Investors can expect the so-called Santa Claus rally — if you know where to look, a “Fast Money” expert said Wednesday.

“When you think of December and the market doing well, the first sector you think of is technology. That’s the Pavlovian response,” said Paul Hickey, cofounder of Bespoke Investments.

But that’s not necessarily the case.

“All three tech-related groups in the S&P 500 actually underperformed the S&P 500 during the month of December — and that’s going back to 1990,” he said. “Next, you think retail.”

That sector also underperformed, Hickey noted.

The areas to watch, he said, are healthcare, commercial services, capital goods and media stocks.

While Europe’s ongoing debt crisis has been making a strong impact in U.S. markets, Hickey said the U.S. economic data is stronger than it would seem.

“The reality is much better than economists’ expectations, and they’ve been underestimating for the last three months or so,” he said. “The U.S. is where investors should be focusing right now.”

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