The markets had a down week, after a disappointing slide Friday.  The Dow ended mostly flat, finishing up the week -.08%. The S&P and NASDAQ were down .78% and 1.26%, respectively.  Leading the decline were financial stocks, after a disappointing report from J.P. Morgan that rekindled fears of large loan losses.  More banks report next week, and will hopefully bring brighter news.

This week, $74 million left domestic equities, while $2.7 billion entered foreign equities.  Investors continue to put money into ETFs- a relatively new strategy that is not captured in the above equity numbers.  The patterns of investing may have changed- but we believe that the “general consensus” will continue to tell us how to do what’s right- by doing what’s wrong.