Robert Robbins
Robert Robbins
Robert D. "Bob" Robbins is a Republican member of the Pennsylvania State Senate, representing the 50th District since 1990. He previously served as a member of the Pennsylvania House of Representatives for the 17th District from 1983 to 1990...
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I think investors should strongly invested, ... They should realize that doom and gloom and all of this talk of recession is typical of major market lows. I think they should realize that the average decline within these long-term 'super bull' markets is 19 percent. And we've been down 27-to-28 percent. It's a great time to buy.
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Markets are down because of the start of attacks and the fear of counter attacks, which could impact further corporate earnings.
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I suggest the small investors dig in their heels with this market, not worry too much. The Fed really didn't cause a significant inflation problem. So far, this inflation pressure has been no worse than the worst it's been in the last several years. And each time it's been a great buying opportunity. Any time you can buy the S&P 500, the stock market index of the top 500 stocks, when its 7 to 11 percent off the all-time high, it's probably 2 to 1 odds. Given the history of super bull markets that we've had for 18 years in the two other of the century, that's going to be a fabulous buying opportunity. And if it's not, than you're probably half way down to the ultimate low and that's going to be an even more fabulous buying opportunity.
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The Fed rarely surprises the markets, and the consensus of private economists is clearly that the Fed will not do much. We really had slowing data on the economy and slowing inflation pressure. And I'm hopeful that this is close to the end of the Fed rate hikes,
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Home Depot didn't suffer through the higher interest rates in 1990 or all those oil inflation fears and so forth, ... And the company is really a very strong company. Their momentum has accelerated so I think they'll sail right through (a climate of higher interest rates).
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I'd stay focused on the idea that the economy will show firmness in the next few months, if not the next few days.
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The finance sector has really emerged as my favorite here, edging out technology by a bit. I recommend that people have about a quarter of their stock holdings in finance.
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The company delivers essential products and services, ... And this is one that should benefit from the new Medicare legislation that is being proposed. You're going to see another $15 or $20 billion spent on drugs and CVS, of course, as a drug store chain, would benefit significantly from that.
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Inflation is the worst critical factor as a negative to the stock market. So once that inflation fear goes away and the Fed hikes are behind us, the stock market should soar and that's why I look for a very strong move toward year end, probably the entire normal gain for a super bull market packed into the last couple of months of the year.
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