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Good morning. Stocks are looking to open modestly lower after running up last week and more than ten percent since the beginning of October. Europe appears to be moving in the right direction with former Vice-President at the European Central Bank, Lucas Papademos assuming the role of Prime Minister in Greece and former European Union Competition Commissioner Mario Monti, assuming that same role in Italy. Finally, U.S. Economic Data remains steadfastedly positive, thus supporting stock prices here.
At this time, we believe that equity investors would be well served adding to their holdings on pullbacks as we are working through the economic malaise with, at least to this point, no contagion in Europe, no hard landing in China and continued modest growth in the United States. Should we get our political house in order, the stock market would move substantially higer.