As the end of summer approaches, stock market trading remains relatively thin and volatile, however, with an upward bias. Although consumer and business sentiments are presently mixed, the flow of economic data is becoming decidedly positive. While we believe that equity prices might be somewhat over-extended in the short run, it is our opinion that prices should climb considerably higher over the next 12-18 months. In consequence, any significant share price decline should be regarded as a longer term buying opportunity.
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