Dear Valued Clients and Friends, MARKET PERSPECTIVE: The underlying theme for the stock market action in the fourth quarter was “Manic”. Early in the quarter the down trend in the market accelerated, breaking one level of support after another and, just when it looked like we were destined for yet another October to forget, the market reversed sharply, exploded off the lows, and finished the quarter at new highs for the year. When the dust settled, the Russell 2000 Growth Ind

Happy New Years! Since our last update, the stock market has advanced smartly with all three of the major indexes, the Dow Jones industrial Average, S&P 500, and the Nasdaq Composite, making new long term highs. The Russell 2000 Growth Index, which is most closely related to our investment style, fell just short of its all time high. Unfortunately, some of the key ingredients needed to have a sustainable move higher were not present. Leadership was relegated to a small number