President Obama announced a $3.8 trillion fiscal 2011 budget proposal. How will it affect the way investors buy stocks, which sectors will benefit — and which are the losers? Peter Boockvar, equity strategist at Miller Tabak, and Dan Fitzpatrick, president of Stock Market Mentor, shared their insights with CNBC.
Boockvar pointed to likely winners: “The renewable energy sector, possibly the nuclear."
“Every speech that Obama gives, it’s trying to cheer us up and weaning us from foreign oil and going to an environmentally friendly type-strategy and renewable energy,” Boockvar said.
“That’s going to be in every budget that he’ll be presiding over and that’s what we’re going to get the most government subsidies in.”
In the meantime, Fitzpatrick said he believes the retail sector may be a possible loser because of higher taxes.
“With taxes going up, ultimately the middle class is going to pay for this,” he said.
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No immediate information was available for Boockvar or Fitzpatrick.