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Recovery's Real Shape? Not a W: Stock Picker

The Dow snapped a six-day winning streak on Thursday, but is gaining on Friday. How sturdy is this rally and how far will it continue? James Hardesty, president, market strategist and chief economist at Hardesty Capital Management shared his view.

“The market is discounting a good earnings recovery in 2010 from the very depressed levels of today,” Hardesty told CNBC.

“I don’t think we’re going to have a W-shaped recovery—I think this is going to be a regular recovery from the recession and so I’m optimistic.”

Hardesty’s Picks:

Hudson City Bank

Intel

Nucor

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The potential for a V-shape recovery in earnings is “very plausible,” said Joseph Keating of RBC Bank.

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Disclosures:

Hardesty and his family members own shares of HCBK, INTC, NUE and ID.

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