In an exclusive interview with
"StreetWatch," Richard Suttmeier, the chief market strategist at Joseph Stevens, said
is his favorite stock at present.
Suttmeier, who is also a
contributor, is also bullish on
"Once it gets going, you can't go wrong with Intel," he says, recalling the stock was the best performer in the
in 2003. In other words, he believes the stock's momentum so far in 2005 will continue.
In conjunction with a bullish view on Intel, Suttmeier observed that the five-week modified moving average of the Philadelphia Stock Exchange Semiconductor Index is close to closing above its 200-week moving average for the first time since November 1998. A close this week above 440.14 would do the trick and would be a "very bullish" development, he notes.
Regarding other markets, Suttmeier says there is risk in Treasuries and recommends investors sell their longer-dated maturities and buy them later in the year, presumably after rates have risen. He is not among those who believe the
will be done with tightening anytime soon.
Finally, Suttmeier believes crude prices will "have a tough time" breaking through resistance at $60. Crude was recently down 64 cents to $58.40, but he believes it isn't likely to fall much below support at $53.49. (At the time of publication, Suttmeier had long positions in Intel and Cisco in the model portfolio for
TheStreet.com's Technology Report
The entire video interview
can be viewed here.