NEW YORK (TheStreet) -- All three major U.S. stock indices are higher Tuesday thanks to some familiar industrial names. Meanwhile, technology is underperforming.
Keith Bliss, senior vice president of Cuttone & Company, told TheStreet's Debra Borchardt "old-school" stocks start to do better when investors rotate out of underperforming "new-school" stocks. So you see outperformance by DuPont (DD), Ford (F), and U.S. Steel (X), while the tech titan Apple (AAPL) is lower by roughly 7.5%.
He said he found it interesting Apple reported its best results ever, yet sold off dramatically for slightly missing iPhone sales estimates. To him, this is a sign many investors will be looking to get more defensive with their portfolios.
Bliss thinks industrials and consumer non-cyclicals will likely outperform as the broader market stays in a sideways trading pattern with increased volatility.
-- Written by Bret Kenwell in Petoskey, Mich.