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Well, the impending volatility across the spectrum of the financial markets we warned you of at the end of 2013 happened a bit faster than we initially thought, however the reasoning is right on.  Ending 2013, a majority of the marketplace had a definite tapering expectation and market prices were reflecting this as well, given 10 Year yields breaking 3% on the upside, stocks holding their lofty levels and the US$ gaining ground into 2014. 

The source of volatility we mentioned in our last write-up was to be a function of any economic information that would put uncertainty into the “tapering” in the pipeline.  Last week’s employment data provided the impetus, as the report was not as robust as many had anticipated and some sobering news on a lack of job security prevailing in some survey reports on Monday exacerbated the queasy feel.  The result ? got it, volatility in the markets as the major equity indexes are down almost 2% so far this year, 10 year yields are well off of 3% and the US$ gave back a good chunk of value to the EURO.  All we can say is, we’re not surprised at the fundamentals, just a bit at the timing.  More to come in the form of corporate earnings over the next week or so. 

Now aren’t you happy the Doc is back?….don’t answer that.


Stephan Kudyba (MBA, PhD)                      THE MARKET DOCTOR


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