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Cautious on consumer discretionary: Pro

Two consumer discretionary stocksHome Depot and VF Corp.—appear poised to do well in a cautiously optimistic shopping environment this holiday season, David Cassese, BlackRock portfolio manager, said Wednesday.

"We think you need to be selective," he said. "There's a few areas where we think there are tailwinds to help us along. One of them is clearly the housing market and spending on housing. If you look at residential investment as a percentage of GDP, or as a percentage of disposable income, we're still way below normal levels."

On CNBC's "Halftime Report, Cassese, who oversees the four-star Morningstar-rated Equity Divided Fund (MDDVX), said that he saw opportunity in the aging inventory of homes, "which means lots of deferred projects and deferred maintenance."