There’s one sector with upward chart action that few seem to be noticing — health care, Chris Verrone of Strategas said Thursday on CNBC.
“You turn on the TV, all you hear, you hear Apple. You hear fiscal cliff. You hear Facebook. All the while, health care continues to make all-time highs,” he said on “Fast Money.”
“For us, a trade is over-owned when it gets overhyped, and health care’s not overhyped right now. I even know a couple of health care PM’s who don’t know the sector’s at all-time highs right now,” he said. “I think there’s a lot more room to grow.”
Specifically, Verrone pointed out that Pfizer and Merck charts were breaking through 12-year downtrends.
“Health care gives you a hedge to what could be a tough couple of months for the broader market,” he added.
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