Economic measures and earnings season has taken a back seat to the continuing drama in Washington.  While the debt ceiling debate and government shut-down drones on, the market has been moving in lockstep with the rumors of the day.  After declining over 4% since the middle of September, the S&P has roared back 3% over the last 3 days with the hope that an impending deal to reopen the government is near.  The intra-day volatility has been extreme as the Dow traded down over 100 points yesterday before finishing up 64 points.  The markets are jittery and it is never a good feeling for  an investor to be beholden to politicians for the next market move.  Hopefully, things will be settled soon and investors can look again at real barometers of where the market should be - economic measures and earnings reports.

WHERE WE ARE HEADED 

HOW WE ARE DOING

Since our last missive, I took a trip to Colorado to visit with a mutual fund company and other like-minded advisors.  It was an informative trip hearing from some of the sharpest portfolio managers and talking to peers.  I always enjoy going to Colorado and managed to spend an extra day to fly fish the Arkansas River.  As unpredictable as Tennessee weather is, I believe Denver has us beat.  I arrived to 80 degree temperatures with a 60 degree drop over the next 2 days and 6-8 inches of snow.  We headed Southwest to get to "warmer" temperatures to fish.  Even still, we were fishing in 40 degree weather with flurries in the air and a driving wind.  Despite the weather, it was a great day as I managed to catch 3 brown trout and my largest one ever - on my first cast no less!   As much as I love Denver, I was glad to get back to the 70's of Tennessee.   

Sam and Bo

We continue to make posts to our blog throughout the week so check it regularly if you want to see our thoughts.  You can access it by following the link below. 

THE GREATEST COMPLIMENT

In these uncertain times, a trusted financial adviser is more important than ever.  Whatever comes over the upcoming months and quarters, the markets are certain to have lots of volatility and wild swings.  Europe, the US economy and dysfunction in Washington, and continued trouble in Iran and the Middle East to name just a few.  If you have family, friends and neighbors that may benefit from our services, would you please forward this email and/or provide our contact information to them.  We purposefully do not spend time marketing our services so that we can devote all of our resources to managing your assets.  Thank you to all who have provided us referrals - it truly is the greatest compliment you can give us.      

Remember to visit our blog for market comments and observations in between newsletters.  We try to provide a few comments in between newsletters and certainly when there is a particularly interesting market day.  You can access it by clicking here. 

Published by Sam C. Bills, Jr.  Copyright � 2008 Bills Asset Management.  All rights reserved.

BAM Market Wrap is produced and distributed regularly via email by Sam C. Bills, Jr. of Bills Asset Management  3001 Flagstone Drive, Franklin, TN 37069 Phone (615) 371-5928 Fax (615) 250-4903 - www.Billsasset.com

Bills Asset Management  is an independent registered investment advisor (RIA) not associated with any financial institution.  Data used in this publication is gathered from reliable sources, although completeness and accuracy cannot be guaranteed.  Performance results do not take into account any tax consequences and are not predictive of future results.  This publication does not give any specific investment advice, does not provide financial planning services, or consider any individual's financial situation, needs or goals.  This publication may not be reproduced or retransmitted in whole or in part without the consent of the author, Sam C. Bills, Jr.

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