As I write this month, I am flying back from Washington D.C., that great city where our leaders can’t agree on simple things, like whether the sun is shining and grass is green. It’s not really a surprise that the government shutdown occurred, but it does mean that we have a lot to lose this month as Congress and the White House struggle to reach a compromise in the budget talks. While the last few days have shown little to no movement towards a resolution, I am optimistic that some agreement will be reached soon.
Today, we look back at September which turned out to be a very good month for the market. The Dow was up about 328 points from its opening on September 3 to its closing on September 30, and the S&P was up almost 50 points. Due to the government shutdown, the September jobs report isn’t being released on time, yet economists expect it to show unemployment continuing to fall (in fact, I saw one projection indicating that jobless claims may have fallen to their lowest levels since May 2007), and somewhere between 160,000 and 185,000. These are just a handful of economists’ preliminary projections. The actual report may not be available until late September.
Looking forward, I do believe that October will also be good if we reach some kind of agreement in Congress. The market is seeing some effects of the shutdown, but I believe confidence will return as talks towards a resolution begin.
Why do we remain optimistic? Well, I always tell my clients that I’m not one to hide under my desk. I’d never be able to invest your money unless I was active – looking at all facets of the market and factors that influence it, managing and diversifying your portfolios when needed, and always remaining confident that the markets do bounce back after hardship. History has told us that time and again.
Many of you joined us in September for our annual Timmy’s Mountain One Club Golf Tournament at Bear Creek. It was a fun and whacky afternoon, and we raised over $33,000 for the children of Honduras. Upcoming events include our annual Trivia Night on November 2nd at St. Charles Borromeo School, and our very first 5K/10K race and 1 Mile Fun run which will be held on March 29, 2014. Believe it or not, I’m going to participate! Diane, my wife, will probably try to buy more life insurance before the race!
I will be traveling to Honduras on October 7 to get an update on our programs. While I’m there, I will invite the college students for a celebration, and give them each a small gift for studying so hard. The girls will get earrings and the boys will get cologne. These are things they can’t get, and something small and special I can do for them. I always tell them to study hard, and that I love them. Many of them refer to Diane as their second mother, and me as the second father. God works in many great ways, and for Him to lead us there is truly a miracle.
Much will be happening in the final months of the year, and know that I am always working hard for you. You may hear me often say that we treat our clients like our friends. We mean it. We greatly appreciate our relationships with each and every one of you.
Stay healthy, wealthy and wise … and certainly, stay tuned.