Byron Wien, Pequot Capital chief investment strategist, offered CNBC his expert market insights and outlook for the economy.
"The bad news is still coming in...but it's slowing. The rate of bad news is slowing," said Wien. "Things are getting better."
The strategist noted the strength in financials earnings, especially for Goldman Sachs, but insisted that "you can't talk about [financials] across the board." He recommends a stock-by-stock approach to investing in banks.
Wien, whose company manages more than $3 billion, said that the fourth fiscal quarter will finally see U.S. gross domestic product (GDP) turn positive. "Not in the third quarter, no...but in the fourth quarter," he emphasized.
He also predicted that housing will bottom before the end of 2009.
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Johnson & Johnson