Stay cautious: this market won't top 2007 high

Covestor portfolios: Tactical All Asset and Tactical Growth

Bottom Line: Stocks have room to move higher. However, they probably will not exceed their 2007 high. Asset protection is essential. A 100% cash allocation will be employed.

Ø Long-Term Stock Pattern (3-5 yrs) – Bearish, lower stock levels ahead

Ø Intermediate-Term Stock Trend - Bullish, stock prices have room to move higher

Ø Short-Term Stock Volatility - Bullish, stock prices have room to move higher

Ø Inflation –

· Developed Economies - At or above target (except Japan)

· Emerging Economies - Above target

Ø CURRENT ASSET ALLOCATION OBJECTIVE – PROTECTION

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