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In the last two Newsletters, we said that the summer’s market action would most likely be dictated by the Fed’s actions at its June meeting. Break out the duck tape. Chairman Ben and the other Fed guys couldn’t wait to give us the news early. Our major concern is that the Fed too often over-reacts and can do more harm than good. Is the Ben Brigade setting the stage for another crash, or should we take the view that rate hikes are closer to the end rather than at the end of the beginning?
One thing is for certain. This is the ugliest market mood since the Enron, Worldcom et al scandals of four years ago. It is also the worst pounding that small stocks, including those in our Current Portfolio, have taken in many years. And, no, we did not close any positions, once again, over the last few weeks. When does the carnage end? We should be a lot closer to the bottom than we were a month ago, (sounds like something Yogi would say).