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Seeking opportunity? Pros reveal favorite plays

On Wednesday pros were looking at the price action in the stock market, with major indexes erasing earlier gains after a shooting at the Canadian parliament unnerved traders.

However, indexes had traded in positive territory earlier in the session, with earnings driving the move higher.


Traders on the floor of the New York Stock Exchange.
Getty Images
Traders on the floor of the New York Stock Exchange.

As the market digested unexpected events in Ottawa, many pros thought going forward that Wall Street would reconcile the shooting tragedy, and again focus on fundamentals.

"I think it's ok to put money to work selectively," said David Sowerby of Loomis Sayles & company on CNBC's "Closing Bell". "If you believe longer term, low inflation, continued corporate growth and a friendly Fed provide a good backdrop, then I think you should buy. Personally I'd favor the cyclicals, slightly, in this environment."

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Jamie Cox of Harris Financial shared the outlook. "I think it's a good time to step in," he said.

Tom Fross of Fross & Fross Wealth Management added that volatility shouldn't dissuade investment. "It's normal," he said. "By historical levels, the Vix is low, even at current levels."

If asked to put money to work right now, Fross said, "I would jump into energy as well as large cap."

"I think you can buy the indexes. And I love technology," added Cox.