Markets declined on Tuesday, led by retailers. Where should investors be putting their money? Robert Carey, CIO of First Trust Advisors, shared his market insight and favorite sector plays.
“Stocks are not overvalued,” Carey told CNBC.
“When you take into consideration where earnings estimates are today versus where they were a month ago, two months ago, even six months ago, this market advanced and has been driven by an increase in earnings expectations.”
Carey said stocks have another 15 to 20 percent rise by the middle of 2010.
“We love the tech sector…the guidance coming out of earnings reporting season was the best in technology across the board, and that sector will continue to outperform,” he said.
“If investors have a contrarian streak to them, then health care stocks offer the best valuations in this market right now.”
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No immediate information was available for Carey or his firm.