Financial Analyst: Dow has long way to go

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By PAT BAILEY

(WKTV) - Wall Street and the economy got a symbolic shot in the arm Wednesday when the Dow Jones industrial average cleared 10,000 points.

Financial Analyst Honorine Wallack watched the news regarding the Dow from her Wealth Management office in New Hartford. However, she was not celebrating Wednesday.

"We got through this year, and everybody got through this year," she said. "I kept telling clients it's going to be a flat year so the fact is we really are unsatisfied. I do not want to get all giddy about it."

The Financial Analyst says she can not get too overly excited about the brief climb in the market because she has to manage everyone else's expectations - which may change because of the news. Her message to clients - stick to the game plan.

"Stick to the discipline," she said. "What was your plan? Keep your head down. You are in retirement, you're doing this, you're in the growth phase. Just stick to the plan."

Wallack said that as nice as Wednesday's news was, past history shows to get out of a long-term slumping market, like it's been for the past few years, you usually need to allow a year and a half.

"I don't see people who are smarter than I am saying this, but consistently, I am seeing that February is the bottom," Wallack said. "And if February is the bottom, then it will be 18 months from there. So, that puts us into August of next year."

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