For those with you of Fidelity...

Here’s some good news for the many 401(k) participants with Fidelity as their plan provider. Fidelity announced that they plan to launch a series of Fidelity Freedom Index Funds to complement their current Freedom Funds as soon as September. It’s good to see that mutual fund companies are feeling the pressure to provide low-cost fund options to the common investor. Costs matter! Fidelity would not have done this unless they felt they were losing significant market share to Vanguard.

The reason I found out about this change was actually via my Fidelity 529 Plan . Previously, they had an age-based actively managed portfolio for a total annual expense ratio of 0.50%. However, sometime in the last year or so they added an extra age-based portfolio using index funds. This is good, but I never heard it publicized (my fault probably for missing out on some fine print) and this gave them the ability to jack up the price on the actively-managed portfolio to over twice the original amount, with me paying 1.07% in fees annually. Check your statements!

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Tropical Update

Looking at the basin here early Monday morning I see a strong wave that just exited the coast of Africa. This is labeled 96L & I do expect this one to become T-Storm Fred while moving WNW into the open Atlantic. A moderate to strong Fred should begin to get sheared mid week & will dissipate in the east Atlantic. Towards the end of the week a wave currently in Africa near 20E should emerge off of the coast and start developing over the weekend. I will not call for Grace until next week but this may be one to watch as the GFS long range shows this could be a threat to the U.S. Elsewhere conditions are just too hostile for development in the basin so I will call for no other named storms than Fred in the east Atlantic.

Watching the tropics. Danny soon? Stay tuned.

Tropical Update

A flare up in the western gulf is mainly at the upper levels & should move into Mexico with no development. There is a tropical wave nearing the central Caribbean that is running into wind shear. Another wave near 40 west that is weak with dry air wrapping into it. S.W of the Cape Verde Islands is another wave with good convection that also is wrapping in a lot of dry air & dust. None of these systems concern me for development this week with the exception of the wave near the Cape Verde Islands that could flare up in the western basin late week but something tells me that those pesky upper level winds should still be there & not allow development. The wave that concerns me right now is over Africa & should emerge in the Atlantic mid week. By late week or the weekend this could attempt to become a depression.

Rain Today

Several areas saw rain this morning and more is on the way. Update soon.

Scattered storms this evening. High temperature 91....increased rain shower activity this week...tropics remain quiet.

Weather Update

5:47 PM

• It looks like temperatures are finally on their way down after reaching a high temperature of 95 degrees.
  
• The rain that has already fallen is it for the remainder of the evening.
• Winds: out of the east at 10-15 mph
  
  

1:35 PM

• Temperatures are already in mid 90's- expect another 3 degree rise.
• Isolated thunderstorms have formed in SE Georgia
• Good news: the sea breeze is strong and has made it to I-95

4th of July Forecast

• Active sea breeze today.
• High temperature: 95.
• Chance of precipitation:
  
  • South of 1-10: 40%
  • Around 1-10: 30%
  • North of I-10: 20%
    

Thunderstorms Developing

Thunderstorms are developing over the Suwanee River Valley and are headed eastward. This precipitation is associated with a stalled frontal boundary which has been stuck over Central Florida and has begun to lift back northward. It looks like this rain will be the only potential relief from the heat- the sea breeze will have a hard time forming today because of a strong westerly wind.

Estimated Arrival time of Rain:

• I-75: 12:15
• Gainesville: 12:50
• Lake Butler: 1:35
  
• Starke: 1:45
• Western Clay County: 2:30

Live Event: 4th of July

>>>Watch Downtown Jacksonville's Skyblast LIVE Right Here On Jacksonville's Weather Blog. Tomorrow Night @ 9:40.