The world is watching America's upcoming jobless numbers for more market movement, said Sean Fenton, portfolio manager at Tribeca Investment Partners. He shared his best investment plays.
“The markets are quite weary at the moment and all eyes are still on the U.S., as skepticism about the degree of recovery coming through is still there and how much job creation we’re going to see out of that,” Fenton told CNBC.
“A big hurdle for the market is going to be this Friday when the payroll numbers come out. There’s a couple of short-term influences there that could produce quite a big number.”
Fenton said the temporary census hirings and the cold winter easing is expected to boost the payroll numbers. He estimates approximately 200,000 to 300,000 jobs to be added, which could boost the cyclicals—particularly the media stocks.
“They were worst hit in the rebound, they had the biggest profit cycle to the downside and the rebound story’s not played out yet. So I see a lot of value there,” he said of the sector.
Additionally, he likes both RioTinto and BHP Billiton in the mining sector.
- Watch Fenton's Previous Appearance on CNBC (Mar. 11, 2010)
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No immediate information was available for Fenton or his firm.