Local Investors Watch to See What the Stock Market Will Do Next
That’s after it spent the day trying to make a comeback after plunging 1,100 points minutes after the market opened this morning.
tri-state area residents with retirement accounts are understandably wondering what to do next.
You’ve probably heard from plenty of stock market observers around the world today.
Now let’s see what local financial advisers are saying.
CHRIS HOPKINS, V.P., BARNETT & COMPANY "A typical client for us is somebody who worked hard for 30 years, saved their money, invested and paid off their debt and retires."
And they want to make their retirement account last as long as they do.
CHRIS HOPKINS "The stock market is up about 150% off its bottom in 2009. Nothing goes straight up forever, so we get to a point where valuations are a little high…and we expect to see what we call a correction..maybe a 10% selloff…that’s about where we are right now."
But, as one wealth management executive put it: " This is really a great opportunity, it’s a smorgasbord of undervalued stocks."
JOE FRANKLIN, FRANKLIN WEALTH MANAGEMENT "We want to take advantage of those times when Mr. Market is panicking …and keep a level head. And for most people that’s just sitting tight. If you’ve got a good diversified portfolio, sit tight and things will come back."
Most will ask right off–how long will this melt-down last?
JOE FRANKLIN "More than likely we’ll see….we expect to see a little bit of a rally for the next few weeks…and than probably sometime later next month, early October…see it come down somewhat again before it starts to head back up again."
And, of course, the number one question of the day–what do you think I should do now?
CHRIS HOPKINS "This is a time for calmness…this is the time to sit and let’s digest what’s going on."
JOE FRANKLIN ".. for most people..its best to ride out the storm."