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-- -- Are well it is a doubled as a disappointment for markets ECB president Mario Draghi failing to provide -- sixty Europe's woes just one day after the Fed.
Here in the US stopped short of another round of stimulus here to explain market's reaction to all of it.
Is frank and -- CEO plan financial services in Cleveland frank you.
That frank thank you have a -- here we have so much news going on first let me get your take.
On the night debacle and its influence on the market today is partly to blame for the sell -- Well clearly Yahoo! and that has submitted with the sell -- but I also think consumer sentiment.
As well as the lack of action by the -- -- is this contribute to the soft.
Yes just a pile on of bad news so where you advising your clients to invest their money.
-- -- throughout the year we've been telling -- the our our clients to take more of a defensive measure.
Also -- this by -- sharing with everyone that as we get closer to the election to anticipate a lot more now volatility in the market place.
Having said that there's highlight three areas that were asking our clients to consider overweighting.
One is an industrials and technology we feel -- that is I'm going to be a strong area going into the election.
Vs you know health care.
Is as one and defense is another.
Mid caps do well coming out of a soft recovery which is where we're at right now.
And I would say high yield bonds in municipals -- other -- that the consider overweighting given the tax changes that are gonna loom on the horizon.
So -- -- whole thesis is based on the election as well as the tax climate for the new year.
When we get past the fiscal cliff which I know you could probably work into that your head as well written or readjust your whole your whole strategy.
-- I think what's elections clear I had and we we -- -- -- have a clear landscape in which the planning you know uncertainty uncertainty is not what the market likes.
-- -- makes it very difficult for advisors to plan and advise clients when you have a lot of moving parts.
We have increase in taxes coming down the pike we have spending that's gonna cut back by the government's -- -- these two.
Areas that are gonna hit the GDP and potentially could take the whole fiscal cliff and say that was all implemented there's a potential -- three to three and a half percent.
Dragon the GDP which would be very disastrous for the economy I think once you get through the election in the compromises take place we're looking at probably -- 1%.
-- to the GDP which I think the markets won't Lohan off.
All right frank come back very seeing were little short on time due to the breaking news this hour thanks a lot appreciate it thank you.
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