Wall Street has a playbook for when the Federal Reserve starts raising interest rates. The industrials, for example, will likely be safe for a while. According to the playbook, the first groups to go are high-multiple tech stocks. The reality is that interest rate hikes could take years to affect the entire economy.

Costco (COST) commands about four times its EPS growth rate right now. That suggests the shares are very, very pricey. Any stock that trades on sales, and not earnings, is going to see some tough times ahead. The next group to get hit by rising interest rates are the housing stocks.

The universe of potential winners is just smaller. The financials are winners. Cramer suggested Morgan Stanley (MS) - Get Morgan Stanley Report and Wells Fargo (WFC) – Get Wells Fargo & Company Report. Investors can also add some consumer staples like Clorox (CLX), which rose 1.1% Thursday.

The bulls and the bears are fighting it out over the stock of Wayfair (W) - Get Wayfair, Inc. Class A Report. Analyst face-offs like this are great for investors, because you get to hear both sides of the argument. "Don't fight the Fed," Cramer concluded, it's time to start switching gears.
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