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By
Thomas S. Brown
Business Editor
Despite huge drops in stock market
prices in recent days, Volusia-Flagler investors are keeping their cool,
area brokers report.
" I don't think any of our clients are jumping out of any
windows," said David Culley, a broker with Raymond James Financial
in Daytona Beach.
Culley said most of his clients are well versed in market swings
and are not panicking as they hear some of the nation's biggest
corporations warn that they will miss wuarterly profit targets.
"I'm still very bullish," he said.
"Everything's in place for a rapid snapback."
Joseph Meyer, an Ormond Beach investment adviser, said the only
people facing immediate problems are those who borrowed money from their
brokerages in expectation that prices would keep rising.
"If you don't have to meet a margin call, sit tight and hang
on," Meyer advised. "I think the worst is behind
us, and it's a time to be looking at investing in well-run companies in
the Dow."
Michael Lonk, a principal with the Lonk-Dwyer & Co. financial
planning firm in DeBary, said the |
market plunge actually producing some additional
business for his firm.
"We're getting people just off the street asking, 'Is this
the time to be investing?'" said Lonk. Some people who had
been hesitant about getting into an overheated market are now ready to
make a commitment.
Jennifer Ferguson, an Edward Jone broker in Port Orange, said she
has touched base with all of her clients in the past month and founth
them to relatively upbeat.
"They're seeing a decline, yes, but they've diversified
properly, so they're not affected as much. They're saying,
'Jennifer, you told us this was going to happen.'"
Jim Mallet, a finance professor at Stetson University, cautioned
investors not to expect much of a rally in the market later this year,
or even next year.
"People ask me, 'What's wrong with the market?' No one asked
that questions when the market was going up. What we're seeing is
more of a return to normal valuation pattern," Mallet said.
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