Camarda Financial Advisors, LLC

FLEMING ISLAND, FL - Camarda Financial Advisors, Inc., a Southeast regional fee-only investments manager, today publicly released a new Chairman’s Communiqué:

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Kim, the kids and I spent the past week out of town, but we seem to have missed a mostly upbeat one. Fortunately, I was able to grab an Economist, plus a (London) Financial Times here and there, God save the Queen.

Steep Yield Curve Ahead! Apparently fueled by sanguine noises from the Fed, the Treasury yield curve (the difference between short and long term interest rates) hit an all time record, signaling that while money will cheap (if not yet particularly easy) for awhile yet, the markets expect a return to normal conditions – a strong economy and higher rates – in the years to come. While I could talk pages about this, I know you don't care that much. Bottom line is very high probability of strong economic recovery. Most important bottom line: this is historically a very bullish sign for stocks. The signal flashed in 1992 – before the explosive bull market lasting until 2000 – and again in 2003, right after the bottom and heralding the strong cyclical bull which ran nearly to 2008. Note that the signal is stronger now than ever, ever before.

Depression Lesson Deja Vu? Some may remember the old Glass-Steagall act, passed in the depths of the Depression, which separated banking and securities brokerage/investment banking as too dangerous and tempting a combination. The act was (I think foolishly) repealed in 1999, precipitating (some of us think) the massive greed-driven meltdown that has most of us now counting our pennies. On Wednesday, Senators McCain and Cantwell introduced a bill to repeal the repeal, as it were, in my view a most capital idea, one which I wish all the luck in the world. Oh, but what now to do with Bank of America/Merrill Lynch, Wells Fargo/Wachovia, and all those other Uncle Sam at-the-shotgun banker/broker marriages of just a year ago, in the springtime of the doom?

In case I don’t get to catch up on the Barron’s Bits (I write this Sunday night on the plane, and that paper’s still in the box) this holiday week, let us take this opportunity to wish all a restorative and loving holiday season, and the happiest of Christmases to all those who celebrate it!

Jeff, Kim, Dylan, & Dante Camarda

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These communications are written for Camarda clients and those on its priority email list, then released to the public after priority dissemination.

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Camarda Financial utilizes the trademarked ISIS® investment process, invented by Chairman Jeff Camarda, CFP, ChFC, CLU, CFA, CFS, BCM, and is based in Jacksonville, Florida.

Important Information – Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment strategy or product made reference to directly or indirectly in the communique will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or position. Moreover, you should not assume that any discussion or information contained in this communique serves as the receipt of, or as a substitute for, personalized investment advice from Camarda Financial Advisors, Inc. (“Camarda”).

Clients are reminded to contact Camarda if there are any changes in your financial situation or investment objectives, or if you wish to impose, add or modify any reasonable restrictions to our investment management services. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request. To the extent that a reader has any questions regarding the applicability of any specific issues discussed above to his/her individual situation, he/she is encouraged to consult with a professional advisor of his/her choosing.