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Beware: Sovereign Debt and Currency Issues 'Likely to Reemerge'
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CNBC.com Writer
Stocks rose on Thursday after a drop in jobless claims and strong earnings reports from ExxonMobil. James Dailey, chief investment officer and senior portfolio manager at Team Asset Strategy Fund, and Mike Holland, chairman at Holland & Company, discussed their market insights.
“The earnings are backwards-looking and this rally is broadly hated,” Dailey told CNBC.
“People have been climbing a wall of worry since the low in July.”
Dailey likened the current market to the rally off the "Bear Stearns low" in March 2008.
“The euro crisis [is] similar to the Bear Stearns crisis where people thought it’s over,” he explained. “So the sovereign debt issues and the currency issues as we go forward are likely to reemerge.”
Mid-cap stocks, precious metals and miners look attractive, Dailey suggested.
In the meantime, Holland said fears over Europe and China, the two biggest factors that brought the stock market lower several months ago, are now subsiding.
“Germany reported its 13th straight month of job increases and companies [in China] continue to report good results—so overall, those two things are very healthy.”
Holland Likes:
- Big U.S. multinationals: Microsoft [MSFT
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], 3M [MMM
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], JPMorgan [JPM
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]
- Asia/Taiwan
Dailey Likes:
- Large Telecom: AT&T [T
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] and Verizon [VZ
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]
- Large-Cap Gold Miners: Yamana Gold [AUY
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], Minefinders [MFN
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]
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Scorecards—What They Said:
- Dailey's Previous Appearance on CNBC (Jun. 23, 2010)
- Holland's Previous Appearance on CNBC (Jul. 1, 2010)
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More Stock Advice—Read and Decide:
- 4 'Good Quality' Picks in This Choppy Market: Strategist
- 3 'Cheaply Priced' Tech Stocks Poised for Growth
- Buy These Firms Ahead of Earnings: Stock Pickers
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Disclosures:
Dailey owns positions in AUY, MFN, T and VZ via his mutual fund TEAMX.
No immediate information was available for Holland or his firm.
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Data is a real-time snapshot *Data is delayed at least 15 minutes
