Model Comment Archive
September 8, 2010
The last week has seen a sharp jump in equity prices thanks to surprise reactions of key economic number releases. Stadion's Investment Model still signals a high risk investment environment. While just three days does not constitute what we would consider a sustained trend, it has caused the Stadion Investment Model to change course and begin to improve. Short term price trend and market breadth measures are moving toward positive indication. We will continue to wait patiently for market prices and underlying trading data to tell us when there is solid probability for positive performance. As always, we continue to monitor the markets and the Stadion Investment Model for any changes to current market dynamics, and will make changes to the portfolios as necessary. - SMM-092010-205
September 1, 2010
The equity markets continue to grind sideways, and as each day passes lower trading volumes seesaw the markets up and down; though the trend for August remains decidedly negative. The S&P 500 has been range bound between the 1045 and 1065 levels for over a week, with market participants failing to force the markets into a meaningful trend, positive or negative. As we move forward we continue to monitor the trading environment for any substantial changes, however the 1040 technical support we have mentioned in previous commentaries remains a focal point for the market. Until some catalyst gives the markets a bearing to decide what direction to go, we will likely continue to see this range trading pattern. Once we see the markets begin to move, it may go quickly, especially if the move is to the downside. With market volumes at such historical lows, it seems that a large down move is much more likely than a quick large up move; but we don't speculate, we simply follow our time tested model. With the Stadion trend indicators continuing to deteriorate, and market breadth signaling a high risk investing environment, we continue to position our portfolios defensively in cash and fixed income ETFs. Until a strong positive trend is established we will remain in our current allocations, and wait to return to the equity markets when there is a higher probability of positive price performance. - SMM-082010-188
August 25, 2010
The S&P 500 has now declined over 6% from the overhead resistance at the 1130 level, reached in early August. Trading volume has continued to decrease steadily over the last few weeks, with several of the lowest trading days of the year occurring recently. With the equity markets continuing to slide, all of Stadion's trend indicators are now off, and continue to trend in the negative direction. Market breadth also remains unfavorable with large declining volume versus advancing volume and the new high new low ratio sliding as well. Investor sentiment measures also confirm adverse flows from small caps to large caps, and an overall flight to quality within all market segments. The S&P 500 is very close to reaching the technical support level at 1050, established in February and retested again in June. If the market declines through that level we will likely see it fall to the next support level established in July, at 1025 on the S&P. On the other hand, we could see investors begin to take advantage of depressed prices at the 1050 support, and increase prices. We are now at a crossroad, and the Stadion Investment Model is well positioned to take advantage of whatever happens. If the market declines, we are already defensively positioned to minimize any drawdown. If on the other hand the market begins a new upward trend, the Stadion Model is close enough to a positive signal that we should be able to begin adding equity allocations shortly after the trend begins. For now we will wait and see what the market has in mind, and make any changes to the portfolios as necessary. - SMM-082010-180
August 18, 2010
Market trading volume has reached a nadir for the year, with the three lowest volume days of 2010 having all occurred during the last week. Except for one large gap down to open trading following the Fed announcement, S&P 500 price action has been bound between in a 30 point range above and below the critical 1100 level over the past couple of weeks; while the low trading volume would seem to indicate that market participants are unwilling to add more risk to their portfolios currently. This recent market weakness on the heels of negative internals, price, and relative strength has caused the Stadion Investment Model to signal for a higher risk market environment. As we mentioned in our last update, overhead resistance established at the June high level was proving to be a solid barrier to positive price performance. The combination of the market's inability to break through that resistance and the negative reaction to the Fed's acknowledgement last week that there would be slower economic growth than expected in the near term, caused a large price gap to occur prior to the opening on August 11. With the gap down and ensuing instability in the market during that trading session, the Stadion Investment Model, as designed, dictated our sell criteria. Most of the indicators within the Stadion Investment Model are near their signal lines, meaning that if a positive short term trend is established with confirming market internal data, we can quickly begin to assess the strength of the market, and react as necessary. If however a positive trend fails to develop, we will remain in our defensive posture until the Stadion Investment Model signals a higher probability of positive price performance. - SMM-082010-173
August 10, 2010
The markets have been in a fairly tight trading range for a little more than a week now. The short term trend is positive but overhead resistance from the June high levels are proving to be a tough challenge to clear . Overall market volume has decreased steadily over the last few weeks, but when we compare advancing volume to declining volume, we see that advancing volume has decreased at a much faster rate. This does not necessarily imply that this is a higher risk market, it simply indicates that the positive volume that had been pushing the markets higher during July has now waned, as market participants wait for some economic factor to drive prices into a new phase. The Stadion Investment Model continues to signal for full equity allocations, based on risk objective. In the last week we have seen our longer term trend indicators beginning to participate, with recent positive price action taking precedence and negative movements from April and May being weighed less heavily in the calculations. As the model continues to signal for allocations to the equity markets, we continue to vigilantly monitor our current positions, as well as the Stadion Investment Model, for any changes. We are well positioned during the current sideways trending market to react to any changes moving forward. If the markets breakout to the upside we are positioned in selected equity ETFs to participate in any positive price movements that may occur. If however the markets breakout to the downside, we will be able to quickly move our portfolios to more defensive positions, and protect our clients' "serious money". - SMM-082010-168
August 4, 2010
During the second quarter of 2010 the major market averages posted losses north of 10%. July, however, brought about a much needed reprieve with positive price appreciation. To start the month the S&P traded down to levels not seen since August and September of 2009, wiping out almost 10 months of gains. Technical damage was broad as support levels were broken in this downtrend. A common market breadth measure, the NYSE McClellan Summation Index, dropped to levels not seen since March 2009. The S&P 500's drop stopped just short of "bear" market levels as macro-economic fears were being priced into microeconomic fundamental values. While there are multiple points of view on market catalysts, all that we know is during the month of July, price action improved. What separated this move from the short-lived bounce in June is that market internals (the vitality of the market) supported and confirmed this price action sufficiently to move Stadion's Investment Model to a positive reading for the first time since early May. What differentiates Stadion from other strategies including typical buy and hold is that we do not forecast. Our investment decisions are driven by unemotional technical analysis to avoid adopting any particular point of view that might bias our allocation choices. From the beginning to the end of July changes in market behavior produced two very different investment environments. The flexibility of our tactical unconstrained investment philosophy allows us access to the best performing assets classes based on the health of the market and emerging trends. In tactical portions of our portfolios we started July defensively, holding cash and fixed income investments. By the end of the month our allocations, depending upon risk tolerance, were focused on equity. Just as we saw a change to a favorable environment in that short a time order, the reverse can happen as well. While the mandate is growth we will seek to concentrate in the best relative performing asset classes until our Investment Model's focus turns to safety. We appreciate the confidence you've placed in Stadion, and invite you to contact us any time you have questions. - SMM-082010-152
July 27, 2010
Strong price performance combined with improving market technicals has pushed the Stadion Investment Model to an improved indicator reading. Short term price trend indicators have been improving since July 6th, and with the market appreciation we have seen short term Advance Decline measures as well as Up Volume Down Volume components turning on. The price action has been confirmed by several trend indicators, and our longer term market breadth instruments continue to improve as well. During the last week we have begun increasing allocations to the equity markets with broad domestic and foreign market exposure. As the markets continue to improve, we will likely be adding more sector and style specific exposure to the portfolios, in an attempt to capture as much performance as the market will allow. With the addition of equity exposure in the portfolios, we will continue to diligently monitor the markets and our portfolios with sell criteria placed on each individual holding. If any holdings decrease to their sell criteria, we will swiftly move those positions out of the portfolios, and reposition ourselves to a defensive posture. - SMM-072010-143
July 21, 2010
We have mentioned before that volatility cuts both ways, up and down. The last few weeks since early July have been a stark reminder of that. Following a nice run up in prices, the markets have fallen back several percentage points, and are continuing the recent sideways trend started in mid May. For the Stadion Investment Model, a sideways trend is not necessarily a bad thing; it allows our indicators time to get back to a more neutral reading after descending to an extreme negative level as a result of the market selloff beginning in April. The longer the markets continue to seesaw, the closer Stadion will be to putting assets to work in the equity markets quickly when a rally finally begins. Until market breadth has improved to the point that the Stadion Model calls for a shift in allocations, we will continue to defensively position the portfolios in cash and fixed income ETFs. - SMM-072010-129
July 13, 2010
The last week has brought us a pleasant short term reversal of the negative market trend that began the last week of April, with the S&P 500 increasing over 6% during the last 5 trading sessions. However, this run has been supported by very low volume. Last Friday was the lowest volume day of the year only to be outdone by Monday's new record low based on number of shares traded. In addition, the S&P is still below its 200 day moving average, an often used technical barometer. With the increasing price movement, we have witnessed a leveling off in our model. Many of the market breadth indicators have begun to increase, albeit from a decidedly negative level. This has started to move us closer to adding some small equity allocations. In order to move from our current defensive positions in cash and fixed income ETFs, we will need to see continued strength building in the price trend, as well as market breadth measures like Advance Decline and Up Volume Down Volume. We will continue to monitor the markets and the model, and will make changes to our allocations when that change is warranted. - SMM-072010-090
July 7, 2010
Following four negative days to close out last week, the markets are trading at fresh 2010 lows. Many of the major indices are now nearing the decline levels generally accepted as a "bear market" at minus 20%. The rally that occurred in mid June had the Stadion Investment Model moving in a positive direction for the first time since the market peaked in late April. However all of that positive momentum is now gone, and the Stadion Investment Model is once again heading deep into the defensive signals. Several market breadth measures are reaching negative levels not seen since 2008, indicating that not only are market prices deteriorating, but underlying market internals are weak and confirming the severity of the current market declines. While we do not make predictions about the direction of the markets, we simply react to what's happening now and what has happened recently, the Stadion Investment Model continues to signal for defensive allocations to cash and fixed income. We will continue to comfortably watch from the sidelines protecting our clients' hard earned assets during these types of distressing portfolio declines. - SMM-072010-063
June 30, 2010
The markets have retreated further during the last week, and are now retesting the lows from February. Consumer confidence is waning, and a growing fear of a double dip recession has pushed the markets lower each day. Technical support at the 1045 level of the S&P is now well established, having been tested in early February prior to the February-March-April rally, and being retested again in late May and for a third time in early June. If selling pressure forces market prices lower, and formentioned support turns into resistance then the potential for further price depreciation exists. The Stadion portfolios are currently defensively positioned in cash and fixed income ETFs, and should a decline occur we are well positioned to handle that market action. If on the other hand market participants find the current prices attractive, and a positive trend builds with confirming market breadth data, the Stadion Investment Model should quickly signal for increased equity allocations in the portfolios. - SMM-062010-051
June 23, 2010
The recent rally briefly pushed the S&P 500 above its 200 day moving average which is seen as a positive signal in classical technical analysis. The positive price action in the markets since June 8th gave renewed strength to the Stadion Investment Model, and we have begun to see a basing pattern in many of our indicators. This is positive news; however, declining volume has increased in the last few days, giving pause to the markets. For the model to begin to signal for new equity allocations the market price action must continue its recent upward trend, and we must have continuing confirmation from market breadth data. We will continue to monitor changing market conditions, and will make necessary adjustment to portfolios as market conditions and the investment model warrant. - SMM-062010-043
June 15, 2010
The Stadion Investment Model continues to signal the highest level of risk as the equity markets are still in a downtrend. Volatility in these types of downtrends can be severe and cut both ways. The quick pop off of S&P support near the February lows has quickly turned sentiment of financial media more bullish. For risk levels to abate we must see signs of improving internals and positive price action. Yesterday the S&P failed for a 3rd time to trade above the 200 day moving average. For probabilities of positive price expectancy to be on our side, which will allow us to move some assets back into equities, we will need to see vast improvement. Trading and holding above the 200 day moving average is just a first step. As always, we are monitoring market dynamics daily and will tactically adjust our portfolios as market conditions warrant. - SMM-062010-038
June 8, 2010
Little has changed in the markets or in the Stadion Investment Model in the last week, however we do have a quick update on our positioning and outlook. Continued price weakness has now officially made the current drawdown a market correction, defined by a greater than 10% drawdown. The Dow Jones Industrial Average has now lost 12% since the April high, the S&P 500 has decreased by 13.5%, and the Nasdaq Composite Index has lost almost 14%. The beginning of this correction pushed the Stadion portfolios into our fully defensive position, and the continued weakness in the markets and confirming negative market breadth data has kept us in those defensive positions ever since. Looking forward, if the equity markets begin to show signs of improvement in market price action, that movement will quickly be reflected in the indications of the Stadion Investment Model and we will adjust our allocations accordingly. Until then we will watch comfortably from the sidelines. - SMM-062010-028
June 2, 2010
Closing out May the markets finished with their worst monthly return since February 2009, and the worst performance for the month of May since 1940, with the major indices down between 7 and 8%. Only 5 out of 20 trading days in the month had positive performance of greater than 1%, while 9 days were worse than 1%. The European sovereign debt crisis continues to be a major contributing factor weighing market prices down. With the markets continuing their negative slide, the Stadion Investment Model is signaling that a positive price trend has failed to materialize in the markets, and in conjunction no underlying market breadth data has developed to give confirming indication that a price reversal is on the horizon. We will continue to monitor the markets as well as the Stadion Investment Model for positive indications of a reversal in market trend. Until then all portfolios are currently defensively positioned in cash and short term fixed income ETFs. - SMM-062010-023
May 25, 2010
The markets continue their wayward slide, with little positive price movement through the last week. Continued global angst over the sovereign debt crisis in Europe, potential conflict in Korea, and increasing bank borrowing costs, as well as decreasing global demand for commodities continue to weigh on the markets. As these global situations unfold, the markets remain in their recent negative trend. The Stadion Investment Model continues to analyze the daily flow of incoming market data. Currently all major indicators within the Investment Model are giving negative signals, and they are continuing to dive deeper into the negative level on a daily basis. Until the markets stabilize, and a strong positive price trend develops with supporting market breadth data, the Stadion Investment Model will continue to have us in a defensive posture. All portfolios are currently defensively positioned in cash and short term fixed income ETFs. - SMM-052010-017
May 19, 2010
Over the course of the last week, the markets have continued to swing wildly up and down with incredible volatility. Each day as positive or negative news regarding the European debt issues emerges, the markets react violently in the corresponding direction. However it seems that with each passing day the situation changes to the other side, and no strong conviction has developed regarding the potential outcome. These excessive market price movements continue to be read as a negative indication within the Stadion Investment Model. Our market trend indicators continue to deteriorate with the market's overall sideways movement. In addition, market breadth has continued to drive our other indicators in the negative direction. Presently we have declined to our our Red market environment, which is a high risk market in our opinion. Having recently come out of the Orange and Yellow market environments, it would take an extreme reversal of market prices and a very positive and sustained trend with confirming underlying data to have us putting assets back into the equity markets. While other market participants try to decide how they should handle the temperamental market condition currently prevailing, we will continue to wait for the market data to show us that positive trends are in place, with positive supporting data.
May 11, 2010
The markets have now had a few days to digest the mayhem that ensued last week. Volatility remains high though, with the markets gapping up over 4% to open trading this week. Swings in confidence over bailouts of sovereign debt continue to weigh heavily on the markets, as constantly changing sentiment is driving the markets higher and lower on a daily basis. Reflecting increased price volatility and deteriorating market internals the Stadion Investment Model signals an Orange market environment. Continued positive response to the ECB sovereign guarantee package should help stabilize the downward pressure our indications are experiencing. We will want to see positive expectancies in place, mainly through higher price levels, increased issue participation and liquidity before moving our assets back into equities. The declines early last week pushed all of our holdings to their specified sell criteria, and positions were sold as they crossed through that sell criteria. By the end of the week all portfolios were in their most defensive positions. Right now risk levels do not warrant equity exposure so we will comfortably wait for a more opportune time. With volatility comes increased emotion which we will not let blur our long term objective of balancing safety and return.
May 5, 2010
News stories over the last week have caused the markets to seesaw back and forth wildly, with several large up days and several large down days. While market commentators would like to make guesses about what this means for the future, we will simply continue to react to what is happening now, and the information we have gathered about the market in the past. When we are invested our first line of defense within the Stadion Investment Model is the sell criteria for each holding. If we are forced to sell a position, we will move to cash, and wait to see how the Investment Model reacts to the changing market conditions. So far, we have not seen any drastic changes to the Stadion Investment Model, and the model continues to signal for equity investment. One of our trend confirmation measures has turned off, which, per Model rules, has thus far stopped us from increasing investment at this time. Until the Stadion Model gives us stronger confirmation of a positive trend, we will remain at our current equity exposure, and keep a close watch on our current holdings.
April 28, 2010
Several strong days in the markets following positive earnings reports last week have been interrupted by sovereign debt problems in Europe. Greece's debt has been downgraded to junk status, and there is fear that Portugal may be next. It is in these times of uncertainty that the Stadion Investment Model and our investment process give us comfort because we don't have to guess if the market will continue up or turn down. While the severe downside volatility over the last two days may be prelude to a coming change in trend, up to this point none of our positions have had their sell criteria in jeopardy. The Stadion Investment Model continues to signal its lowest market risk reading, and we remain targeted at full equity allocations based on risk tolerance. Of course should a position reach its individual sell criteria, it will be quickly moved to a more defensive position. Also, along with our daily monitoring of current and potential ETFs, we will evaluate all holdings as potential trade up candidates and replace them as needed to position the portfolios for the best possible performance, given risk tolerance.
April 21, 2010
Early last week the equity markets seemed robust with the retail sales report showing a strong increase in spending, indicating a growing consumer confidence in the improving economy. That exuberance quickly dissipated though with the announcement that the SEC had filed a civil suit against the investment banking firm Goldman Sachs. Needless to say this sent shock waves through the markets, most notably the financial sector. Given this news, it is no wonder that the market sold off as heavily as it did at the end of last week. During that volatility, several of our positions crossed their sell criteria, and were moved to cash. These included XLF (SPDR Financials), IYF (iShares DJ Financials), and IYR (iShares DJ Real Estate). This is exactly why we utilize our sell criteria, even in the Green market risk level of the model; to handle this type of news driven price action that cannot be seen in any indications. Currently, with the Stadion Investment Model near its lowest market risk reading and continuing to signal for full equity allocations based on risk tolerance, once the markets stop showing weakness allocations will be purchased to bring all portfolios back in line with the model. However, as always we remain cautiously optimistic and all holdings will continue to have sell criteria placed on them. If any positions cross that sell criteria we will move to a more defensive position, and wait for a better opportunity to make our investments.
April 14, 2010
The Stadion Investment Model remains near its most positive market risk reading, and it continues to signal for full equity allocations in all portfolios, based on risk tolerance. With the equity markets continuing to perform, and the portfolios fully invested in strategically targeted positions using the Stadion ETF Selection Model, the portfolios are well positioned to continue to fully participate in the current positive trend environment. As always we monitor all positions on a daily basis looking for any signs of weakness relative to the markets or other potential positions. And if any holding begins to underperform its peers, we will take swift action to trade up to a better relative performer. Stadion sell criteria remains in place on all positions, and should any position breach that criteria, it will be promptly moved out of the portfolios.
April 7, 2010
The much anticipated release of key economic data from the Labor Department at the end of last week gave yet another boost to the markets. Positive market technicals combined with positive macroeconomic news has continued to give edge to the bulls, and the investment model has us positioned to participate. While the markets are performing, there has been no material change in the Stadion Investment Model, and it continues to signal for full equity allocations in all portfolios, based on risk tolerance. With the markets continuing to make gains, we remain on the lookout for potential trade up candidates, to replace current positions whose price action has exhibited relative underperformance. In addition, the Stadion sell criteria remains in place, determined by the market risk level of the Stadion Investment Model. Should any position breach sell criteria, it will be sold, and capital moved to a more defensive position.
March 31, 2010
Several days of sideways moving market action have not yet had a negative impact on the Stadion Investment Model. With market breadth indicators remaining well above their signal lines, and market trend measures continuing to signal positive indication, the Stadion Model remains at its lowest market risk reading, giving indication for full equity allocations. As this rally has evolved, some of the sectors and styles that were performing early in the rally have stagnated, and have underperformed recently on a relative basis. With that in mind, trade ups have been initiated recently with the intent of having the portfolios in the best possible position to take part in the current market performance. As always, if the market reverses we will take the necessary steps to protect our clients' assets, and move to more defensive positions as needed.
March 24, 2010
Several days of uncertainty surrounding new healthcare legislation seemed to slow the recent rally at the end of last week. But with a strong push to start this week that uncertainty seems to have moved to the background and the Stadion Investment Model continues to signal for full equity allocations. As this rally progresses, we continue to vigilantly monitor current and potential holdings for trade up candidates, and will make changes to portfolio allocations should the need arise. With the model near its highest market reading, and with the market continuing to climb, all holdings are performing well at this time. However, if the market changes course, and sell levels are breached, we will swiftly move to a more defensive position as warranted.
March 18, 2010
Investor sentiment, price and market breadth measures all continue to remain positive. The result is the Stadion Investment Model continuing to indicate it's most bullish market reading. When the Stadion Investment Model indicates that the markets are conducive to investment we attempt to seek out the investments which look poised to perform best in the current environment. We will continue to monitor the ETF universe for potential trade up candidates to determine the best allocations for optimum risk/return and as always will monitor the current holdings for deterioration.
March 10, 2010
With the Stadion Investment Model picking up on recent market trends and with market breadth and investor sentiment measures confirming the positive trend, the Stadion Investment Model is currently signaling for full equity allocations. As we monitor the holdings, we will be aware of potential trade up candidates, or current holdings with recent relative performance that is not in line with other potential positions. If a trade up candidate is identified, we will make the necessary allocation changes at that time. As always, if recent trends rapidly reverse, the strict Stadion sell discipline will act as a safety net to limit draw downs in the portfolios.
March 3, 2010
In the last three weeks the markets have climbed 5%, while only experiencing one day of large downside volatility. This positive price trend was picked up on by the Stadion Investment Model relatively quickly. However, it took some time for the market breadth and investor sentiment measures to turn on and confirm this positive market movement. With our model now signaling for increased allocations to the equity markets, we will begin legging into the market. As we add positions, we will overlay our ETF Selection Model to determine the positions with the best recent relative performance, to insure that we will be able to grab as much performance as the market will allow. Once our positions are in place, we will use our ETF monitoring guidelines to help us capture as much of the positive trend as possible should the recent market performance continue. If the trend reverses however, we will be swift to move to a more defensive position to protect our clients assets.
February 24, 2010
As we move further into the quarter, we continue to see signs that the market could be in transition from short-term negative to positive trend. Several of our indicators have begun to move in a positive direction, albeit from a negative level. Those which monitor investor sentiment, or are shorter term in nature are giving positive indications.
February 17, 2010
As we move further into the quarter, we are beginning to see signs that the market could be in transition from short term negative to positive trend. Several of our indicators have begun to move in a positive direction, albeit from a negative level, and those which monitor investor sentiment have actually given positive indication. This of course indicates that small caps are outperforming large caps, which is a positive.
February 11, 2010
Over the past week the Stadion Investment Model has continued to signal a high risk environment and continues to witness deteriorating market internals and price action. This combination has resulted in low expectation for sustained market appreciation for which we are content to sit in a more defensive position.
February 3, 2010
Where is the market headed? Nobody knows. It is disconcerting that in the final week of the month, resolution to some uncertainty catalysts (State of the Union and Bernake confirmation) of the prior week were resolved only to be met with more downside market action. Failure to rally from oversold levels in the face of clarity and positive economic news, the release of the 2009 Q4 GDP at 5.7% which was the fastest growth pace in six years, only further abets our premise to "play it safe."
January 27, 2010
What a difference three weeks can make. After a strong first week, sideways second, the third week of 2010 was thoroughly bad in the markets. The last 4 trading days saw most of the major indices decline more than 4%: the Dow Jones Industrial Average dropped 4.93%, the Nasdaq Composite declined 4.72%, the S&P 500 was down 4.65%, and the Russell 2000 dropped 4.78%.
January 20, 2010
This week the Stadion Investment Model continues to give its most favorable market risk reading, and our clients are positioned to participate in any increases in price levels in the equity markets. When the Investment Model signals this type of market environment we monitor our current holdings, and all available ETFs for potential trade up opportunities using the Stadion Security Selection model. As always, we remain vigilant in monitoring our holdings, and if any current holding falls below its sell criteria, we will quickly move to a more defensive position.
January 13, 2010
The Stadion Investment Model continues to give its most favorable market risk reading, as well as continuing to signal for all profiles to be fully invested in equity markets, based on risk tolerance.
January 7, 2010
The Stadion Investment Model continues to give its most favorable market risk reading, as well as continuing to signal for all profiles to be fully invested in equity markets, based on risk tolerance.
Past performance is no guarantee of future results. Investments are subject to risk, and any of Stadion's investment strategies may lose money. Investment return and principal value of an investment will fluctuate so that an investor's portfolio may be worth more or less than their original investment. The investment strategy presented is not appropriate for every investor and individual clients should review with their financial advisors the terms and conditions and risk involved with specific products or services. Stadion's actively managed portfolios may underperform during bull markets.