Market Summary
September 2014

Things in Europe have not been going well. From Italy to Spain to Portugal, there have been problems. Now, it was recently reported that Germany, the European Union's largest and "strongest" economy, recorded a negative for GDP last quarter.


Europe's recovery has lagged the US, in large part due to the fiscal austerity measures that were introduced in some of the hardest-hit countries in the European Union as a condition for receiving bailouts. However, we believe Europe may be turning the corner. Mario Draghi, the head of the European Central Bank and Europe's equivalent to Bernanke and Yellen, just recently announced he is again lowering interest rates and will begin a bond purchasing program, which is another term for STIMULUS.

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Limit downside risk and provide clients a reasonable rate of return over a market cycle.


With over five decades of combined money management experience in South Texas, you can be sure that Walter and Anthony Reyna have seen it all. This father-son pair built and developed Walter J. Reyna Inc. on the importance of hard work and strategic planning and continue to implement these core values in their business today.


The Reynas believe that wealth accumulation and protection are the result of exceptional planning, not luck. Visit our website to learn more.


Walter J. Reyna, Inc.
5315 North McColl Road
McAllen, Texas 78504 

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Market Summary Continued

Yes, while we here are almost weaned off of Fed stimulus after 5 years, it would appear that Europe is about to finally follow suit and begin their stimulus program. And, after 5 years of generally no growth, it may be time for European stocks to finally begin to close the divergence between them and US stocks that has widened.


To put this in sports terms, as we do here often, while the US is, what we believe, to be in the 9th inning of the ballgame, Europe is probably in the 4th inning.


Back here in the US, the big news (from a market standpoint) has been the unveiling of the new iPhone and other products by Apple. Will this cause a surge in consumer spending for Apple, and push markets higher? Based on past product and new phone launches for Apple, at the very least, it could be good for Apple stock. People tend to get excited about what Apple unveils, and Apple, on their part, does not disappoint when it comes to building up suspense before the launch.


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For more information about your portfolio performance, please refer to your personalized statements or contact us. Regulatory restrictions prevent us from reporting personalized performance data in this newsletter. See below for important disclosures. 

Portfolio Insights
(1)The S&P 500 Index is representative of domestic markets and includes the average performance of 500 widely held common stocks.  Individuals cannot invest directly in any index and unlike investments; the S&P 500 Index does not incur management fees, charges, or expenses. (2) All Statistical information, investment category determinations, and economic data retrieved from Past performance is no guarantee of future results and all investment strategies involve the risk of financial loss. 


This publication is proprietary and limited to the sole use of Walter J. Reyna, Inc. clients.  Client portfolios are designed for the moderate investor but are actively managed on a monthly basis and may not follow traditional risk adjusted asset allocation models. Walter J. Reyna, Inc. maintains full discretion over said accounts and manages as deemed necessary. Clients with questions about the fees associated with their discretionary advisory account should refer to their advisory agreement. The information contained herein is for illustration purposes only. It is not necessarily complete, does not include client directed investments, and its accuracy is not guaranteed by Walter J. Reyna, Inc.  All clients should reference their periodic statements for accuracy. All clients needing additional information about holdings in the portfolio, including the objectives, risks, asset class and costs associated should refer to their respective prospectus. If you have received this communication in error, please notify us immediately by e-mail or telephone.  Neither the information, nor any opinion expressed constitutes a solicitation nor investment advice, for the purchase of any future security referred to in the Advisory Newsletter.  Investments offered through Registered Representatives of Lincoln Financial  Securities Corporation, member SIPC.  Lincoln Financial Securities Corporation and Walter J. Reyna, Inc. are not affiliated.