>You can lead a horse to water

>The internals of the market are still improving, but no one wants to take a drink. There is still just under 2.9 trillion dollars remaining in cash or cash equivalents. Due to the volatility in the markets, investors remain unwilling to take advantage of an undervalued market.

What is really happening in the economy? The consumer is slowly returning, but we still have a long way to go. The improvements in sentiment and retail sales are just the beginning. Due to the changes in the Mideast, from tyrannical governments to democratic and capitalistic ideas, demands for goods and services over the next two decades could be substantial. Our exports are already reaching new highs.

What we are currently experiencing reminds me of the period in 1995 after President Clinton lost the mid-term election. During that time the growth indices, like the S&P Mid-Cap Index or the NASDAQ Composite, spent the next six months in a volatile, exasperating, scary sideways pattern. In 1995, we experienced a summer rally that took us to new highs. Does history repeat itself? That is the age old question, but I wouldn’t bet against it.

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