I hope everyone is enjoying our summer season, I know for me and my family it is an enjoyable time of year. The pace is a bit slower and life is a little calmer. Sometimes markets take vacations 
also, and maybe that is what has happened over the last few months.
The quarter started with the Dow Jones Average at 17,776 and ended with it at 17,619. As I write this it is moving around 17,800. Not very exciting!
There seems to be a force pressing upwards, the strong U. S. economy with companies experiencing strong profits, offset by downward pressure coming from Europe. While pockets within the EU are strong, the Greece dilemma offsets that and even causes a downward force on our U.S. markets.
Prior to our last Investment Committee meeting a few of us were discussing the issue. It is hard to imagine that such a small country, an economy about the size of Connecticut’s, can have such a big impact. However the EU’s actions on Greece will send a message as to what they would do if larger economies find themselves in similar circumstances. i.e. Spain, Italy, Portugal . This obviously magnifies the impact.
So once again we can’t predict exactly what will happen. But we know that the markets will re-act to what happens and adjust accordingly. So, I am sure you have guessed by now, we will adhere to our very disciplined and successful strategy!
Enjoy the remainder of your summer!
Robert J. Dolan, Chair
