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The stock market soared Thursday on the backs of better-than-expected retail sales reports, but Thomas Atteberry, analyst and portfolio manager at First Pacific Advisors, told "Power Lunch" the rally "may not be sustainable."
Atteberry is "skeptical" about the market's rally, especially since retail sales numbers weren’t as low as people expected, despite “a lot of angst and a lot of concern about subprime lending, and the consumer in the defaults and delinquencies in real estate.”
“It’s hard for us to get excited that we think the consumer’s going to be the driver of the economy going forward,” Atteberry said. He expects the cost of gasoline, high-levels of credit card borrowing, and falling real estate prices to take a toll on consumer spending.
Reacting to these trends, Atteberry has reduced his exposure to financial service stocks and has taken on a "large" cash position.
He's wary of financial services stocks because the sector's growth has been driven by consumer lending.
“We look for consumer lending going forward to be a much more difficult place to be,” he said.
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