CFRA chief investment strategist Sam Stovall calls energy stocks a continued smart play in what he thinks will also prove a bullish year for the broader market. Stovall told CNBC's "Power Lunch" Tuesday that historical data gives strong backing for gains in the S & P 500 this year. "A lot of people like to forecast 'recency,' and are thinking that 2023 is going to be exactly like 2022," he said.
" Fears of a recession are already reflected in market prices, Stovall said, and the market is already close to the bottom. "We've had nine bear markets since World War II that have been accompanied by recession. Traditionally, about four of those nine have been declines similar to what we already experienced," the strategist said. Stovall reiterated his preference for energy stocks, saying he believes there's upside potential for energy prices.
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