Stocks slid on Friday amid a fresh round of worries about the U.S. economic recovery. How should investors prepare their portfolios and what should they watch for? Art Hogan, global equity product director at Jefferies, shared his insights.
“We’re concerned a little bit about the commodity-currency relationship,” Hogan told CNBC.
“We spent part of this week decoupling from that and saw dollar, metals and energy go up. And we’re back in lockstep in that relationship right now and that’s the biggest of the concerns.”
Hogan said investors are still reluctant to take risks on the market going into the weekend.
“We’re going to have typical Friday action—we’ll meander for most of the rest of the day.”
On the investment side, Hogan advised investors to look into Seadrill .
“It’s an ultra deepwater rig company that has very little exposure to the Gulf of Mexico,” he said of the firm. “We’re seeing incremental pickup in demand—and while you’re waiting for the demand, you’re getting paid a 9.5 percent dividend.”
- Watch Hogan's Previous Appearance on CNBC (May 11, 2010)
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No immediate information was available for Hogan or his firm.