July 17th, 2013

“Last Call at the Punch Bowl”

The S&P 500 finished the June Quarter at 1,606.28. It was up 2.36% for the last three months and 12.63% since December 31st. That compares to -4.87% and-2.45%, respectively, for the S&P/TSX.

Given that I thought we could justify a move of 13.59% for the year on the S&P 500, I thought it might be time to reflect on what we were looking at back in January.