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Finding a buying opportunity

Trader on the floor of the New York Stock Exchange.
Brendan McDermid | Reuters
Trader on the floor of the New York Stock Exchange.

The first full trading week of the second half and US stocks traded lower Monday following the results of the Greek referendum.

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Two market experts with some clear opinions on the latest from Greece.

Michael Jones is Chief Investment Officer with Riverfront Investment Group.

He feels the "Greek people have voted for another set of impossible promises."

Jones believes the most important consideration for financial markets "is the reaction of the ECB."

Should key financial markets come under severe selling pressure, Jones expects ECB President, Mario Draghi to do "whatever it takes."

That said, Jones expects European economies outside of Greece to continue to recover and he would be a buyer of Europe.

Furthermore, Jones expects the European financial market to end the year at new post crises highs.

Phil Orlando is Chief Equity Strategist with Federated.

He thinks there are a few "summer landmines" that are keeping stocks in a holding pattern here since the beginning of the year.

They include a "GREXIT," an Iranian nuclear deal, timing and pace of the Fed "lift-off," the Supreme's ruling on ACA and US recession fears.

Orlando feels the headline risk associated with recent developments, such as the "no" vote, "serves as a buying opportunity."

Orlando goes on to say "the market has effectively priced in negative outcomes from the "summer landmines" and expects a strong rally to end 2015.

He says stocks could go up 10-15% to reach Federated's year-end target of 2,350 on the S&P 500.

Orlando recommends being overweight the economically-sensitive sectors, such as consumer discretionary, financials, industrials and health care.