The markets look choppy in the short-term but "there’s a feeling that we are forming a bottom" and there will be opportunities on the upside longer-term, said Richard Del Bello, senior partner at Conifer Securities. So where should investors put their money?
“A lot of people are playing on the short-side with ETFs,” Del Bello told CNBC.
He said traders are cautious about the energy sector and playing the short-side until the oil spill issue gets resolved in the Gulf coast. He added that the financials are also a short-term play.
“The U.S. is looking strong because of what’s happening in Europe, but there’s a question about balance sheets and whether or not that contagion is going to hit here,” he explained. “Until things get cleared up in Europe, it’s still a question out there.”
Meanwhile, Del Bello said the technology sector is becoming a “safe haven” for equities.
“Apple is the one name that keeps on ploughing,” he said.
Scorecard — What He Said:
- Del Bellow's Previous Appearance on CNBC (Oct. 21, 2009)
Market Views Across the Board:
- Stocks Look 'Cheap' — But Expect Choppy Market
- Bull Market to Continue For 'Another Couple of Years'
- 'Worst' Stocks Will Be 'Best' Performers: Analyst
CNBC Data Pages:
Cramer's 12 Stocks to Play the Recovery
Wednesday's Top Dow Gainers (As of Noon):
No immediate information was available for Del Bello or his firm.