Keith Springer Quoted in MSNBC Article "Traders describe 'panic' as stocks plunge"

Keith Springer President of Capital Financial Advisory Services in Sacramento California Quoted in MSNBC Article "Traders describe 'panic' as stocks plunge"

Investors see 'no news' to explain sudden drop in Dow

SACRAMENTO, Calif. (MMD Newswire) May 19, 2010 -- Keith Springer discusses the unexplainable drop in the market and Greek debt crisis.

According to MSNBC.com, "Traders described "complete panic" as the Dow Jones industrial average tumbled more than 500 points in a matter of minutes and then recovered almost as quickly."

"All you saw was the absence of bids and you had the trading programs kick in ... it's almost like institutions had them set on 10,500," said Keith Springer, president of Capital Fiancial Advisory Services in Sacramento, California. "It's just fear based selling. It started out as a catalyst for a market that was deeply overbought. It's a silly, fear-based decline ... people are looking at Greeks throwing bricks and molotov cocktails."

"The market reacts based on the fear it doesn't know, and right now it doesn't know about Spain and Portugal. The reality is that if Spain and Portugal go, then so does the UK," Springer continues.

"Right now you just have a panic sell. It could be a long-term negative for stock market because it could mean the long term high is in place. It's very likely we've seen the highs for this cycle."

"Stocks were under pressure all day, largely because of concerns about a potential European ripple effect from economic problems in Greece problems The Dow was off about 260 points at 2:30 p.m. when the steep selloff began." MSNBC.com continued, "Within 15 minutes the Dow was off nearly 1,000 points. After another 15 minutes the Dow had recovered 600 points and was down about 388. There was no immediate explanation for the wild ride."

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Keith Springer, President of Capital Financial Advisory Services, a SEC Registered Investment Advisory Firm, frequently provides commentary and analysis for various global and national media outlets. He has developed a proprietary process for successfully building tax-efficient retirement portfolios and has been providing specialty wealth management services for over 25 years.