Fear is rising as the market falls. We have been suspended in mid air, waiting for the market to break out of a narrow trading range. Suddenly, we break the range, stocks fall and anxiety rises. We need to put things in perspective. The S&P 500 is up 104% in the past five years, 1.27% over the past twelve months and is now down 2.99% year to date. It wouldn’t be surprising to see a 10% decline before this is over as stock prices move more in line with earnings and expectations. The market has not “tanked”. In fact, if we take a long-term view then this is positive. The market has been on a bullish tear for 6 1/2 years and a pull back is expected. Risk aversion is heightened and the good stocks get sold off with the bad. There is opportunity.