Markets fell broadly on Thursday as a jobless claims report did little to calm economic worries. Brian Kelly, president of Kanundrum Research, shared his outlook and investment advice.
“There are plenty of things that can derail this [rally],” Kelly told CNBC.
He said the market climbs the "wall of worry"—and investors are "always going to be worried about something."
“But as long as the government is still there backing up the banks, as long as the liquidity is still there and as long as there’s a chase for performance, U.S. equities should do fine—at least until the end of the year,” he said.
Kelly advised investors to look into the financial sector.
“They outperformed yesterday—particularly Bank of America, JPMorgan, Citigroup—you’ve got to watch those names because they could lead this last leg of the rally into the end of the year,” he said.
- Watch Kelly's Previous Appearance on CNBC (Nov. 16, 2009)
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CNBC Data Pages:
No immediate information was available for Kelly or his firm.