Inside This Issue
Team Update ………………….page 1
A Quick Recap of 2009 … ..…page 1
Outlook for 2010……………. page 2
Quotes for Thought………… page 3

The Moir Team Rosedale Branch Newsletter January 2010 Outlook

The Rosedale Branch Fall 2009 Newsletter
Inside:

Market Outlook
Although the global economic news flow continues to improve, the equity market’s reaction was muted in August. Performances ranged from 4 % in the U.S. to 1.7% in Canada to –16% in China. Nonetheless, the S&P 500 is up 11.9% since the start of Q3. Scotia Capital believes the lack of momentum in August, and the potential for a pullback in September/October, have more to do with the current overbought situation and seasonality than overpriced equity markets. On that basis, our outlook over the longer term for the US markets remains positive. We expect equities and corporate bonds to outperform US treasuries over the next 12-18 months. The S&P 500’s fair value should hit 1,025 in December 2009 and 1,200 in December 1010.

Also:

• The September Effect
• Client Questions are always welcome
• Cyclical vs Defensive Stocks? Which should Investors select?
• Ideas to Help You Rebuild Your Portfolio

Investment Insights Fall 2009 (pdf)