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 - 07/19/2010
In This Issue
Market Commentary
Notable Numbers
Client Spotlight
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Greetings!
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Do you have any financial tips you would like to share with our readers? If so, please send your tips in and we will do our best to include them in our tip of the week segment. If you are shy we will gladly withhold your name. I hope to share your tip(s) soon.

Market Commentary

 
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The stock market has been going sideways for much of the year.  After tumbling 2.9% last Friday (7/16/10), the S&P 500 finds itself down 3.5% (total return) YTD.  If stock values are to recover any time soon, it will take a combination of better earnings reports and improved economic news.  Until then, the stock market may continue its flat-line movement (source: BTN Research). 

The Senate vote was 60-39.  The final legislation was an incredible 2,300 pages long, forcing 243 changes to federal rules.  The bill was driven by a national financial collapse that occurred 22 months ago.  But last week's vote would have never taken place without the support of 3 New England Republicans.  Senators Brown (MA), Collins (ME) and Snowe (ME) became the final piece of the puzzle of a very complex and intricate bill whose impact will be felt by the financial industry for years to come (note that one Democrat voted against the final bill).  President Obama is expected to sign the legislation into law this upcoming Wednesday (source: Senate).    
   

Both Chris Dodd's Senate Banking Committee and Barney Frank's House Financial Services Committee will play host this week to Fed Chairman Ben Bernanke and his semiannual assessment of the US economy.  Bernanke, who scored 1,590 on his high school SAT (out of a possible 1,600) will work very hard to explain to Washington politicians the current state of our recovery (source: Federal Reserve). 

Notable Numbers

 
1.     TWO PERCENT - The S&P 500 stock index fell 2.9% last Friday 7/16/10 (i.e., the change of the raw index not including the impact of reinvested dividends).  In the last 50 years, a 1-day gain or loss of at least 2% for the S&P 500 has occurred every 21 trading days.  Since the beginning of September 2008 (i.e., the start of the global credit crisis), a gain or loss of at least 2% has occurred every 4 days.  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).    
 
2.     CAN'T RETIRE - 47% of Americans currently between the ages of 56-62 would run out of the funds necessary to pay for basic retirement expenditures if they retire at age 65 (source: Employee Benefit Research Institute).  
 
3.     LIVING WITHIN OUR MEANS - Revolving credit, which includes credit card debt, fell in May 2010, its 20th consecutive monthly decline.  This total peaked in September 2008 and has fallen every month since then.  The $830.8 billion of revolving credit nationwide as of 5/31/10 has fallen back to almost the same level ($830.5 billion) that existed in the country as of 12/31/05 (source: Federal Reserve).    
 
4.     DIDN'T SOLVE THE ENTIRE PROBLEM - 48.4% of home mortgages modified by lenders in the 1st quarter 2009 were 90 days or more delinquent just 1-year later (source: Office of the Comptroller of the Currency).
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
 
 
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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.