‘The herd should come back': US Trust CIO

Today's market an invitation: Hyzy
Today's market an invitation: Hyzy   

A selloff in stocks would provide a good entry point for investors, U.S. Trust Chief Investment Officer Chris Hyzy said Wednesday.

"This is the second invitation this year to come back into the markets," he said. "If you have excess liquidity and you're an active manager, you look for days like this, weeks like this. And if you're a trader, you do as well."

Stock investors on Wednesday looked to the 2 p.m. ET release of minutes from the most recent Federal Open Markets Committee.

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Josh Brown's European play
Josh Brown's European play   

Hyzy said market fears were overblown.

"It's a growth concern," he said on CNBC's "Halftime Report." "It's a growth scare that's relatively unfounded when you look at all the data and you look away from the high-frequency data. The high-frequency data's going to give you noise constantly."

Hyzy also said that the U.S. economy remained strong while European and Asian economies were foundering, calling it "a massive decoupling right now—interest rates, currencies, monetary policy, some would even say fiscal policy."

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Supportive levels to watch
Supportive levels to watch   

"The private sector in the United States is the economic-momentum engine—albeit slower than we all want—to the rest of the world," he said. "And if you actively manage money around that, you're going to outperform most of your peers. That's where we're saying it's a massive decoupling. It's where the buffalo roam. They should come back. The herd should come back to the United States. Hedge yourself internationally with the currency, and take advantage of this downswing that we're seeing here."

Hyzy also cited the strong cycle for the U.S. dollar.

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"It's just started," he said. "You've got Europe still on the front side of a credit cycle. And Japan's still all trying to figure it out while China's slowing down as well."

Against that backdrop, Hyzy said that the best bets were in financials, technology and energy infrastructure.

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"So, we would take advantage of dips like this," he said.