Jeffries & Co.'s Art Hogan: 3 Factors Pushing Stocks Lower
Are you keeping up with Wall Street? You may be one of the nervous investors this afternoon--as the major market indexes dropped in earlier trading. So-what's pushing the markets down?
CNBC's Erin Burnett asked Jeffries & Co. Managing Director Art Hogan who said there are three negative catalysts:
- Higher energy prices and OPEC threatening to decrease production
- The weaker U.S. dollar
- And Wal-Mart's disappointing November numbers.
He says if you have money to put to work he believes there are bargains in energy. Stay away from fully integrated energy companies but look for opportunities in the folks who transport it. He also sees bargains in software.
Hogan expects that in 6 months we're going to be higher than we are today-by end of year we're higher.
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