| Seasonal price patterns in the securities markets have always been a reality. For instance, the equity markets tend to have an upward price bias around calendar quarter ends as investment managers usually window dress their portfolios. We expect this trend to prevail due to improving North American economic fundamentals and heavy cash balances earmarked for common stock purchases. Accordingly, we believe that investors should be positioning themselves for greater equity commitments and a reduction in their cash reserves. We believe, moreover, that this bullish seasonality will eventually link up with the habitual Santa Claus rally which normally begins around American Thanksgiving and runs into the New Year.
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