This is the no. 1 S&P 500 sector to avoid here, market bull Jeff Saut says

This is the no. 1 S&P 500 sector to avoid here, market bull Jeff Saut says (via TradingNation)

The S&P 500 ended Friday just 0.2% from records after bouncing more than 1% for the week.

But, top market bull Jeffrey Saut isn't trusting one outperforming sector that carried the index to these heights. "I'm not a big fan of utilities here," Saut, chief investment strategist at Capital Wealth Planning, said on CNBC's " " on Friday. "I've been in this business for forty-nine years. I've been looking at markets for fifty-six years… and utilities are as richly valued as I've ever seen them.", which tracks the S&P 500 sector, trades at 21 times forward earnings -- it hit its highest valuation ever earlier this month. The sector is the second-best performer on the S&P 500 this year.

"I have no interest in utilities. I think there is a much better valuation metric in the midstream master limited partnerships where you can get … 80% tax differed yields then you get in utilities," said Saut.

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