Tuesday, December 20, 2005
Losch Management - Client Letters - November 2005: "The current bull market that began in January of 2003 is now about three years old, and by traditional standards would be considered to be getting a bit long of tooth. Re-enforcing this view is the fact that most of the gain was in the first 12 months of the rally. Whereas for the last two years the market has mostly been range bound. Currently there is a division of opinion between the bulls who feel the market is ready to break out of its trading range and ascend skyward and the bears who claim that the sky is about to fall in."