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Stocks continue their rally in response to stronger than anticipated economic data as well as soothing words from Federal Reserve Chairman Ben Bernanke who noted that “the prospects for a return to growth in the near term appears good.” Despite the positive momentum in the stock market, one must be aware that, after a nearly fifty percent move in stocks, a pullback of up to fifteen percent could be expected. Should this occur, we would add to equity positions. If you have missed the entire move or have more cash than desired, you may want to being dollar cost averaging now.
As an aside, and after all this is our website, we can’t let the release of the terrorist that was convicted of the bombing of PanAm Flight 103 in December 1988, an act that killed 270 people, many of whom were Americans and some which were from the Capital District, go without a comment. Abdelbeset Ali Mohmed al Megrahi was released after only eight years in prison by Scottish Justice Secretary Kenny MacAskill who stated that “our justice system demands that judgment be imposed but compassion available.” To this we respond that for this individual to serve only 8 years for the murder of some 270 innocent people and then be released denies all of us in the civilized world, and especially the families and friends of the victims, justice. Some day the western world will find out that it is better for all if they be more concerned with justice than with compassion.