Oppenheimer Strategist Optimistic About Market

Brian Belski,chief market strategist at Oppenheimer&Co.,says the market overreacted to the Japan events.You have to look back at the Kobe earthquake in 1995.It is positive that the G-7 industrialized nations have intervened to support Japan.
This crisis has not altered our viewpoint.Single digits are still a good way to look at it.This is more of a transition year,a lot more volatile than portfolios are prepared for.
Look at mid-cycle areas that are more domestic-oriented,large-cap high quality companies,more toward domestic industrials that will profit from the problems in Japan.
We are on the precipice of a long term bull market,Mr.Belski believes.
Oppenheimer&Co.,Inc.,a division of Oppenheimer Holdings,is a leading investment bank and full service investment firm.For more than 125 years,they have assisted high net worth investors,businesses and institutions.
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G-7 Confers

Finance ministers of the G-7 industrialized nations met in Washington over the weekend,addressing the credit crunch.The officials agreed to bear down on financial institutuions,requiring them to hold more capital and be more transparent.The U.S.,Germany,France,the U.K.,Italy,Japan and Canada plan to set up an international team to scrutinize the big banks.Alistair Darling,the U.K.'s Chancellor of the Exchequer,said restoring confidence is a primary concern.He called on the G-7 to act on the credit squeeze,which he likened to the Great Depression.The G-7 said that downside risks to the global economy are increasing.These include the U.S. housing market,as well as the price of oil and other commodities.Nonetheless,food shortages and prices pose a greater threat than capital markets turmoil,the G-7 noted.