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| J. PINK ASSOCIATES, INC.,
FINANCIAL ADVISORS
555 Taxter Rd. Suite 190
Elmsford, NY 10523
Ph... 914-524-7770
Fax. 914-524-7771
Weekly Market Review |
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Greetings!
I hope you had an enjoyable and restful Thanksgiving holiday. I sure did.
As we turn our focus to the exciting and often very hectic holiday season, I want to remind you that we are in the home stretch for this calendar year. Now is the time to consider whether any changes or adjustments should be made to your investments before 2008 comes to an end.
If you have any questions, or would like to review anything, please feel free to call the office and we will address your needs.
Happy Holidays.
Fondly,
John
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| Market Commentary
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Since hitting a bear market low on Thursday 11/20/08 (i.e., a week before Thanksgiving), the S&P 500 has gained +19.2% (total return) in just 5 trading days, a performance that is better than that of 7 of the last 8 calendar years. The index's gain of +12.1% last week was its best Monday-Friday result since mid-October 1974 or more than 34 years ago. However, the sobering realization for stock investors is that the S&P 500 is still down 37.7% YTD with only a single month remaining in 2008 (source: BTN Research).
OPEC oil ministers held a meeting on Saturday in Cairo, Egypt, ultimately deciding not to implement a 3rd production cut in just the last 2 months. OPEC has already scheduled another gathering for mid-December (12/17/08) in Algeria (source: AP).
The auto industry makes its # 2 pitch this week to Congress (hearings are expected to take place on Thursday and Friday). The CEOs of the major auto makers will plead for a $25 billion short-term loan. Congress may be more receptive to assist the auto makers if they have been able to receive concessions from its creditors and unions. The only thing that is certain is that none of the auto executives will travel to Washington by private jet. The auto industry may be thinking "why not us" given the multiple rescue plans that have been announced by the government in the last 3 months (source: BTN Research). |
| Notable Numbers for the Week:
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1. RIGHT, BUT EARLY - Friday is the 12-year anniversary of the famous "irrational exuberance" speech (given on 12/05/96) by former Fed Chairman Alan Greenspan. The S&P 500 rose +105% after Greenspan's comments were made about what he believed to be unrealistic stock values, ultimately peaking on 3/24/00 or more than 3 years later (source: Federal Reserve, BTN Research).
2. WISHFUL THINKING? - Nearly 1 out of every 3 US homeowners (32%) believes the value of his/her primary residence has increased in value over the last year (source: USA Today).
3. WORK MORE TO MAKE MORE - 1 out of every 4 workers (24%) at least age 45 that were surveyed in September 2008 had increased the number of hours they were working to make up for the decline in their investment portfolio due to the downturn in the US economy (source: AARP).
4. STOP WORKING - 37% of American workers do not retire on their own timetable but rather are forced into retirement due to layoffs, illnesses or injuries (source: Urban Institute). |
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At J. Pink Associates, we do comprehensive financial planning and wealth management for families and small businesses by getting to know the unique details of your financial world and thoughtfully crafting a strategy to identify and support your goals.
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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. does not offer tax or legal advice
NFP Securities, Inc. Is not affiliated with J. Pink Associates, Inc., Financial Advisors
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