Commentary for June 26, 2008

Good Afternoon! I dare say “good” afternoon despite the fact that as we write this update the Dow Jones Industrial Average is down 263 points.

As noted above the stock market is selling off on several factors, namely the downgrading to sell by Goldman Sachs of three market bellwethers over the last two days, Boeing, Citigroup and General Motors. Citigroup is now at its lowest point in a decade and GM has not traded at these levels since 1975. The market is also suffering from either lackluster earnings reports or lackluster outlooks from Oracle Corporation and Research In Motion, the manufacturer of the Blackberry smartphone. All of this begs the question, what have you done about it? We continue to remain cautious regarding the market over the short haul and have adequate cash that we will ultimately put to work. However, we FIRMLY believe that investors who put money to work at or near these levels will be amply rewarded over the next twelve to twenty-four months.

Any questions or for a portfolio review, please call.

Dennis Fagan
Chris Fagan

This entry was posted on Thursday, June 26th, 2008 at 8:00 am and is filed under Commentary. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.