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Strategists Pick Sectors, Stock Index Fund

Which way is the market headed -- and for which sectors? Craig Columbus of Advanced Equities Asset Management and Michael Farr of Farr, Miller & Washington offered CNBC their investment insights.

Columbus' Outlook:

Columbus said he is carefully optimistic, seeing progress in the Paulson Plan bailout package, and market and economic stabilization ahead.

He recommends health care, consumer staples, technology, aerospace defense and small-cap value stocks.

He likes the iShares S&P U.S. Preferred Stock Index Fund.

Columbus recommends boosting stock allocations in the fourth quarter -- though he's overweight cash.

Farr's Outlook:

Farr was less optimistic, citing ominous unemployment stats and foreboding predictions for the global economy. However, he pointed to certain sectors as good defensive plays. See Farr's recommendations: Click here for video.

Disclosures:

Disclosure information was not available for Columbus, Farr or for their respective companies.

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CNBC's Companies in the News:

Walmart

AIG

Wells Fargo

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Disclaimer