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CNBC News Associate
Joe Battipaglia, private client market strategist of Stifel Nicolaus and Keith Wirtz, CIO of Fifth Third Asset Management discussed the recent market pullback and where the market is headed from here.
“We think we’re due for a pullback,” Wirtz told CNBC. “We think it’s healthy for the market to have some sort of consolidation.”
Wirtz said the inflection points have been reached not only in the economy but on the earnings front as well. He said earnings are going to show improvement in the next 6 to 7 quarters and we are going to finish the year in a positive GDP.
In the meantime, Battipaglia said the non-financial private sector is still going through massive deleveraging, which means GDP contractions are going to continue, despite the government’s best efforts.
“The world still believes the U.S. Treasury and the Federal Reserve will not fail and that the ‘too big to fail’ doctrine has been applied to all the cancer points in the banking system,” he said.
Despite their different outlooks, Battipaglia and Wirtz had the following recommendations for investors.
Recommendations:
Battipaglia Likes:
S&P Technology
S&P Health Care
S&P Utilities
Battipaglia Dislikes:
S&P Energy
S&P Industrials
S&P Materials
Wirtz Likes:
S&P Energy
S&P Materials
S&P Technology
Wirtz Dislikes:
S&P Consumer Discretionary
S&P Financial
Disclosure:
No immediate information was available for Battipaglia or Wirtz. ______________________________
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Top Financials:
Goldman Sachs [GS
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JPMorgan Chase [JPM
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Morgan Stanley [MS
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Citigroup [C
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