GO
Loading...

2 Taper-Proof Stock Sectors?

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."

Contact Fast Money

  • Showtimes

    Halftime Report - Weekdays 12p ET
    Fast Money - Weekdays 5p ET

Halftime Report

  • Bill Nygren, Oakmark Fund, explains why Apache, Bank of America and Google will be winners in 2015.

  • Nick Tiller, Sustainable America founder and chairman, tells CNBC's Kate Kelly oil prices are poised for a tradable rally. Tiller likes the Brent ETF and energy sector.

  • Discussing interesting trends contributing to the market's rally into year's end, with the FMHR trader Josh Brown and Dan Greenhaus, BTIG.