The market was all over the place again. We were down approximately 780 points but closed at -364. What a comeback! Europe is bringing us down as well as Germany and France.
So what's one to do.
I don't usually talk about investment strategy but I wanted to share what a few of my friends are doing as well as what the knowledgeable advisers are suggesting.
STAY THE COURSE
The market has plummeted so far that if you sell now you are selling into a panic mode, ride the storm out, The market always comes back. On a personal note when I was an investment banker I sold my own parents California Tax Free Bonds and when in the early 80's Cal Tax Free Bonds had a major free fall when the Orange County bonds went into default I recommended for them to sell. Had they not listened to their (not knowledgeable) son, they would have been much better off by holding them and still receiving the dividends that were still thrown off.
With that story in the back of my mind I called my Investment Counselor, the one I use to work for and asked him what to do and he gave me the above advice. So for what ever its worth tonight I offer the same advice to you. (seek your own counsel when making any investment decisions)
Lastly Make your own economy, don't let the economy make or in this case break you.
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