When the market starts acting funny, Aaron Task turns to the so-called Wall Street gurus for guidance. Stocks acted strangely when they rose in response to yesterday's tenth straight Fed rate-hike, said Task, who filled in for James Cramer Wednesday on the
"RealMoney" radio show. And they continue to act oddly in the face of record high oil prices, which are growing ever more comfortable in the low $60 range. During such times of confusion, Task, the co-executive editor for TheStreet.com, likes to hear what the big-money strategists on Wall Street are saying in their notes to customers. One major concern throughout the analyst community is with regard to financial stocks. Most strategists are wary that the Fed will go too far in its rate-tightening policies. Task illustrated his point by pointing out that Fannie Mae ( FNM) is getting clobbered on restatement and delisting worries today. "Fannie Mae is vital to the health of the real estate market," said Task. The brain trust on Wall Street has also stated its concern about cyclical stocks like Caterpillar ( CAT - Get Report) and Alcoa ( AA - Get Report), as well as transportation stocks, which are coming down from their highs. Strategists like telecom stocks, which have higher dividends and reasonable valuations compared to utilities. The top picks at JP MorganChase are Telefonica ( TEF - Get Report), Sprint ( FON) and Lucent Technologies ( LU). The gurus are also bullish on health care. The analyst at Bank of America likes Alcon ( ACL) and Abbott Laboratories ( ABT - Get Report). Finally, all the big guns like big, stable and most importantly, recession-proof names like General Electric ( GE - Get Report) and Kellogg ( K - Get Report).