U.S. Federal Reserve leaves rates unchanged, but



Korea and Canada raised their interest rates this

week?all the more reason to hold currencies other

than the U.S. dollar.



OUR CLIENTS' PORTFOLIOS

We are holding resource and foreign companies for

our clients. We hold very few U.S. stocks that

are not involved in resource industries.



AS WE HAVE SAID RECENTLY...A GLOBAL MARKET RALLY

IS UNDERWAY

Take your pick. Most countries are enjoying a

good summer rally with many new highs. Let's

start with the I's, India and Indonesia, then

Singapore, Thailand, Philippines, Hong Kong,

Korea, and even Japan is flirting with multi-year

highs. China has had a good rally but it is still

below the highs of May and June.

How about the Americas? Canada, Brazil and

Argentine are at new highs. Even the U.S. is in

new high territory. Europe also has many markets

hitting new highs.

Global liquidity patterns are strong. Central

banks are supplying excess liquidity and someday

it will all come to an unpleasant end. However,

the sun is out today and we will enjoy the good

financial weather and keep an eye our for rain

clouds. The year has been a good one and we will

want to protect our profits. We expect a good

market rally through August and then we will

watch for a fall correction, so we expect to take

a lot of profits in mid to late August, and then

recommit after the expected seasonal pullback.



U.S. MARKET

As many of you may know, the last six decades the

mid October to mid May period has been the best

for U.S. stocks, with May and June usually weak

and July-August often providing a summer rally,

followed by a decline in September and early

October. This pattern is not a guaranteed annual

event but it sometimes works out that way.



GLOBAL MARKETS

Other parts of the world have different patterns

and are driven by a much different, and currently

much better, fundamental backdrop. Globally

corporate profits are growing much faster than in

the U.S., global economic growth is much faster

than in the U.S. and so on.

We expect a continued uptrend in the better

global markets punctuated with periods of

correction. For the past several years, the wise

approach has been to buy during these periods of

correction. We plan to continue that approach.

Thanks for listening

For More information on global investing visit

http://www.howtoinvestglobally.com and for More

information on Guild Investment Management

Services visit http://www.guildinvestment.com

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