The State of the Markets
Wednesday, December 4, 2013

It safe to say that 2013 has been an interesting year. The bears have clearly been frustrated due to the straight-up nature of this year’s move and the fact that the vast array of the negative macro prognostications from the beginning of the year failed to materialize. But despite the big gains seen in the major indices, a great many bullish investors are also frustrated – because they didn’t catch as much of the joyride to the upside as they could/should have.

However, one of the most important attributes to have in the business of investing is a short memory. The great thing about the markets is that the ringing of the NYSE opening bell provides investors with the opportunity for a fresh start each and every day. And as professional managers and individual investors alike recognize, looking ahead to what the next day, week, and month may bring seems to be even more important at this time the year.

With gains of greater than 25 percent in the major stock market averages, a great many investors (including yours truly) would probably like to bank the profits and call it a year at this point. But the bottom line is this is a game that never ends and there is still some time on the clock for this year’s contest. As such, it is time to review what the cycles look like for the final month of the year.

Read the rest of the report…


David Moenning

Direct: 303-670-9761


David Moenning is the founder and chief investment strategist for, a website dedicated to investor education and portfolio analysis. Mr. Moenning is also President of Heritage Capital Management, a privately owned, investment management firm. Founded in 1989, Heritage is focuses on risk management and an “own the best and ignore the rest” equity selection strategy.

For up to the minute updates on the market’s driving forces, Follow Me on Twitter: @StateDave (Twitter is the new Ticker Tape)

Positions in stocks mentioned: none

The opinions and forecasts expressed are those of David Moenning, President of Heritage Capital Management (HCM) and may not actually come to pass. Mr. Moenning’s opinions and viewpoints regarding the future of the markets should not be construed as recommendations of any specific security or Heritage Capital program. No part of this material is intended as an investment recommendation. Neither the information nor any opinion expressed constitutes a solicitation to purchase or sell securities or any of HCM’s programs. Do NOT ever purchase any security without doing sufficient research. There is no guarantee that investment objectives outlined will actually come to pass. Investors should consult an Investment Professional before investing in any investment program. Neither Mr. Moenning or Heritage Capital Management nor any of their employees shall have any liability for any loss sustained by anyone who has relied on the information contained herein. Mr. Moenning and employees of HCM may at times have positions in the securities referred to and may make purchases or sales of these securities while this publication is in circulation. The analysis contained is based on both technical and fundamental research. Although the information contained is derived from sources which are believed to be reliable, they cannot be guaranteed.