Monthly Note

August 1, 2023

As I write this the DJIA, or the "Dow, is on track for its possible 14 straight days of gains, a record that goes back to 1987. With the extreme gains in tech and growth sectors early in the year, the recent gains in "the rest" of the markets are very health sign. This story has played out numerous times in the past 10-15 years. Growth stocks shoot up, and the rest of the market lags, but eventually catches up. I can't imagine we won't see some type of slip or consolidation in the markets, so don't expect this to last forever. 

The Fed is continuing along its well-laid-out path, which is proving beneficial to the markets. Investors understand what is coming and interest rate moves are having less and less of an impact on the markets. We just saw another ¼ point raise and may see another before the end of the year. However, interest rates being seen in the markets are still implying that they expect rates to decrease next year.

We have been scheduling a lot of annual reviews and I greatly appreciate everyone getting back to Lynn, my office manager, for appointments. To give some transparency into how we schedule appointments, here is a rundown of our process. For compliance reasons, we must record an “annual” review no later than 12 months after your previous review. That forces us into a schedule that is anything but annual. With complicated schedules and so many households, we need to start much sooner than 12 months. Four months prior to your annual review, Lynn will email asking to set up an appointment at your convenience. At three and two months out, Lynn will call to set something up. One month out, I will call to either do the appointment over the phone or set up a time to have you in the office. This ensures everyone is reviewed every 8 to 11 months and the regulators are kept happy.

I will be getting my kids off to college for much of August, driving to both Moscow, ID, and Cobleskill, NY. However, we will be operating as normal, and don’t hesitate to reach out with any needs or questions.

 Feel free to check out the weekly updates and videos on my YouTube channel. 

 Enjoy the rest of Summer.

Michael Canavan

LPL Financial Advisor

Canavan Wealth

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The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful.

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