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Short-term, buy commodities; but hold those financials for a fourth-quarter recovery. So says King Lip, portfolio manager at Baker Avenue Asset Management.
He explained his investment strategy to CNBC -- and offered his top stock picks.
Basic materials -- especially oil prices -- have slipped; and the U.S. dollar has strengthened. But that's precisely where Lip sees the opportunity.
"Whenever you have such a strong sector pulling back so sharply, you usually get a pretty nice...technical rebound," he said.
Recommendations:
Lip is buying Alpha Natural Resources [ANR
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] and Arch Coal [ACI
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] -- for the short term.
But he says the U.S. economy will slowly but surely rebound. So he advises investors to hold on to Bank of America [BAC
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], JPMorgan [JPM
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], "the Citigroups of the world," and even Merrill Lynch [MER
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].
Disclosures:
Disclosure information was not available for Lip or his company and fund.
Data is a real-time snapshot *Data is delayed at least 15 minutes