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A Good Week – Finally

Last week, the good news was that there were coordinated actions by the world’s central banks aimed at easing the pressures on the European banks.  The actions – loans, really – provide liquidity. The problem is that Greece still remains in serious debt and the other troubled countries still have loans on the balance sheets of the European banks.  Liquidity is great, but it does not pay off the debt.

Regardless, the equity markets rallied all five days last week creating a mini “weekly rally”.  As a result, the indices we follow were all winners last week.  The Dow Jones Industrial Average (DJIA) gained 4.70% to finish at 11,509, the Standard & Poor’s 500 Index (S&P 500) gained 5.35% to finish at 1,216 and the Nasdaq Composite Index gained 6.25% to finish at 2,622. The Russell 2000 Index, which tracks the performance of small capitalization stocks, gained 5.99% to finish at 714.

There was some economic data out last week indicating that the economy remains stagnant.  However, the good news is that it does not seem to be deteriorating to the downside (like it did in 2008). No doubt about it, the U.S. economy still remains fragile and vulnerable to outside shocks (oil price spike, natural disaster, terror attack, etc.)  Frankly, it also remains susceptible to policy mistakes, both at home and abroad.

We still think that we are in for a period of slowing growth but no recession. In fact, when the 3rd quarter Gross Domestic Product (GDP) numbers start to get released, we think we’ll see that they are better than expected and better than the second quarter GDP.

Unless an investor’s need for short-term liquidity has changed, we do not think anyone should be reacting to this news by selling.

Call us for help or if you have any questions.

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Securities and Financial Planning offered through LPL Financial, a Registered Investment Advisor.  Member FINRA/SIPC

**Standard Compliance Disclosures
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.  To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing.  All performance referenced is historical and is no guarantee of future results.  All indices are unmanaged and cannot be invested into directly.  Stock investing involves risk including loss of principal.  The Dow Jones Industrial Average is comprised of 30 stocks that are major factors in their industries, and widely held by individuals and institutional investors. The Standard & Poor’s 500 Stock Index (S&P 500) is an unmanaged capitalization weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The NASDAQ Composite Index measures all domestic and non-U.S. based common stocks listed on The NASDAQ Stock Market. The market value, the last sale price multiplied by total shares outstanding, is calculated throughout the trading day, and is related to the total value of the Index. The Russell 2000 Small Stock Index is an unmanaged index generally representative of the 2000 smallest companies in the Russell 3000 Index.  The Russell 2000 is an unmanaged index generally comprised of companies with lower price-to-book ratios and lower forecasted growth values. 

David B. photo

David B. Armstrong, CFA

President & Co-Founder

Dave got into the industry when he discovered his passion for finance in his mid-20’s. He’s a combat veteran and served as an officer in the United States Marines Corps on both active duty and in the reserves, retiring at the rank of Lieutenant Colonel. While serving on active duty, Dave was unable to spend money on deployments, so he became a self-taught investor. Along with a few bucks cash as a bouncer, his investing performance grew to be good....

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Please remember that past performance is no guarantee of future results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Monument Capital Management, LLC [“Monument”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions.  Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Monument. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. No amount of prior experience or success should be construed that a certain level of results or satisfaction will be achieved if Monument is engaged, or continues to be engaged, to provide investment advisory services. Monument is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice.

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