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To Our Clients,

FOURTH QUARTER 2019 NEWSLETTER

   A rally in the equity markets the last few days of December into early January kept them on the edge of bear market territory, but 2018 reintroduced a degree of volatility not seen for several years, leaving the major indices deep in a correction.

Summer weather is here at last and for New Englanders, one of the coolest springs in memory is officially over.

Since the major pullback in late January, domestic equity markets have been marked by volatility. Initially Energy, REITs, and Utilities were particularly vulnerable, as investors worried that Fed policy would continue to tighten.

  2017 has been a record breaker for domestic equities, closing with the second longest bull run to date. The last time the S&P slumped 3% or more was November 2016, according to CNNMoney Invest. Not surprisingly, many analysts and market prognosticators are predicting a significant correction, or even a “crash” being imminent.