Investors have seen the market pull back over the last couple of weeks.
According to local financial advisor Howie Pentony, the slight retreat is not unexpected.
“Basically, the reason why the drop happened is because the market has been so strong. It’s up at least 8,000 points in the last six to eight months,” Pentony said. “It wouldn’t be unusual to see it pull back. And we’ve been expecting that.”
However, Pentony also notes there have been two particular commodities that are performing well.
“Gold and energy are not pulling back. Gold is moving upward and is hitting a new high almost every single day,” Pentony said. “It’s a very unusual situation, but very fun to watch.”
The average price for a barrel of oil has been rising over the last couple of weeks, currently at $85 per barrel.
Pentony is the founder and president of Pentony Capital Management in Portersville.
