The market tumbles but what does it mean?

The closing bell rings to end another day on the New York Stock Exchange, but there's a applause? An odd image on a day when the market took a major tumble. The applause and smiles are the public face, but what's behind that?

James Hausberg, a partner in the Hausberg Group/Hightower Advisors says, the real emotion is disappointment. "Look, I've been in this 38 years. Its the biggest down day I've ever seen and it's just something that wakes you up and you go 'woah'."

He's watched the market's wild ride since Friday, but didn't get rattled because for several years, despite a course correction here and there the market has moved up. Says Hausberg, "I think what's driven this down and what's driven it down recently, is a concern of bigger deficits…higher interest rates."

He says the economy is in good shape and that the pro-business Trump administration helps with deregulation and so forth. He adds that when you look at the big multi-year or even multi-month picture things have been good and the money mayhem of Monday - which started Friday - is not a disaster. Actually, he saw it as an opportunity for his clients to buy stock when its down.

Hausberg says, "Its the realization that maybe for the first time in ages rates are moving higher." He says the market is sensitive and responds to the fear people have of what might lie ahead.

In the office next door is Marshal Geller a one-time partner at Wall Street banker Bear Stearns. He's a longterm investor; started 55 years ago. He's 77 and still at it. He sees the market-drop as "a hiccup… and a lot of hiccups could be painful for a period except that it will go away."

Says Marshall, "This market was over extended. It's now back to where it was back in December. So you had this huge upsurge in January… and now give it all back and your back down to where it was in December."

He feels confident the market will improve over the next six months, but over the next few days both he and Hausberg - in the office next door - say it could continue to be a little rocky. After all, there is risk... just like with any kind of gambling or speculation.

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