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Trademark Bulletin for 4/3/13

Yesterday, April 2nd, was a bad day from a bull’s perspective.  Despite an 89 point gain on the Dow Jones Industrial Average and an 8 point gain in the S&P 500 (both to record closing highs), the broad market fared poorly.  Decliners led advancers 1540 to 1433 on the NYSE and by about a 5-4 ratio on NASDAQ.  Breadth (the percentage of stocks participating in a market move) is one of the best indicators of the trend and of a change in trend.  Situations where the “generals” prosper while the “privates” start to get beat up historically bode poorly for the market as a whole. As the saying goes, “one day does not a trend change make.”  The current breakdown in breadth would have to persist and be confirmed by volume for me to conclude the bull is over.  The market has looked like it might break more than once during this 40% rally from early October, 2011.  A strong employment report Friday could once again put a bid under the broader market.  I am just cautioning that if one were looking for signs that stocks were making a top, failing breadth – which we have not seen at any time during the rally - is one of the classics. --Mark Carlton, CFA Past performance is no assurance of future results.  Trademark Financial Management, LLC (“Trademark”) is a registered investment adviser with its principal place of business in the State of Minnesota.  Trademark and its representatives are in compliance with registration requirements imposed upon investment advisers by those states in which Trademark operates. Trademark may only transact business in those states in which it is registered or qualifies for an exemption or exclusion from registration.  This newsletter is limited to the dissemination of general information pertaining to its investment advisory/management services. Any subsequent, direct communication by Trademark with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of Trademark please contact Trademark at (952) 358-3395 or refer to the Investment Adviser Public Disclosure web site (www.adviserinfo.sec.gov). For additional information about Trademark, including fees and services, send for our disclosure statement as set forth on Form ADV from us using the contact information herein or by calling 952-358-3395.  Please read the disclosure statement carefully before you invest or send money.

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