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A Period of Consolidation

Amid increasing volatility and a period of consolidation, the S&P 500 Index returned 3.8% through the 2nd quarter and is only slightly above levels reached in December 2014. Within this 18 month consolidation period, under the surface many stocks have had significant corrections and some sectors such as energy, materials, and selective industrials have declined over 40%. These declines are pertinent because many investors fear that the current length of the bull market, which is the second longest on record, means we are approaching the last innings. However, as many stocks have corrected, a good case can be made that this 18 month consolidation could result in a continuation of the bull mar

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