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CNBC News Associate
Barry James, of the James Advantage Fund, and Andy Bischel, of SKBA Capital Management, discussed their market outlook and strategies with investors.
“I think we’ve come too far too fast,” James told CNBC. “It was a short-covering rally—we had a mania back in March. You look at the stocks that have really run were the stocks that were beat up the most. It has not moved up to the high quality stocks.”
James told investors that it is time to get more defensive.
In the meantime, Bischel said he is optimistic about the markets and expects a 5 to 10 percent correction.
“We believe we’re headed for a square-root economic recovery where you have a much better initial 4 to 6 quarter GDP growth than people are expecting—it’d be a positive surprise before you run into some headwinds that might slow the economy down and cause a stagflation,” said Bischel.
James and Bischeel recommended the following sectors and stocks to investors:
Recommendations:
James Likes:
High-Yield Stocks
Utilities
CenturyTel [CTL
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Bischel Likes:
Financials— Particularly the exchanges.
U.S. banks that are returning the TARP money
Intercontinental Exchange [ICE
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Disclosure:
No immediate information was available for Bischel or James.
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Top Utilities Stocks:
Empire District Electric [EDE
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Great Plains Energy [GXP
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Progress Energy [PGN
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