Market Commentary
Weekly Update
As of August 18, 2008 
Domestic equity markets were higher last week but foreign markets were again weaker.  The domestic broad market Russell 3000 gained 0.53% but the MSCI EAFE lost 2.38% and the MSCI Emerging Markets Index was lower by 1.75%.  The S&P 500 has returned 2.58% in August.  Negative S&P sectors this month are Energy, Materials and Financials.  Leaders in August are Consumer Discretionary & Staples as well as Technology.  Crude oil prices remain relatively stable at $115/barrel while interest rates have fallen with the yield on the 10 Year Treasury Note currently standing at 3.83%.               
               

Quarterly Commentary
By Stephen C. Browne, CFA, Chief Investment Officer
Second Quarter 2008 Commentary