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Right now, investing in the stock market seems tantamount to playing a giant game of pinball in which your portfolio is bouncing in every and any direction.
And the game is going to get a little harder. Chances are the economy is going to complicate your trades.
On Tuesday Atlanta Fed president Dennis Lockhart said he “still expects a very weak second half reflecting contracting consumer spending, weaker business investment, and slower export volume,” writes the Atlanta Business Chronicle.
Eeeek! That sounds messy.
So what should you do with your money?
For insights we turn to one of the most respected traders on the Street. Dover Management CIO Doug Cliggott. (You might remember he called the market massacre in 2000.)
“I’m managing money very cautiously. I think the U.S. is in a recession, and the next six to nine months are going to be very rough no matter what gets legislated this year,” he tells Fast Money.
As you can probably guess, Cliggott doesn't advocate taking risks in this environment. So, if you think this is a good time to buy financials, think again! Cliggott is very bearish on the sector. He expects car loans to default and credit card bills to go unpaid. As a result, "there are probably a lot of bad earnings ahead in this space."
So how should you trade? Cliggott says play it safe. If you’re going to be long anything he recommends the Healthcare Sector [XLV
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], Consumper. Staples [XLP
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] or Coke [KO
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].
Want more? Discover what Doug Cliggott has to say about the bailout proposal before Congress and how it all could play out. Watch the video.
- Your First Move For Wednesday November 10th
- Web Extra: The Best Trades In Tech
- Pops & Drops: UPS, Electronic Arts...
- Take Your Position: Retail Earnings
- The Return of Dividend Investing?
- Should You Believe in this Rally?
- Trading in this Technicals-Driven Market
- HALFTIME REPORT: How to Trade Senator Dodd's Financial Reforms
- Your First Move For Tuesday November 9th
- Web Extra: The Dow's Only Loser
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Trader disclosure: On Sept 30, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Macke Owns (MSFT), (UUP), (WMT); Finerman's Firm is short (IYR), (IJR), (SPY), (MDY), (IWM); Finerman's Firm is short (BBT); Finerman's Firm Owns (DELL); Finerman Owns (GS); Finerman's Firm Owns (IMCL) Call Spreads; Finerman's Firm Owns (MSFT)
Terranova Owns (AAPL), (EOG), (FCX), (FTD), (X), (GS), (KOL), (NOV), (POT), (VLO), (YHOO);
Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Virtus Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (BRE), (CNTY), (CNW), (CLB), (OFC), (DLM), (DRH), (DLR), (EPR), (ESS), (EXR), (AGM), (FL), (GBL), (GNET), (IGE), (LNET), (MAC), (OIIM), (PSPT), (DBC), (DBV), (SLB), (GWX), (SSYS), (SKT), (UA), (BIV), (VV), (BLV); Virtus Investment Partners Owns More Than 1% Of Goldman Sachs Financial Square Fund - Money Market Fund; Virtus Investment Partners Owns More Than 1% Of Seagate Technology Tax Refund Rights
Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV)
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