Obsidian Market Update 12/3/21
It’s officially the holiday season! We love this time of year and hope you’re able to enjoy it with loved ones.
This week, we’ll be looking back at what happened with the stock markets leading up to the Thanksgiving weekend. Then, if the cold isn’t your thing, we’ll let you in on some of the best places to own a beach house in the US.
While many of us were just enjoying the Thanksgiving feast, the holiday week proved to be a turbulent one for investors. Stocks jumped on Monday of last week after President Biden said he would stick with Jermone Powell as Fed Chair for the next four years.
Then, on Friday, most indexes ended the week in negative territory following news of a new Covid variant in South Africa. Black Friday is usually big for stock markets and can either boost or lower investor confidence, and this one wasn’t the greatest. The Dow weathered the worst Black Friday sell-off since 1931. Oil proved to be the most affected sector with fears of another potential future lockdown.
Gross domestic product increased in the third quarter, and all eyes will be focused on retail sales as we head into the holiday season.
Let’s once again remind you that with our Lifestyle Protection Program, we have planned for the long term so you don’t have to worry about what happens over a weekend when it comes to your investments.
If you’re planning to retire somewhere warm or have thought about owning a beach house, to use, we’ve got a few recommendations for good places to look based on a survey that looked at property prices, Airbnb rates, air quality, rainfall, average temperature, and more. They narrowed seaside locations down to 71 cities. Florida, Texas, and Alabama came in strong with the top five spots, and Florida has 11 of the 20 cities. Here are the top three:
- Galveston, Texas has reasonable prices (the average home costs around $246,000), great air quality, and is within driving distance of a lot of other destinations. Whether you like fishing, kayaking, and other outdoor activities, or would prefer museums and zoos, you won’t get bored in Galveston.
- Further east on the Gulf is Orange Beach, Alabama. The town is known for its water sports, from jet skiing to scuba to parasailing. It also has a thriving boardwalk scene and gorgeous views.
- We’re still on the Gulf for the third spot: Panama City, Florida. It has miles of white sand beaches and is a common vacation destination for southerners. It’s five hours or less from many major cities like Atlanta and Jacksonville, and it’s got loads of zoos, wineries, and conservation parks.
Check out the rest of the list, and don’t miss Ocean City, coming in at 41 — probably because we get winter up here!
That’s it for us this week. We’ll be back with you next week, and in the meantime, let us know if we can make your beach home dreams a reality.
How We Help:
Last week, we had a phone call with a client discussing their estate planning documents. One thing we love to do is act as a sounding board for your other advisors, and in this case, our skillset came into play as we took the advice they got from their attorney and helped figure out how to make sure it aligned with our client’s goals. Our team collaborated with the client’s attorney to help tailor the documents to meet all of their objectives and wishes. We’re always happy when we can come up with a plan that works for everyone, especially our clients. Let us know if we can help you sort out your estate planning — we’re just a phone call away.
Advisory Services offered through Obsidian Personal Planning Solutions, LLC. Securities are offered through Triad Advisors, member FINRA/SIPC. Obsidian Personal Planning Solutions, LLC, and Obsidian Personal Planning Solutions, Inc, are not affiliated with Triad Advisors.