Infrastructure stocks are trickier. Cliggott and others warn against buying an industry group like steel, which has been battered by the economy, on the hope that some massive government infrastructure-spending plan would turn it around. Shares of United States Steel (X) are down 72% so far this year.

Likewise, Obama may be powerless to cut weapons spending. If he was to cut Lockheed Martin's F-35 jet, for example, the unintended consequences would be intolerable. Unit costs for the jet would soar, hurting about a dozen key allies who want to buy the jets and have contributed R&D funds for the program.

For reasons like that, defense stocks may well be oversold. Raytheon (RTN) boosted estimates for 2009 earnings in recent weeks, helping limit its stock's decline this year to 19%, versus 36.6% for the broad market. It's now trading at a reasonable 10.6 times estimated earnings for 2009.

Lockheed's shares (LMT) have fallen 25% this year and trade at 9.8 times estimated 2009 earnings. Northrop Grumman stock (NOC), down 44% year to date, trades at 8.2 times 2009 estimates.

Because Obama supports a carbon cap-and-trade system to curb greenhouse gases, U.S. utilities could move away from coal to alternatives like natural gas. Given the weak economy, the plan may be put on hold for a while, but eventually it could hurt coal producers like Peabody Energy (BTU) and Massey Energy (MEE).

Because Obama supports a carbon cap-and-trade system to curb greenhouse gases, U.S. utilities could move away from coal to alternatives like natural gas. Given the weak economy, the plan may be put on hold for a while, but eventually it could hurt coal producers like Peabody Energy (BTU) and Massey Energy (MEE).

Peers likes Danish wind-turbine producer Vestas Wind Systems (VWDRY). The company expects to triple its U.S. employee base to roughly 4,000 by 2010, the CEO has said.

On the solar side, he owns MEMC Electronic Materials (WFR), a St. Peters, Missouri-based maker of silicon wafers used in computers, consumer electronics, defense systems and the components used in solar cells. After falling 80% this year, its shares look cheap, trading at 4.2 times estimated adjusted earnings for 2009.