their exposure with broad market exposure. For instance, the SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA) provides exposure to Dow bluechips, SPDR S&P 500 (NYSEArca: SPY) reflects the S&P 500 index and PowerShares QQQ (NasdaqGS: QQQ) tracks the Nasdaq-100. [Stock ETFs: Buffett Still Believes in the Equities Market]

Alternatively, investors can take an even broader approach with total stock market ETFs. The Vanguard Total Stock Market ETF (NYSEArca: VTI) tracks 3,692 stocks, iShares Russell 3000 ETF (NYSEArca: IWV) has 2,983 holdings and Schwab U.S. Broad Market ETF (NYSEArca: SCHB) follows 2,010 companies.[Three Low-Cost ETFs for a Diversified Portfolio]

For more information on the stock market, visit our current affairs category.

Max Chen contributed to this article.

Full disclosure: Tom Lydon’s clients own shares of SPY and QQQ.

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