Investment grade corporate bonds went on a rollercoaster ride in the first quarter with spreads blowing out and then narrowing. When it was all said and done the group was near where it started, except for a few names in the commodity arena, said Gary Cloud, fixed income portfolio manager for the Hennessy Equity and Income Fund (HEIFX) . 'From a total standpoint right now there are opportunities in the energy space, as well as in the materials space,' said Cloud. 'We like National Oilwell Varco (NOV) on the oil services side and Rio Tinto (RIO) , the large Australian-Anglo miner is another one we feel really good about.' The Hennessy Equity and Income Fund has returned 1.4 percent thus far in 2016, according to Morningstar.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
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.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.