Southwest Florida financial advisers say market's climb isn't over

Specialist Christian Sanfilippo, foreground right, works on the floor of the New York Stock Exchange Thursday, Feb. 28, 2013. Stocks turned mixed Thursday after two days of triple-digit rallies. Big-name companies reported higher quarterly earnings and the government said that the jobless claims are falling, but impending budget cuts cast a pall. (AP Photo/Richard Drew)

Specialist Christian Sanfilippo, foreground right, works on the floor of the New York Stock Exchange Thursday, Feb. 28, 2013. Stocks turned mixed Thursday after two days of triple-digit rallies. Big-name companies reported higher quarterly earnings and the government said that the jobless claims are falling, but impending budget cuts cast a pall. (AP Photo/Richard Drew)

— The stock market’s climb isn’t over, Southwest Florida brokers say.

“It’s really more of an event that is putting behind the financial crisis,” said Andy Hill, president of Andrew Hill Investment Advisors Inc. in Naples, after the Dow closed Tuesday at 14,253.77, topping the previous record of 14,164.53. “It’s a way of putting that behind us and we are moving forward and starting something new.”

He thinks there’s room for more gains.

“There is potential that we are actually starting a new leg of the upside of the equity market,” Hill said. “I don’t know how long it’s going to last. People would be well- advised to stick with their equity position for the time being. I’m definitely not a seller.”

He expects the market to remain particularly strong until April, when tax day nears.

However, Ian Matheson, president and CEO of Matheson Financial in Estero, said investors need to be careful about jumping into the market at the top.

“A lot of the market is juiced or steroided by the Federal Reserve still,” he said. “If the Federal Reserve decides to slow down the money supply, we may have a big drop in the market.”

However, he said he does see potential for gains in the financial services industry and other smaller areas of the market.

“We see slow progress in the overall market, but again the Federal Reserve is backing the $85 billion monthly bond program and with that is false market stability,” he said.

Unless small investors are able to sit in front of a computer and make sure they are ready to pull the funds out when the market starts to turn they are going to be “left holding the bag again,” Matheson said.

But he expects the S&P to soon hit a record high, too. It has surged 128 percent since its low in 2009.

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