The equity markets were on the proverbial roller coaster ride this week, culminating in the third consecutive week of declines with the S&P 500 down .69% for the week.

The markets got off to a tremendous start on Monday and Tuesday with both days seeing positive moves greater than 1%.  I would surmise that this was driven by investors who were under allocated to equities feeling that it was a good entry point after two weeks of declines.  Certainly earnings have been impressive so far.  This week both Pitney Bowes and UPS beat earnings estimates, furthering the signs that the economic situation had improved in the fourth quarter and notably among small businesses.  The positive move in the markets was short lived though, as the markets declined Wednesday.  Overnight Wednesday fears began to grow about Greece’s financial situation and the potential for problems to spread throughout Europe, which then led to concerns about the worldwide economic recovery.  Stock markets do not like uncertainty and it was well demonstrated on Thursday with the S&P 500 declining over 3% for the day.  I have to say I was very surprised to see the markets open basically flat.  I thought we would see a fairly strong move in one direction or the other.  After the employment report had been out for awhile and was digested the markets began to decline.  At one point the S&P 500 was down more than 1% for the day.  However, in the closing hour, stocks rallied and the S&P 500 closed up .29% for the day.  Although the week’s performance as a whole was muted, we continue to see high levels of volatility, which we anticipate will continue throughout the near term due to earnings announcements and external issues such as the financial troubles of Greece.