GO
Loading...

Enter multiple symbols separated by commas

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.

More on CNBC.com

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.

Contact Europe News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Europe Video

  • What would derail a Fed hike?

    Patrick Newport, U.S. economist at IHS Global Insight, says lousy job data figures over the next few months could definitely delay a rate hike from the Federal Reserve.

  • Mid-2016: Greece heading back to positive growth?

    Nikos Vettas, general director at Foundation for Economic & Industrial Research, discusses the current uncertainty surrounding Greece's economic activity.

  • US level of bullishness is 'amazingly low'

    Martin Leclerc, chief investment officer and portfolio manager at Barrack Yard Advisors, explains why six years into a bull market - the bullishness level is "amazingly low."