Market Commentary

Commentary – July 15, 2009

The U.S. markets have rallied strongly and are seemingly anticipating a fairly healthy economic recovery to begin before year-end. Unfortunately, the fundamentals of our economy combined with numerous long term concerns lead me to the conclusion that an anemic recovery is the more likely scenario.

With that being said, the economy does seem to be improving and the Federal Reserves massive liquidity injections appear to have stabilized our financial system. Moreover, upcoming economic figures could find easy comparisons to last years numbers, and reduced earnings projections may also be quite easy to beat. All of this could continue to help the market in the near-term and present short term investment opportunities………………….

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