CFRA's Sam Stovall says the market rotation 'looks sustainable,' gives retail picks

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Traders work on the floor of the New York Stock Exchange.

CFRA strategist Sam Stovall said Friday that he is "encouraged" by the broad participation in the market rally and that the rotation into value and cyclical stocks looks like it could be here to stay.

November has been a banner month on Wall Street amid positive coronavirus vaccine news, and the Dow Jones Industrial Average and small-cap stocks have led the way with their best run in more than 30 years. The strategist said on CNBC's "Squawk Box" that there are reasons to believe this rotation is not another head fake for value and cyclical stocks.

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