Market Commentary

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...

Business Cycle Outlook This business cycle continues to make slow progress. This slow recovery is typical of economic expansions that develop after experiencing deep financial crises such as the painful 2008-2009 melt-down. Decision-makers everywhere are...

2011 was an emotional roller coaster for investors and marked the return of heightened market volatility. Bad news and black headlines created fast moving up and down markets and yet by year-end prices for the S&P 500 ended nearly unchanged. The wild price swings...