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Measures taken by governments across the world to boost ailing economies have encouraged investors to move back into riskier assets and currencies, but selling into rallies may still be a good idea ultimately, analysts said.
Forming Short Positions
Expect further downside for euro-dollar and aussie-dollar, Sharada Selvanathan, currency strategist at BNP Paribas, told CNBC.
"Right now there seems to be a little bit of stability… I think we could see a bias for the upside for the high-yielding currencies," Selvanathan said.
"I think generally we've seen a little bit of risk coming back to the table," as the latest measures by the Federal Reserve and governments across the world helping economies encourage investors, she added.
"I think it would be premature to think this is the peak of the dollar, but … I would basically use these rallies that we see for the next week or so to form some short positions (in the dollar)," Selvanathan added.
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Emerging Markets Risk
Assessing the risk factors in 2009 and how investors should position themselves, Arjuna Mahendran, MDirector and head of investment strategy Asia at HSBC Private Bank, said emerging markets may come under pressure.
"There's less money to go around and that's creating unemployment, creating unrest," Mahendran said. "You might see pronounced risk aversion by investors towards emerging markets."
He said the US will probably emerge first out of the recession since it came in first.
Luxury Tech Stocks at Knock-Off Prices
Technology is one of the most attractive sectors in the stock market presently, offering high-quality names at greatly reduced prices, tech investor Ben Rogoff from Polar Capital Partners said Friday.
Now is the time to be fully invested and those shopping for stocks should concentrate on the big names like Apple [AAPL
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], Google [GOOG
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], Microsoft [MSFT
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] and Research In Motion [RIMM
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], Rogoff told "Squawk Box Europe."
Those companies used to trade at 20-times earnings and are now 10-times earnings, he said. And tech companies have done "a phenomenal job handling margins," he added.
Beware the Bear
While indicators point to a rise in stocks, "I still think the 'bear' should be emphasized in this bear-market rally," Dr. Lars Meuller from Weavering Capital said. But he predicts a "decent December" for stocks.
No Value in Airlines
There is no value in the airline sector at the moment, Greg Bundy, chairman of Inter-Financial, told CNBC.
"It is still a very hard business to operate," Bundy said. However, Quantas and Virgin Blue should be watched by investors to catch the turnaround, "because they are going to anticipate that upswing in business."
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Data is a real-time snapshot *Data is delayed at least 15 minutes