Shares of GlaxoSmithKline (GSK) are up a pleasant 5 percent in 2016 and it currently sports a healthy 6.5% dividend yield. Shah Gilani, editor of Capital Wave Forecast, said management changes at the pharmaceuticals giant are making its stock even more attractive. 'There are going to be some management changes there and in particular the CEO is moving on so and I think they are going to bring in some more aggressive management,' said Gilani. 'So I really do like where they are heading.' He added that it's a 'great defensive stock to hold if you are nervous about the market.' PetMed Express (PETS) is up one percent year-to-date and pays a relatively hefty yield of 4%. Gilani is a fan of the pet pharmacy provider because of its strong balance sheet and its potential as a takeover target.
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Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
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