Weekly Market Notes – May 26, 2020

For the Week of May 26, 2020

The Markets

Stocks were mixed Friday as investors weighed rising trade tensions between China and the U.S. and uncertainty about the pace of an economic recovery from the coronavirus. Frictions rose after China announced new security measures on Hong Kong and U.S. senators introduced a bill to sanction Chinese officials and agencies. Still, all three major indices posted weekly gains. For the week, the Dow rose 3.43 percent to close at 24,465.16. The S&P gained 3.27 percent to finish at 2,955.45, and the NASDAQ climbed 3.48 percent to end the week at 9,324.59.

Returns Through 5/22/201 WeekYTD1 Year3 Year5 Year
Dow Jones Industrials (TR)3.43-13.40-2.687.918.69
NASDAQ Composite (TR)3.484.3621.5816.2114.15
S&P 500 (TR)3.27-7.775.589.439.02
Barclays US Agg Bond (TR)0.355.2310.495.104.03
MSCI EAFE (TR)1.41-17.27-7.97-1.57-0.31
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, NASDAQ 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. (TR) indicates total return. MSCI EAFE returns stated in U.S. dollars.

Biggest Yet — The House released the $3 trillion, 1,815-page Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act on May 12. Congress has previously passed four bills between March 6 and April 24 to counter the economic impact of the COVID-19 pandemic (source: House of Representatives, BTN Research).

Student Loans — On page 1,400 of the 1,815-page HEROES Act is a provision that would forgive up to $10,000 of every federal student loan (source: HEROES Act, BTN Research).

We’ll Need to Borrow a Lot of Money — After seven months of fiscal year 2020, i.e., the 7 months through April 30, the government’s budget deficit to date is $1.481 trillion, more than the nation’s all-time record deficit for a single fiscal year of $1.413 trillion from fiscal year 2009 (source: Treasury Department, BTN Research).

WEEKLY FOCUS – Considering a Roth Rollover in 2020

Roth IRAs are popular because they have no required distributions, their earnings grow tax-free and withdrawals are tax-free, subject to certain requirements.  Income restrictions limit who can open a Roth, but since 2010, anyone – regardless of income – has been able to convert assets from a traditional IRA to a Roth IRA. Unique circumstances in 2020 have more investors now considering Roth rollovers.

Legacy planning: The SECURE Act passed last December increased Roth IRAs’ popularity in estate planning. The legislation eliminated the stretch IRA, which allowed children and grandchildren to withdraw money from an inherited IRA gradually over their lifetimes. Under the SECURE Act, non-spouse relatives must now drain an inherited IRA within 10 years. A Roth IRA can reduce the potential tax impact.

Tax rates: Historically low tax rates mean individuals rolling an IRA into a Roth this year could pay less taxes than in the past. This may not be true in the future as financial analysts expect taxes to eventually increase to recoup some of the trillions of dollars the federal government is spending under the COVID-19 stimulus packages.

Drops in stock values: Along with lower tax rates, converting an IRA to a Roth during a market downturn can reduce liability since taxes due are based on the value of the IRA at the time of conversion. If you convert when your IRA investments are depressed, your tax hit will be smaller. If your investments increase in value after the conversion, your gains won’t be taxed.

Decisions regarding Roth rollovers can be complex, and it’s best to consult a professional for advice. For example, a rollover might not make sense if your tax bracket may be lower in the future or if you need to use money from the IRA to pay the tax liability from converting. And calculating taxes resulting from a conversion gets particularly complicated if you own multiple IRAs, especially if some are pre-tax and others are post-tax, since the IRS will treat all your IRAs as one when calculating taxes owed.

Previously, IRA owners could change their mind about a rollover, but conversions are now permanent. So please call our office if you’re considering a Roth rollover this year. We’ll be happy to work with your tax professional to discuss considerations and options.

Securities America and its financial professionals do not provide tax advice. Coordinate with your tax advisor regarding your specific situation.

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 May 2020. All rights reserved. Securities offered through Securities America, Inc., Member FINRA/SIPC. SAI#3100369.1

Weekly Market Notes – May 18, 2020

Weekly_Market_Notes

For the Week of May 18, 2020

The Markets

The market was volatile on Friday as investors digested a record drop in retail sales and  increased trade tensions with China as the Trump administration imposed new restrictions on Chinese telecom giant Huawei. Stocks edged up by closing but still suffered big losses for the week. For the week, the Dow fell 2.61 percent to close at 23,685.42. The S&P lost 2.20 percent to finish at 2,863.70, and the NASDAQ dropped 1.15 percent to end the week at 9,014.56.

Returns Through 5/15/20 1 Week YTD 1 Year 3 Year 5 Year
Dow Jones Industrials (TR) -2.61 -16.27 -5.37 6.60 7.92
NASDAQ Composite (TR) -1.15 0.84 16.44 14.82 13.56
S&P 500 (TR) -2.20 -10.69 2.47 8.16 8.37
Barclays US Agg Bond (TR) 0.33 4.86 10.01 5.14 3.85
MSCI EAFE (TR) -3.18 -20.81 -12.02 -2.62 -1.29

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, NASDAQ 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. (TR) indicates total return. MSCI EAFE returns stated in U.S. dollars.

 

Less Needed — 26 percent of 305 chief financial officers surveyed in late April anticipate their firms will reduce their real estate footprint when work life resumes some level of normalcy (source: PricewaterhouseCoopers, BTN Research).

Shortfall —The Congressional Budget Office forecasted on April 24 our nation’s fiscal year 2020 budget deficit, i.e., the 12 months ending Sept. 30, will be a record $3.7 trillion, equal to 18.1 percent of our economy. That would be our largest deficit-to-GDP percentage since the U.S. hit 21 percent in 1945 (source: CBO, BTN Research).

Help for Borrowers — Pandemic-impacted homeowners who have mortgages that are owned by Fannie Mae have access to a forbearance plan that allows them to reduce or suspend their monthly mortgage payment for up to 12 months. Homeowners are allowed to establish a repayment plan to catch up gradually or modify the entire loan but are not required to make a lump-sum payment at the end of 12 months. Homeowners need to contact their mortgage servicer to determine if they qualify (source: Fannie Mae, BTN Research).

 

WEEKLY FOCUS – Tips for Working From Home

As U.S. governors plan to reopen their states and medical researchers across the globe scramble to create an effective vaccine or treatment for COVID-19, it’s natural to wonder how different our lives might look after the virus is under control.

Chances are, parents will continue accessing online educational resources for their children, and geographically distanced families and friends will continue to gather on Zoom. Businesses will likely spend less time and money traveling to meetings, and medical professionals will still offer telehealth care. But many believe the widest-reaching change will be a greater acceptance of working from home. With that perspective, taking the following steps to improve your work-from-home experience may pay off now and in the future.

First and foremost, ensure your workspace fits your body. Your elbows should be close to a 90-degree angle when you’re typing, and your wrist should not be hinged. If that’s not the case, you may need to raise your chair or lower your keypad with a pull-out tray under your desk. Similarly, your neck shouldn’t be bent. If your monitor or laptop is too low, consider risers. If your back hurts, consider a different chair, a lumbar support pillow or an orthopedic seat cushion. A footrest can help if your legs are short.

Next, establish boundaries. Keep consistent hours. Let family and friends know you are not available during those times. Protect your free time as well. Stop and stretch every 20 minutes. Take a couple 10-minute breaks during the day and a short walk outside over your lunch hour. Take a sick day if you’re not well. And, don’t check emails once you’re off the clock.

Overcommunicate. Remind coworkers when you’re not going to be available. Let your team know when you complete an important task. Make your presence known on conference calls. Since tone is harder to discern in digital communications, err on the positive side. In informal emails, you may want to include an exclamation point or a friendly emoji.

Don’t forget to socialize. Interacting with colleagues is important for your career and your emotional well-being. So, join Zoom happy hours and, once it’s safe to do so, attend meetings, trainings and conferences in person from time to time.

Please take care of yourself and stay well. And, as always, if you have financial concerns or questions you want to discuss, feel free to call my office.

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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 May 2020. All rights reserved. Securities offered through Securities America, Inc., Member FINRA/SIPC. SAI# 3090721.1

Weekly Market Notes – May 11, 2020

Weekly_Market_Notes

For the Week of May 11, 2020

The Markets

Stocks rose Friday despite the worst jobs report on record; the Labor Department reported the nation lost 20.5 million jobs in April. However, investors were encouraged by plans to begin reopening the country and a statement from Chinese and U.S. leaders saying they expected to meet their obligations in the phase one trade deal signed in January. For the week, the Dow rose 2.67 percent to close at 24,331.32. The S&P gained 3.57 percent to finish at 2,929.80, and the NASDAQ climbed 6.05 percent to end at 9,121.32.

Returns Through 5/08/20 1 Week YTD 1 Year 3 Year 5 Year
Dow Jones Industrials (TR) 2.67 -14.03 -3.87 7.54 8.62
NASDAQ Composite (PR) 6.05 2.02 16.09 15.58 14.03
S&P 500 (TR) 3.57 -8.68 3.85 9.04 8.94
Barclays US Agg Bond (TR) -0.33 4.52 10.20 5.13 3.79
MSCI EAFE (TR) 0.87 -18.21 -9.99 -1.38 -0.36

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, NASDAQ 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. (TR) indicates total return. MSCI EAFE returns stated in U.S. dollars.

 

Not This Year — The CARES Act has provided sponsors of defined benefit pension plans a one-year holiday from their required annual pension contribution, i.e., they do not have to contribute to their pension plans during calendar year 2020 (source: CARES Act, BTN Research).

Market Rally or New Bull Market? — The S&P 500 gained 12.8 percent (total return) in April, its first double-digit gain since October 2011 and its best month since January 1987. The S&P 500 consists of 500 stocks chosen for market size, liquidity and industry group representation. It is a market value weighted index with each stock’s weight in the index proportionate to its market value (source: BTN Research).

In the Year 2034 — Social Security trustees announced on April 22 that the trust fund backing the payment of Social Security benefits (OASI retirement benefits) would be zero in 2034. A zero trust fund does not mean the payment of Social Security benefits would also go to zero, but rather would drop to 76 percent of their originally promised levels through the year 2095. When the trustees released their report in 2010, the Social Security Trust Fund was projected to be depleted in 2040 (source: Social Security Trustees 2020 Report, BTN Research).

 

WEEKLY FOCUS – A Great Time to Make a Difference

As we digest today’s sobering headlines, conflicting reports and startling predictions related to COVID-19, it’s easy to feel rather powerless. Across the globe, researchers are scrambling to learn about the disease and leaders are struggling to protect their citizens’ health and their nations’ economies. On an individual level, our normal routines have been shattered, and we wonder what the future will hold.

In these uncertain times, the compulsion to hoard money, food or even toilet paper is natural. Building up our reserves may restore a small sense of control. Certainly, it is prudent to save more and stock up on some things. But giving may actually do more to ease feelings of helplessness. Instead of dwelling on what we can’t change, giving focuses on the difference we can make.

Needs are particularly great now. Many nonprofits, particularly those that provide safety net services, are facing the greatest demand they’ve seen. Increased requests are coming at the same time organizations are unable to hold normal fundraising events, some donors are unable to give and others are supporting candidates in this year’s political campaigns.

The good news is, the CARES Act, the $2 trillion stimulus package President Trump signed on March 27, increases federal tax deductions for qualifying charitable donations. Under CARES, even taxpayers who do not itemize on their return (an estimated 85 percent of us) can deduct up to $300 for charitable cash contributions.1 To ensure an organization qualifies, enter its Employer Identification Number at apps.irs.gov/app/eos/.

CARES also removes the limit on deductions for charitable cash gifts if you itemize. Previously, you could not deduct more than 60 percent of your adjusted gross income. Under CARES guidelines, you may donate your entire taxable income to qualified organizations and not owe federal taxes on that income.2 Contributions to private foundations or donor advised funds do not apply.

Contact our office if you need help weighing how much to donate to your favorite cause or to schedule a joint meeting with your other professional advisors.

Securities America and its financial professionals do not provide tax advice. Coordinate with your tax advisor regarding your specific situation.

1https://taxfoundation.org/standard-deduction-itemized-deductions-current-law-2019/

2https://www.forbes.com/sites/morgansimon/2020/04/08/now-is-a-great-time-to-give-new-charitable-rules-incentivize-generosity-during-covid-19/#61dadf266d2e

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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 May 2020. All rights reserved. Securities offered through Securities America, Inc., Member FINRA/SIPC. SAI#3080678.1

Weekly Market Notes – May 4, 2020

Weekly_Market_NotesFor the Week of May 4, 2020

The Markets

Even though the drug remdesivir received emergency use authorization for treating hospitalized coronavirus patients, stocks fell on the first day of May amid disappointing earnings reports and growing tensions between China and the U.S. The day before, the market ended April with its best monthly surge in over 30 years, with the S&P up 12.7 percent and the Dow up 11.1 percent for the month. For the week, the Dow fell 0.22 percent to close at 23,723.69. The S&P lost 0.19 percent to finish at 2,830.71, and the NASDAQ dropped 0.33 percent to end the week at 8,604.95.

Returns Through 5/01/20 1 Week YTD 1 Year 3 Year 5 Year
Dow Jones Industrials (TR) -0.22 -16.26 -8.00 6.79 8.28
NASDAQ Composite (PR) -0.33 -3.80 8.06 13.42 12.71
S&P 500 (TR) -0.19 -11.83 -1.22 7.96 8.27
Barclays US Agg Bond (TR) -0.12 4.86 10.68 5.21 3.84
MSCI EAFE (TR) 3.07 -18.92 -12.70 -1.11 -0.38

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, NASDAQ 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. (TR) indicates total return. MSCI EAFE returns stated in U.S. dollars.

 

In the Year 2034 — Social Security trustees announced on April 22 that the trust fund backing the payment of Social Security benefits (OASI retirement benefits) would be zero in 2034. A zero trust fund does not mean the payment of Social Security benefits would also go to zero, but rather would drop to 76 percent of their originally promised levels through the year 2095. When the trustees released their report in 2010, the Social Security Trust Fund was projected to be depleted in 2040 (source: Social Security Trustees 2020 Report, BTN Research).

Just Sitting Somewhere — 64 percent of the commercial aircrafts operated by airlines worldwide have been removed from daily usage and are in storage (source: Upgraded Points, BTN Research).

People Are Not Spending — Retail sales in the United States in March declined 8.7 percent  from the previous month to $483 billion. The worst month-over-month decline in retail sales during the 2008-2010 mortgage crisis was a drop of just 3 percent in December 2008 (source: Census Bureau, BTN Research).

 

WEEKLY FOCUS – Estate Planning in a Pandemic

While the majority of the 60,000 U.S. deaths caused by the coronavirus have been individuals at higher risk due to age or pre-existing health conditions, we have all seen reports of younger, seemingly healthy men and women who have become very ill and in some cases, even succumbed to COVID-19.

Witnessing a new virus turn life upside down in such a short time demonstrates the importance of having a thorough, up-to-date estate plan. Considering how difficult – if not impossible – it could be to create estate documents during the isolation imposed on COVID hospital patients creates an even greater urgency. In addition to being isolated, seriously ill patients may be put into a medically induced coma, so they can be connected to a ventilator. Without an advanced care directive or a health care proxy, the patient won’t be able to influence their care.

If you have an advanced care directive, you may want to make sure ventilation is only ruled out in situations that appear hopeless – since thousands of COVID patients have been saved through intubating. A HIPAA Authorization should also be included in health care directives to ensure medical professionals can share information with a designated family member – crucial if a health system is overwhelmed and staff have little time to work out privacy issues.

In addition to health-related documents, even a basic estate plan should include a durable power of attorney (POA) to handle financial matters, a letter with instructions and final thoughts to loved ones and a simple will designating an executor and directing the distribution of assets. It’s important to ensure the will agrees with beneficiary designations on all accounts and wise to ask your financial institutions if they require their own POA form.

While working with an attorney is always the ideal, sites like FiveWishes.org, MyDirectives.com, LegalZoom.com and LawDepot.com can help you create a temporary solution in this crisis. But social distancing may make getting documents witnessed and notarized difficult. Some states allow online notarization using webcam. If yours doesn’t, you can probably sign documents inside your car with a notary witnessing through the windshield. Some states even accept unwitnessed, handwritten wills.

We can work with you, your attorney and your accountant to ensure your current estate plans take into consideration all the wills and won’ts you desire. Call our office to schedule a virtual appointment with us and your other trusted advisors. Securities America and its representatives do not provide legal advice; therefore it is important to coordinate with your legal 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 May 2020. All rights reserved. Securities offered through Securities America, Inc., Member FINRA/SIPC. SAI#3070672.1

May 2020 Monthly Outlook – So Far

I sure underestimated the size of the relief rally and my thesis has been wrong – so far.

The market has made a miraculous recovery.  Certainly better than I anticipated.  Yet perhaps a little ahead of itself.  Basically, stocks are only down approx. 15% from the all-time high in February 2020.  It seems to me that the US and world are more than 15% out-of-whack, so there is clearly a disconnect between the market and what’s happening around the globe.

A few data points to consider:

  • There are now over 30 million people unemployed in the US – that’s almost 20% of the workforce; that’s 8 million more jobs lost than all the jobs created from 2009 – 2019; and that’s 21 million more jobs lost than during the entire Great Financial Crash in 2008-2009.  Yes, many of these people will go back to work once the economy opens back up, but I think its clear many will not have a job to go back to.

5.1.2020_Monthly_outlook_1

  • Both Chase and Wells Fargo have stopped doing HELOCs and have tightened conditions in which it will make mortgages, requiring higher FICO scores and bigger down payments for new loans.  Why?  “Wells Fargo Home Lending will temporarily stop accepting applications for all new home equity lines of credit after April 30,” Goyda said in an emailed statement. The choice “reflects careful consideration of current market conditions and the uncertainty around the timing and scope of the anticipated economic recovery.”
  • As of April 29th, more than 3.8 million homeowners were in mortgage forbearance plans, under the governments CARES Act program.  This represents 7.3% of all active mortgages accounting for $841 billion in unpaid principal.  Applications to participate in the forbearance program have been swelling at a rate of approximately 500,000 per week.

The U.S. economy contracted -4.8% in the first quarter, according to the GDP release yesterday. It’s the largest contraction in GDP since 4th quarter of 2008.  This was worse than analysts were expecting and was the first contraction since the first quarter of 2014. 2Q is going to be worse as much of the economy has been closed for the first month of the quarter. Perhaps the more astonishing data point was the decline in personal consumption, which shrank -7.6%. This suggests consumers were cutting back even before the economy officially closed. Even with a re-opening, it is hard to envision a scenario where consumers run out to spend. An economy that is 70% consumption may take longer to recover than most initially thought.

5.1.2020_Monthly_outlook_2

source: Strategas

The key point is that the US economy is not Sleeping Beauty, ready to wake up at first kiss by the government.   It’s true that $2+ trillion in government bailout money, and trillions more from the Federal Reserve, will blunt the damage. But it won’t stop the atrophy. It just slows it down.  My outlook is for a slow, “swoosh” like recovery.  Basically a sharp contraction followed by a gradual recovery over the next 18 months.

On the investment front, there is a disconnect between rising stock prices and falling corporate earnings.  Based on my swoosh economic outlook, I estimate the fair value of the S&P 500 is around 2,600, compared to 2,912 where it ended April.  This implies a potential 11% pullback from current levels.  The big question is where are we in the process?  Are we in the true recovery phase (see right side below) or are we at the early stages before things get worse (see left side below).  The answer likely is based on the medical outcome.  With a proven treatment for Covid-19 or a vaccine we are probably on the right side – without either we are probably on the left side.

5.1.2020_Monthly_outlook_3

Quote of the Day
“KEEP IN MIND THAT progress is not always linear. It takes constant course correcting and often a lot of zigzagging. Unfortunate things happen, accidents occur, and setbacks are usually painful, but that does not mean we quit.”

– Buzz Aldrin (Astronaut)

I hope this report is helpful.  Please feel free to share with friends and family.

 

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

 

  • May is National Mental Health awareness month.  Nearly 44 million American adults, and millions of children, experience mental health conditions each year. Let’s all get educated on this issue and work towards acceptance and inclusion of people dealing with mental health issues.

              

May 5th                       Cinco De Mayo – stay thirsty my friends                 

May 10th                     Mother’s Day – wishing all mom’s, grandmothers, and great grandmothers a wonderful day. Hopefully soon we can get together to celebrate.

May 16th                      Armed Forces Day.  Dedicated to recognizing those presently serving in our armed forces

May 23rd                     My daughter Caryn’s birthday  

May 25th                     Memorial Day – let’s remember and give thanks to all who served our country

 

Sources:  Strategas, Fidelity, CNBC.com, Dwyer Strategy

 

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.