"After starting the week near the high end of the range of the last couple of months, last week’s decline pulled the S&P 500 back to within 3% of the low for the year. Rather than reacting to the events and data of the week, we believe the market was pricing in the uncertainty surrounding the potential for negative news from the events and data to come over the next several weeks. The pending government takeover of Fannie Mae and Freddie Mac that took place over the weekend resolved much of the uncertainty as to the potentially negative impact on banks holding the preferred stock. Other news and events over the next few weeks include . . . . . . . . . . ."

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