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Today is Veterans Day and Many Markets for the Exception of the Equity Market are Closed.

Today is Veterans Day and many markets for the exception of the equity market are closed.  First and foremost please thank all who defended our country, especially the families of those who gave the ultimate sacrifice.  How can we ever express our gratitude to those who defended our country and permitted us to live this culture and this lifestyle?  Thank you!

I have little to comment about yesterday’s market activity other than I think the markets are feeling “heavy” and profit taking should be expected.  Equities can easily decline 3% to 5% under this guise of profit taking and would be deemed as healthy.

Last night the foreign markets were up.  London was up 0.18%,  Paris up 0.61% and Frankfurt up 0.33%.  Japan was up 2.05% and Hang Sang up 0.27%.

The Dow should open quietly higher with many questioning if the markets have gone too far too fast. Trading should be quiet.  The bond market is closed for the holiday.

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Ken Engelke

Chief Economic Strategist Managing Director

The views expressed herein are those of Kent Engelke and do not necessarily reflect those of Capitol Securities Management. Any opinions expressed are statements of judgment on this date and are subject to certain risks and uncertainties which could cause actual results to differ materially from those currently anticipated or projected. Any future dividends, interest, yields and event dates listed may be subject to change. An investor cannot invest in an index, and its returns are not indicative of the performance of any specific investment. Past performance is not indicative of future results. This material is being provided for informational purposes only. Any information should not be deemed a recommendation to buy, hold or sell any security. Certain information has been obtained from third-party sources we consider reliable, but we do not guarantee that such information is accurate or complete. This report is not a complete description of the securities, markets, or developments referred to in this material and does not include all available data necessary for making an investment decision. Prior to making an investment decision, please consult with your financial advisor about your individual situation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. There is no guarantee that the statements, opinions or forecasts provided herein will prove to be correct. If you would like to unsubscribe from this e-mail distribution, please reply to this e-mail and indicate that you wish to unsubscribe in your response.