"The free-falling Nasdaq and slumping Dow are sending many a do-it-yourself investor scurrying for advice from financial planners," says Financial Planning Perspectives newsletter.
"It's not that clients of financial planners are immune to bad markets, but, unlike go-it-alone investors caught up in the high-tech hype or water-cooler advice, most financial-planning clients keep a more diversified portfolio, so they aren't hit as hard when a particular sector tumbles."
More excerpts: "Financial planners help keep clients from overreacting to market vicissitudes. ... Their clients are more apt to stay for the long-term, with the knowledge that in the long run they will likely do fine. ... They have someone to navigate them - even hold their hand - through these stomach-churning times. ... They try to prevent clients from retiring before they can afford to."
FED FILE: "Evidence suggests the Fed can get a lot more aggressive, if desired. Inflation pressures are near their lowest level in eight years. There's nothing preventing the Fed from making more interest rate cuts and bringing the discount rate down to 3 percent - where it was after the last recession." (InvesTech Research Market Analysis)
WALL STREET WATCH: "With the worst-performing quarter in history behind us, the market obviously had to turn up. Short covering? We don't think so. In opposition to the bear view, we think this rally has potential. This is a time to be fully invested." (Harloff's Intelligent Fund Investor)
"Investing on emotion is like walking into a heated area wearing a backpack of explosives." (Charles D. Ellis, manager, Yale University endowment fund)
"We've already seen the Dow move above 11,000 so we're revising our forecast as high as 12,000. As for the Nasdaq, 2,500 is attainable. Why? The Federal Reserve continues to cooperate with rate cuts." (The Personal Capitalist)