It was a pretty quiet week at the offices of Alhambra Investment Partners. Not because there was no activity going on inside, but because clients weren’t panicking and calling about their accounts. Inside, the staff was busy assessing one of the most volatile markets most of us can remember. Fortunately we were prepared, having maintained high levels of cash since April. In the course of the week, we re-balanced our core portfolios and made some smart allocations on behalf of our clients.

At the end of the week, the NASDAQ was almost flat and the S&P 500 shed only 1.8%. For the week, the biggest gainers were Gold and the 30-year Treasury Bonds, gaining 5.8% and 3.4% respectively.