"Stock market today has worked through most of the interest rate increases and the next phase will be earnings driven. Excess in valuation and outlook is being rung out of the markets indicates better risk-reward opportunities ahead. Regarding finance stocks, I expect the third quarter results to be decent. Higher margins and loans offsetting lower wall street income. Overall, the financial sector is well insulated from the worst of the Federal Reserve actions. Changes made after 2008 are helping. I favor traditional deposit franchise stocks like BAC, WFC, CFG, FITB, and MTB," says David Ellison.