Private Client Commentary – ceilings and floors

Dear Clients,

I write this early Friday morning and it’s looking to be yet another down day for the market.

“Could get worse before it gets better” is something I’ve been reminding for months now. I’ve also been reminding that market history supports the notion that to sell when the market has taken this kind of hit could be a bad idea. The thing is, market history supported that notion when the Dow was at 9,000 less than two months ago. So if two months ago you had a two month time horizon, you should have sold. If you have a time horizon that extends several years, well then it’s an altogether different set of circumstances.

The question we have to ask ourselves is; is this time different? Will the market bounce back in furious fashion when the sideline cash (one day) comes roaring back in – when a real return of 0% in T-Bills is no longer acceptable and it believes the worst economic scenario is finally priced into stocks? Or will it rush to gold, already at record highs, while the economy continues to struggle under the weight of, well you name it? Do we buy into an asset class (gold) that has run through the roof

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