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Market & Economic Brief
July 1st, 2009
Stocks ended the 2nd quarter of 2009 stuck in a trading range that marked most of the action in May and June. Overall trading has been constructive; marked by higher highs and higher lows. Still, volume has been down on price advances, possibly indicating uncertainty by traders where there should be strength.
Selling pressure that materialized in June caused little damage to stocks overall. End of quarter window dressing by fund managers and low summertime volumes created some noise in the market, but overall stocks appear fairly healthy. Earnings over the next several weeks may provide stocks the catalyst they need for a move higher or lower. More evidence of an improved economic environment was delivered last week when ECRI announced the growth rate of their leading economic indicator for the U.S. broke into positive territory delivering the highest weekly growth reading since August 10th, 2007. You can read their entire press release here.
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