| Amid chaos, local financial planners urge investors to be patient
Eric Kabler had a few more visitors than usual last week at his Richland Township office.Kabler, partner at Kabler Thomas Financial Group, found himself time and time again reassuring and allaying the fears of his clients. Their concerns largely developed due to the very liberal use of the "R" word by the media when speaking about the state of the national economy."They've been stopping in all week with questions about the recession," Kabler said. "The obvious question has been, 'Should we get out of the market?'"We sort of have this preconceived idea that you get out of the stock market and get into something safer like a CD when there's a downturn in the market. A lot of people are panicking. "It's the first thing you see when you turn on the TV in the evening or morning. It's a tough time for the novice investor because they're not sure exactly what's happening."Financial advisers in the region are answering their clients concerns with the same words, "Be patient." The worst mistake an investor can make is to panic, according to Bill Rice, managing partner of Laurel Highlands Financial Services, 109 W.
No need for this doom and gloom over housing market, says HBOS chief
Fears for the future of the housing market have been overplayed, Andy Hornby, the chief executive of HBOS, insisted yesterday, saying that there was no reason for "doom and gloom" over house prices.
The boss of Britain’s biggest mortgage lender said that fears of a recession will galvanise Britons into putting £80 billion into deposit accounts next year, sending the total amount held in savings to £1,100 billion.
Mr Hornby said: "We believe that in tougher economic conditions consumers save more." He said that 2008 would see the single biggest influx of cash into savings accounts ever recorded. Announcing its preclose trading statement ahead of its full-year results, HBOS appeared to have already benefited from Northern Rock’s troubles.
In tight race, McCain, Romney snipe at each other
(01-27) 04:00 PST Sarasota, Fla. -- Sen. John McCain of Arizona accused former Massachusetts Gov. Mitt Romney of having once supported a U.S. troop withdrawal from Iraq, sparking an angry demand for an apology from Romney, who called the statement "dishonest." Both Republicans abandoned all pretense of civility as they campaigned across central Florida in advance of the state's primary Tuesday. Recent polls show a dead heat between McCain and Romney, and the winner here would gain a huge advantage as the nomination fight moves to the Feb. 5 states a week later. McCain also received a big boost Saturday night when Republican Gov. Charlie Crist, who is extremely popular among GOP voters in Florida, endorsed him. Stumping in Fort Myers on Saturday, McCain went on the attack first, linking Romney with Democratic Sen.
Sensex up 696 pts in relief rally
The rate cut in the US late on Tuesday, has provided the necessary relief to the panic struck market, but one cannot expect the immediate rebound to sustain, given the way with which shares fell on Monday and Tuesday.
"The daily charts indicate the market was in a deeply over sold zone, so a relief rally was inevitable. But the sentiment cannot be reversed over night. Recovery is underway," said Suresh Kumar Iyer, technical analyst at Asit C Mehta Investment Intermediates.
"A strong trigger is now needed for the market to sustain at higher levels as traders are still cautious. FIIs have to come in and buy strongly, but until that happens, we will continue to see profit taking at the tops. Short term players are advised to stay away as the immediate trend remains unclear.
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