MARY BERSOT CFA — The US stock market is held hostage to the European headlines which are contributing to wild swings in prices and investor uncertainty.  Europe will move in the right direction at some point and the strength in our economy will overshadow these concerns. In the meantime fear of a severe recession in Europe or a falloff in emerging market growth could aggravate the problem.  These concerns, which are valid, will cause our market to be volatile well into 2012 and investors will remain on sidelines. If this isn’t enough, our deficit reduction debate in the midst of election rhetoric will cause more confusion and volatility in our market. Our focus on economic headlines is unprecedented.