JP Bio PicJ. PINK ASSOCIATES, Inc.,

FINANCIAL ADVISORS
 
 
555 Taxter Rd. Suite 190                                      Ph- (914)524-7770
Elmsford, NY  10523                                          Fax- (914)524-7771
 
 
500 Summit Lake Dr. Suite 120
Valhalla, NY  10595
Weekly Market Review
 
for the week of - 07/12/2010
In This Issue
Market Commentary
Notable Numbers
Client Spotlight
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Greetings!
JP Bio Pic
 
I'm happy to introduce our Client in the Spotlight for July, Al Torre, President of Torre Lumber in Yonkers, NY. Be sure to read about Al and check out the offer he has for any one that stops by the store.
 
Instead of a tip of the week this week, I want to remind you that we have just started a new quarter and we should set up a time to do a mid-year review. Please call or e-mail me so we can set something up that is convenient for you.

Market Commentary

 
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The US stock market may have decided "enough is enough" with the gloomy economic forecasts that appear in the press daily.  Or maybe it was just the optimism of the beginning of a new trading month.  Or maybe there was no logical reason whatsoever.  However the result is analyzed, the +5.5% gain (total return) for the S&P 500 index last week was a welcomed change from the 8.4% drop of the prior 2 weeks.  The tough work starts today as earnings season begins when numerous well known corporate names report their 2nd quarter 2010 profit numbers (source: BTN Research).    
 
They may have been stating the obvious, but the International Monetary Fund (IMF) weighed in on the state of the global economic recovery last Thursday (7/08/10) with their conclusion that "in the near term, the main (global) risk is an escalation of financial stress and contagion, prompted by rising concern over sovereign (default) risk."  Even though the IMF was an early supporter of fiscal stimulus to allow the world's economies to weather the credit crisis of 2008-09, they recently have changed their tune to that of encouraging fiscal consolidation (i.e., controlling spending) rather than the addition of new government stimulus dollars (source: IMF). 
 
The House has already approved the compromise legislation for financial regulatory overhaul (a 237-192 vote on 6/30/10), but now the Senate gets back to work on the bill this week.  The recent death of Democrat Senator Robert Byrd has made the bill's passage more difficult.  Chris Dodd, the Senate banking committee chairman and the co-architect of the compromise bill with Barney Frank is undeterred, stating "I am still very optimistic we will have the necessary votes" (source: Senate).

Notable Numbers

 
1.     AFTER A BAD QUARTER - The S&P 500 fell 11.9% (change of the raw index not counting the impact of reinvested dividends) during the 2nd quarter 2010, the 42nd calendar year quarter that has suffered at least a 5% loss since 1929.  In the previous 41 quarters where such a decline occurred, the S&P 500 bounced back with a positive return in the subsequent quarter 29 times or 71% of the time.  The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the US stock market (source: BTN Research, S&P).     
 
2.     NOT A BABY ANYMORE - "Baby Boomers" are traditionally defined as the 78 million Americans born between 1946 and 1964.  The oldest "boomers" will turn 65 years old in 2011 (source: BTN Research).     
 
3.     THROUGH THE ROOF - Americans had an estimated 3 million CT scans (Computed tomography) performed in 1980.  The total to be performed this year is projected at 75 million (source: New England Journal of Medicine).   
 
4.     SCARED TO DEATH - More than 3 out of every 5 Americans questioned (61%) between the ages of 44 to 75 admit they fear the prospect of depleting their accumulated assets during retirement more than they fear death.  More than 3,200 Americans were surveyed for the poll (source: Allianz Life Insurance Company).
Client  Spotlight - July 2010
Al Torre, Torre Lumber
 
Al TorreOur client in the "Spotlight" for July is Al Torre, President of Torre Lumber in Yonkers, NY.  Al & his wife, Gerri, live in Bedford, NY and have three children. 
 
 
 
 
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Q. Where is your store located?

A. 68 Torre Place Yonkers, NY 10703      

 

Q. What is the Phone #?

A. (914) 969-1111

 

Q. Do you have a Website/ Email?

A.Yes, www.torrelumberandmasonsupply.com / TorreLumber@optimum.net

 

Q. What hours are you open?

A. 7:00am - 4:00pm M-F

     7:00am - 2:00pm Sat

     Closed on Sunday

 

Q. Is Torre Lumber strictly a Lumber Yard for contractors?

A. NO, not at all. In-fact, with a workforce that has an average of 22 years experience, we have all of the knowledge and expertise any do it yourselfer can need. We're here to help our customers get their projects done and done right.

 

Q. So you sell more than Lumber?

A. We certainly do! We carry Masonry materials, Paint (and painting supplies), Hand tools, Power tools, we have a large hardware department, roofing supplies, millwork, every kind of sheet rock made. We also specialize in doors and windows.

 

Q. How did Torre Lumber get started?

A. In 1937- 38 my father was working for a small lumberyard named Pawson. The depression was too much for them and they went out of business. They (Pawson) owed my dad some money they couldn't pay him so he asked for the truck and the customer list, they gave it to him. On December, 7 1938 he started Torre Lumber in a booth (no bigger than a phone booth) down in Larkin Plaza (in Yonkers). My mom (Angela Torre) worked in the booth all day while my dad (Frank Torre) drove the truck, making all of the deliveries to his customers. In 1940 we moved from Larkin Plaza to School St. We then moved to our current location in 1963. As each of my three older brothers & me became old enough to come to work, we all started working at the yard. My dad retired in 1858.  My Brothers and me took over at that time and have been running Torre Lumber ever since. We have been in business for 72 years and we're the only the second generation to own / operate the business, so far.

 

Q. 72 years and only the second generation, that's interesting. How did that come to be?

A. Well, we all went to work at the yard as soon as we were old enough to help out.  So first was Don, then Bob, next came Frank and 10 years later me.

 

Q. Do your Brothers still work here too?

A. Don passed away last year, so that leaves Bob, Frank and me. The three of us are still here working. Bob and Frank are semi-retired.

 

Q. Is there anything else you want us to know about Torre Lumber?

A. As I said we're experts in all phases of construction and home repair, please feel free to call or stop by and pick our brains. We're here to help.

 
Be sure to check out the offer Al has made for anyone that stops by Torre Lumber below. 
Al Torre has made this offer to you or any one you refer to him.
 
 
 
$10 off your first purchase
 
 
         JP Bio Pic  J. Pink Associates.

Can not be combined with any other offers                  

 
As always, if there's anything we can help you with, please feel free to call the office anytime.
 
I hope you have a great week.
 
 
Sincerely,
 
John

John W. Pink, Sr.
J. Pink Associates, Inc.,
Financial Advisors
 
 
At J. Pink Associates, we do comprehansive 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.
 
 
This material represents as assessment of the market and economic environment as a specific point in time and is not intended to be a forecast of future events, or a guarantee of future events, or a guaranteew 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 notpurport 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.  Part performance does not guarantee future results.  The S&P 500 is an unmanaged index of 600 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 Registerd 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.