Weekly Market Notes – December 24, 2018

Weekly_Market_Notes

For the Week of December 24, 2018

The Markets

On Friday, stocks fell sharply, and the NASDAQ entered a bear market. Concerns over slowing economic growth, a potential government shutdown and the Federal Reserve’s plan for rate hikes fueled losses. For the week, the Dow fell 6.87 percent to close at 22,445.37. The S&P dropped 7.03 percent to finish at 2,416.58, and the NASDAQ lost 8.29 percent to end the week at 6,332.99.

Returns Through 12/21/18 1 Week YTD 1 Year 3 Year 5 Year
Dow Jones Industrials (TR) -6.87 -7.13 -7.36 11.87 9.33
NASDAQ Composite (PR) -8.29 -8.20 -9.01 8.45 9.08
S&P 500 (TR) -7.03 -7.87 -8.21 8.33 8.06
Barclays US Agg Bond (TR) 0.45 -0.45 0.04 1.82 2.36
MSCI EAFE (TR) -2.64 -14.54 -13.78 3.27 0.90

Source: Morningstar.com. *Past performance is no guarantee of future results. Indexes are unmanaged and cannot be invested into directly. Three- and five-year returns are annualized. The Dow Jones Industrials, MSCI EAFE, Barclays US Agg Bond and S&P, excluding “1 Week” returns, are based on total return, which is a reflection of return to an investor by reinvesting dividends after the deduction of withholding tax. The NASDAQ is based on price return, which is the capital appreciation of the portfolio, excluding income generated by the assets in the portfolio in the form of interest and dividends. (TR) indicates total return. (PR) indicates price return. MSCI EAFE returns stated in U.S. dollars.

 

Do I Really Need It? — Only 37 percent of all jobs in the United States require education beyond high school, i.e., 63 percent of American jobs require a high school diploma or less (source: Department of Labor, BTN Research).

Big and Really Big — Fifty-eight publicly held U.S. companies produced at least $1 billion of sales per week in 2017, up from 39 companies that accomplished that level of weekly sales in 2007. Just one domestic company generated more than $1 billion of sales per day during 2017 (source: Fortune, BTN Research).

The American Dream — Twice as many American homeowners were created in the last year as were created in the previous 10 years. The number of U.S. homeowners grew by 1.8 million (to 77.9 million) over the 12 months that ended June 30, 2018, double the 0.9 million new homeowners that were added over the decade that ended June 30, 2017 (source: Census Bureau, BTN Research).

 

WEEKLY FOCUS – Avoid Costly Mistakes When Taking RMDs

With the end of the year just days away, the deadline to take Required Minimum Distributions (RMDs) from your retirement accounts is almost here.

If you are over age 70½ and have money in tax-deferred retirement tools, such as a 401(k), 403(b) or a traditional IRA, you must take your RMD before Dec. 31.

You may only have a few days left, but don’t rush this process. A wrong step now could be costly. Most importantly, don’t miss the deadline. Failure to take your RMD will result in a 50 percent penalty on the amount you should have withdrawn. When you withdraw your RMD, remember these tips to avoid a few common mistakes.

Know the RMD for each account

Know where the money for your RMDs is coming from. RMDs must be made from the same type of accounts. You cannot satisfy the RMD for an IRA by withdrawing money from a 401(k). If you have multiple IRAs, you can take your RMD from one or any combination of those accounts. If you have multiple 401(k)s, you will need to take an RMD from each one.

Spouses must take separate RMDs

You cannot take an RMD from your spouse’s account to cover your RMD. By taking an RMD from your spouse’s account to satisfy requirements for both of you, you are taking more money out of one account and paying more taxes on it. You will also be subject to the 50 percent penalty on the accounts for which you didn’t take the RMDs.

Get credit for taxes already paid

Be sure to get credit for the money in your account that’s already been taxed, such as a rollover from after-tax funds from a 401(k). Details about how to claim this credit are available on the IRS Form 8606.

You’ve worked hard to build up your retirement funds. To learn more about how to get the most from your RMDs and avoid costly mistakes, give us a call today.

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* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Morgan Stanley Capital International Europe, Australia and Far East Index (MSCI EAFE Index) is a widely recognized benchmark of non-U.S. stock markets. It is an unmanaged index composed of a sample of companies representative of the market structure of 20 European and Pacific Basin countries and includes reinvestment of all dividends. Barclays Capital Aggregate Bond Index is an unmanaged index comprised of U.S. investment-grade, fixed-rate bond market securities, including government, government agency, corporate and mortgage-backed securities between one and 10 years. Written by Securities America, Copyright December 2018. All rights reserved. Securities offered through Securities America, Inc., Member FINRA/SIPC. SAI# 2358787.1

Market Update – December 20, 2018

On Monday 12/17/18, I highlighted 3 critical events during this week:   “The next couple of days will be critical.  The Federal Reserve meets 12/18 – 12/19.  The US Government faces a partial shutdown on 12/21 unless the President and Congress can agree on a spending deal.  The S&P 500 is dangerously close to the lowest level for the year (2,532 set on 2/9/18).”

Using a baseball phrase – 3 strikes and you are out.

On 12/19/18, the Federal Reserve disappointed the market, primarily in the Chairman’s news conference where he did not seem to acknowledge the message the markets were sending him.  This was clearly seen as the S&P 500 was positive 1.5% on 12/19/18 prior to the news conference, but reversed swiftly and wound up down 1.5% by the end of the day. [strike 1]

That intra-day reversal saw the S&P close below the 2,532 level I felt was critical to hold. [strike 2]

Today, attention turned to the US government shutdown.  The Senate passed a stop-gap funding bill on 12/19/18 but today the President stated he would not sign it over border wall funding.  The reality is the President and Republicans don’t have the votes to get what he wants.  His inflexibility likely means a partial shutdown of the Federal government.  While the economic damage from a shutdown is likely to be insignificant, the damage to the market psychology is huge.  This latest episode of government dysfunction caused another down day for stocks.  [strike 3]

As I said on Monday, the market is ignoring reasonably sound fundamentals (with the exception of government), but as a famous economist once said “The market can remain irrational longer than you can remain solvent.  (John Maynard Keynes)

I continue the process of moving portfolios into safer investments as the situation evolves.

 

 

Although information herein has been obtained from sources deemed reliable, its accuracy and completeness are not asserted. All opinions and estimates included in this report constitute the judgment of the financial advisor as of the dates indicated and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

Investing involves risk and you may incur a profit or a loss. Diversification does not ensure a profit or ensure against a loss. There is no assurance that any investment strategy will be successful.  Past performance is no assurance of future results.

Please consider the charges, risks, expenses and investment objectives carefully before investing. Please see a prospectus containing this and other information. Read it carefully before you invest or send money.

Information provided should not be construed as legal or tax advice.  You should discuss any tax or legal matter with the appropriate professional.

 

Market Update – 12/17/2018

Early last week the stock market began to stabilize on some positive news about the US/China trade dispute.  It actually gained 2% from 12/10/18 through 12/12/18.  However, that rally stalled and we saw a big selloff on Friday 12/14/18.  Today, the market tried to rally but again failed to hold early gains and saw steep declines by the end of the day.

In my opinion, this recent weakness is being driven primarily by computer driven trading programs.  These programs are tied to key technical levels on stock market indexes (such as S&P 500).  Once a technical level is breached, these programs kick into sell mode, which just pushes the market down further.  These programs completely ignore fundamental factors (such as corporate profits, economic growth, cash available, etc.).

Market Update 12-17-18

Fundamentals remain positive, if not strong, both in the economy and the financial markets.  Trade tensions and the Federal Reserve raising interest rates remain the 2 biggest risks to the fundamentals. However, the financial markets appear to be anticipating a very negative outcome on both risks.   While I don’t see that happening, the stock market has a mind of its own.

The next couple of days will be critical.  The Federal Reserve meets 12/18 – 12/19.  The US Government faces a partial shutdown on 12/21 unless the President and Congress can agree on a spending deal.  The S&P 500 is dangerously close to the lowest level for the year (2,532 set on 2/9/18). The stock market is extremely oversold and due for a corrective bounce.

I have been adjusting portfolios since mid-October by rebalancing into safer investments and cash.  I will continue that process as the situation evolves.

Please call us with any questions or concerns.

 

Although information herein has been obtained from sources deemed reliable, its accuracy and completeness are not asserted. All opinions and estimates included in this report constitute the judgment of the financial advisor as of the dates indicated and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

Investing involves risk and you may incur a profit or a loss. Diversification does not ensure a profit or ensure against a loss. There is no assurance that any investment strategy will be successful.  Past performance is no assurance of future results.

Please consider the charges, risks, expenses and investment objectives carefully before investing. Please see a prospectus containing this and other information. Read it carefully before you invest or send money.

Information provided should not be construed as legal or tax advice.  You should discuss any tax or legal matter with the appropriate professional.

Weekly Market Notes – December 17, 2018

Weekly_Market_Notes

For the Week of December 17, 2018

The Markets

Stocks fell sharply Friday. Disappointing data out of China and Europe stoked concern over sluggish global growth. For the week, the Dow fell 1.17 percent to finish at 24,100.51. The S&P dropped 1.22 percent to finish at 2,599.95, and the NASDAQ lost 0.84 percent to end the week at 6,910.67.

Returns Through 12/14/18 1 Week YTD 1 Year 3 Year 5 Year
Dow Jones Industrials (TR) -1.17 -0.28 0.58 14.30 11.55
NASDAQ Composite (PR) -0.84 0.11 0.79 11.75 11.55
S&P 500 (TR) -1.22 -0.90 -0.04 11.00 10.17
Barclays US Agg Bond (TR) 0.06 -0.90 -1.01 1.70 2.29
MSCI EAFE (TR) -0.89 -12.22 -10.67 4.55 1.96

Source: Morningstar.com. *Past performance is no guarantee of future results. Indexes are unmanaged and cannot be invested into directly. Three- and five-year returns are annualized. The Dow Jones Industrials, MSCI EAFE, Barclays US Agg Bond and S&P, excluding “1 Week” returns, are based on total return, which is a reflection of return to an investor by reinvesting dividends after the deduction of withholding tax. The NASDAQ is based on price return, which is the capital appreciation of the portfolio, excluding income generated by the assets in the portfolio in the form of interest and dividends. (TR) indicates total return. (PR) indicates price return. MSCI EAFE returns stated in U.S. dollars.

 

Is the End Near? — Sixty-five percent of 500 global money managers surveyed in October and November 2018 predict the U.S. bull market will end in 2019. The current bull run is three months short of 10 years in length as of today. The survey included investors in 28 countries worldwide (source: Natixis Investment Managers, BTN Research).

Find a Way to Start — A November 2018 survey of 1,161 employed adults determined the average age at which this group began saving for retirement was 31 years old. The most common reason given for not starting sooner was not making enough money (source: Nationwide Retirement Institute, BTN Research).

In Vogue Again — Credit card debt in the U.S. peaked at $1.02 trillion in May 2008 before falling off during the global real estate crisis, eventually hitting a low of $832 billion in April 2011. Credit card debt has now climbed all the way back to a record level of $1.04 trillion as of August 2018 (source: Federal Reserve, BTN Research).

 

WEEKLY FOCUS – Year-End Money Moves

As 2018 winds down, it’s natural to focus on holiday activities. It’s also a great time to calculate your net worth, review your saving and spending for the year, and consider some smart moves to help you reach your financial goals. Here are a few to consider:

Rebalance your portfolio. Has a certain class of your investments grown disproportionately compared to others? You may want to move some assets to realign your original target ratios. This is an important step to maintain the balance of risk versus growth potential you’re comfortable with.

Maximize retirement account contributions. For 2018, you can make a pretax contribution totaling $5,500 to an IRA, $6,500 if you’re 50 or over. Contributions can be made through Tax Day in April of 2019 and applied to 2018. You can contribute $18,500 to your 401(k) or $24,500 if you’re 50 or older. At the very least, don’t leave any “free money” on the table if your employer matches a percentage of your 401(k) contributions.

Roll over or convert. Changed jobs or plan to? You may want to roll your 401(k) into an IRA that offers more investing options. Income lower than usual this year? Then consider moving money from a traditional IRA to a Roth IRA, reducing future required minimum distributions and tax consequences.

Fully fund 529 plans. Have a child or grandchild with a 529 plan? You can contribute up to $15,000 a year without triggering gift tax issues. The IRS also allows you to make up to five years’ worth of contributions at once while still avoiding gift tax consequences. That means an individual can make a one-time contribution of $75,000; a couple can make a $150,000 contribution.

Use them before you lose them. Met your annual health insurance deductible? Schedule preventative care visits. If you have a Flexible Spending Account (FSA), use any money that won’t roll over into the next year. If you have a Health Savings Account (HSA), make sure your contributions reach the maximum allowed – $3,450. HSAs are great savings vehicles since contributions are not subject to federal taxes, and withdrawals used for qualifying medical expenses aren’t either.

We can help you evaluate if any of these year-end money moves are right for you. Call our office today to get started or schedule an appointment for a consultation.

(We do not provide tax advice; coordinate with your tax advisor regarding your specific situation.)

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* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Morgan Stanley Capital International Europe, Australia and Far East Index (MSCI EAFE Index) is a widely recognized benchmark of non-U.S. stock markets. It is an unmanaged index composed of a sample of companies representative of the market structure of 20 European and Pacific Basin countries and includes reinvestment of all dividends. Barclays Capital Aggregate Bond Index is an unmanaged index comprised of U.S. investment-grade, fixed-rate bond market securities, including government, government agency, corporate and mortgage-backed securities between one and 10 years. Written by Securities America, Copyright December 2018. All rights reserved. Securities offered through Securities America, Inc., Member FINRA/SIPC. SAI#2351296.1

Weekly Market Notes – December 10, 2018

Weekly_Market_Notes

For the Week of December 10, 2018

The Markets

The three major indexes dropped sharply on the final day of a turbulent week on Wall Street. Renewed concern over U.S. – China trade relations offset a Labor Department report showing healthy job gains last month and the fastest wage growth in nearly ten years. For the week, the Dow fell 4.44 percent to finish at 24,388.95. The S&P dropped 4.55 percent to finish at 2,633.08, and the NASDAQ lost 4.92 percent to end the week at 6,969.25.

Returns Through 12/07/18 1 Week YTD 1 Year 3 Year 5 Year
Dow Jones Industrials (TR) -4.44 0.90 3.08 13.99 11.45
NASDAQ Composite (PR) -4.92 0.96 2.30 10.96 11.40
S&P 500 (TR) -4.55 0.32 1.81 10.48 10.09
Barclays US Agg Bond (TR) 0.85 -0.95 -0.77 1.59 2.31
MSCI EAFE (TR) -2.26 -11.44 -9.02 3.46 1.82

Source: Morningstar.com. *Past performance is no guarantee of future results. Indexes are unmanaged and cannot be invested into directly. Three- and five-year returns are annualized. The Dow Jones Industrials, MSCI EAFE, Barclays US Agg Bond and S&P, excluding “1 Week” returns, are based on total return, which is a reflection of return to an investor by reinvesting dividends after the deduction of withholding tax. The NASDAQ is based on price return, which is the capital appreciation of the portfolio, excluding income generated by the assets in the portfolio in the form of interest and dividends. (TR) indicates total return. (PR) indicates price return. MSCI EAFE returns stated in U.S. dollars.

 

Through November — The S&P 500 had gained 5.1 percent YTD (total return) as of Friday, Nov. 30, half the index’s average return of 10.1 percent per year over the last 50 years (source: BTN Research).

Winners From Last Year — An equal investment at the end of 2017 into the 10 stocks in the S&P 500 that gained at least 80 percent last year was down a collective 1.1 percent YTD as of Friday, Nov. 30 (source: BTN Research).

My House, My Piggy Bank — Cash-out refis – a homeowner taking out a new mortgage larger than their previous mortgage and pocketing the difference – peaked in 2006 when American homeowners pulled out $320 billion of home equity during a rising housing market. Homeowners pulled out just $15 billion of their home equity through cash-out refis in the third quarter of 2018 (source: Freddie Mac, BTN Research).

 

WEEKLY FOCUS Reduce Unwanted Intrusions

Fed up with robocalls or calls from businesses claiming you won a luxurious vacation? Tired of your mailbox filled with junk mail and your inbox full of spam? Good news! You can reduce the volume of calls, mail and email you receive with just a little effort and time.

If your phone is ringing off the hook with robocalls, you’re not alone. April 2018 saw 3.4 billion robocalls, according to the New York Times1. Here are a few tips to curb robocalls and other nuisance calls and avoid phone scams:

Don’t answer calls from unknown numbers. Let them go to voicemail to prevent robocalls from registering your phone number as a viable contact. Never give out personal information, such as account numbers, Social Security numbers, your mother’s maiden name, passwords or other identifying informationTo reduce unwanted calls from legitimate telemarketers, register your number on the U.S. government’s Do Not Call List at www.donotcall.gov. To block scammers, use your iPhone and Android phone’s built-in features. Third-party apps, such as Nomorobo and Hiya Caller ID, block unsolicited calls and text messages.

Like the government’s Do Not Call registry, the Direct Marketing Association maintains a “do not mail” list, the Mail Preference Service. Putting your name on the list will keep DMA members from physically mailing unsolicited marketing content for five years.

Snail mail, especially offers from financial institutions and credit cards, can cost you financially if thieves steal your personal information and open new accounts in your name. To stop credit card offers and more, visit the Consumer Credit Reporting Industry at OptOutPrescreen.com.2

Email spam is another clutter culprit. Here are two tactics to reduce unwanted email. Mark them as spam before deleting. This is how automatic spam filters learn to identify spam and filter it out. Never publish your email address online. Spammers use tools to scrape the web to compile lists of email addresses. For more steps to limit spam, visit: www.consumer.ftc.gov.

To discuss additional ways to secure your financial and personal information, call our office. We can assist you in keeping your information as secure as possible.

1https://www.nytimes.com/2018/05/06/your-money/robocalls-rise-illegal.html

2https://www.creditcards.com/credit-card-news/opt-out-prescreened-offers-id-theft-risk-1294.php>

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* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Morgan Stanley Capital International Europe, Australia and Far East Index (MSCI EAFE Index) is a widely recognized benchmark of non-U.S. stock markets. It is an unmanaged index composed of a sample of companies representative of the market structure of 20 European and Pacific Basin countries and includes reinvestment of all dividends. Barclays Capital Aggregate Bond Index is an unmanaged index comprised of U.S. investment-grade, fixed-rate bond market securities, including government, government agency, corporate and mortgage-backed securities between one and 10 years. Written by Securities America, Copyright December 2018. All rights reserved. Securities offered through Securities America, Inc., Member FINRA/SIPC. SAI# 2343855.1

Market Update 12-6-18

The US equity markets had a significant selloff on Tuesday 12/4/18.  After being closed on Wednesday for the day of mourning for President George H.W. Bush, the selloff has resumed today.

The catalyst today seems to be the arrest of the Chief Financial Officer of Huawei, a major Chinese technology company.  This put additional uncertainty into the potential for US/China trade negotiations.

While the markets were closed yesterday, I took the opportunity to meet with members of the JPMorgan Global Strategy team.  One of my key takeaways is that while volatility and market declines never feel good, most of the time they are just part of a normal market cycle.  Long-term moves in the financial markets are produced by economics and fundamentals; short-term moves, however, are produced almost exclusively by news flow, sentiment, and technical levels on the price charts.

The chart below highlights this well.  The grey bars show the calendar year return for the S&P 500.  The red dots show the maximum intra-year decline during each year. Despite average annual intra-year declines of 13.8%, annual returns have averaged +8.8% per year, and have been positive in 29 of 38 years since 1980.  Even recent years support this:  2016 had an intra-year decline of 11% but still finished the year +10%.

Right now, 2018 is looking like 2015, which had an intra-year decline of 12% but finished the year basically flat (down just 1%).  That’s roughly where we stand YTD 2018 as I write this report.

My read is that the recent volatility is being driven by news flow (trade/interest rates) and technical levels being crossed.  The economy and market fundamentals (corporate profits), while perhaps softening, remain positive.

I share this with you to try to ease your concern that something really bad is happening.  We continue to monitor the situation and your portfolio and will adjust accordingly.

Market Update 12-6-18

 

Although information herein has been obtained from sources deemed reliable, its accuracy and completeness are not asserted. All opinions and estimates included in this report constitute the judgment of the financial advisor as of the dates indicated and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

Investing involves risk and you may incur a profit or a loss. Diversification does not ensure a profit or ensure against a loss. There is no assurance that any investment strategy will be successful.  Past performance is no assurance of future results.

Please consider the charges, risks, expenses and investment objectives carefully before investing. Please see a prospectus containing this and other information. Read it carefully before you invest or send money.

Information provided should not be construed as legal or tax advice.  You should discuss any tax or legal matter with the appropriate professional.

December 2018 Monthly Outlook – Santa Claus Rally?

What is a Santa Claus rally?   A Santa Claus rally describes sustained increases in the stock market that occur in the last week of December through the first two trading days in January. Source: Investopedia.  “Since 1969, the Santa Claus rally has yielded positive returns in 35 of the past 48 holiday seasons – the last five trading days of the year and the first two trading days after New Year’s. “  source: Stock Trading Almanac.  However, the stock market has declined during this period in 2 of the last 3 years.

My sense is we will not get a Santa Claus rally in 2018.  There are just too many headwinds – US/China trade tariffs; the Federal Reserve raising interest rates;  geo-political risks such as UK leaving the European Union.

November saw some recovery from the October selloff and ended the month on a positive note.  December started positively on the heels of a 90 day truce on tariffs between the US and China.  However, today President Trump called himself a “Tariff Man” throwing uncertainty back into the tariff issue and sending the market into another selloff.

While I expect the financial markets to remain volatile due to the headwinds described above, I see no signs that we are headed toward a recession.  Recessions tend to start 12 – 20 months after the Leading Economic Index peaks.  As the chart below shows, the LEI continues to be rising.

However, the pace of increase in the LEI has slowed recently.  “The US LEI increased slightly in October, and the pace of improvement slowed for the first time since May,” said Ataman Ozyildirim, Director of Economic Research and Global Research Chair at The Conference Board. “The index still points to robust economic growth in early 2019, but the rapid pace of growth may already have peaked. While near term economic growth should remain strong, longer term growth is likely to moderate to about 2.5 percent by mid to late 2019.”

Given this, I am in the process of shifting to a slightly more defensive posture in portfolios.  If I am wrong about Santa Claus, it will be because I am not bullish enough, but I feel the current environment requires more caution for the time being.

Please call us if you have any questions or concerns.

December Calendar of Events   (comments and additions for future months are always welcome)

  • December is Universal Human Rights Day.  Let’s pray that all people, regardless of race, religion, gender, or nationality  can learn to treat others as we all wish to be treated.

 

December 2 – 10th    Happy Hanukkah  –    May it also be a festival of love, happiness, success, and health in your world now and always.

December 10th            Human Rights Day   –  I have cherished the ideal  of a democratic and free society… it is an ideal for which I am prepared to die. – Nelson Mandela

December 15th            Healthcare open enrollment – for coverage starting Jan 1, 2017 – ENDS!   

December 19th            Christian’s birthday

December 21st                  Winter Solstice    –       The shortest day of the year and the start of winter

December 25th            Merry Christmas – have a wonderful holiday.  Let’s all remember the true significance of this day – the birth of Christ. 

 

Sources:  Investopedia, Advisor Perspectives

 

 

Although information herein has been obtained from sources deemed reliable, its accuracy and completeness are not asserted. All opinions and estimates included in this report constitute the judgment of the financial advisor as of the dates indicated and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

Investing involves risk and you may incur a profit or a loss. Diversification does not ensure a profit or ensure against a loss. There is no assurance that any investment strategy will be successful.  Past performance is no assurance of future results. 

Please consider the charges, risks, expenses and investment objectives carefully before investing. Please see a prospectus containing this and other information. Read it carefully before you invest or send money.

Information provided should not be construed as legal or tax advice.  You should discuss any tax or legal matter with the appropriate professional.