The reason why the stock market has barely reacted to strong first quarter earnings growth is because of fear. That's according to Ryan Payne, President of Payne Capital Management.

Payne pointed to trade worries not just between the U.S. and China but also between the U.S., Mexico and Canada amid the ongoing NAFTA negotiations.

With that uncertainty, Payne is fond of the financials sector which is benefiting from higher interest rates. He's fond of JPMorgan Chase (JPM) , Citigroup (C) and even Wells Fargo (WFC) .

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