The president of Birinyi Associates continues to be bullish, but on individual stocksrather than sectors. Birinyi also continues to avoid what he considers weak sectors, such as commodities, because stocks in those sectors "go hand-in-hand" with emerging markets, which have been slowing.
"We don’t want to make a wholesale change in asset allocation. We want to be aggressive, but we're looking at names now instead of sectors," he said.
In technology, Birinyi noted, "you get Apple and IBM , but you also get Hewlett-Packard and Cisco . So I’m going to go down there and find the individual names."
He bases his picks on sentiment rather than technical indicators. On that basis, Birinyi continues to like Apple and Google shares.
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Disclosures:
Disclosure information was not available for Laszlo Birinyi or his company.