Roberts Nash Advisory Group

Market Comment

From the September Comment…..“The markets have been choppy all year with no net progress and I still believe need a good shakeout before the end of October to set up the year end rally.”

 Well we got our shakeout, especially in Canada.  As I write this (October 25th, 2005) the TSE/S&P 60 is down about 6%, the Income Trust Capped Index is down nearly 12%.  The Income Trust area had “The Perfect Storm” with rising interest rates, declining oil prices and speculation of government intervention.  I don’t necessarily think the damage is completely over. The US market is down only 1-3% in the month of October but has underperformed Canada all year.  As the US Fed continues to be strong in their resolve to cool the over-heated areas like real estate we could see more waves of selling pressure in the equity markets.




** I have prepared this commentary to give you my thoughts on various investment alternatives and considerations which may be relevant to your portfolio. This commentary reflects my opinions alone, and may not reflect the views of National Bank Financial Group. In expressing these opinions, I bring my best judgment and professional experience from the perspective of someone who surveys a broad range of investments. Therefore, this report should be viewed as a reflection of my informed opinions rather than analyses produced by the Research Department of National Bank Financial **