Worried about Silicon Valley Bank contagion? Strategist Kenny Polcari says there are some 'very good' stocks out there getting slammed for no reason.
The failure of Silicon Valley Bank sparked fears of contagion in financial markets, seeing investors flee equities and flock to safe-haven assets such as U.S. Treasurys and gold. Markets calmed somewhat Tuesday, and Kenny Polcari, chief market strategist at SlateStone Wealth, believes the worst of the equity sell-off is over. "I think today was the worst of it," he said Tuesday. "I think you may just have some churn now.
How to play it While investors are mostly shunning the banking sector in the short term, Polcari sees "some very interesting opportunities" within the space, particularly in regional banks. "All this chaos creates opportunities. Not for everything, but there are certainly some very good names that are not going to have a problem, that are getting slammed for no other reason other than they are in the industry," he said.
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