Stock Advice from Valley Experts

October 6, 2008 8:43:08 PM PDT
Experts we talked to say despite the continued troubles on Wall Street, now may not be the time to pull out of the stock market.Financial advisor Sandy Brown spent the day trying to calm the nerves of anxious clients. Brown doesn't think people should abandon the stock market altogether.

Sandy Brown said, "I don't want to advise someone to do that however do I understand where someone would want to take everything out and put it in a savings account? I absolutely understand."

"That's the trying part of doing what I do. You can feel a client's pain."

Brown says people shouldn't get too high or low during these tough financial times. Those nearing retirement he says should limit the risk in their investments.

Brown said, "Allot of times with individual stocks is what I'll do is I'll put a bottom on a stock. A stop-loss in order to control the amount of money one gains or losses."

"The money we're just kind of holding in cash to see if the volatility shakes itself out."

Martha Lucey offers financial advice to people with credit problems. She sees opportunity in the struggling stock market.

Martha Lucey of ByDesign Financial said, "Unless you need that cash I wouldn't recommend getting out of the market altogether because if you want to get back into the market you'll probably be coming back at a higher price point."

Lucey says the market instability can help families focus on a prime objective - saving money.

"Start to think about what you can do differently to make ends meet and start to talk as a family about what your wants vs. what do you really need on a monthly basis," said Lucey.

Brown said, "Hopefully tomorrow brings an up day because allot of us can't stand too many more of these down ones."

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