Abandon All Retailers; Goldman Will Survive: Strategist

Clermont Wealth Strategies is 'underweight' the entire consumer discretionary sector, which includes retailers, Rob Morgan, market strategist at Clermont Wealth Strategies said.

"Consumer spending in the U.S. is probably going to continue to be weak for some period of time," Morgan told CNBC.

"Even though we may be close to a tipping point to get more enthusiastic for U.S. stocks in general, the consumer discretionary, and in particular the retail sector, is probably going to continue to lag a bit."

Morgan is 'neutral' on financials, as he sees the sector continuing to struggle.

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But Goldman Sachs is the best of a bad bunch, he said.

"The good thing about Goldman Sachs is that it looks like the firm's going to be a survivor, and given the number of investment banks that no longer exist this year, that is going to be a plus," he said.

Once President-elect Barack Obama is in the White House with a Democratic Congress, the sectors that could possibly be affected are oil and pharmaceuticals, Morgan said.

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