Bryan Piskorowski, managing director at Wachovia Securities, and Rick Bensignor, head of research at Execution LLC, weighed in on the best places to invest now.
Occidental Petroleum — "We think West Texas Intermediate crude (WTI) can likely get to $66 and if so, we think Occidental has a good chance of getting up to $70 to $72, which would be a full 50 percent retracement of the entire down-move," Bensignor told CNBC.
Energy Sector — Especially the drillers, he said.
Financial Select Sector SPDR — "The higher percentage bet for a conservative investor who’s looking with a long-term view is high-quality, large-cap growth," said Piskorowski of the ETF.
Cyclicals — “Our expectation is to see the economy bounce late this year," he said. "[This sector is showing] signs of life and strength that’s confirmation of some of these sprouts that we’re seeing right now from an economic perspective and that will be something that plays itself out into 2010,” he said.
No immediate information was available for Bensignor or Piskorowski.