As you all know, over the last five years we have been in one of the strongest bull markets in the history of the U.S. stock market. As you also know the economy over the last five years has not exactly been booming.
The shale gas revolution in the United States has led to a collapse in prices but is too big to keep to ourselves. That is turning natural gas from a domestic market to a global one, and the global demand may cure the current low prices.
The concern is that the Federal Reserve may consider "tapering" its bond buying program at its Dec. 17-18 policy meeting. We do not feel the U.S. Federal Reserve would use one "questionable" report to modify its current stimulus program.
U.S. stocks declined, with the Standard & Poor’s 500 Index falling from a record, as valuations reached an almost four-year high and forecasts at companies from Caterpillar Inc. to Broadcom Corp. disappointed investors.