June 2012 Dividend Gems Opening Statement

As we progress through the “meat” of the global macroeconomic risk cycle, the U.S. stock market continues to correct in accord with our forecasts (as published in the Intelligent Investor). Despite the recent lows made in the Dow Jones Industrial Average of 12,003 on June 4, the market rallied in lue of continued negative developments in Europe. However, we feel this rally is not likely to reverse the bearish intermediate-term trend.