Cardinal Quarterly – January 2019

MARKET OUTLOOK – 2019 should be a good year for investors. In fact, we think that we may already have seen the bottom of the recent market downturn, which briefly fell below the 20% bear market definition on the S&P 500 and was not far behind in Canada. Markets have been rallying in early January based on hopes that the U.S. and China can reach an agreement to end the trade war they are in. Talks may get derailed in the near-term causing markets to fall again, but even in this case, we would expect the market to bottom in the first quarter and recover quickly from there. We would not be surprised to see markets up 20% from Dec. 31st levels by the end of 2019.

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