<![CDATA[
<body bgcolor="#FFFFFF" text="#000000">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top" height="13"><a href="f_about.htm" onMouseOver="MM_nbGroup('over','Image1','new_images/about_on.gif','',1)" onMouseOut="MM_nbGroup('out')" target="_top"><img src="new_images/about_off.gif" width="199" height="22" name="Image1" border="0" onLoad="" alt="About OFC"></a></td>
</tr>
<tr>
<td height="3"><img src="new_images/bar_spacer.gif" width="199" height="13"></td>
</tr>
<tr>
<td height="2"><a href="f_news.htm" onMouseOver="MM_nbGroup('over','Image2','new_images/news_on.gif','',1)" onMouseOut="MM_nbGroup('out')" target="_top"><img src="new_images/news_off.gif" width="199" height="22" name="Image2" border="0" onLoad="" alt="News You Use"></a></td>
</tr>
<tr>
<td height="13"><img src="new_images/bar_spacer.gif" width="199" height="13"></td>
</tr>
<tr>
<td height="2"><a href="f_forms.htm" onMouseOver="MM_nbGroup('over','Image3','new_images/clientforms_on.gif','',1)" onMouseOut="MM_nbGroup('out')" target="_top"><img src="new_images/clientforms_off.gif" width="199" height="25" name="Image3" border="0" onLoad="" alt="Client Forms"></a></td>
</tr>
<tr>
<td height="13"><img src="new_images/bar_spacer.gif" width="199" height="13"></td>
</tr>
<tr>
<td height="14"><a href="f_contact.htm" onMouseOver="MM_nbGroup('over','Image4','new_images/contact_on.gif','',1)" onMouseOut="MM_nbGroup('out')" target="_top"><img src="new_images/contact_off.gif" width="199" height="26" name="Image4" border="0" onLoad="" alt="Contact OFC"></a></td>
</tr>
<tr>
<td height="15"><a href="f_account.htm" onMouseOver="MM_nbGroup('over','Image5','new_images/account_on.gif','',1)" onMouseOut="MM_nbGroup('out')" target="_top"><img src="new_images/account_off.gif" width="199" height="20" name="Image5" border="0" onLoad="" alt="Check My Account"></a></td>
</tr>
<tr>
<td height="2"><a href="f_quotes.htm" onMouseOver="MM_nbGroup('over','Image6','new_images/quotes_on.gif','',1)" onMouseOut="MM_nbGroup('out')" target="_top"><img src="new_images/quotes_off.gif" width="199" height="16" name="Image6" border="0" onLoad="" alt="Stock Quotes"></a></td>
</tr>
<tr>
<td height="5"><a href="f_calc.htm" onMouseOver="MM_nbGroup('over','Image7','new_images/calc_on.gif','',1)" onMouseOut="MM_nbGroup('out')" target="_top"><img src="new_images/calc_off.gif" width="199" height="17" name="Image7" border="0" onLoad="" alt="Financial Calculators"></a></td>
</tr>
<tr>
<td height="2"><a href="f_links.htm" onMouseOver="MM_nbGroup('over','Image8','new_images/links.gif','',1)" onMouseOut="MM_nbGroup('out')" target="_top"><img src="new_images/links_off.gif" width="199" height="16" name="Image8" border="0" onLoad="" alt="Links"></a></td>
</tr>
<tr>
<td height="15"><a href="f_thoughts.htm" onMouseOver="MM_nbGroup('over','thoughts_off','new_images/thoughts_on.gif','',1)" onMouseOut="MM_nbGroup('out')" target="_top" onClick="MM_nbGroup('down','group1','thoughts_off','',1)"><img src="new_images/thoughts_off.gif" width="199" height="20" name="thoughts_off" border="0" onLoad="" alt="Thim's Thoughts"></a></td>
</tr>
<tr>
<td height="4" valign="top">
<p><a href="index.htm" onMouseOver="MM_nbGroup('over','home_off','new_images/home_on.gif','',1)" onMouseOut="MM_nbGroup('out')" target="_top"><img src="new_images/home_off.gif" width="199" height="17" name="home_off" border="0" onLoad="" alt="OFC Home"></a></p>
</td>
</tr>
</table>
<p align="left">
<p align="left">The first quarter ended with a thud. The total market index was
down 12.27%. The Nasdaq again was hurt the worst, down 25.5%. In my opinion
the Nasdaq is still over-valued trading north of 90 times earnings. It's important
to always remember that the performance of a company, as far as selling its
goods and services, can be quite different than the performance of its stock.
I've heard many investors say the market is cheap. Again, in my opinion it is
not cheap, yes it's cheaper but a far cry from being cheap. The S&P 500
is still trading at over 20 times earnings, when the bull market began in 1982
the S&P 500 was trading at 8 times earnings.
<p>As always stay focused to the long-term plan and have faith in diversification;
diversification is the key to long term success. I anticipate the Fed lowering
rates in May, possibly beforehand if more evidence emerges that the economy
is slowing more than they forecasted. Stay the course.</p>
<p>-Tim Hatton <font size="2"> </font><font face="Arial, Helvetica, sans-serif"><span class="unnamed1"><font size="2"><a href="mailto:thattonobjectivefc.com">thatton@objectivefc.com</a></font><font color="#0033CC"><a target="_blank" href="http://maps.lycos.com/mapresults.asp?AD2=2425%2BE.%2BCamelback%2BRd.%2C%2BSuite%2B220&AD3=Phoenix%2C%2BArizona%2B85016&ad4=USA&FC=&Get%2BMap=Get%2BMap"></a></font></span></font><font size="2">
<a href="mailto:Tim@objectivefc.com"><br>
</a></font> </p>
<p align="left">
<p> </p>
</body>
]]>