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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Trader disclosure: On Nov. 30, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Fisher owns CCJ; Gartman is long GOLD Futures; Gartman is long S&P 500 futures; Gartman is short euro currency; Gartman's Canadian fund is long of gold; Gartman's Canadian fund is long Canadian dollar; Gartman's Canadian fund is long Australian dollar; Terranova is long VRTS; Terranova is long LQD; Terranova is long MUB; Terranova is long AXP; Terranova is long IBM; Terranova is long EMC; Terranova is long SU; Terranova is long CNI; Terranova is long DECK; Terranova is long NCR; Terranova is long HES; Terranova is long CSCO; Terranova is long CAT; Terranova is long LULU; Terranova is long SWN; Terranova is long UPL; Terranova is long TRLG; Terranova is long SBUX; Najarian is long AAPL; Najarian is long C; Najarian is long INTC; Najarian is long AKS calls; Najarian is long JPM calls; Najarian is long WDC calls;
Morgan Stanley makes market in U.S. Treasuries
CNBC.com with wires.