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| J. PINK ASSOCIATES, INC.,
FINANCIAL ADVISORS
555 Taxter Rd. Suite 190
Elmsford, NY 10523
Ph 914-909-1576
Fax 914-524-7771
Weekly Market Review |
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Greetings!
I hope this weeks email finds you doing well.
As we come to a close of the 3rd quarter of the year, I find myself wondering where the time has gone. It seems the clock just keeps moving faster and faster.
I have had a few calls from clients that wanted to share their viewpoints and their concerns over the past week. Please feel free to call and tell me what your thinking anytime. I really enjoy discussing our economy and it's short term effect on your investments but also the long term effect our current situation can have in staying on track and ultimately reaching your goals. Sometimes it's necessary to make some adjustments going forward.
Perhaps you have friends, family members or co-workers that need to talk to someone who can help them make some sense of all of this. Please feel free to encourage them to give me a call. I would be happy to speak with them too.
I look forward to speaking with you soon. |
| Market Commentary
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More changes may occur on Wall Street as a result of the last 3 weeks of turmoil than what has taken place during the last 3 decades. The possible tax, legal and policy changes include: 1) adjustments to accounting rules to prevent earnings manipulation; 2) development of a model framework to deal with a major financial institution in crisis; 3) establishment of a temporary source of capital to be made available to corporations near bankruptcy; 4) limitations on the amount of leverage allowable with mortgage-backed securities; 5) refinements to the examination process of banks; 6)curbs on the practice of short-selling of stocks; and 7) caps on executive compensation (source: BTN Research).
Congress began working last Monday on a 42-page White House proposal for a $700 billion rescue of the US banking system. Politicians pushed hard for details on the controversial plan, insisting that Washington needed to get their work done right rather than getting their work done quickly. After nearly collapsing on Thursday, the talks resumed with a heightened sense of urgency on Friday and culminated in an agreement that was announced Sunday evening in Washington (source: AP).
The US presidential election is just 5 weeks from tomorrow. The one and only vice-presidential debate will take place this Thursday in St. Louis (source: AP).
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| Notable Numbers for the Week:
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1. HOW MANY ARE LATE? - 14 out of every 15 mortgages in the USA as of 8/31/08 are current with regard to their monthly payment of principal and interest (source: Wall Street Journal).
2. COLLEGE CRUNCH - 46% of parents with children in high school or younger expect that their kids will have to take out student loans or earn scholarships in order to attend college (source: PlanSponsor.com).
3. SALE PRICES - The median sales price of existing homes sold in the USA during the month of August 2008 was down 9.5% nationally from a year earlier but the median sales price in the 13 western US states was down 23.9% over the same period (source: National Association of Realtors).
4. LARGE PERCENTAGE - 35% of all American households (both homeowners and renters) spend at least 30% of their pre-tax income on housing (source: Joint Center for Housing Studies at Harvard University). |
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This material represents an assessment of the market and economic environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. Forward-looking statements are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed by NFP Securities, Inc. as to accuracy, does not purport to be complete and is not intended to be used as a primary basis for investment decisions. It should also not be construed as advice meeting the particular investment needs of any investor. The indices mentioned are unmanaged and cannot be directly invested into. Past performance does not guarantee future results. The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the US stock market.
Securities and Investment Advisory Services offered through NFP Securities, Inc. a Broker/ Dealer, Member FINRA/ SIPC and a Federally Registered Investment Advisor.
NFP Securities, Inc. Is not affiliated with J. Pink Associates, Inc., Financial Advisors | |
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