As 2017 continues to be a strong year for the stock market, a WNY financial expert is warning there could be a dip on the horizon. The Dow Jones industrial average, S&P 500 and Nasdaq all showed gains for the month of July. All three indexes were positive for eight of the last nine months.
"What we hope to see is obviously for it to continue to go up and I think it will," Patrick Sgroi, president of Sgroi Financial in West Seneca, said. "But there's always a caveat."
That caveat is a likely downturn in the markets sometime soon, according to Sgroi. He explains the markets typically hit a bump once every 13 months and since there hasn't been one since January 2016, that means a dip is long overdue.
Sgroi doesn't think it will be as drastic a bump as some in the industry are predicting.
"What I'm trying to tell people is I don't expect a 2008-09 all over again," he explained. "I see a lot of the news and a lot of the forecasts out there for that. But I think that was a once in a lifetime experience for us."
His advice is to keep investing normally, especially for younger people just getting started.
"But again, it depends on where you are on that timeline," Sgroi said. "So if you're just getting going, you're in your 20s and 30s this is going to be a blip on the radar. Don't over think it. Keep going. Keep investing. Keep plugging away. If you're somebody that's 55-60, you just need to make sure you look at what you have and you don't get overly aggressive and you're prudent about the risk you're taking."