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A much anticipated consolidation of the recent rally, be it bear market or a new secular bull, which appeared to have begun two weeks ago, continued this past week. Over the past eight weeks we have maintained the belief that a correction, the cause of which is unforeseeable of perhaps up to ten percent, could come at any time but would allow investors an entry point. However, after a period of consolidation or of correcting as noted above, we believe that this rally still has legs. We find it encouraging that the economic, corporate and consumer data has been coming in at or above expectations, indicating to us that the fifty-five plus percent drop from the top as registered by most major indices had priced in a severe recession. We would encourage equity investors to add to positions on fear and weakness rather than strength.