Hope all is well.  Happy Father’s Day!  After three consecutive weeks of posting small gains, the S&P 500 reversed course, falling nearly 2%. The Dow fared worse, dropping more than 3%—the biggest weekly decline for that index in nearly eight months—while the NASDAQ fell less than 1%.  In honor of Father’s Day, I have broken down this week’s news using corny dad jokes.

What kind of drink can be bitter and sweet? ... Reali-tea.

The U.S. Federal Reserve is waking up to the reality that inflation is not going away.  On Wednesday, the Fed issued a revised outlook which rippled across the markets, weighing on stocks and many other assets. Policy makers signaled that they expect to raise interest rates by late 2023 (sooner than the Fed had previously projected) and members also boosted their inflation forecast. Despite a slight acceleration in timeline, rate hikes are still likely two years away. 

Which bear is the most condescending? ... A pan-duh.

China blasted the U.S. and EU as 'condescending'.  China said Tuesday it firmly rejects U.S.-EU joint statement after President Biden and European leaders rebuked Beijing for the third time in as many days.

Two guys walked into a bar ...The third guy ducked.

Learning from the mistakes of others helps when investing for the long term.  This week’s drop might have you nervous.   Realize, it’s been eight months since we had a 5% pullback, dips of that magnitude historically happen about 3 times per year.  Comparisons have been drawn to the market dip in 2013 (the "Taper Tantrum").   You may view this as a reason to move to the sidelines with your stock investments, don’t. The drop in 2013 was not prolonged or severe.  The "Taper Tantrum" produced a 5.8% pullback that lasted 23 days. The outlook for stocks is still positive, as the global economy continues to reopen amid a growing vaccination effort and ongoing fiscal stimulus in several parts of the world.   If we do experience a similar drop now it would be a buying opportunity, and time to reallocate more into the stock market.  It is not a reason to sell your stocks. 

I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule.

https://booknow.appointment-plus.com/b8hh5y90/

Hope all is well. The major U.S. stock indexes continued to hover near record highs set earlier in the spring, with the S&P 500 breaking its record on Thursday. That index posted a small gain for the third week in a row, as did the NASDAQ, which outperformed its peers; the Dow retreated modestly.   I have broken down this week's news using songs from Dr. Dre's 1992 album The Chronic.

Nuthin' But a G Thang
It was time for President Biden to make his impression felt at the G-7 meeting which started Friday.  The leaders announced they would endorse a 15% minimum corporate and that they reached consensus on the need for a shared approach to China selling exports at unfairly low prices.  Endorsing and reaching consensus does not always equate to  action so it remains to be seen what the follow through will be.  
​
Let Me Ride
Demand for used cars and trucks continues to surge. The impact of supply shortages and bottlenecks continues to be prevalent. Used-car prices continued to rise sharply in May, increasing 7.3% in May from April and accounting for about one-third of the overall 5% increase in inflation. Semiconductor shortages are still affecting new car production, but some of those supply-chain pressures are starting to ease.

The Doctor's Office
There will be less vaccine at your Doctor's office.  The F.D.A. told Johnson & Johnson that about 60 million doses made at a troubled plant in Maryland cannot be used due to possible contamination. The news sent the stock lower.

I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule.

https://booknow.appointment-plus.com/b8hh5y90/

​Hope all is well. For the second week in a row, major U.S. stock indexes posted modest gains amid quiet trading. The S&P 500, the Dow, and the NASDAQ added more than 0.5%; each index has traded in a narrow range since May 24.  The week’s results left the S&P 500 and the Dow just shy of record highs set four weeks earlier. Both were within 0.1% of their levels of May 7; the NASDAQ was 2.3% below its record, which was set on April 26. I have broken down this week’s news using songs and lyrics from the classic musical/movie Annie.

Easy Street
Jobs hold the key to gettin' more bucks. The closer we get to full employment the closer we are to getting America back on the path to prosperity.  Monthly employment data released on Friday showed continued improvement in jobs growth and the unemployment rate. The economy generated 559,000 new jobs in May. There is a clear mismatch between the supply of workers and the demand for labor. With 8.1 million job openings and 9.3 million unemployed workers, demand has snapped back much more quickly than people have been able, or willing, to return to work. Multiple factors are contributing to this, including childcare, increased unemployment benefits and skills mismatches between pre-pandemic positions and existing needs.
 
Hard Knock Life
Might be time to throw the towel in for bond fund holders.  Bonds have rallied the past two months presenting an opportunity to re-allocate out of bond funds.  Fear of the Federal Reserve raising short term interest rates has subsided, lifting government bond prices, extending a recent decline in yields. The yield of the 10-year U.S. Treasury bond slipped to 1.55%, down from a recent high of 1.74% in late March.  
 
Tomorrow
Analysts are willing to bet their bottom dollar that tomorrow corporate earnings will grow.  Strong first-quarter earnings have Wall Street analysts increasing their expectations for second-quarter results. During April and May, analysts raised their earnings forecasts for S&P 500 companies by 5.8%, the largest such increase in the history of that metric.
 
Let’s Go To The Movies
Shares of movie theater chain AMC and crypto prices remained in the headlines this week as these speculative assets continued to exhibit extreme volatility. The meteoric gains in these areas have caught investors’ interest. While short-term gains on higher quality investments may not be as eye-catching, long-term diversified stock allocations will provide solid growth and be well-positioned to navigate the next phase of the expansion.

I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule. 

https://booknow.appointment-plus.com/b8hh5y90/

​Happy Memorial Day!  The major U.S. stock indexes posted modest gains in a quiet week of trading, with the S&P 500 and the Dow both rising around 1% and the NASDAQ adding more than 2%. The results left the S&P 500 and the Dow within less than a percentage point of record highs set three weeks earlier. For the second week in a row, growth stocks chipped away at the year-to-date dominance of value-oriented stocks, as a U.S. large-cap growth index outperformed its value counterpart by a wide margin. That weekly trend helped lift the growth- and tech-oriented NASDAQ, which outperformed the S&P 500 and the Dow. May was the sixth positive month out of the past seven for the S&P 500, which rose nearly 1%. The Dow added about 2% while the NASDAQ lagged, falling more than 1% and snapping a six-month string of gains.  In honor of the holiday, I have broken down this week's news using quotes from General George S. Patton Jr. 

​Oil has bounced tremendously. It was just April of last year when oil prices sank to their lowest level in history, dropping into negative pricing as oil supplies overwhelmed the globe’s storage capacity. Oil hit $0.01 a barrel before falling to as low as negative $40 and eventually settling at negative $37.63, the lowest level recorded since the New York Mercantile Exchange began trading oil futures in 1983.  It has been a meteoric rebound for oil prices. This week, U.S. crude oil prices climbed another 4%  to nearly $67 per barrel, the highest level since October 2018. Strong U.S. demand heading into the summer bolstered prices ahead of a key meeting of leaders from top oil-producing countries.

President Joe Biden released his fiscal year 2022 budget request to Congress on Friday, the first formal budget of his presidency. The proposed budget which requests $6 trillion in spending is focused on helping reach some of the administration’s lofty goals and will likely have to overcome the tug of stiff opposition from Congress.  The budget requests an increase of 41% for the Department of Education over last year, plus 23% more for the Department of Health and Human Services, and 22% more for the Environmental Protection Agency.

General Patton, who was never a fan of politicians, would likely not approve of the proposed decrease in funding for the Department of Homeland Security and light increase for the Department of Defense (just 2%). As with most presidential budgets, and swivel chair created proposals, the budget relies on optimistic (perhaps unrealistic) projections of unemployment rates and GDP growth.   Just like when planning for retirement when budgeting if you use overly optimistic assumptions, you run a higher risk of running short.  The economy needs to hit these growth projections to cover their spending plans.   The proposal does include an increase in the corporate tax rate from 21% to 28%, as well as increased IRS enforcement and higher taxes on the wealthiest taxpayers but that alone will not cover all the spending. 

Thank you to all who have served.  Enjoy your holiday.  I will close in the words of General Patton as to me they strike the essence of what we celebrate this weekend. "It is foolish and wrong to mourn the men who died. Rather we should thank God that such men lived."

I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule. 

https://booknow.appointment-plus.com/b8hh5y90/

Hope all is well. The major stock indexes were mixed, with little overall change. Declines on the first three trading days of the week were largely offset by a rally on Thursday, leaving both the S&P 500 and the Dow around 1.5% below their record highs set two weeks earlier. For the first time in six weeks, the NASDAQ outperformed the S&P 500, and the U.S. large-cap growth stocks edged a large-cap value.  Since this week’s news highlights two of the questions I get most frequently, I will take an opportunity to address both questions.

With markets near an all-time high should I go to the sidelines?

The recent run in the stock market has stock valuations stretched. A pull back is likely but will probably be too short lived to try and time it by moving in and out.   It is best to stay invested at this point unless you’re planning to spend the money you have invested in the stock market in the short term (within the next year).  Long term, stock valuations are sustainable.  The average of price to earnings (P/E) ratio for the S&P 500 is 22.  Still below what would be considered an extreme bubble.  Looking back at bull markets since 1929, P/E ratios traditionally rise in the first year of a bull market, as optimism rises, then the ratio declines as earnings rebound. With expectations for earnings growth of roughly 30% in 2021, earnings (the E portion of P/E) appears to be in good shape.  That means P/E ratios could drop to more normal levels while still supporting stock-market gains. The combination of valuations and earnings growth will produce positive but more moderate gains for stocks. Over the past 40 years, periods of accelerating earnings have often seen outperformance from value stocks, as they are more closely linked to economic momentum. That has been the case this year however I don’t expect that to continue because I believe the pandemic has changed the way we do business and I expect growth stocks to benefit just as much if not more from the economic momentum. That started to happen this week as technology stocks that had recently been lagging were among the latest week’s top performers.

Is now the time to sell my home?

Home sales are slowing down. Home prices have skyrocketed over the last year amid a significant jump in demand. Lower inventories (supply) and rising building-material costs have also added to price gains. On Friday we learned U.S. sales of existing homes fell 2.7% in April compared with the previous month, making it the third straight monthly decline but still up significantly year over year.  Spring is a time of year when sales typically pick up so the decline has some concerned that they may have missed their opportunity to sell.

The last time home prices were on this type of year over year trajectory, a housing bubble became the catalyst for a financial crisis. We're not traveling the same path now.  The pace slowing does not mean the boom is over. While the current pace of appreciation is likely not sustainable the demand for housing is. Home prices have skyrocketed over the last year because of a significant jump in demand. Lower inventories (supply) and rising building-material costs have also added to price gains. New and existing home sales are at their highest levels in more than a decade, reflecting the surge in demand. Falling unemployment, virtual work trends, and still-low mortgage rates should all support an enduring positive outlook for the housing market for the next several years. Of note, the average size of a new single-family home has also begun to rise for the first time in many years, likely reflecting the shift in home preferences sparked during the pandemic. Increased home buying activity, improving job growth, and an estimated $1.5 trillion in household savings should help keep the home prices from dropping. 

During the housing bubble of 2008, there was too much supply compared with demand, and lending conditions were reckless. Currently, lending standards are much more prudent, and, most importantly, demand is outstripping supply, which should prevent an outcome like last time.  Supply will eventually catch up. The spike in lumber prices appears to have abated and construction is getting back to pre-pandemic pace this will increase inventory.   So in answer to the question it is a seller’s market but I don’t think you need to rush to sell because I think demand will continue to keep home prices growing albeit at a slower rate.

I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule.

https://booknow.appointment-plus.com/b8hh5y90/

Hope all is well. The s&P 500 and the Dow both fell more than 1%. The NASDAQ dropped more than 2% and lagged the S&P 500 for the fifth week in a row. While the week's overall declines weren't huge, the market's path was choppy. Big declines on the first three days of the week that sent the NASDAQ down a total of 5.2% before rebounding with positive results on Thursday and Friday. I have broken down this week's news using a couple of my favorite commercials from the 80s.

This week began with a large section of the country asking Where's the Gas?  The Colonial pipeline has returned its entire system to normal operations and is back delivering millions of gallons of fuel per hour after a ransomware attack forced the company to shut its network 8 days earlier. The company said Saturday that its pipeline is now servicing all markets. However, there are still widespread fuel shortages in many of the markets serviced by the pipeline. In Washington D.C.  gas stations are without fuel. In North Carolina 63% of stations are short, in Georgia and South Carolina more than 40%, and in Virginia 38%.  The pipeline disruption led to the pull back the markets experienced at the beginning of the week.

​The post pandemic economy would have brought sanity to  Crazy Eddie whose commercials in the 80's screamed that their low prices were INSANE.   Prices are going up everywhere. Inflation surged by the most in any 12-month period since 2008. The Consumer Price Index (the most common gauge of inflation) jumped 4.2% for the 12-month period that ended in April.  The jump in inflation caused the early week sell off to intensify on Wednesday.  

I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule.

https://booknow.appointment-plus.com/b8hh5y90/

Hope all is well.  Happy Mother’s Day!  It was an uneven week for the major U.S. stock indexes, as the Dow climbed nearly 3%, the S&P 500 added more than 1%, and the NASDAQ fell more than 1%, with most of its weekly decline coming on Tuesday. The Dow and the S&P 500 both set records, eclipsing highs set less than a month earlier.  In honor of  Mother’s Day I have broken down this week’s news using some motherly wisdom. 

​A job.  We experienced a setback in the labor market.  Friday’s jobs report fell far short of expectations as the recent rollback of pandemic-related restrictions failed to provide much lift to the labor market. The economy generated 266,000 new jobs in April, far below economists’ expectations for a gain of nearly 1 million. The unemployment rate actually rose from 6.0% to 6.1%.

​Corporate earnings growth continues to break records. S&P 500 companies are now expected to report a cumulative 49% increase over last year’s first-quarter results. That’s up significantly from the roughly 25% gain that analysts had forecast at the start of earnings season.

Manufacturing continued to be too sick to participate in the economic recovery. The Institute for Supply Management’s (ISM) index of manufacturing activity came in at 60.7 in April—down from 64.7 in March and below expectations for a 65.0 reading. A separate reading on the services sector also fell below expectations. 

I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule.

https://booknow.appointment-plus.com/b8hh5y90/

​Hope all is well. For the second week in a row, the major U.S. stock indexes were little changed overall, as the Dow and NASDAQ were slightly negative and the S&P 500 posted a tiny gain. The lack of sustained movement follows a four-week string of gains that lifted indexes to record highs in mid-April.  April was the fifth positive month out of the past six for the S&P 500, which rose more than 5%. The NASDAQ also added about 5% while the Dow rose nearly 3%. All 11 S&P 500 sectors posted positive results in April.  I have broken down this week's news using quotes from one of the best television characters of all time, Norm from Cheers.

The Federal Reserve remains as consistent as Norm's order, showing no signs of straying from its accommodative monetary policies in the short term. Fed Chair Jerome Powell attributed a recent rise in inflation to factors that he views as temporary―a statement that eased concerns about a possible Fed policy shift to fight inflation. ​

President Biden made his joint address to Congress and tried to be honest. He spent equal time  making promises and discussing how the rich will pay for them.  President Biden pushed for funding to expand broadband, update infrastructure for drinking water and modernize the energy grid as part of a plan he described as the “blue-collar blueprint to build America.”  His blueprint comes with a price, 6 trillion dollars (if you count the 2 trillion dollar Covid bill passed earlier this year).  He plans to pay for this spending by taxing corporations and individuals making over $400,000.   He also intends to tax capital gains above a certain level on death, currently inheritors pay no capital gains on appreciated property when the owner passes.

I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule.

https://booknow.appointment-plus.com/b8hh5y90/

​Hope all is well.  Despite mostly positive economic indicators and strong earnings results, the major stock indexes were slightly negative. For the S&P 500 and the Dow, the modest setback snapped a four-week string of gains that had pushed the indexes to record highs.  Earnings season continued to exceed expectations. Profits at companies in the S&P 500 were expected to rise 33.8% as of Friday, but news headlines on Thursday caused a down draft. I have broken down this week’s news using quotes from the movie Office Space (a worthwhile watch if you have never seen it).

​Like Milton’s HR department in the movie who moves his desk, stops paying him and takes his stapler. The government keeps taking away more tax dollars from people hoping the markets will not object.  On Thursday, the market did take notice. U.S. stocks’ biggest move of the week came on Thursday, when the S&P 500 dropped more than 1% in less than an hour. The drop was triggered at least in part by reports that President Biden is considering a proposal to sharply increase capital gains tax rates for wealthy taxpayers—the increase was expected to be much less and caught the market flat footed.  Don’t be surprised if we see more volatility in the coming weeks as markets fully digest what is being proposed.

We got conflicting on the COVID front like the paper jam in Office Space. On one hand, U.S. seems fine as Americans continue to get vaccinated and COVID rates drop. On the other, COVID-19 pandemic is surging in other parts of the world.  India on Thursday reported the world’s biggest one-day rise in new infections.

​Bitcoin stumbled with a case of the Mondays.  It was an unusually volatile week for bitcoin, as the price of the cryptocurrency fell below $50,000 on Friday after climbing to $62,000 just a week earlier. Much of the weekly decline came during a span of about 20 minutes. Bitcoin crossed $60,000 in March for the first time after starting 2021 at around $29,000. 

I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule.

https://booknow.appointment-plus.com/b8hh5y90/

​Hope all is well.  Good economic news propelled stocks to new highs last week, with equities, bonds and commodities all rallying. The Dow surpassed 34,000 for the first time ever as all three major indexes finished up more than 1% on the week.  I broke down this week's news using cartoons.

​Inflation is starting to rise.  Consumer Price Index (CPI) rose 0.6% in March from February and has increased 2.6% from year-ago.  Energy was a major factor behind the jump, as gasoline prices have risen almost 23% year-over-year. The jump in gas prices comes just as people are starting to get back in their cars and go places again.  This could eventually cause consumer spending to cool.  The pickup in consumer spending has been significant of note clothing stores (+18%) as well as restaurants and bars (+13%) suggests that the easing of restrictions and progress in vaccinations are leading to a resumption of typical spending habits.  The increased spending has fueled this latest leg of the market rally.  Inflation is unlikely to derail spending in the near term as there is still pent up demand but it bears monitoring. 

Earnings season kicked off S&P 500 earnings are expected to grow almost 25% in the first quarter, the strongest growth rate since 2018.  Banks were first up to report first-quarter results. Corporate profits for all 13 banks that reported comfortably exceeded estimates by 36% on average.  Economic and corporate fundamentals will continue to improve beyond the coming quarter and year, but the rate of change will slow.  Expect the market to be a little more volatile over the next couple of months with  pullbacks likely to become more frequent.   That does NOT mean you should get out of stocks. Stocks remain the best investment for the growth piece of your portfolio as the market longer term should remain on an upward trajectory despite increased volatility.  What it means is if you have money in stocks that you're planning to spend before the end of the year now might not be a bad time to take some risk off the table.

I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule.

https://booknow.appointment-plus.com/b8hh5y90/

Hope all is well. Stocks hit new highs on strong data. Most of the major benchmarks moved steadily higher to record highs, although the small-cap Russell 2000 Index recorded a modest loss. The technology-heavy Nasdaq Composite Index outperformed the broad market S&P 500 Index but stayed below its February peak. Tech shares also regained the lead within the S&P 500 during the week, helped by solid gains in Apple and Microsoft—which together account for roughly 40% of the sector’s market capitalization. Casino and cruise line shares were also especially strong, while energy stocks lagged as oil prices pulled back early in the week. Growth stocks handily outperformed value shares, narrowing the performance gap for the year to date. In honor of Earl Simmons aka DMX who passed away on Friday I have chosen to break down this week's news and analysis using songs and lyrics from my favorite DMX album Flesh of My Flesh Blood of My Blood.

It's All Good
The Labor market it's all good it's alright. The Labor department reported that employers added 916,000 jobs in March, well above consensus estimates of around 650,000, and the most since last August. The reopening of bars and restaurants and the rebound in travel were clearly at work, with 280,000 jobs added in leisure and hospitality industries. February job openings, reported Wednesday, hit almost 7.4 million, the highest since January 2019. Give the overall strength in March the markets were unphased when the weekly jobless number came out, just like the trash on a Thursday. Thursday’s report that initial jobless claims hit their highest level (744,000) in three weeks. Weekly jobless claims still remain in a broader downtrend. This indicates the near-term improvement in employment conditions won't be completely smooth, as vaccine distribution and regional/industry restrictions proceed unevenly.

The Omen
Fed Chair Jerome Powell stressed that the global economy would remain fragile until the pandemic is brought under firm control and that the U.S. recovery remained “uneven and incomplete.”  The Fed will hold (rates) down and (they) mean that for real. I suspect that higher inflation readings this year will raise the market's anxiety level over the timing of the Fed's pivot toward raising rates.  I  don’t expect inflation to run hot enough that the Fed is forced into that this year, but the higher inflation readings will be a source of volatility, nonetheless. Fortunately, Fed policy will remain more helpful than harmful for some time, with rate hikes unlikely to occur in the coming year.
 
I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule.

https://booknow.appointment-plus.com/b8hh5y90/

​

Hope all is well.  It was also a fairly quiet week on the economic calendar and headline front, producing a rather small finish to the upside.  This week instead of going over the news much of which highlights the same trends from previous weeks. I thought it made sense to take a look at where we are today 1 year out from where the market bottomed last year. The market rebound has been powered by expectations for the economic recovery and commensurate rebound in corporate profits. Three primary factors have been in the driver's seat: the vaccine (first development, then distribution), monetary-policy stimulus (near 0% rates), and fiscal aid (PPP loans, stimulus checks, etc.). This trifecta has formed a solid foundation upon which the economic recovery commenced and from which the new bull market launched.
 
Here's the markets since last year (Nasdaq in black, S&P in blue, Dow in red)  
​

The path ahead for the stock market may be a bit windier.   Faster economic growth and increasing corporate profits will help justify recent strong stock-market gains and elevated valuations. At the same time, the path ahead will produce more moderate gains as much of the rally has been in anticipation of that growth.   More volatility is likely in store. Expect inflation and interest-rate worries to continue to be a primary source of anxiety.  That should not undermine the bull market but anticipate a temporary pullback in the 10 to 15% range at some point during the year. With the S&P at an all-time high it could be time to take some risk off the table and lock in gains.   If you have money in the stock market that you intend to spend in the next 2 years now might be a good time to move that money out of the market.
 
I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule.

https://booknow.appointment-plus.com/b8hh5y90/

​

Hope all is well. Stocks couldn’t maintain their positive momentum from the previous week, as the three major U.S. indexes recorded modest declines of less than 1%.   The S&P 500 hasn’t made any big sustained moves up or down since mid-February.   I have broken down this week's news using lyrics from the classic show tune Don't Rain on My Parade.

I'll march my band out  I'll beat my drum
The U.S. Federal Reserve continues to march its band out and pump up the markets.  They upgraded the economic growth outlook and reiterated the expectations they will keep interest rates at ultralow levels well into the future. In fact, a majority of Fed members expect to see short-term rates stay near zero through 2023.
 
Don't bring around a cloud
No storm clouds this week in the market as short-term volatility has slipped to the lowest level in about 13 months. On Wednesday, the Cboe Volatility Index closed at 19.2—the lowest since the pandemic triggered a spike in volatility.  
 
Don't tell me not to fly I've simply got to
Small cap stocks cooled off a bit this week but  continue to be the most high flying portion of the stock market. Despite the weekly setback, the Russell 2000 remained up more than 50% over the past six months.  Bitcoin continued its ascent as well early in the week, the price of bitcoin briefly climbed above $60,000 for the first time ever.  While it failed to maintain that threshold later in the week it's current price is crazy considering six months ago, bitcoin was trading below $11,000.

I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule.

https://booknow.appointment-plus.com/b8hh5y90/

​

Hope all is well. After posting mixed results the previous week, the major U.S. stock indexes recorded solid gains amid a modest comeback for technology stocks that had recently declined. The Dow gained nearly 4% while the S&P 500 and the NASDAQ both added more than 2%.   I have broken down this week’s using rides at Coney Island.

The Dow shoots up to a historic high like the Thunderbolt

The index crossed the 32,000 point level for the first time on Wednesday, then pushed its record higher on Thursday as the S&P 500 and Russell 2000 also posted historic highs. It’s been a quick surge to 32,000 for the Dow, which eclipsed 31,000 in early January; in late November, it topped 30,000.
 

NASDAQ’s Cyclone like roller coaster run continues

The NASDAQ fell into a correction on Monday, as its 2.4% decline that day left the index 10.6% below its record high set on February 12 of this year. However, the technology stock-oriented index rebounded sharply, recording a cumulative gain of 6.3% over the course of Tuesday, Wednesday, and Thursday.

Economy getting off the Wonder Wheel

The economy is trying to come full circle and get back to pre-pandemic levels.  Many sectors of the economy are there.  To complete the recovery, the most economically vulnerable need to be taken care of. The COVID-19 relief bill hopes to do that. Following its narrow approval in Congress, a $1.9 trillion COVID-19 relief bill was signed into law on Thursday by President Biden. The bill helps fund vaccinations which is critical for a return to profitability for the industries most hard hit by Covid restrictions (travel, dining,entertainment,etc.). The measure will provide a $1,400 check to many Americans, extend a $300 weekly jobless-aid supplement, and expand the child tax credit for one year, with the hope that money gets spent in local economies throughout the country.
 
I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule.

https://booknow.appointment-plus.com/b8hh5y90/

​

Hope all is well. The NASDAQ again underperformed the other major equity indexes by a wide margin, and at one point on Friday, it was 10% below the record high it had set three weeks earlier, briefly putting it in a correction. The NASDAQ’s relatively high weighting in tech stocks has hurt the index’s recent results. The S&P 500 and the Dow rose sharply on Monday, tumbled on Thursday, and fell on Friday morning before staging an afternoon rally, leading to modest overall weekly gains for both indexes. The volatility was in part a side effect of a sharp rise in yields of government bonds. Government bond prices were under pressure again, as the yield of the 10-year U.S. Treasury bond soared above 1.60% at one point on Friday, the highest in 13 months.  I have broken down this week’s news using quotes from legendary comedians.

"The trouble with unemployment is that the minute you wake up in the morning you're on the job" - Slappy White
​
People are getting back to work and off of unemployment. The U.S. economy generated 379,000 jobs in February, more than double the amount that most economists had expected. The bulk of the job growth came in leisure and hospitality, where hiring picked up in a segment of the economy that’s been hit hard by the pandemic.

“If you can see the handwriting on the wall... you're on the toilet.” -Redd Foxx
 
The market is trying to see the handwriting on the wall when it comes to Fed policy.  Comments on Thursday from U.S. Federal Reserve Chair Jerome Powell triggered at least some of a steep market decline that afternoon. Powell suggested that inflation is likely to pick up in the coming months.  Markets took that as a sign the Fed might raise rates sooner than expected. While ignoring that Chair Powell also said that it would likely prove temporary—and not enough for the Fed to alter its current policy of maintaining ultralow interest rates.

“Just cause you got the monkey off your back doesn't mean the circus has left town.” -George Carlin
 
Corporate earnings got the monkey off it's back and finally turned positive year over year, though we are nowhere near being back to normal.  S&P 500 recorded an average earnings gain of 3.9% over the same quarter a year earlier. The index is now reporting year-over-year growth in earnings in Q4 2020 for the first time since Q4 2019. Analysts expect double-digit earnings growth for all four quarters of 2021 but that will largely depend on how quickly cities like New York are able to fully reopen.
 
I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule.
https://booknow.appointment-plus.com/b8hh5y90/

​Hope all is well. It was a mixed week for stocks, as the Dow recorded a slight gain and the S&P 500 and the NASDAQ posted modest declines. An improved economic outlook lifted many stocks in the energy and financial sectors, which tend to be more sensitive to shifting economic conditions than other market segments.  I have broken down this week's news using quotes from classic movies from the 1970s.

​"I have no intention of placing my fate in the hands of men whose only qualification is that they managed to con a block of people to vote for them."-Vito Corleone
 
The fate of the retail sector results continues to be dependent on the lawmakers.  U.S. retail sales rose 5.3% in January compared with the previous month, surpassing economists’ expectations and snapping a three-month string of decreases. The rebound was attributed in large part to stimulus payments that Americans received as part of a $900 billion measure that Congress approved in late December.

“When I first came here, this was all swamp. Everyone said I was daft to build a castle on a swamp, but I built in all the same, just to show them. "– King of the Swamp Castle
 
People are seeking out their own castles.  The demand for houses is skyrocketing as the exodus from cities continues.  The housing market continues to be a catalyst for the broader U.S. economy, as a shortage of homes for sale continued to push prices higher in January. The National Association of Realtors said that sales of existing homes rose 0.6% in January compared with December. Relative to January of 2020, sales jumped nearly 24%.

There is a useful four letter word, and you're full of it! -James Bond
 
BOND...Government Bond. Prices of U.S. government bonds fell, as longer term bonds continue to be a terrible investment.  Bond prices move opposite interest rates and the yield of the 10-year U.S. Treasury bond to the highest level in nearly a year. The 10-year yield rose on Friday to around 1.34%; the 30-year U.S. Treasury also rose, with a yield of around 2.14%.  This is still very low by historical standards which means continued pain for investors in the bond market as interest rates rise.
 
I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule.

https://booknow.appointment-plus.com/b8hh5y90/

​Hope all is well.  The major U.S. stock indexes all posted gains of more than 1% and set new record highs amid mostly quiet trading. For the S&P 500, Friday produced the index’s tenth record closing price of 2021.  I have broken down the news using this week's holidays.

​Valentine's Day
 
Elon Musk wants Bitcoin to be his Valentine. Bitcoin soared past $47,000, recording a roughly 24% gain for the week. Most of the surge came on Monday after electric vehicle maker Tesla disclosed that it had purchased $1.5 billion worth of bitcoin and will start accepting the cryptocurrency as a payment method for its cars.

​Presidents Day
 
On Saturday,  the second impeachment trial of our 45th President ended with another acquittal. Now the 46th President and the Congress can get to work on helping the economy get back on track and perhaps we can gradually find common ground on that which divides us.

It was a Fat Tuesday for the NASDAQ.   The NASDAQ, which outperformed the other major indexes and on Tuesday eclipsed the 14,000-point level for the first time to set another record high. Since a recent low on October 30, the NASDAQ has risen about 29%.
 
I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule.

https://booknow.appointment-plus.com/b8hh5y90/

​Hope all is well.  The major U.S. stock indexes posted weekly gains from around 4% to 6%, more than making up for the previous week’s losses. The S&P 500 and the NASDAQ set new record highs, eclipsing their levels from a couple weeks earlier, while the Dow was just 0.001% shy of its record.  I have broken down this week's news using Doritos Super Bowl commercials.
  

​Flamin’ Hot Limon Doritos 2019 Super Bowl

Small-cap stocks extended their recent run of  flamin’ hot performance relative to their larger company peers posting a nearly 8% gain to set another record high. Since the end of September 2020, the Russell 2000 has surged 48%.

Cool Ranch Doritos 2020 Super Bowl

The job market has cooled. The latest monthly jobs report fell short of most economists’ expectations, as the economy generated just 49,000 new jobs in January. In addition, December’s jobs estimate was revised downward to reflect a loss of 227,000 jobs for that month. Roughly 10 million U.S. jobs have been lost since the pandemic started.

Doritos For The Bold Super Bowl 2014

The weak U.S. jobs report was seen as a positive catalyst for stocks, which climbed modestly on Friday amid expectations that labor market stagnation could increase pressure for the Government to take bold action.  The Senate narrowly backed President Biden’s $1.9 trillion plan, setting up the prospect that the measure could eventually secure final approval through a reconciliation process with a simple majority in the Senate.
 
Enjoy the Super Bowl.  I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule.


https://booknow.appointment-plus.com/b8hh5y90/

​Hope all is well.  The major U.S. stock indexes couldn’t maintain the previous week’s positive momentum, as the S&P 500, the Dow, and the NASDAQ all fell more than 3%―the worst week since late October. The big shift came on Wednesday, when the indexes lost more than 2% and the S&P 500 retreated from the record high it had reached a day earlier.  It was a mixed January the S&P 500 and the Dow fell 1% to 2% for the first month of the year while the NASDAQ posted a more than 1% gain, lifted in part by strong earnings from technology companies. The market’s positive start to 2021 reversed course entering the closing days of the month. Historically, January’s stock market performance has been a strong indicator of what may be in store for the rest of the year. In fact, more than 70% of the time the S&P 500 has posted a positive return for the year after gaining ground in January or has gone on to post an annual loss when the market has declined in the first month, according to S&P Dow Jones Indices.  I have broken down this week's market news using quotes from the classic John Candy and Steve Martin movie Planes, Trains and Automobiles.

​ “I could be a cold-hearted cynic like you, but I don't like to hurt people's feelings.”-Del Griffith (John Candy)
 
The market is continuing to put a positive spin on negative numbers as earnings continue to beat their lowered expectations. Fourth-quarter earnings continued with results from more than one-third of companies in the S&P 500 as of Friday, earnings were projected to end up 2.3% lower than they were a year earlier. That’s an improvement on the 4.8% decline that had been expected.

“You can start by wiping that... dumb-ass smile off your rosey, ... cheeks!”-Neal Page  (Steve Martin)
 
Volatility spiked, expectation of short-term stock volatility surged more than 50% for the week, rising to its highest level in three months. The jump was fueled in part by so-called short squeeze battles that triggered wild rides for shares of electronics retailer GameStop and AMC movie theater chain.  
 
I will try to explain what happened in simple terms.  GameStop and AMC saw millions of regular investors band together on social media and buy shares to drive up the price and take on hedge fund investors who were betting on the stock going down.   On the surface, what happened seemed great. It's the little guy beating the professional at their own game.   However, there is  risk of significant collateral damage.  By the end of the week, investors were piling in and driving up the price in a bevy of unsound investments like Blackberry, Dogecoin, Tootsie Roll and Nokia.   There are two significant risks, one is the person watching at home who is thinking they are missing out and goes in after most of the gains have been made and then ends up riding a bad investment all the way down.  That risk will not move markets, it's a buyer beware risk.   The second risk is much larger.  We saw GameStop stock mentioned throughout the week across all media outlets. As we have seen in other areas of life when the public gathers in unison to take down the establishment the movement grows and grows fueled by the oxygen given to it by the media.  If this grows and the public continues to attack every company Wall Street is betting against then money managers will need to sell the stocks they are betting on to cover the losses on the stocks they are betting against.  So good stocks like Apple, Amazon, etc.  will get sold to raise cash.  Which will hurt Wall Street, but those stocks are held in almost every mutual fund and ETF.  As such, they are in just about everyone’s 401k.  So this attack on the rich hedge funders could end up hurting the majority of the people they are claiming to champion.
 
I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule. 
​
https://booknow.appointment-plus.com/b8hh5y90/

"The greatest accomplishment is not in never falling, but in rising again after you fall." -Vince Lombardi, Green Bay Packers
​
The market is continuing the historic rise from the lows we hit last March.  Growth stocks which have led the way for much of the rebound had stalled recently but this week they reestablished their leadership position. U.S. growth stocks outperformed their value counterparts by a wide margin, as a growth stock benchmark climbed nearly 4%.  The U.S. housing market is also continuing to climb. The National Association of Realtors reported that sales of previously owned homes rose in 2020 to the highest level since 2006, lifted in part by ultralow interest rates.

You may not be on the greatest team in the world, but set your goals on what you want to accomplish. No doubt you have the ability to do that. -Len Dawson, Kansas City Chiefs
​
Corporate earnings continue to beat expectations despite the weak economic environment. We have been chock full of positive earnings surprises. As of Friday, 86% of the S&P 500 companies that had reported fourth-quarter results that exceeded analysts’ earnings estimates. That 86% beat rate ranks above the 74% five-year average, and it could lead to the first overall quarterly earnings increase since the fourth quarter of 2019.  

"Democracy is not a mathematical deduction proved once and for all time. Democracy is a just faith fervently held, commitment to be tested again and again in the fiery furnace of history." - Jack Kemp Buffalo Bills
​
After a trying two weeks for our nation and our democracy.  The inauguration was held without incident and power was peacefully transferred.  Stocks rose as a result.  U.S. stock indexes posted their best results of the week on Wednesday as President Joe Biden took office. For the S&P 500 and the Dow, it was the best Inauguration Day performance since 1985, when Ronald Reagan was sworn in for his second term.

“There’s still a lot to be done.”- Doug Williams Tampa Bay Buccaneers
​
Next week all eyes will be on the U.S. Federal Reserve as the market rebound and economic recovery have been encouraging but we are still a ways away from being back to business as normal. The Fed is widely expected to keep its benchmark interest rate unchanged—and at a near-zero level—when it concludes a two-day meeting next Wednesday. Fed statements will be closely watched for any indications about the central bank’s intentions to maintain its current monetary policy stance throughout 2021.
 
I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule. 

Hope all is well. Stocks took a breather, closing down more than 1% after posting record highs the week prior. Wells Fargo and JP Morgan released earnings last week, kicking off what promises to be an eventful earnings season.  I have broken down this week's news using songs and lyrics from The Notorious BIG 1994 album Ready to Die. 

​








Gimme the Loot 
President-Elect Biden is counting on Americans spending on Rolex watches and colorful Swatches...well maybe not that. Biden is however banking on consumers spending again.  The new administration unveiled last Thursday a $1.9 trillion economic relief plan that it will bring to Congress for approval. The proposed bill's size represents about 9% of GDP, is more than double the bipartisan bill approved last month, and is only slightly smaller than the 2020 Cares Act. The plan is the first of two major spending initiatives Biden will seek in the first few months of his presidency, and it includes additional checks to households, expanded unemployment benefits, a minimum-wage increase, vaccine funding, and increased aid to state and local governments. 
 
Who Shot Ya
As (the government) proceeds to give us what (we) need  in terms of vaccine some states are experiencing difficulties in getting the shots into enough people's arms. The move in stocks, indicates the market is assuming no major setbacks in the distribution of COVID-19 vaccines.  A vaccinated public will allow the economy to return closer to its normal state by year-end. The reopening and a return to typical spending habits by consumers is expected to facilitate a faster and more even economic recovery. Recent COVID-19 spikes across the country suggest that the virus has yet to be contained and will likely continue to impact near-term growth. A  slower rollout of vaccines could result in uneven growth for a few quarters, whereas quicker distribution could drive further growth.  
 
Things Done Changed
 
Turn your pages to 1993 Treasury yields began to rise slightly from their 1993 lows as the growth outlook improved – though no other signs of inflation had yet emerged. Taking his cue from rising yields, Alan Greenspan and the Fed surprised markets by beginning to tighten monetary policy, leading to a horrendous bond market the following year.   Jerome Powell said Thursday that the Fed, when the recovery is in place, will be "very careful" to communicate "well in advance" its intention to lower its asset purchases and avoid the market disruptions unexpected Fed tightening has caused in the past. The Fed chair is also repeating that the Fed is looking for inflation to hold above its 2 percent goal "for a time" before policy makers would consider withdrawing stimulus. 

I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule. 
​
https://booknow.appointment-plus.com/b8hh5y90/​

Happy 2021!  Hope everyone is doing well and your year is off to a good start.  Here is your first update of the New Year.  The stock market saw a strong start to the year globally, with major indexes hitting fresh record highs last week. Small-cap and international stocks outperformed, signaling optimism around the outlook for the post-vaccine phase. I have broken down this week’s news using quotes from the 1996 Tim Burton movie Mars Attacks!
 

  







“I want the people to know that they still have 2 out of 3 branches of the government working for them, and that ain't bad.” President James Dale (Jack Nicholson)

The outcome of the Georgia runoff elections this week produced a 50/50 split between Republican and Democratic Senate seats, resulting in Democratic control of 2 of the 3 branches (the White House and Congress). Democrats secured the Senate majority following a pair of narrow runoff victories in Georgia, potentially paving the way for more fiscal stimulus later in the year to aid the recovery. Democrat control also raises the prospects of higher corporate tax rates but considering the razor-thin majority and current state of the economy, tax reform might not be a priority in 2021.  It does clear some hurdles for the new administration as it pursues its agenda, which includes a higher corporate tax rate and increased taxes on high earners. While corporate tax hikes would put a dent in upcoming earnings growth, it's not a foregone conclusion that this will occur immediately. Markets clearly seem to believe the administration will be somewhat sensitive to the fragility of the current pandemic economy, which could delay any such changes. Moreover, expect some of the gridlock in Washington to continue, which should limit sweeping, unimpeded legislation relative to the proposals outlined during the campaign. The Biden administration will most immediately focus on fiscal stimulus in the form of increased aid for households ($2,000 checks coming?) and increased government spending this year (including a potential infrastructure bill).  While this will add to the government debt tab, it will also offer a boost to the economy this year.  

“We know they're extremely advanced technologically, which suggests - very rightfully so - that they're peaceful. An advanced civilization, by definition, is not barbaric.”  Professor Donald Kessler (Pierce Brosnan) 

Riots in DC.  Lawmakers in D.C. certified the election. However, the certification process, which was largely thought to be ceremonial, was disrupted yesterday when insurrectionists breached the Capitol building and forced it to go into lockdown with the nation's lawmakers locked inside. Despite a dark day in American history Wednesday, stocks soared. While it's still not clear why it was possible for the rioters to breach Capitol security to get inside of the building, order was eventually restored. Capitol Police, alongside Secret Service and D.C.'s National Guard, were able to clear the building of the insurrectionists which allowed lawmakers to resume the certification process late Wednesday night.  Following the certification of the election, President Trump released a statement in which he vowed for an "orderly transition" when Biden is inaugurated on Jan. 20. Trump pledging order removed a risk and the markets were able to continue their move higher.
 
I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule. 

https://booknow.appointment-plus.com/b8hh5y90/
​

Hope all is well with you and your families.  The S&P 500 fell for the first time in three weeks as markets worried about prospects for further economic stimulus and U.S. regulatory approval of a new coronavirus vaccine. The major indexes slipped less than 1%, retreating from record highs. This week marked the 40th anniversary of John Lennon's murder in NYC I have chosen to break down this week's market news using some of his most memorable lyrics.
​

Better get yourself together ... join the human race -Instant Karma!
 
The stimulus showdown continues in Washington as politicians are not able to put their differences aside and get aid to those in need. House and Senate leaders continue to pursue a deal on further coronavirus-related economic relief, but sticking points remained on Friday after months of negotiations and as Congress prepared to adjourn for the year. Any deal that emerges could be attached to a $1.4 trillion measure that must pass by December 18 in order to avert a government shutdown.

​It's time to spread our wings and fly, don't let another day go by... It'll be just like starting over  -(Just Like) Starting Over
 
The UK is ready to spread its wings and fly.  British Prime Minister Boris Johnson said there was a “strong possibility” that his country could exit the economic union at the end of this month without a free trade agreement    European stock indexes fell on Friday as a Brexit deal remained elusive in talks between the United Kingdom and the European Union. The drop came despite the European Central Bank expanding its economic stimulus program, citing risks that spiking coronavirus cases pose to the continent’s economy. 

Everybody's hustlin' for a buck and a dime - Nobody Loves You (When You're Down and Out)

The recovery continues to slow. More than 850,000 Americans filed first-time unemployment claims in the latest weekly report, exceeding economists’ expectations. The total was the largest since mid-September—further evidence that the economic recovery and the labor market are under pressure as coronavirus cases spike.
 
This will be my final update for 2020, I will resume in the New Year.  Wishing everyone a happy and healthy holiday season and a better year in  2021!  I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule. For those of you who prefer an in person meeting I am scheduling in person meetings, as well, please email me if you would prefer an in person appointment. Please note I will not be scheduling in person appointments the final two weeks of the year and will resume in person appointments in January.  
​
https://booknow.appointment-plus.com/b8hh5y90/

​Hope all is well with you and your family.   The major U.S. stock indexes pushed their record levels higher, extending the mostly positive momentum they’ve seen since the start of November despite the rise in coronavirus cases. Weekly gains totaled 1% to 2%, slightly below the previous week’s increases.  Here's this week's market news broken down by Aerosmith albums.

Get Your Wings
The S&P 500’s 10.8% gain last month was the index’s biggest in eight months and its best November result since 1928. November marked a turnaround from September and October, when the S&P 500 posted a cumulative decline of 6.6%.  The market increase has us all excited.  I remain cautious because in time (market) bound to lose (its) mind, live on borrowed time to quote Seasons of Wither from that album.

Permanent Vacation
The pace of the U.S. labor market’s partial recovery from the spring’s COVID-19 economic shock is slowing. Employers added just 245,000 jobs in November—around half of what economists had expected, marking the fifth straight month of slowing growth. While unemployment fell to 6.7%, the number is somewhat misleading because fewer people are looking for work.   Or to quote Rag Doll from that album many gave it all that got until they were put out of (the job market).   

Pump
This week's rally was fueled in large part to optimism that the government was going to pump money into the economy. Spiking coronavirus cases and a somewhat weak monthly jobs report lifted hopes that Congress might overcome an impasse that’s prevented another round of coronavirus economic relief. Democratic and Republican leaders spoke about a possible deal on Thursday, and lawmakers from both parties have been voicing support for a bipartisan agreement.  The spell (the market) was under the lightning and the thunder knew that (the Government) had to stop the rain to paraphrase Janie's Got A Gun from that album.
 
Stephen Caruso, Financial Advisor, is here to help at any time. If you would like to schedule a phone/web conference appointment, we have included a link to my calendar below and you can self schedule. For those of you who prefer an in person meeting I am scheduling in person meetings, as well, please email me if you would prefer an in person appointment. Please note I will not be scheduling in person appointments the final two weeks of the year and will resume in person appointment in January.  

https://booknow.appointment-plus.com/b8hh5y90/

Hope all is well with you and your family.  Markets appear to be back on track. After posting mixed results in the previous week, the major indexes resumed the upward momentum seen since the start of November. Weekly gains totaled 2% to 3%, with most of the increase coming early in the holiday-shortened week amid positive news regarding coronavirus vaccines.  Here's what you need to know from the week that was, broken down by quotes from Tom Cruise movies.

Just the shameless pursuit of immediate gratification. What a capitalist. -Joel Goodson
 
Market made record highs all around. The S&P 500 and the Dow added to the records they had set earlier in November, while the NASDAQ topped a previous all-time high that it had recorded in early September. The Dow topped 30,000 points for the first time on Tuesday but slipped below that level by Friday’s close; the NASDAQ eclipsed 12,000, a threshold it had briefly reached in early September.

You can't handle the truth! - Colonel Nathan R. Jessup
 
Despite the market optimism the truth is the economic recovery is losing steam as we experienced a jobs setback. The number of Americans filing for unemployment benefits rose to the highest level in five weeks—an indication that the labor market’s recent recovery could be stalling. The latest weekly report shows about 778,000 people filed for first-time benefits, marking the second consecutive weekly increase. It was the first instance of back-to-back weekly increases since late July.

"That's right, Ice…Man, I am dangerous." Maverick

Consumer confidence is shaken by the dangers surrounding us.  The latest monthly numbers on U.S. consumer confidence indicate that spiking coronavirus cases may have reversed a recent uptick in optimism. The Conference Board cited the pandemic as it reported that its confidence index fell to 96.1 in November—the lowest level since August, and down from a revised figure of 101.4 in October.
 
I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule. For those of you who prefer an in person meeting I am scheduling in person meetings as well, please email me if you would prefer an in person appointment.
https://booknow.appointment-plus.com/b8hh5y90/