Market Commentary

As mentioned in our July client letter we suggested the stock market correction that began in May was likely only partially over. We stated “over the next few weeks there will be additional zigzagging as market leadership shifts take place”. Indeed, July finished on a...

Temporary stock market declines are a normal fact of life for investors. Over the past eight decades, the S&P 500 index has averaged over 3 declines of 5% or more every year and at least one decline of 10% or greater. Typically, periodic shorter term declines...

The first quarter ended on a happy note with the S&P 500 index finally reaching the two top high points set in both March 2000 and October 2007. It took the stock market 5 1/2 long years to regain the 56% drop suffered during the ‘Great Recession’ of 2008-2009. On...

Fourth quarter financial markets experienced a slight decline, buffeted by election uncertainties, followed closely by year end ‘fiscal cliff’ brinksmanship. What a way to run the nation’s finances! However, markets started the year on a positive note and portfolios...

The summer rally arrived in full force. The stock market did ‘climb a wall of worry’ this quarter in spite of the slowing U.S. and European economies and contrary to investor concerns and expectations. In last quarter’s newsletter we stated our goal was to position...

After a robust upswing for stocks in the first quarter, the second quarter gave back much of those gains. Temporary defensive portfolio tactics helped you avoid much of the decline the past three months. Mounting levels of global uncertainty once again weighed on...