Market Summary
September 2014

The see-saw that has been the US and Global stock markets continued this month, with a very volatile September seeing a range of negative numbers. From the US large-cap weighted S&Pš 500 down over 1.5%˛ to world stock MSCI EAFE index down over 3.5% to the small-cap weighted Russell 2000 index down over 6%!

To recap the summer so far, May and June: Positive. July: Negative. August: Positive. September: Negative.

Now, we enter October, generally the most treacherous month, because IF a large downturn was to happen, October, historically, is the month it occurs.

Our Management Philosophy

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

In conjunction with this, the Fed's QE program should officially be ending this next month. This is of interest because, over the last 5 years, each time a QE program has stopped, the market has pulled back.

On the other side of the spectrum, Mario Draghi and the ECB have announced a QE program of their own in Europe. We mentioned last month that while we feel the US is in the late innings of their ballgame, Europe may be in the 4th inning or so. Valuations are attractive, but that does not mean Europe or Asia are not susceptible to a US pullback or the current geopolitical tensions and fears (ISIS, riots in Hong Kong.).

Patience is a virtue when it comes to investing, and it has certainly been tested with the Fed's interference. Putting together a strategy for a lifetime is not a sprint, but a marathon. And while we do think there may be a bit more upside in the markets, we also think valuations are pretty high, and some sort of pullback is much needed. Whether or not October continues September's slide is anyone's guess, but we currently view a decent sized pullback as more a buying opportunity at better prices than the beginning of a dreaded bear market at this time. 


Visit our website to learn more.


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.