The Month That Was-May 2017


The Month That Was-April 2017


Markets, both domestically and globally, have risen in steady fashion since the November Election.  Many have attributed the rise in U.S. markets to expectations of positive, pro-business policy changes, something we’ve dubbed the Trump Trilogy (deregulation, tax reform and infrastructure spending).  We entered April near all-time highs which has led many to question whether we’ve come too far, too fast and are susceptible to disappointment if the pro-business agenda fails to materialize as promised. 

The Month That Was-March 2017

MARKET SUMMARY: March Flatness

The Month That Was-February 2017

MARKET SUMMARY: Groundhog Day(s)

The Month That Was-January 2017

MARKET SUMMARY: Inaugural Thoughts

As we welcomed in the New Year, we were also greeted in January with a New President and a generally positive month out of the markets. Markets started the year with a continuation of the Republican administration pro-growth policy optimism, and we continued to climb as we broke through the mystical DOW 20k level. However, towards the end of the month, concerns of potential protectionist governmental actions halted the rally and markets consolidated gains. But all in all, a solid month for the markets.

The Month That Was-December 2016

MARKET SUMMARY: December (Re)-Balance

For the month, we witnessed steady and positive performance across the board. Although stalling shy of the mystical 20,000 level on the Dow Jones Industrial Average, markets calmly climbed for most of the month and finished up just under 2% for the month.

The Month That Was-November 2016

MARKET SUMMARY: (Un) Conventional Wisdom

In June, we wrote the following about Brexit:

Up until the very end, it appeared as if Bremain would prevail, but alas, this is 2016, and conventional wisdom is not quite as reliable as it once was (consider the fact that nobody could have imagined, except perhaps the candidate himself, that Donald Trump would advance this far in the Presidential race).

The Month That Was-October 2016


While recent economic reports and corporate earnings results seem to point to a stable, improving environment both domestically and globally, the overhang of political uncertainty, namely the 2016 Presidential Election, has created an uncertain environment which led investors to keep their hands in their pockets during the month of October. This dichotomy led to a strange month in which markets saw both patches of optimistic buying and pessimistic selling. The cumulative result leading to declines in the overall markets of about one and half percent.

The Month That Was-September 2016

MARKET SUMMARY: Back to School Sale?

After what we had described as a boring (though profitable) summer in our last commentary, September exhibited the same sluggish, quiet trading environment for the first few days after the Labor Day holiday.

The Month That Was-August 2016

MARKET SUMMARY: Consolidation (or a whole lot of nothin’)

To follow up on last month’s report, entitled “Breakout”, we felt the most appropriate theme, given the extremely tight range this month, was a consolidation of past months’ gains. In August, we observed a market that, for lack of a better term, was boring. The S&P stayed in a tight range all month, never closing more than a percent from July’s closing level. Intraday volatility was nonexistent. In fact, through the end of August, we’ve now had 38 straight days where the market has moved less than 1% on a closing basis.

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