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Next guest is actually reducing his exposure to the stock market but He still looking for ways to make some money rob Morgan chief investment -- -- comes.
-- -- one million dollars nest and management have a there -- and last hour would be in an exclusive interview it's always very talk to you about everything but.
You were overweight stocks down people that so yeah -- -- now.
-- few weeks few weeks back Cheryl got a little more cautious produce a waiting on stocks went to more defensive sector.
Are right and what sectors should you kind of move yourself and to look at where the materials the Staples.
From a macro standpoint large cap dividend paying growth stocks and then the individual sectors themselves more defensive sectors energy materials health care those are -- -- OK were you putting money where in particular you're putting money groups that you know.
Will be players and you mentioned dividend payers -- large caps and feel like multinationals because of -- is so long over exactly yeah -- Well I mean what it was certainly from a standpoint of -- of who you wanna talk individual name I'd like -- yeah well I'd say and in those sectors you know if you look at in the name like Gilead Sciences and healthcare.
I have certainly in name in the HIV and aids face -- -- very attractively priced.
Did break out of its -- trend -- with the recent volatility still looks cheap.
Our first pharmaceuticals overall Nina like the farm like actor like foreign Carol overall mean that seems to be a big -- And I and I think -- you know you've got a gas coming on who that's right in the that -- and that.
The should be should be very interest.
OK what about you know what -- the moves that we see exhibit tickle in the Dow while we saw earlier when the dollar is up nine.
And you know James -- -- I was on a new with me saying they don't this tells me that there's less of a concern about a recession.
A you're saying -- moving to these names -- because we're also concerning Caterpillar again Dow component one of the biggest names to get hit right bottom month ago.
And -- that and certainly does -- did well Joy Global another materials name reported greater earnings today and so yeah I think.
I I'm feeling like we're gonna avoid a recession.
And as we continue to move up a little bit on the S&P 500 get this bottoming process done -- I think had to get more constructive OK what do you what do you underweight where -- cautious right now -- -- -- sectors yeah hot Telecom utilities and consumer Staples and ironically those are considered defensive sectors but but they're very expensive right.
I did their do you -- -- I do are right and and you know we're gonna talk a little bit about this later on but you know overall mean you you heard some of the guys in the floor shows that that the concerned about Europe.
They're concerned about.
That they European -- are concerned about all that pressure are you concerned that this say I was surprised these kind of pullback here.
You're overweight on socks as long as I've -- you've been pretty harrowing end well I.
I'm I'm not worry about it from a US -- standpoint but but I'm underweight international.
And that that's both developed you know including Europe and emerging underweight small cap so so I don't think the European banks are gonna -- too much.
And the US equity.
OK you don't OK well let's get to know because another there's been a lot of concern especially if we're gonna do this eurobond or not we got some comments from.
On Angela Merkel and she's kind of -- the lady of the hour if you will over Europe right now whether or not she's gonna actually make a move.
A real quick -- before I let you go.
A lot of the interest today earlier on on the session was about the Fed.
We got the minutes yesterday.
Yet we lost our rally in the last hour of trading today it seemed like traders came in and looked at something different was an economic data are we still think in the Fed's gonna do something what do you -- -- -- anti.
I think I think the start they really was Joy Global data but there but there is this thought that the Fed it will eventually come in and do something you know last week.
Bernanke at Jackson Hole He didn't deliver everybody is hoping for hints on -- The rating of the president says to me today is and that what the Fed has -- -- yesterday's and is it can't be a fed move today I think.
I think it was mainly the the good the good earnings from Joy Global early on and and also Europe you know was was -- a little bit as well.
You're the third person mentioned to a global to me today so I see it fame get a third person to bring that company.