Friday's selloff was a reminder to many investors that stocks may be ripe for a pullback. For that reason, some market pros think this is a good time to focus on individual stocks rather than the broader market.
"This bull market is 52 months old," Al Goldman, Chief Market Strategist at A.G. Edwards, told CNBC.com. "We have passed the 'rising tide taking all boats up.' You always have to be selective in a mature bull market."
"This is absolutely a stock picker's market," agrees Andrew Seibert, Senior Portfolio Manager at Stewart Capital. "This is not one of those years where you can throw darts at the Wall Street Journal and win. You have to do your homework and find the catalysts that will drive earnings and that's what will make you successful."
With that in mind, here are some current stock picks from money managers surveyed by CNBC.com.
- Donald Hodges, President, Hodges Capital Management: Suggests Franklin Resources, Legg Mason, Potash Corporation, Cisco, Union Pacific, Linn Energy and Caterpillar. "These are good companies that have pricing power and they're showing good earnings," says Hodges. "To me they look cheap." The Hodges Fund owns all of the above recommended stocks in the fund. Donald Hodges owns Union Pacific and Legg Mason personally.