Are the market jitters outside of the United States about to upset the great American stock market?

The S&P500 entered this week on pace for its seven straight week of gains something that has not happen since November of 2017. Now enters these fresh concerns in currency markets and has us wondering what may happen if things get worse? Just to let you know it is always something you do not expect and here we find ourselves talking turkey today and it is not even Thanksgiving. All of this is happening today as we thought we where going to proceed to new all-time highs. The question we want to ask ourselves is how concerned should we be? I do not believe we should be very concerned, this Turkish lira thing is real and Turkey is a real economy. But, this sort of feels like Italy two months ago. If this gets really bad, the powers that be the ECB, the EU, and the IMF with everyone stepping in and exerting pressure. Situations like this just underscore the notion why everyone keeps saying that the U.S. is the best place to invest. The great American stock is the place where you want to have your money because you do not have to worry for the most part about all the things we are talking about today.The U.S. is the best house on the block and it's a very strong economy. You saw second quarter GDP of 4%,we have the consumer that is feeling very confident. We have not-even seen the impact of any tariffs as of yet. Also,We have not seen any economic impact from China on our economy as of yet. The U.S. market, like real estate is all about location, location, you buy a great location with solid fundamentals and you will do well.When you think about what is happening in the emerging markets there are tremendous head winds, but part of it is reflected in the price and we are starting to see a value opportunity emerge. How brave are we to step in front of that only time will tell as more news needs to come out. As it relates to the U.S. the fundamental backdrop in the U.S. is still really very strong and it is also priced for that. So what are we doing for clients, we have looked in portfolio's both in equity and fixed income portfolio's and said what changes can we make that can de-risk these portfolio's a little bit right here.We would use any opportunity as a buying opportunity and like we discussed earlier the fundamentals here are very strong. Earlier this year, perhaps April-may we reduced all emerging market exposure and shifted all funds into U.S. small-cap stocks because there is no currency risk. Also, the small-cap stocks will benefit from a reduction in the corporate tax rate from 31% to the current 21%. In addition, the small-cap's will be big beneficiaries of reduced regulations which I believe will act as an economic tailwind for a few more years.Lastly, we are in the growth camp for the second-half of the year and the reason for that is Tech, in particular we are seeing a broadening out of the tech sector. We think that you are also seeing some improvements in the more value area's within tech stocks. Such as the early cycle stocks like the semi-conductor capital equipment makers and things like that which I believe leads to a second-run for the semi's in the second-half of the year.Thank You,John C. Verducci 111HAVE A GREAT WEEKEND EVERYONE!!