July 6, 2017

Continuing the climb we analyzed in our last quarterly report, the Dow Jones Industrial average and S&P 500 each rose 3% in a second quarter that was notable mostly for its lack of volatility. There were provocative headlines, to be sure, including the dropping of the “Mother of All Bombs” on ISIS and the allegation by former FBI Director James Comey that he was asked by the President to drop his investigation of Michael Flynn. Just last week, North Korea successfully tested an intercontinental ballistic missile apparently capable of reaching Alaska and Hawaii. Each time, the market wobbled, and then quickly recovered. By historical standards, the wobbles were both small and rare. Last quarter there were only three days (highlighted in chart) in which the Dow traded up or down more than 1%, and two of those were successive days of gains following Emmanuel Macron’s victory in the first...

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Marble Trail Financial is a joint venture of Addison Advisors LLC dba Marble Trail Advisors, Davis Associates,  and Misasi & Company LLC. Investment advisory services are provided by Marble Trail Advisors, a registered investment adviser, and tax preparation and accounting services are provided by Davis Associates and Misasi & Company LLC.

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