2 Taper-Proof Stock Sectors?

Friday, 14 Jun 2013 | 7:37 PM ET
Forget Tapering, Buy 2 Sectors: Pro
Friday, 14 Jun 2013 | 5:05 PM ET
Industrials and technology names have farther to climb amid a market in fear of tapering, Scott Migliori of Allianz says.

Industrials and technology names have farther to climb in a market that fears tapering, Scott Migliori of Allianz Global Investors U.S. CIO Scott Migliori said Friday.

"I think the whole tapering discussion is a red herring," he said, adding that the market should be focused more on corporate earnings than murmurs that the Federal Reserve would cut back on its asset purchases.

(Read More: Are Investors Overconfident in the U.S.?)

Migliori added that a slowdown in emerging markets could have a larger impact on the market than the Fed, as well.

On CNBC's "Fast Money," Migliori said that investors are banking on a second-half recovery in Asia, which means the sectors to buy are industrials and technology.

Precision Castparts, he added was a play on the aerospace cycle.

(Read More: 'A Great Trading Summer': Bessemer CIO)

"I do think you have to be selective in industrials," he said.

In the tech space, Migliori said that he liked Microsoft, seeing it as a company that could grow "10 percent-plus."

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