As we discussed in last quarter’s newsletter, volatility was expected. And guess what? We got it!
Year to date the S&P 500 has only appreciated 0.20% on a price basis. And for the 2nd quarter, the price move was negative. In fact, it was down 0.23% for the quarter.
So for all the ups and downs and moments of excitement and despair, we’ve essentially marked time in the market. Which, quite frankly, is not necessarily a bad thing. If we see an improvement in the underlying market fundamentals and the market is flat, then we are setting the stage for another upward move due to better market valuations.
Of course, the market needs to be monitored and portfolios managed due to the changes in the environment. But if we see solid economic data and an enthused consumer, then I believe this Bull Market will continue.
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