Marketing Commentary- Q4 2002
The stock market returned to a more normal pattern this past quarter with two steps up (October and November) and one step down (December), for a net positive gain. Bonds continued to ride the ethers of unsustainably low interest rates and the high velocity euphoria of billions of dollars liberated by home re-financings. In all, it was only a moderating finish to a murderous year. Trends to be Aware of Last quarter, we wrote that investors were too bearish and that correctly presaged a quick bounce upward in the stock market. But rare bouts of optimism are tethered and...
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