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Ned Riley, The CEO of Riley Asset Management, a Boston-based investment advisory firm joins the conversation. Following are excerpts from what was said.
According to Riley, this 5-year bull story is still in tact, because of low interest rates, low inflation, strong earnings and liquidity.
Before the show he told our producers he feels that continued bearish sentiment has kept a lot of money on the sidelines, and that should continue to drive the market higher. Consequently he’s buying financials, tech and healthcare through sector ETFs.
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Trader disclosure: On Oct 8, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders
Macke Owns (EMC), (INTC), (SWY), (ATVI), (JWN): Najarian Owns (MON), (NAT), (VCLK): Seygem Asset Management Owns (AA), (AAPL), (ABV), (ITU), (MSFT), (TWX), (GLD), (SBUX), Seygem Asset Management Owns FEMSA: Oppenheimer & Co. Is A Market Maker In (DRYS), (ESEA), (TIVO), (VCLK), (ATVI), (ERTS), (CPKI), (RIMM)
Ned Riley Owns (SPY), (QQQQ), (XLK), (XLF), (XLV), (BAC) Options
Oppemheimer & Co. Has Received Compensation For Investment Banking Services From (ESEA) Within The Past Year, Oppenheimer & Co. Will Receive Investment Banking Compensation From (ESEA) For Services Performed Within The Past Year, Oppenheimer & Co. Intends To Seek And Expects To Receive Compensation For Investment Banking Services From (ESEA) Within The Next Three Months
Oppenheimer & Co. Is A Market Maker In (CMCSA), Oppenheimer & Co. Has Received Compensation For Investment Banking Services From Comcast Corp. Within The Past Year
Charles Schwab Is A Sponsor Of "Fast Money"
Data is a real-time snapshot *Data is delayed at least 15 minutes