With the Dow Jones Industrial Average gaining on its record high level Wednesday, Invesco Senior Portfolio Manager Ron Sloan said he's the most bullish he's been in over a decade.
"What we're focusing on is the environment for capital spending," he said. "We've had cap x as a percent of revenue basically in decline for the last decade, and outside of a few brief periods, we've been in basically U.S. equity net outflows. And so I think we're seeing a much, much, much better capital spending environment.
"The companies are notably more optimistic going forward with cap x dollars."
On CNBC's "Fast Money," Sloan spoke about four of his stock holdings that have posted double-digit gains: General Electric, Union Pacific, Flowserve and Dover.
"I think they all share the same thing," he said. "They're focused on old-fashioned industrial America."
Sloan expanded on his view of those names.
"These businesses, if you look at it from a big GDP context, appear very small," he said. "But that doesn't mean they can't be wonderful stocks in a market that may or may not be all that exciting, but there's going to be this opportunity to invest in segments of the economy after a long period of time – we talk about a decade – after a long period of time are finally getting some traction."
Sloan's top sector picks were materials, energy, technology and capital goods.
Trader disclosure: On March 6, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Weiss is long BAC; Steve Weiss is long C; Steve Weiss is long M; Steve Weiss is long QCOM; Steve Weiss is long SPY PUTS; Steve Weiss is short JCP; Jon Najarian is long JPM CALL SPREADS; Jon Najarian is long WMT CALL SPREADS; Jon Najarian is long XLV CALL SPREADS; Jon Najarian is long XLF CALL SPREADS; Jon Najarian is long CSCO CALL SPREADS; Jon Najarian is long VIX CALL SPREADS; Jon Najarian is long SPY PUTS; Jon Najarian is long OC CALLS; Jon Najarian is long STX CALLS; Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long CSCO; Stephanie Link is long SBUX; Stephanie Link is long FB; Enis Taner is long AMGN; Enis Taner is long GS; Enis Taner is long AMZN PUTS; Enis Taner is long TSLA PUTS; Enis Taner is long C PUT SPREAD.
