I have always loved Boston. My first recollection of the city was when my parents and I used to fly into it spend a night, or two, and then head for our house in Nantucket. Boy, I wish I still had that house. In later life we use to visit the city to see portfolio managers with Fidelity of particular interest. Back then Fido was located on Devonshire not far from Faneuil Hall. It was a heady time when the great secular bull market of 1982 – 2000 was just beginning. Of interest is that in the early 1980s the analysts were not allowed to have a quote machine in their office so they would spend their time reading Qs, Ks, annual reports, etc. Consequently, in the corner of the hallways there was a Quotron Quote Machine and on the “watch buffer” were the favorite stocks of all the analysts. We used to take a small camera with us and when nobody was looking take pictures of those “watch buffers” and do the research on those names when we returned home; but I digress.

Last Wednesday we once again flew into Logan and felt queasy along the way. Chalking it up to a rough airplane ride we took some medication and headed off to a dinner meeting. During that meeting, and a few glasses of wine but nothing out of my ordinary consumption, it proved to be too much. Shortly after dinner “I hit the wall.” The next morning, I felt a little better and was able to make my presentation to the 200 folks attending the NICSA conference. However, by Friday’s plane ride back to Saint Petersburg I was really sick making the ride discomforting. And while we were flying, the stock market was having some discomforting moments of its own with the D-J Industrials (INDU/26770.13) off some 255-points. Yet, the Dow Dive was not as bad as it appeared on the surface because Boeing (BA/$344.00) was off nearly 7%, which accounted for roughly 175 of the Dow’s 255-point slide (the Dow’s Divisor is ~0.1474807). Given that, without Boeing, the Dow was down ~85-points last Friday.

Friday’s Fade took away what was shaping up to be a decent week for stocks driven by numerous good news data points. For the week the Industrials lost 46.39-points closing lower for the fourth time in five weeks. Meanwhile, the S&P 500 (SPX/2966.20) gained 0.54% and the NASDAQ was up 0.40%. Advancers versus Declines were positive at 1898 versus 1139, as were New Highs versus New Lows (303 vs. 101). Such figures confirm our models that show this is merely a pause in the short and intermediate trends with no damage to the primary trend of the secular bull market.