Welcome to our October 2026 Market Update!

Stocks declined less than a half-percent in September.¹ In my opinion, this was not a bad thing and I felt it could’ve been worse considering what interest rates did.
Th 10-year US Treasury, a common benchmark for longer-term interest rates rose from about 4.8% to almost 5.3%...that’s a 10% move.² I wish I could share more of an opinion on what this means, but so far stocks are shrugging it off and so is the U.S. Treasury through secretary Scott Bessent’s August 20th comments in the New York Times.³
As interest rates and debts have risen, I continue to advocate for precious metals. Along the same lines, albeit much more volatile I also shared that Bitcoin may benefit from this trend last month.
Looking ahead, US midterms elections are largely on November 3rd. I wouldn’t be surprised if the markets started to focus on what the varying results may mean. To me, any dips may be buying opportunities as I still feel strongly in the stock market.
Thank you for tuning in and please let me know if you have any feedback or questions to share. I appreciate working with you and look forward to talking soon!

Successfully,
Tim Truebenbach, CFP®
Senior Vice President – Financial Advisor

Disclaimers and Sources
1 Source: Thomson ONE Reuters, 10/5/2026
2 Source: CNBC, 10-year US Treasury, 8/31/2026 – 9/30/2026
3 Source: NY Times, Treasury Turns to Interventionist Tactics, 8/20/2026

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.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
The S&P 500 is a stock market index tracking the stock performance of 500 of the largest companies listed on stock exchanges in the United States. Indexes are unmanaged and cannot be invested in directly.
Stock investing includes risks, including fluctuating prices and loss of principal.
Precious metal investing involves greater fluctuation and potential for losses. The information presented is for educational and informational purposes only and is not intended as a recommendation or specific advice. Cryptocurrency and cryptocurrency-related products can be volatile, are highly speculative and involve significant risks including: liquidity, pricing, regulatory, cybersecurity risk, and loss of principal. A cryptocurrency fund may trade at a significant premium to Net Asset Value (NAV). Cryptocurrencies are not legal tender and are not government backed. Cryptocurrencies are non-traditional investments, resulting in a different tax treatment than currency. Federal, state or foreign governments may restrict the use and exchange of cryptocurrency. The use and exchange of cryptocurrency may also be restricted or halted permanently as regulatory developments continue, and regulations are subject to change at any time. Cryptocurrency exchanges may stop operating or permanently shut down due to fraud, technical glitches, hackers, malware, or bankruptcy.

Tracking #1187220 | #1188956

 Welcome to our September 2026 Market Update! 

Thanks for joining in and in a minute, I’ll get to that “new investment” opportunity I alluded to last month.  As an additional point of interest, I feel there are 2 main things to listen for in this month’s update.

First, stocks fared well in August as evidenced in the S&P 500 as it rose 2.6%¹. 

So here is one main point for this month on the heels of what I felt was a good August: historically, September is the weakest month for the stock market.  On average, the S&P has declined 1.1% for the month.²  So why am I bringing this up...I mean, we usually try and keep this pretty positive?!

Can you say buying opportunity?!  If an investor is fully invested, then no big deal…it’s simply a time to sit tight as I feel there’s no reason to read into any weakness.  If someone has cash to put to work, potential declines like an average September are something I feel may be a gift.

So what is this new opportunity I alluded to?  Good ol’ Bitcoin is what I’m referring to.  Most of us have heard of it and up until a year ago, even what I knew was limited.  So what’s your bias on this?  I’ve already heard from a number of clients for and against.  So let me state some research evidence:

First, bitcoin is founded in the belief that debts and deficits will continue.³  In my opinion, this is similar to gold. 

Second, several catalysts typically occur as Bitcoin launches into a new rally.  There is usually a new regulation around it, there is new adoption into the coin, and changes in governmental policy such as interest rate changes.⁴

Lastly, why did I bring this up now?  Timing.  According to Fidelity crypto research, Bitcoin follows 4-year cycles which if it continues would mark the beginning of a new move towards November.⁵

Ok, let’s all take a breath!  That was just the intro so please feel free to ask me if any questions or comments arise.  As you know, I love investing so I’m happy to go into more depth on this or any topic.  Thank you for your support and see ya next month!

Successfully,

Tim Truebenbach, CFP®

Senior Vice President – Financial Advisor

Disclaimers and Sources

¹ Source: Investors Business Daily, The Big Picture, August 31, 2026

² Source: Investors Business Daily, The Big Picture, August 31, 2026

³ Source: Bitwise

⁴ Source: Fidelity Crypto Research, What Might End Crypto Winter, 6/29/2026

⁵ Source: Fidelity Crypto Research, Bitcoin’s 4-year Cycles Explained, 3/2/2026

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.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

The S&P 500 is a stock market index tracking the stock performance of 500 of the largest companies listed on stock exchanges in the United States. Indexes are unmanaged and cannot be invested in directly.

Stock investing includes risks, including fluctuating prices and loss of principal.

The information presented is for educational and informational purposes only and is not intended as a recommendation or specific advice. Cryptocurrency and cryptocurrency-related products can be volatile, are highly speculative and involve significant risks including: liquidity, pricing, regulatory, cybersecurity risk, and loss of principal. A cryptocurrency fund may trade at a significant premium to Net Asset Value (NAV). Cryptocurrencies are not legal tender and are not government backed. Cryptocurrencies are non-traditional investments, resulting in a different tax treatment than currency.  Federal, state or foreign governments may restrict the use and exchange of cryptocurrency. The use and exchange of cryptocurrency may also be restricted or halted permanently as regulatory developments continue, and regulations are subject to change at any time. Cryptocurrency exchanges may stop operating or permanently shut down due to fraud, technical glitches, hackers, malware, or bankruptcy.

 #1171323 #1171669 

Welcome to our August 2026 Market Update!
Wow! Busy month and I apologize for how delayed this report is.
Markets, as reflected in the S&P 500 were virtually flat with the index down on a tenth of a percent.¹ I think this was a “win”…want me to share why?
Interest rates moved significantly higher as evidenced in the 10-year US Treasury. It rose 6% for the month to close at 4.74%.² Usually, interest rates and stocks do the opposite, so in my experience when rates rise stocks usually fall.
As LPL Research put it on July 29th, “the current Bull Market in stocks follows a historically favorable path as four-year-old markets tend to last at least five years.”³ They also stated that strong corporate earnings remain the key driver of market gains.
So let’s re-visit something I brought up last month and take a look at the psychology of markets for a minute. Do you remember this graphic and where you think we are on this curve? In all of the research I follow, I would have to say I see us somewhere around “Optimism.” With all of the negative headlines, including the U.S./Iran war it would be tough to convince me everyone is euphoric and that making money is easy!

Source: Fisher Investments, “Understanding Bull Markets,” Exhibit 1: The Market Sentiment Life Cycle. Quote attributed to Sir John Templeton.

Since next month’s update is only a couple weeks away, I’m going to save my thoughts around a new asset I’m starting to gravitate to and like more and more. Thank you for following this and please let me know if you have any questions or comments.
See ya next month!

Successfully,
Tim Truebenbach, CFP®
Senior Vice President – Financial Advisor

Disclaimers and Sources
1 Source: Thomson ONE Reuters, S&P 500, 6/30/2026 – 7/31/2026
2 Source: CNBC, 10-year US Treasury, 6/30/2026 – 7/31/2026
3 Source: LPL Research, Jeffrey Buchbinder, CFA, 7/29/2026

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.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
The S&P 500 is a stock market index tracking the stock performance of 500 of the largest companies listed on stock exchanges in the United States. Indexes are unmanaged and cannot be invested in directly.
Stock investing includes risks, including fluctuating prices and loss of principal.

 Tracking #1160108 #1161114 

Welcome to our July 2026 Market Update!
Investment markets wrapped up a spectacular first half of the year leading into America’s 250th Birthday! In a bit, I’ll run through the different return asset classes shared with us for the first half of the year. Oddly, stocks finished on a slightly negative note to close June as they declined 1.3%1. I feel this was simply a function of stocks taking a breather more than anything else.

So for the first half of 2026, Bond investments, as reflected in the Barclays Aggregate bond index came in last with a mere .6% return, followed closely by the yield on cash of 1.8%.2 Large cap U.S. stocks rose 10.2%.2 Small cap companies delivered the second most powerful returns with 22.6%.2 The winner were emerging market stocks which returned 24%.2

Having shared all of these numbers, are you feeling optimistic about the markets moving forward? Or do things ring more of a pessimistic tone to you? I’m asking this for a specific reason and to help us determine where things may go next. Take a look at the following graphic and where do you think we’re falling?

Source: Fisher Investments, “Understanding Bull Markets,” Exhibit 1: The Market Sentiment Life Cycle. Quote attributed to Sir John Templeton.

I’ll share my thoughts with you next month as well as where I seeing some of the key elements of the markets, such as AI, interest rates and such.

In the meantime, thank you for tuning in and pleas enjoy a wonderful summer!

Successfully,
Tim Truebenbach, CFP®
Senior Vice President – Financial Advisor 

Disclaimers and Sources
1 Source: CNBC, S&P 500, 5/29/2026 – 6/30/2026
2 Source: JP Morgan 3Q Guide to the Markets, Asset class returns, p.58

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.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
The S&P 500 is a stock market index tracking the stock performance of 500 of the largest companies listed on stock exchanges in the United States. Indexes are unmanaged and cannot be invested in directly.
Stock investing includes risks, including fluctuating prices and loss of principal.

 LPL Tracking #1137591 LPL Tracking #1136108

For starters, please let me thank all of you who attended our Market Outlook Luncheon last month! We had a great lunch and even better information on the prevailing theme in today’s markets: Artificial Intelligence.
The S&P 500 continued to surge ahead in May, advancing just over 5%.¹ I strongly feel this is a result of what I just shared from our event: the strength behind the AI buildout and subsequent strong fundamentals.
In my opinion, the markets may be slightly ahead of themselves and due for a pause of some sort. From the late-March lows, to where we find ourselves I don’t believe markets go straight up (or straight down for that matter) but rather move in a direction, pause and then continue.
International stocks, and specifically emerging markets have produced great numbers as well this year, rising just over 28% year-to-date.²
Small cap stocks have been another unexpected performer, rising 17.50% for the year so far.^3*
Surprisingly, interest rates have remained stubbornly higher as we see the 10-year U.S. Treasury close out the month of May just under 4-1/2%.⁴
Moving ahead, I don’t think much has changed with investing. I would expect some volatility here and there but largely I feel we’re in a good environment, driven by the development of a new technology in AI.
If you have any questions or feedback, please feel free to share them and I want to Thank You for tuning in and continuing to work with me and True Private Wealth…so Thank you and see ya next month. 

Successfully,
Tim Truebenbach, CFP®
Senior Vice President – Financial Advisor 

Disclaimers and Sources
1 Source: Thomson ONE Reuters, S&P 500, 4/3/2026 – 5/29/2026
2 Source: Morningstar Research, MSCI Emerging Markets, 5/29/2026
3 Source: Morningstar Research, Russell 2000 Growth Index, 5/29/2026
4 Source: CNBC, 10-Year US Treasury, 5/29/2026

*The prices of small cap stocks are generally more volatile than large cap stocks. (125-LPL)

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.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
The S&P 500 is a stock market index tracking the stock performance of 500 of the largest companies listed on stock exchanges in the United States. Indexes are unmanaged and cannot be invested in directly.
Stock investing includes risks, including fluctuating prices and loss of principal.

International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets. Bond yields are subject to change. Certain call or special redemption features may exist which could impact yield.

 LPL Tracking #1119891