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Stocks in the red after senate majority leader Harry says it looks like we are -- giant over his fiscal cliff.
The budget crisis is trickling down to consumers the competence -- fell to a four month -- this month.
Some of the markets forced Washington to get its act together joining us now Bob -- chief market strategist.
From -- and partners look the market -- -- government get its act together yet do you believe it's going to within the next couple -- The next couple days I think it's going to be too pretty to -- Guess that it's gonna happen I think you know we're probably gonna go over.
The beginning -- new year and then Nam.
Let's face today that the Republicans want to essentially saying to -- Constituent base is that we've cut your taxes and so the taxes are gonna increase.
You know to whatever rates they are up to 40% maybe -- Then they can say well we we've compromised -- reached a deal and we've given you -- tax cut.
Now it's not gonna really fly on the part of -- the American public I mean they they understand what they're doing here because it's a secular.
But it's it's going to be whether or not they remember it wants elections come around again and I hope they do.
I have -- -- is it seems -- short term memory some times as chief market strategists would you telling your clients are you telling your clients it.
Gather some -- because they're very well could be a not a buying opportunity once they really -- the legal over the -- This this whole thing is an opportunity.
If we get into January and we get to the second week of January we still don't see any kind of deal coming done then I think the market is really going to sell off -- You know trying to hire you right up -- I'd say by the second week if you don't see any kind of real.
Movement by the end of the second week I think it's.
Really gonna start to.
Official in the in the stocks as we are now starts its -- a little bit and then you're saying the fundamentals of the companies are great writes a dive in the overall economy is going quite well.
Except that we have this fiscal -- right you're right you look at the employment situation that certainly stabilize and showing an improvement.
You take a look at what's going on here in the United States as far as manufacturing is concerned that's holding up fairly well housing prices have done well housing sales have done well.
The consumer still wants to spend but they're being.
Sort of put off because of this issue right now totally so what sectors then should not be primed and ready to jump into it well I think trying to timing is going to be extremely -- -- but what you really wanna be doing is trying to concentrate on things like the financials they continue to do well.
They're going to see of major rebound once we get some kind of compromise you're gonna look at energy because again the the economy is doing well -- gonna look at consumer discretionary.
You also want to have exposure to the technology sector quickly though what's the one mistake that investors are making right now in the midst of this disaster getting all -- -- this noise a deal will likely come down.
But if you wait for the bottom to calm when the market seems to be sort of breaking apart all hell is breaking -- you're going to miss out because you're gonna be sitting on the sidelines.
Do some buying as the market pulls back.
And don't worry about catching a falling knife right.
And clients -- it's gone down absolutely.
Not thank you very welcome.
Havoc with buying and -- -- stuff.