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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Quick Links
Greetings!
JP Bio Pic
 
I'm going to take a break from our tip of the week format to do a little bragging. I am extremely proud to share with you that I have been named one of Westchester Magazines " 5 Star Wealth Managers" for 2010. For more info on how I was chosen, click here.   The list of the 5 Star Wealth Managers is published in Westchester Magazine's, August 2010 issue.
 
When they called me to tell me I was chosen, I was truly speechless (which admittedly doesn't happen very often). I have no idea who nominated me, but I do know I am grateful for the recognition. As anyone that knows me can attest, I spend a lot of time thinking about how to better serve and care for my clients. I guess this dedication has not gone un-noticed.

In closing, I would again like to re-affirm my undying dedication to take the best care of you I can. I would also like to say "thank you" for allowing me to be your financial advisor. I am grateful to be working with you, every day!!  If there's anything I can or should be doing differently, PLEASE tell me so I can continue down this delightful path.

Market Commentary

 
JP Bio Pic
After almost 7 months of calendar year 2010, the S&P 500 finds itself exactly where it began the year 29 weeks ago, i.e., a 0% total return YTD through last Friday (7/23/10).  The high point for this year occurred 3 months ago (4/23/10) when the stock index was up +9.8% YTD as of that date, but the US stock market has since given back all of those gains (source: BTN Research).     
 
Fed Chairman Ben Bernanke sounded a lot like a Washington politician last week.  In his 2-day testimony before separate Senate and House committees, Bernanke reluctantly had to admit the shortcomings of our nation's current economic recovery, while at the same time not sounding so dire as to scare an already skittish US investor.  The country's top central banker acknowledged an "unusually uncertain" economic outlook for the USA, but attempted to reassure Americans that his Fed members "remain prepared to take further policy actions as needed to foster a return to full utilization of our nation's productive potential" (source: Federal Reserve).   
 
Depending upon whether you were reading the European press or its American counterpart, the bank stress tests that were performed on 91 European banks were either far more stringent than those conducted on US banks in 2009 or were woefully lacking in substance.  The tests, which assumed a fall of 20% in stock prices and a concurrent sharp increase in interest rates, identified 7 failing European banks and another 12 near-failures.  Of these 19 targeted banks, 13 were from Spain or Greece (source: Financial Times).

Notable Numbers

 
1.     VOTING AND STOCKS - Midterm elections will be held in the USA on 11/02/10 or just over 3 months from today.  In midterm election years since 1950, the S&P 500 has averaged a gain of +8.0% (total return).  The last time midterm elections were held with a Democrat in the White House was 1998 (Bill Clinton was president).  The S&P 500 gained +28.6% in 1998.  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.     GOING DOWN? - More than half of retired Americans surveyed (56%) believe that in their lifetime Social Security will be forced to reduce the promised level of benefits scheduled to be paid to them (source: Gallup).  
 
3.     NEW JOBS - The financial regulatory reform bill signed into law by President Obama last Wednesday (7/21/10) will require an estimated 800 new SEC jobs to fulfill roles created as a result of the legislation (source: SEC).  
 
4.     BIG BANKS - The 3 largest banks in the USA have 54% of the $12.1 trillion of assets controlled by all domestic commercial banks (source: Federal Deposit Insurance Corporation).
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. 
 
 
 
 
 JP Bio Pic
 
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.