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Analyst Watch: What's a Market Bear To Do?
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Wall Street futures pointed to a firmer start for equities, after gains in Europe. The Dow closed lower in the previous session on weak durable goods data and a downbeat assessment of the economy from the Fed's Beige Book.
Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 all gained 0.3 percent to 0.6 percent.
Here's what guests on today's Squawk on the Street are watching before the opening bell:
James Dailey, CIO and senior portfolio manager for Team Asset Strategy Fund, says he believes the market is likely to continue it's rally off the July low for the next 2 to 3 weeks.
"However, I am bearish on the overall market for the remainder of the year once the current rally exhausts," he says.
"I believe that the economy is poised to slow down rapidly for the remainder of 2010 and is becoming increasingly vulnerable to shocks that could result in a new recession in 2011," he says. "We believe that earnings estimates, which are currently being revised higher due to strong Q2 results, are setting up a period of disappointment for the remainder of 2010."
So where is he putting his money now?
"Our two largest portfolio themes are precious metals and related stocks and high quality mega cap stocks with significant dividend yields," he says. "Gold is suffering its typical mid-summer seasonal weakness, but continues to be in a long-term bull market."
The best strategy, he says, is to buy corrections and crashes.
"I prefer smaller and mid-sized gold miners with attractive growth prospects for production," he says. "They’ve lagged gold and even the large cap gold miners over the past few years and offer increasingly attractive value."
Yamana Gold [AUY
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Minefinders [MFN
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Both are stocks Team Asset Strategy Fund owns and that Dailey says represent significant value.
"Both have significant production growth that should emerge over the next couple of years," he says. "Both stocks have been laggards, which is an opportunity given the long term fundamentals remain intact."
Large Telecoms
Dailey also likes some of the large telecom stocks, especially:
AT&T [T
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Verizon [VZ
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"Both are poised to continue to grow at reasonable and consistent rates," he says. "With growth poised to slow down considerably, we expect investors to become more excited about the prospects of buying these stocks given their low valuations and dividend yields in the 6.5%+ range. The move to mobile data devices like the Ipad, smart phones and the move to the 4G networks should provide ample growth prospects."
See more of what these and other analysts and money managers have to say, and get the latest financial news. Watch Squawk on the Street every weekday morning starting at 9 a.m. ET.
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Disclosure: Dailey owns all the positions mentioned via the mutual fund he manages, TEAM Asset Strategy [TEAMX
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