2nd Quarter – Market Commentary

Uncertainty Holds Back Markets

As we enter the second half of the year investors are facing a number of mixed messages. Corporate earnings appear strong while economic indicators continue to show weakness, and the stock market is demonstrating resilience in the face of potential crises. The Debt Ceiling debates continues to drag on in Washington, leaders in Europe seem to be facing a wave of sovereign debt issues, and uncertainty is growing about the sustainability of Chinese economic growth. Despite these headwinds, the market’s relative strength throughout the first half of the year indicates a tempered level of optimism amongst investors. We feel that if uncertainty is reduced around the major issues, the markets could be poised for a very constructive second half. We will first outline the major headwinds facing the markets, review the possible outcomes, and discuss our strategy going into the second half of the year.

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