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Sept. and Oct. Markets Could Be 'Bloody Good': Strategist
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CNBC.com Writer
Stocks continued to slide Tuesday, following reignited concerns over European bank stress tests. How should investors be positioned? Ryan Detrick, chief technical strategist at Schaeffer’s Investment Research, and Bill Spiropoulos, CEO of CoreStates Capital Advisors, shared their market outlooks.
“When you look at August, year over year, we went everywhere and nowhere...there’s a lot of crowded money on the sidelines,” Spiropoulos told CNBC.
“So anything is possible going into September—September and October could end up being pretty bloody good.”
Spiropoulos told investors to look into multinational blue-chip stocks with solid dividends exceeding the 10-year US Treasury bond. He also likes the nano-technology, DNA sciences and alternative energy sectors.
In the meantime, Detrick said contrarian indicators suggest a possible upside surprise during September and October.
“Hedge funds are moving out of the riskier assets, the percentage buys are extremely low,” he explained. “There's a lot of people betting against this market and we think that potentially can be bullish, should we have any positive news.”
Detrick said he likes the housing and commercial real estate sectors. (Scroll down for his full picks.)
Detrick Favors:
Lennar [LEN
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Toll Brothers [TOL
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SPDR S&P Homebuilders [XHB
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iShares Dow Jones US Real Estate [IYR
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SL Green Realty [SLG
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AvalonBay Communities [AVB
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Scorecard—What They Said:
- Detrick's Previous Appearance on CNBC (Aug. 10, 2010)
- Spiropoulos' Previous Appearance on CNBC (Jul. 21, 2010)
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Disclosures:
No immediate information was available for Detrick or Spiropoulos.
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Data is a real-time snapshot *Data is delayed at least 15 minutes
