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Strategist Upgrades Stock Market — And Recommends a Bank
Financials. It's a word stock-market investors have not been using a lot lately, but Rob Morgan of Clermont Wealth Strategies is nibbling around the edges.
First, his opinion of the stock market itself is changing.
"We've been very negative on stocks, up until a couple of months back, but we've obviously been building a base off the November 20 lows, so that prompted us to upgrade our view on stocks from underweight to market weight," he told CNBC. "That's not a rousing endorsement, but our opinion is improving."
So how about financials?
Recommendations:
"We're neutral on the sector right now, but at the same time, there are select names that we would like," he said. "They tend to be the processing banks, like Northern Trust [NTRS
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]; we're still staying away from the big lenders."
Progress on the TARP, he says, would encourage him to re-think that area, too.
Disclosures:
Disclosure information for Rob Morgan was not immediately available.
Data is a real-time snapshot *Data is delayed at least 15 minutes
