Portfolios Review

During the last two weeks, the market has been facing a struggle. Step back to take a new look or continue to rise. In this process, the Russell-2000 was the index that has been affected in this process.

This means that small and medium enterprises are the largest decline experiencedduring these days. Note that this type of stocks that is also the most climbed in the firstquarter of the year. However, now seem to lead this pullback.

The technical indicators that we use, show some deterioration in the market, but still not perceived the danger of further correction. I think there are two factors that may have relevance in the coming weeks. On the one hand, the market has risen enough to justifya pullback. When the market takes an upward path, periodically take a break, stop or rewind a bit to then continue their way up.

This is considered a healthy behavior. Given the current market situation, this mayhappen. In any case, all the major indices are very close to its support levels. It is therefore hoped that this question be clarified in the following days. If it breaks this level of support (located in the SMA 18 days) the market would drop a little more. Otherwise, it would begin a new way up.

The other factor that will affect the market is the start of earnings season. If the results of companies outperform the market forecasts, is likely to reaffirm the uptrend. Otherwise, we will see a bit more down market.

Recent market behavior has to stop the advance of our portfolios. The fundamentals are intact but shows a decline in technical terms. An interesting aspect of this is that in mostof the stocks that are part of our portfolio, are "halfway" in this process. So it is that we have changed to "hold" the action to take in most of them.

Next, will appreciate the performance of our three portfolios.

1.- Short- Term Growth Portfolio (STGP).-

2.- Medium-Term Growth Portfolio (MTGP).-

3.- Breakout Portfolio (BOP).-