The recovery is here and I’ve been bullish for a while, said Ned Riley, CEO of Riley Asset Management.
“What’s happening is that people have the fear and anxiety—they are looking at the downside,” Riley told CNBC.
“They’re looking at the market, they want to keep their money in short-term investments and they really don’t believe in this rally. It’s a real mystery to many people."
"But all I say is, the recovery is here, housing is coming, and the 'cash-for-clunkers' program is great.”
Riley said he is targeting 14,000 on the Dow in the next 18 months. He recommended the following sectors for investors.
“I own the PowerShares QQQ. I’ve been recommending the Q’s and I still do, because that’s one area where the secular growth will come back much faster than the S&P,” he said.
“I also like the financials even though I wish some of the banks would get their acts together in this rewriting the loan programs…The third thing I like is looking at the health care sector, because it’s a secular growth industry.”
RJ CRB Index
Riley owns shares of PowerShares QQQ.