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Hello Readers,
The first half of October felt as if the market had made a long-overdue prison break. The question is if this is the start of a new bull market or a rally in a bear market. The consensus, for now, rests with the latter opinion. We, of course, haven’t a clue, sorry to say. Our gut tells us that much of the near to mid-term market action depends upon what happens in Europe. Are France and Germany really prepared to bail out their troubled neighbors, as they boast, and are the European bankers ready to back them up? We hear what they have been saying, but actions are always another matter. Yes, this is just more ‘kicking the can down the road’, but it has let us sleep a little better, lately.
And, with the risk of sounding like a broken record, we did not close any positions in the Current Portfolio, which, though it looks a tad better, is still beaten to a pulp, despite positive news from many of the companies. As we said in the last Newsletter, and will keep saying it for a while, it will take smaller stocks much longer than the others to recover from the market mayhem of the last several months.
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