What a week for the stock market- the big losses last Friday and Monday were followed up by a jaw dropping 1000 drop at Tuesday’s open. Didn’t bode well for the week. Based on that, who’d have thought that this Friday (8/28) would have closed just about where the market opened Monday morning.
I don’t know where the market’s headed; I’ve heard just as many call it the beginning of a bear market as those saying the bulls have far to run from here. But I do know that in markets like this, you don’t want to panic or make drastic moves based on a day or two of trading. Our clients’ financial plans are built with these scenarios considered, and with the protection of funds needed for income in mind, so staying with the plan and rebalancing at the appropriate time is still the best long term approach.
Except for the fact that it’s real money, the swings can be fascinating to watch. My husband asked me who to root for- despite our last name, let’s root for the bulls.
Here are some thoughts provided to the Pocono Record by me and some other local advisors.