Get Out of Financials and Into These Sectors: Manager
At this point, you look for any selective weakness in sectors that you want to be “long” in, advised Peter Sorrentino, senior portfolio manager of Huntington Asset Advisors. (See his recommendations, below.)
“The tide of regulation is going to be coming up against the financials,” Sorrentino told CNBC. Therefore, he suggested taking money out of financial stocks and investing in industrials as a market strategy.
“You’ve got a series of capital raises that are going to dilute shareholder equities that remains [in financials]. So for those names that we’ve had nice profits in, we’re looking to migrate away and get into more of an industrial recovery," he said.
He had the following recommendations for investors:
Moving Away From:
- Blue Chips
No immediate information was available for Sorrentino or his firm.
Top Industrial Names Now:
* (GE is the parent company of CNBC and CNBC.com)