Stocks closed modestly higher, this despite some jitters from the Open Market Committee of the Federal Reserve post meeting announcement that it would begin shrinking its bloated $4 trillion balance sheet beginning in October by allowing $6 billion of Treasuries and $4 billion of mortgage-backed securities to mature each month. We continue to favor the technology, health care, industrials and financial services sectors. Economic fundamentals are strong enough, corporate earnings have come through and interest rates should remain low – all factors that should provide support for equities near these levels. We have noted continually that there remains an upside bias and the downside appears somewhat limited. We see no reason to alter this posture. However, we believe that any substantial move upward would be as a result of a catalyst such as tax reform. In addition even if the upward trend that has been in place since the election is broken it is still difficult to envision a bear market. For now, we continue to be tilted toward the optimistic side. Stay diversified. There is no need to be a hero. Your portfolio must be measured against your long-term objectives. Do not be caught up in the day-to-day noise of the markets.