Posted on

May 31, 2017 Newsletter

Dear Friends,

Tangents:
May 31, 1819: birthday of poet Walt Whitman.
SONG OF MYSELF
I celebrate myself, and sing myself,
And what I assume you shall assume,
For every atom belonging to me as good belongs to you.

I loafe and invite my soul,
I lean and loafe at my ease observing a spear of summer grass…
                       -from Song of Myself in Leaves of Grass
May 31, 1911 – Shipping Quebec-born shipbuilder Lord Pirrie launches his White Star liner RMS Titanic in Belfast; one of the largest vessels afloat, it will sink on its maiden voyage in April 1912. Belfast, Northern Ireland
May 31, 1997 – Premiers Pat Binns and Frank McKenna cut the ribbon opening the billion-dollar, 13 km long Confederation Bridge between Borden-Carlton, PEI and Jourimain Island, New Brunswick; the longest bridge in the world crossing ice-covered water
PHOTOS OF THE DAY

South African surfer Jake Kolnik rides a wave at Dungeons offshore reef in the Atlantic ocean outside Cape Town, South Africa.  The big wave surfing season during the southern hemisphere winter is driven by storms in the South Atlantic which generate powerful swells that break on the Cape’s outer reefs.
CREDIT: NIC BOTHMA/EPA

Greek choreographer and dancer Katerina Soldatou performs above the Corinth Canal as part of the Greece Has Soul progject.
CREDIT: VALERIE GACHE/AFP/GETTY IMAGES.
Market Closes for May 31st, 2017

Market

Index

 Close Change
Dow

Jones

 21008.65 -20.82

 

-0.10%
 
S&P 500 2411.80 -1.11

 

-0.05%
 
NASDAQ 6198.516 -4.674

 

-0.08%
 
TSX 15349.91 -22.44

 
-0.15%

International Markets

Market

Index

 Close Change
NIKKEI 19650.57 -27.28
-0.14%
HANG

SENG

 25660.65 -40.98
-0.16%
SENSEX 31145.80 -13.60
-0.04%
FTSE 100* 7519.95 -6.56
-0.09%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.416 1.414
CND.

30 Year

Bond

 2.052 2.060
U.S.   

10 Year Bond

 2.2028 2.2098
U.S.

30 Year Bond

 2.8634 2.8772

Currencies

BOC Close Today Previous
Canadian $ 0.74094 0.74257
US

$

 1.34964 1.34667
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.51748 0.65899
US

$

 1.12436 0.88940

Commodities

Gold Close Previous
London Gold

Fix

 1266.20 1262.70
     
Oil Close Previous
WTI Crude Future 48.32 49.66

Market Commentary:
On this day in 1919, the New York Stock Exchange closes its doors for the day so that its overworked clerks can clear the paperwork from a tumultuous month during which volume regularly exceeded 1.5 million shares a day.
Number of the Day
$11.7 million
The median pay for CEOs at the biggest U.S. companies was $11.7 million in 2016, up from $10.8 million the year before and a post-recession record, according to a Wall Street Journal analysis of S&P 500 firms.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed lower as energy shares dropped with the price of oil and financials fell amid a rumored short by a high-profile firm.
     The S&P/TSX Composite Index lost 22 points or 0.2 percent to 15,349.91, its lowest close in nearly two weeks. Energy shares fell 0.6 percent as West Texas Intermediate crude tumbled 2.7 percent to $48.28 a barrel.
     The financials index lost 0.3 percent as Element Fleet Management Corp. tumbled 15 percent. The stock declined as much as 39 percent on a rumor, later refuted, that it was a target of short seller Muddy Waters LLC.
     In other moves:
* Asanko Gold Inc. fell 13 percent before trading was halted. The miner is the target of short seller Muddy Waters LLC
* Ensign Energy Services Inc. gained 6.1 percent, making it the best performer in the energy index. Ensign had underperformed, with shares down 30 percent year-to-date before Wednesday
* ECN Capital Corp., spun off from Element Fleet in 2016, lost 2.4 percent. ECN said it wasn’t aware of any reason for the drop.
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks trimmed a monthly advance as a decline in trading revenue at JPMorgan Chase & Co. sent bank shares into a tailspin. Treasuries rose, while the dollar and oil retreated.
     The S&P 500 Index all but erased losses in the final hour of trading to finish May higher by 1.2 percent. Lenders slumped Wednesday after JPMorgan said the revenue metric is down 15 percent so far in the second quarter. Banks have been under pressure as 10-year Treasury yields slumped to 2.20 percent. Bloomberg’s dollar index retreated to cap a third straight monthly loss. Crude extended losses amid doubts prolonged output cuts will clear a global surplus. Gold climbed.
     Banks continued to weigh on U.S. equities as Trump administration promises to roll back regulations and boost growth have yet to stoke inflation expectations in the world’s largest economy. Instead, defensive and technology shares have kept markets within striking distance of all-time highs, while the dollar heads for a third straight monthly decline.
     The pound’s moves are a reminder of the potential risks surrounding a series of national elections in Europe this year. Meanwhile, with key central bank meetings next month on both sides of the Atlantic, investors remain focused on this week’s slew of economic data to gauge both the strength of the global economy and the path for interest rates.
     Here are some of the key events coming up:
* The EIA is due to release its monthly supply reports.
* The U.S. jobs report Friday may bolster the case for a rate hike, with a gain of 180,000 positions expected. Here are the main movers in markets:

      Stocks
* The S&P 500 fell 0.1 percent to 2,411.81 at 4 p.m. in New York, trimming its gain this month to 1.2 percent. It closed
Friday at a record and is down 0.2 percent since then.
* The Nasdaq 100 Index retreated 0.1 percent to halt an eight- day rally. It advanced 3.7 percent in the month.
* The Stoxx Europe 600 Index lost 0.1 percent.
* The MSCI Emerging Market Index slipped 0.6 percent, trimming its monthly rise to 2.9 percent, the most since February.

     Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent. The measure weakened 1.5 percent in May, the most since January.
* The pound added 0.2 percent to $1.2884. The euro jumped 0.4 percent to $1.1233.
* The yen strengthened 0.1 percent to 110.73 per dollar for a fourth straight day of advances.

     Commodities
* Gold futures rose 0.4 percent to $1,270.80 an ounce after a 0.4 percent loss Tuesday.
* West Texas Intermediate oil dropped 2.7 percent to settle at $48.32 a barrel.

      Bonds
* The yield on 10-year Treasuries fell one basis point to 2.20 percent after declining four basis points in the previous session.
* Benchmark yields in the U.K. rose one basis point after a drop of two basis points Tuesday.

 

Have a wonderful evening everyone.

 

Be magnificent!

Life is very real –
life is not an abstraction – our problems begin when we encounter it only through images.
Krishnamuriti

As ever,

Carolann

 

With self-discipline most anything is possible.
               -Theodore Roosevelt, 1858-1919

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Posted on

May 30, 2017 Newsletter

Dear Friends,

Tangents:

Carolann is out of the office this afternoon, I will be writing the newsletter on her behalf.

PHOTOS OF THE DAY

People take a selfie on a paddle board in Lake Geneva.
CREDIT: LAURENT GILLIERON/EPA

Japan’s NTT DOCOMO demonstrates a spherical drone display, an unmanned aerial vehicle that displays LED images on an omnidirectional spherical screen while in flight, at the company’s research laboratories in Yokosuka.
CREDIT: KAZUHIRO NOGI/AFP/GETTY IMAGES
Market Closes for May 30th, 2017

Market

Index

 Close Change
Dow

Jones

 21029.47 -50.81

 

-0.24%
 
S&P 500 2412.91 -2.91

 

-0.12%
 
NASDAQ 6203.189 -7.004

 

-0.11%
 
TSX 15372.35 -49.56

 
-0.32%

International Markets

Market

Index

 Close Change
NIKKEI 19677.85 -4.72
-0.02%
HANG

SENG

 25701.63 +62.36
+0.24%
SENSEX 31159.40 +50.12
+0.16%
FTSE 100* 7526.51 -21.12
-0.28%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.414 1.411
CND.

30 Year

Bond

 2.060 2.047
U.S.   

10 Year Bond

 2.2098 2.2465
U.S.

30 Year Bond

 2.8772 2.9120

Currencies

BOC Close Today Previous  
Canadian $ 0.74257 0.74210
US

$

 1.34667 1.34753
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.50572 0.66736
US

$

 1.11810 0.89437

Commodities

Gold Close Previous
London Gold

Fix

 1262.70 1265.05
     
Oil Close Previous
WTI Crude Future 49.66 49.80

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed in the red as energy and financial shares fell amid a selloff in commodities.
     The S&P/TSX Composite Index lost 50 points or 0.3 percent to 15,372.35, its lowest level in almost two weeks. Energy shares fell 1.2 percent as the price of crude lost 0.3 percent. Investors are looking for more signs that OPEC’s production cuts are successfully reducing inventories. 
     The financials index slipped 0.3 percent. Bank of Nova Scotia bucked the trend, gaining 0.6 percent following second- quarter results that beat estimates.
     In other moves:
* Kinder Morgan Canada Ltd. fell 4.5 percent from IPO price of C$17 in its trading debut, which came a day after two political parties opposed to the company’s pipeline expansion joined forces in British Columbia
* Crew Energy Inc. lost 6 percent. It’s among the energy producers most exposed to B.C.
* Element Fleet Management Corp. lost 6.7 percent, hitting a 15- month low
US
By Jeremy Herron and Jeanna Smialek
     (Bloomberg) — U.S. stocks halted a seven-day advance as data showing a rebound in consumer spending offset a wider selloff in commodities. Treasuries advanced amid month-end buying.
     The S&P 500 Index edged lower from an all-time high banks paced gains while energy producers slumped amid a retreat in crude. Tech shares lifted the Nasdaq 100 Index to a fresh record. The 10-year Treasury note yield fell to 2.21 percent. The Stoxx Europe 600 Index declined a fourth day as data showed euro-area economic confidence fell for the first time this year.
     The pullback across many assets serves as a reminder that, while equity benchmarks across the world have posted repeated records this year, potential headwinds to the global growth story remain and investor concern lingers. Elections in the U.K., Germany and Italy are looming as Brexit negotiations begin, while U.S. President Donald Trump is ratcheting up a dispute with Germany and battling to implement spending and tax- cut plans.
     Fed Bank of St. Louis President James Bullard said on Tuesday the new administration will need to fulfill the expectations that have driven the stock market higher, while Fed Governor Lael Brainard said soft inflation could cause her to reassess the path forward for monetary policy should it linger. The Fed meets in two weeks. Data Tuesday showed American consumers on track for a second-quarter comeback after a weak stretch at the start of the year.
     Here are some of the key events coming up:
* The euro-area’s preliminary headline inflation rate will come on Wednesday.
* Fed speakers are out and about as the FOMC’s June 13-14 meeting approaches. Robert Kaplan will be in New York Wednesday.
* The U.S. jobs report Friday may bolster the case for a rate hike, with a gain of 185,000 positions expected.
* Brazil’s central-bank decision on Wednesday will probably see a cut of 75 to 100 basis points from the current 11.25 percent, according to economists.
* China’s May manufacturing PMIs on Wednesday might indicate that the nation’s 2017 growth has already peaked.
* The EIA is due to release its monthly supply reports Wednesday.
     Here are the main movers in markets:
     Stocks
* The S&P 500 slipped 0.1 percent to 2,412.93 at 4 p.m. in New York. The index retreated for the first time in eight days after the longest rally since February.
* The Nasdaq 100 Index advanced for an eighth day to an all-time high. Amazon.com Inc. briefly topped $1,000 a share for the first time before trading little changed.
* The Stoxx Europe 600 Index declined 0.2 percent and emerging- market shares slipped 0.4 percent.
     Currencies
* The Bloomberg Dollar Spot Index was little changed after initially rising data. It’s near the lowest level since November.
* The euro rose 0.2 percent to $1.1189. The shared currency swung between gains and losses as traders weighed Germany’s inflation miss against a Reuters report that the ECB will likely discuss removing its easing bias in June. It recovered early losses sparked by speculation Greece could forego its next bailout payment.
* The yen strengthened 0.5 percent to 110.767 per dollar.
     Commodities
* Gold futures fell for the first time in three days, losing 0.4 percent to settle at $1,265.70 an ounce.
* West Texas oil fell 14 cents to settle at $49.66 per barrel. OPEC and Russia’s deal last week to extend output limits through March was met with a sell-off as it didn’t include deeper cuts, a plan for the rest of 2018 or a new ally.
     Bonds
* The yield on 10-year Treasuries declined three basis points to 2.21 percent.
* Similar maturity German bunds rose a fifth day, sending the yield lower to 0.292 percent.

Have a wonderful evening everyone.

 

Be magnificent!

As ever,

 “There is no royal road to anything. One thing at a time, all things in succession. That which grows fast, withers as rapidly. That which grows slowly, endures.”– Josiah Gilbert Holland

Karen

“The biggest adventure you can take is to live the life of your dreams.” Oprah Winfrey

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Posted on

May 29, 2017 Newsletter

Dear Friends,

Tangents:

On May 29, 1953, Mount Everest was conquered as Edmund Hillary of New Zealand and sherpa Tenzing Norgay of Nepal became the first climbers to reach the summit.
Go to article »

Points of Progress:

BRITAIN: Friday, April 21, marked the country’s first full day without coal in 135 years, according to National Grid.  It is thought to be Britain’s longest continuous energy period without coal since the world’s first centralized public coal-fired generator opened in 1882, beating out the record of 19 hours set in may 2016.  The achievement was a “watershed moment in how our energy system is changing,” said Cordi O’hara of national Grid.  The British government plans to close the nation’s last coal power plants by 2025.-BBC, The Guardian.

TOGO: More than 60 villages have banded together to protect the hippo population.  Since 2004, these villages and communities in the West African nation have been working to raise awareness of the need to protect biodiversity along the Mono River.  Ultimately, the initiative, which covers five lakes, aims to generate sustainable sources of income for the local population and promote eco-tourism in the area.  –Deutsche Welle.

SAUDI ARABIA: The world’s most prominent oil exporter has a  plan to boost renewable energy generation.  Saudi Arabia, which consumes nearly 3 million barrels of oil a day, will develop 30 new solar and wind projects over the next decade, with the goal of reaching 9,500 megawatts of renewable energy capacity by 2023.  Currently, the country has about 200 MW from renewable sources.  “We have the potential to become a global renewable energy powerhouse,” said Energy Minister Khalid al-Falih.  –Bloomberg, Grist.
PHOTOS OF THE DAY

The first ever hot air balloon festival to be held in Durham got underway this Bank Holiday weekend. “Balloons in Durham” saw a mass of hot air balloons taking to the skies rising over Durham Cathedral.
CREDIT: Paul Kingston/North news

People throw colored powder during the Holi festival in Santa Coloma de Gramenet near Barcelona.
CREDIT:ALBERT GEA/REUTERS.
Market Closes for May 29th, 2017

Market

Index

 Close Change
Dow

Jones

 21080.28 Closed

 
 
S&P 500 2415.82 Closed

 
 
NASDAQ 6210.195 Closed

 
 
TSX 15421.91 +4.98

 
+0.03%

International Markets

Market

Index

 Close Change
NIKKEI 19682.57 -4.27
-0.02%
HANG

SENG

 25701.63 +62.36
+0.24%
SENSEX 31109.28 +81.07
+0.26%
FTSE 100* 7547.63 +29.92
+0.40%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.411 1.445
CND.

30 Year

Bond

 2.047 2.079
U.S.   

10 Year Bond

 2.2465 2.2465
U.S.

30 Year Bond

 2.9120 2.9120

Currencies

BOC Close Today Previous  
Canadian $ 0.74210 0.74368
US

$

 1.34753 1.34467
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.50050 0.66644
US

$

 1.11351 0.89806

Commodities

Gold Close Previous
London Gold

Fix

 1265.05 1265.05
     
Oil Close Previous
WTI Crude Future 49.80 49.80

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed with a small gain as daily volume hit its lowest level of the year with markets in the U.S., U.K. and China all closed for public holidays.
     The S&P/TSX Composite Index added 5 points or less than 0.1 percent to 15,421.91. Volume fell to 58.8 million compared to the moving average of 204.5 million.
     Financial stocks gained 0.2 percent ahead of Bank of Nova Scotia’s fiscal second-quarter results, due out Tuesday morning. Industrials shares also added 0.2 percent as Boyd Group Income Fund jumped 9.8 percent. The owner of collision-repair shops is buying Assured Automotive Inc. for C$193.6 million.
     In other moves:
* Bombardier Inc. rose 3.6 percent and hit a six-week high. The stock was upgraded to outperform at BMO
* Husky Energy Inc. rose 1.9 percent after greenlighting a C$5.2-billion project off the coast of Newfoundland and Labrador
* Canopy Growth Corp. fell 2.4 percent. Health Canada is streamlining the application process for medical cannabis production licenses and allowing for increased production
US
US MARKETS ARE CLOSED TODAY FOR MEMORIAL DAY.
UK MARKETS  AND MARKETS IN CHINA ARE ALSO CLOSED.
Have a wonderful evening everyone.

 

Be magnificent!

Do you know that even when you look at a tree and say,
That is an oak, or that is a banyan tree,
the naming of the tree, which is botanical knowledge, has so conditioned your mind
that the word comes between you and actually seeing the tree?
To enter in contact with the tree you have to put your hand on it
and the word will not help you touch it.
Krishnamurti

As ever,

 

Carolann

 

The legacy of heroes is the memory of a great name and the inheritance of a great example.
–Benjamin Disraeli, 1804-1881

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Posted on

May 26, 2017 Newsletter

Dear Friends,

Tangents:
On this day in 1896, The Dow Jones Industrial Average was first published.
Its 12 initial members are the great industrial giants of the time: American Cotton Oil, American Sugar, American Tobacco, Chicago Gas, Distilling & Cattle Feeding, General Electric, Laclede Gas, National Lead, North American, Tennessee Coal & Iron, U.S. Leather, and U.S. Rubber. The indexes value that day: 40.94.

This morning on CNBC’s Squawk Box, a “just released” study was cited, noting that 50 % of Americans do not take vacation from work and of those that do, ~80% “stay connected” to their work email and VM’s while on vacation.
To compare this to our ancestors’  work (i.e., management’s)  life a couple of centuries ago  when life was ostensibly “simpler”,  here is the  Revd Robert Robinson, Baptist pastor and farmer,  who, on May 26th, 1784, wrote this letter to an unknown friend:

Rose at three o’clock – crawled into the library – and met one who said, “Yet a little while is the light with you: walk while ye have the light – the night cometh, when no man can work – my father worketh hitherto, and I work.’
  Rang the great bell, and roused the girls to milking – went up to the farm, roused the horse-keeper – fed the horses while he was getting up – called the boy to suckle the calves, and clean out the cow-house – lighted the pipe, walked round the gardens to see what was wanting there – went up the paddock to see if weaning calves were well – went down to the ferry, to see whether the boy had scooped and cleaned the boats – returned to the farm – examined the shoulders, heels, traces, chaff, and corn of eight horses going to plough – mended the acre staff – cut some thongs, whipcorded the boys’ plough whips – pumped the troughs full – saw the hogs fed – examined the swill tubs, and then the cellar – ordered a quarter of malt, for the hogs want grains, and the men want beer – filled the pipe again, returned to the river, and bought a lighter of turf for dairy fires, and another of sedge for ovens – hunted up the wheelbarrows and set them a trundling – returned to the farm, called the men to breakfast, and cut the boys’ bread and cheese, and saw the wooden bottles filled – sent one plough to the three-roods, another to the three half-acres, and so on – shut the gates, and the clock struck five – breakfasted – set two men to ditch the five roods – two more to chop sads [heavy sods], and spread about the land = two more to throw up muck in the yard – and three men and six women to weed wheat – set on the carpenter to repair cow-cribs, and set them up till winter – the wheeler to men up the old carts, cart-ladders, rakes, etc., preparatory to hay-time and harvest – walked to the six-acres, found hogs in the grass – went back and sent a man to hedge and thorn – sold the butcher a fat calf, and the suckler a lean one – the clock strikes nine – walked into barley-field – barley fine, picked off a few tiles and stones, and cut a few thistles – and peas fine, but foul; the charlock must be topped – the tares doubtful; the fly seems to have taken them – prayed for rain, but could not see a cloud – came round to the wheat-field – wheats rather thin, but the finest colour in the world – set four women on to the shortest wheats – ordered one man to weed the ridge of the long wheats – and tow women to keep rank and file with him in the furrows – thistles many – bluebottles no end – traversed all the wheat-field – came to the fallow-field – the ditchers have run crooked – se them straight – the flag-sads cut too much, rush-sads too little, strength wasted, show the men how to three-corner them – laid out more work for the ditchers – went to the ploughs – set the foot a little higher; cut a wedge, set the coulter deeper, must go and get a new mould-board against tomorrow – went to the other plough – picked up some wool, and tied over the traces – mended a horse-tree, tied a thong to the plough-hammer – went to see which lands want ploughing first – sat down under a bush – wondered how any man could be so silly as to call me reverend – read two verses and thought of his loving-kindness in the midst of his temple – gave out, “Come all harmonious tongues,” and set Mount Ephraim tune – rose up = whistled – the dogs wagged  their tails, and on we went – got home – dinner ready –filled the pipe – drank some mild – and fell asleep –woke by the carpenter for some slats, which the sawyer must cut – the Reverend Messrs A. in a coat, B, in a gown of black, and C, in one of purple, came to drink tea, and to settle whether Gomer was a father of the Celts and Gauls and Britons, or only the uncle – proof sheet from Mr Archdeacon – corrected it – washed – dressed – went to meeting , and preached from, The end of all things is at hand, be ye sober and watch unto prayer – found dear brother reverence there, who went home with me, and edified us all out of Solomon’s Song, with a dish of tripe out of Leviticus, and a golden candlestick out of Exodus.
PHOTOS OF THE DAY

People in Paris wet their feet at the Fountain of Warsaw at the Trocadero Gardens. GEOFFROY VAN DER HASSELT/AGENCE FRANCE-PRESSE/GETTY IMAGES

A man dressed in traditional clothes tries to pull his opponent over the table during a finger-wrestling championship in Woernsmuehl, Germany, on Thursday. MATTHIAS SCHRADER/ASSOCIATED PRESS
Market Closes for May 26th, 2017

Market

Index

 Close Change
Dow

Jones

 21080.28 -2.67

 

-0.01%
 
S&P 500 2415.82 +0.75

 

+0.03%
 
NASDAQ 6210.195 +4.938

 

+0.08%
 
TSX 15416.93 +6.20

 
+0.04%

International Markets

Market

Index

 Close Change
NIKKEI 19686.84 -126.29
-0.64%
HANG

SENG

 25639.27 +8.49
+0.03%
SENSEX 31028.21 +278.18
+0.90%
FTSE 100* 7547.63 +29.92
+0.40%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.445 1.461
CND.

30 Year

Bond

 2.079 2.094
U.S.   

10 Year Bond

 2.2465 2.2536
U.S.

30 Year Bond

 2.9120 2.9198

Currencies

BOC Close Today Previous  
Canadian $ 0.74368 0.74155
US

$

 1.34467 1.34853
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.50353 0.66510
US

$

 1.11814 0.89434

Commodities

Gold Close Previous
London Gold

Fix

 1265.05 1256.95
     
Oil Close Previous
WTI Crude Future 49.80 48.65

Note to Self:
Don’t measure your progress using someone else’s ruler.
Market Commentary:
Number of the Day
2
The number of S&P 500 companies that have split their stock this year. That’s down sharply from 20 years ago, when 93 S&P 500 firms split their shares, a rate of close to two per week, according to Birinyi Associates.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed with a slight gain as increases in raw-materials stocks offset declines in energy and consumer staples.
     The S&P/TSX Composite Index added 6 points or less than 0.1 percent to 15,416.93 on lower-than-usual trading volume ahead of a long weekend south of the border. For the week, the benchmark fell 0.3 percent.
     Materials stocks added 0.5 percent amid higher precious- metal prices. MAG Silver Corp. added 3.3 percent following an upgrade at BMO Capital Markets. The energy index slipped 0.2 percent even as the price of crude rose, and industrials stocks also fell 0.2 percent.
     In other moves:
* Westshore Terminals Investment Corp. added 5.2 percent following Thursday’s 5.7 percent gain. British Columbia’s Liberals fell short of a majority in a final election count, raising questions about the party’s promise to ban shipments of thermal coal
* Bombardier Inc. gained 3.2 percent. The company delivered its first CS300 aircraft to Swiss International Air Lines AG.
*  Eldorado Gold Corp. fell 2.8 percent following a downgrade by S&P
US
By Robert Brand
     (Bloomberg) — U.S. stocks limped into the weekend on a sluggish final day of trading, while the dollar fluctuated with oil as investors assessed data showing the U.S. economy on firm footing.
     The S&P 500 Index fluctuated between gains and losses before closing higher by less than a point — good enough for a seventh straight gain and fresh record in trading 25 percent below the 30-day average. The dollar capped a weekly advance as a second reading on gross domestic product topped estimates. Crude headed for a weekly loss after OPEC’s move to prolong supply cuts for nine months disappointed investors hoping for more. The pound fell as a poll showed U.K. Prime Minister Theresa May losing ground to her main opponent ahead of next month’s election.
Action was subdued ahead of a three-day weekends in the U.S. and the U.K. A second straight month of stagnant orders for business equipment in April indicated investment in capital goods could slow in the second quarter, paring weekly gains in U.S. stocks. Crude languished below $50 a barrel, while U.K. investors awakened to election risk after a poll showed the Conservative party lead narrowed after the Manchester attack.
     “Markets ultimately found the renewed deal among OPEC and friends underwhelming,” Cole Akeson, a strategist at Sberbank CIB in Moscow, wrote in an emailed note. “Essentially, the market consensus seems to have come around to a view that regardless of what effect on global inventories the deal may have for now, OPEC and its partners have little insight as to what to do later on.”
     Here are the main moves in markets:
     Stocks
* The S&P 500 rose less than one point to 2,415.62 as of 4 p.m. in New York. The seven-day streak is the longest since February. The measure climbed 1.4 percent in the week, the most since April 28.
* The Stoxx Europe 600 Index dropped 0.2 percent, with oil and gas producers falling 1.1 percent. Automakers slid 0.5 percent.
* MSCI’s emerging-market index added 0.1 percent, pushing its gain in the five days to 2 percent.
     Currencies
* The Bloomberg Dollar Spot Index added 0.1 percent after falling as much as 0.2 percent. It’s up 0.1 percent on the week.
* The pound slid 1.2 percent to $1.2793. A YouGov poll for the Times late Thursday put the Conservatives at 43 percent with Labour at 38 percent — a dramatic narrowing of the gap that even this month has been as high as 24 points in some polls.
* The yen rose 0.6 percent to 111.198 per dollar, after dropping 0.3 percent on Thursday.
* The euro fell 0.3 percent to $1.1175.
     Commodities
* West Texas Intermediate crude rose 1.8 percent to settle at $49.80 a barrel. The contract plunged 4.8 percent in the previous session. Crude lost more than 1.5 percent in the week.
* Gold futures rose 0.8 percent to $1,270.10 an ounce.
* Copper dropped from a three-week high as traders turned bearish ahead of holidays and the dollar recovered.
     Bonds
* The yield on 10-year Treasury notes fell one basis point to 2.25 percent. U.S. bonds are on course for a fourth month of gains.
* Benchmark German and French yields dropped three basis points.
     Asia
* Japan’s Topix slipped 0.6 percent, trimming its weekly advance to 0.6 percent.
* Australia’s S&P/ASX 200 Index fell 0.7 percent, with BHP Billiton Ltd. dropping 2 percent.
* South Korea’s Kospi rose 0.5 percent to another record. The index is up 2.9 percent for the week, the biggest gain in two months.
* Hong Kong’s Hang Seng Index was flat, keeping its weekly gain at 1.8 percent, while the Shanghai Composite increased 0.1 percent.

Have a wonderful weekend everyone.

 

Be magnificent!

The sparrow is sorry for the peacock at the burden of his tail.
Rabindranath Tagore

As ever,

 

Carolann

 

Destiny is not a matter of chance, it is a matter of choice; it is not a thing
to be waited for, it is a thing to be achieved.
                                                      -William Jennings Bryan, 1860-1925

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Posted on

May 25, 2017 Newsletter

Dear Friends,

Tangents:
Better than humans? Google’s (GOOG, GOOGL) artificial intelligence program, AlphaGo, has beaten the world’s best Go player Ke Jie for a second time, taking a 2-0 lead in a best of three series. The victory – which many thought would take decades to achieve – comes after the AI program bested South Korean Go professional Lee Sedol in a similar exhibition match last year.

Gary and I were in Seattle for the  opera  last weekend  ( Mozart’s Magic Flute – a fabulous production) and in addition, I wanted to see the Amazon store in University Village.   I marvel at the audacity of Jeff Bezos, who, after putting many booksellers out of business, is now opening book stores – (a new one opened yesterday in NYC).  Anyway, the Seattle store is amazing – the books are all displayed with front covers facing the customer.   Upon entering the store, a large sign points to one of the displays informing, “The One Hundred Books Every Person Should Read in their Lifetime.”  Perusing the display, I would have to agree – brilliant selection.  I asked one of the staff to demonstrate Alexa for us.  There are actually  three models of Echo – Alexa is the software.  First she said to the largest Echo unit, “Alexa, play some classic rock.”   Alexa immediately obeyed streaming music from Amazon (though I was informed that you can stream from any source).  The sound was excellent.  The salesgirl then led us to the medium – size version of Echo, and commanded, “Alexa, tell us a joke.”  Alexa told us a very funny joke.   We were both in awe.
PHOTOS OF THE DAY

A meadow of Campion wild flowers are seen under the impressive backdrop of Bamburg Castle on the north east coast of England.
CREDIT: PAUL KINGSTON/NNP

Queen Elizabeth and Prince Philip attend a service to mark the Centenary of the Order of the British Empire at St. Paul’s Cathedral in London.
CREDIT: TOBY MELVILLE/REUTES

Guilhem Fonseca of Portugal competes during the 2017 ISA World Surfing Games in France.
CREDIT: FRANICK FIFE/AFP/GETTY IMAGES.
The happiest people I know are always evaluating and improving themselves.  The unhappy people are usually evaluating and judging others.
Market Closes for May 25th, 2017

Market

Index

 Close Change
Dow

Jones

 21082.95 +70.53

 

+0.34%
 
S&P 500 2415.07 +10.68

 

+0.44%
 
NASDAQ 6205.258 +42.234

 

+0.69%
 
TSX 15410.73 -8.76

 
-0.06%

International Markets

Market

Index

 Close Change
NIKKEI 19813.13 +70.15
+0.36%
HANG

SENG

 25630.78 +202.28
+0.80%
SENSEX 30750.03 +448.39
+1.48%
FTSE 100* 7517.71 +2.81
+0.04%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.461 1.478
CND.

30 Year

Bond

 2.094 2.109
U.S.   

10 Year Bond

 2.2536 2.502
U.S.

30 Year Bond

 2.9198 2.9229

Currencies

BOC Close Today Previous  
Canadian $ 0.74155 0.74576
US

$

 1.34853 1.34092
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.51145 0.66161
US

$

 1.12085 0.89218

Commodities

Gold Close Previous
London Gold

Fix

 1256.95 1260.20
     
Oil Close Previous
WTI Crude Future 48.65 51.11

Market Commentary:
On this day in 1931, the New York Stock Exchange begins regularly reporting short sales.

Number of the Day
13.6%
With nearly all companies in the S&P 500 having reported results, aggregate earnings for the first quarter are on track to grow 13.6% from the year-earlier period, according to FactSet.

On May 25, 2006, Kenneth L. Lay and Jeffrey K. Skilling, the chief executives who guided Enron through its spectacular rise and even more stunning fall, were found guilty of fraud and conspiracy.

Go to article »
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed in the red as gains in industrials and financials were offset by a big drop in energy shares.
     The S&P/TSX Composite Index fell 9 points or 0.1 percent to 15,410.73. Energy shares dropped 1.6 percent as West Texas Intermediate crude prices plunged 5.3 percent, sinking from a five-week high after OPEC extended production cuts but didn’t deepen them.
     On the other side of the ledger, industrial shares gained 1.3 percent, led by a 5.7 percent jump in shares of Westshore Terminals Investment Corp., which were bolstered by confirmation of a minority government in British Columbia. The financials index added 0.3 percent on strong second-quarter results from Toronto-Dominion Bank and Royal Bank of Canada.
     In other moves:
* Tembec Inc. jumped 41 percent. The lumber and paper producer is being acquired by Rayonier Advanced Materials Inc. for about $300 million
* Aimia Inc. gained 18 percent after CEO David Johnston said the market has “overreacted” to Air Canada’s split with the loyalty- program operator. Shares are down 72 percent since the announcement earlier this month
* Manulife Financial Corp. added 0.6 percent. CEO Donald Guloien is retiring and will be replaced by head of Asia operations Roy Gori.
US
By Samuel Potter and Jeremy Herron
     (Bloomberg) — U.S. stocks rose to fresh records and the dollar strengthened as retailer results boosted confidence in the American consumers’ ability to jump start economic growth. Oil sank from a five-week high after OPEC extended plans to limit production without deepening the cuts.
     The S&P 500 Index pushed its longest rally since February to six days as Best Buy Co. and PVH Corp. results topped estimates and the Bloomberg Consumer Comfort Index signaled optimism among U.S. shoppers. The dollar steadied in the wake of Federal Reserve minutes showing officials unperturbed by recent signs of slower economic growth. U.S. crude lost more than 4 percent to slide below $50. China’s yuan strengthened the most in four months.    
     The latest earnings reports bolstered a retail group that’s been hit by struggles at mall-based stores and signs that wages haven’t been rising fast enough to spark a meaningful surge in spending. They added to risk appetite after Fed policy makers indicated recent weakness in growth is transitory. The bullish sentiment was limited among stock investors in Europe, where some markets were closed today for the Ascension holiday.
     And here are the main movers:
     Stocks
* The S&P 500 rose 0.4 percent to a record 2,415 at 4 p.m. in New York. It’s rallied more than 2.5 percent in the past six sessions.
* The Nasdaq Composite and Nasdaq 100 indexes also closed at records, while the Dow Jones Industrial Average added 0.4 percent to end 0.2 percent short of its March 1 high.
* Best Buy surged 22 percent, the most since 2001, and PVH jumped 4.9 percent to pace gains in retailers. Railroad operators also rallied, leading transportation shares higher.
* The Dow Jones Industrial Average climbed to 21,085 as it bears down on its March 1 closing record.
* The Stoxx Europe 600 ended little changed, while emerging- market equities rallied 0.7 percent.
     Commodities
* West Texas Intermediate crude sank 4.8 percent to settle at $48.90 a barrel in New York, after touching the highest level in more than a month.
* Gold futures rose 0.3 percent to $1,259.70 an ounce.
     Currencies
* The Bloomberg Dollar Spot Index edged higher after earlier touching the lowest level since November.
* The euro was virtually unchanged at $1.1218. The British pound fell 0.1 percent to $1.2960.
     Bonds
* The yield on 10-year Treasury notes was little changed at 2.25 percent after losing three basis points on Wednesday.
* German 10-year yields fell four basis points to 0.362 percent.
* Japan’s sovereign yield curve bear-steepened after the nation’s auction of 40-year bond sale met weaker-than-expected demand.

 

Have a wonderful evening everyone.

 

Be magnificent!

It is necessary that this be the aim of our entire life.
In all of our thoughts and actions,
we must be conscious of the infinite.
Rabindranath Tagore

As always,

 

Carolann

 

Some beautiful paths can’t be discovered without getting lost.
                                                                     -Erol Ozan

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Posted on

May 24, 2017 Newsletter

Dear Friends,

Tangents:
Bob Dylan’s birthday, born May 24th, 1941
Also, On May 24, 1883, the Brooklyn Bridge, linking Brooklyn and Manhattan, was opened to traffic.
Go to article »

PHOTOS OF THE DAY

Riders climb the Stelvio during the 16th stage of the 100th Giro d”Italia, Tour of Italy.
CREDIT: LUK BENIES/AFP/GETTY IMAGES

Flowers on the WS Warmenhoven Stand @ the Chelsea Flower Show organized by the Royal Horticultural Society.
CREDIT: GUY BELL/ALAMY LIVE NEWS
Market Closes for May 24th, 2017

Market

Index

 Close Change
Dow

Jones

 21012.42 +74.51

 

+0.36%
 
S&P 500 2404.39 +5.97

 

+0.25%
 
NASDAQ 6163.023 +24.312

 

+0.40%
 
TSX 15419.49 -57.45

 
-0.37%

International Markets

Market

Index

 Close Change
NIKKEI 19742.98 +129.70
+0.66%
HANG

SENG

 25428.50 +25.35
+0.10%
SENSEX 30301.64 -63.61
-0.21%
FTSE 100* 7514.90 +29.61
+0.40%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.478 1.510
CND.

30 Year

Bond

 2.109 2.140
U.S.   

10 Year Bond

 2.502 2.2799
U.S.

30 Year Bond

 2.9229 2.9432

Currencies

BOC Close Today Previous  
Canadian $ 0.74576 0.73981
US

$

 1.34092 1.35170
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.50403 0.66488
US

$

 1.12164 0.89155

Commodities

Gold Close Previous
London Gold

Fix

 1252.55 1260.20
     
Oil Close Previous
WTI Crude Future 51.11 51.17

Market Commentary:
Number of the Day
270 million
The number of barrels of oil that the Trump administration this week proposed selling from the Strategic Petroleum Reserve over the next decade.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed lower after Bank of Montreal reported an increase in bad loans at its U.S. operations, dragging down the broader financial sector.
     The S&P/TSX Composite Index fell 57 points or 0.4 percent to 15,419.49. BMO was the biggest drag on the index, losing 3.3 percent after setting aside 29 percent more for soured loans in the second quarter. All the major banks followed suit, causing financial stocks to fall 0.8 percent.
     Energy shares fell 0.6 percent even as OPEC producers prepared to discuss a nine-month extension to production cuts Thursday. Crew Energy Inc., Baytex Energy Corp. and NexGen Energy Ltd. all fell more than 4 percent.
     In other moves:
* Aimia Inc. fell 12 percent. The company has lost 76 percent of its value since Air Canada withdrew from its loyalty program and start its own rewards plan
* Delphi Energy Corp. added 4.6 percent after a C$65-million financing transaction
* Bombardier Inc. gained 3.4 percent. It reached a confidential settlement with supplier Triumph Group Inc. over payments for the wings Triumph is developing for the Global 7000 business jet.
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks climbed to fresh records, while the dollar slipped with Treasury yields as minutes from the Federal Reserve’s last meeting showed officials unperturbed by recent signs of economic weakness. Crude slipped.
     The S&P 500 Index completed its rebound from the biggest selloff the year a week ago, as Fed officials signaled the economy remains on track. The Nasdaq 100 Index also closed at a record. The dollar slumped toward a November low and Treasuries rose as a “few” said inflation remained muted. Metals retreated after Moody’s Investors Service reduced its rating on China. Crude fell slightly after five days of gains.
     The Fed statement points toward a hike as soon as the meeting in mid-June, though FOMC voters added the caveat that “it would be prudent” to wait for evidence that a recent slowdown in economic activity had been transitory. Earlier Wednesday, Fed Bank of Philadelphia President Patrick Harker said June “is a distinct possibility” for the U.S. central bank’s second interest-rate increase of 2017. 
     Prior to the release of the minutes, markets were largely in a holding pattern, with U.S. equities little changed near record levels and the dollar flat. Investors quickly moved on after Moody’s action on China briefly rattled Asian markets.
     Here are the main moves in markets:
     Stocks
* The S&P 500 rose 0.2 percent to 2,404.28 at 4 p.m. in New York. The Dow Jones Industrial Average rose above 21,000 to the highest since May 8.
* The Stoxx Europe 600 Index ended with a gain on 0.1 percent.
* The MSCI Emerging Market Index added nearly 0.3 percent.
     Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent to near the lowest since November.
* The pound was down slightly at $1.2931 for a third straight day of losses. The euro was essentially unchanged at $1.1176.
     Commodities
* Nickel slumped 2.6 percent and copper fell 0.9 percent. Iron ore futures declined 6.5 percent. China is the top user of materials.
* West Texas oil dropped 11 cents to settle at $51.36 a barrel, following a five-day advance. Investors shrugged off declining U.S. stockpiles as they held their breath ahead of OPEC’s meeting on Thursday.
* Gold fell 0.3 percent to $1,251 an ounce, after dropping 0.8 percent on Tuesday.
     Bonds
* The yield on 10-year Treasury notes fell three basis points to 2.25 percent. Bond prices fell during the previous four days.
* Yields on benchmark French and German benchmark bonds were little changed.

Have a wonderful evening everyone.

 

Be magnificent!

Meditation is movement without any motive, without words, and the activity of thought.
It must be something that is not deliberately set about.
Only then is it a movement within the infinite, measureless to man, without a goal, without an end,
without a beginning.  And that has a strange action in daily life, because all life is one,
and then becomes sacred.
Krishnamurti

As ever,

 

Carolann

 

When you feel in your gut what you are and then dynamically
pursue it – don’t back down and don’t give up – then you’re
going to mystify a lot of folks. –Bob Dylan

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Posted on

May 23, 2017 Newsletter

Dear Friends,

 Tangents:
Carolann is away today and I will be writing the Newsletter on her behalf.

 PHOTOS OF THE DAY

  A peacock displays its feathers inside its enclosure at Tbilisi zoo.  Photograph: Zurab Kurtsikidze/EPA


Jan Hunat, Czech glassmaker installs the ‘Farewell Memorial’ at the main railway station  Photograph: Martin Divisek/EPA
Market Closes for May 23, 2017

Market

Index

 Close Change
Dow

Jones

 20937.91 +43.08

 

+.21%
 
S&P 500 2398.42 +4.40

 

+0.18%
 
NASDAQ 6138.711 +5.093

 

+0.08%
 
TSX 15476.94 +18.48

 
+0.12%

International Markets

Market

Index

 Close Change
NIKKEI 19613.28 -65.00
-0.33%
HANG

SENG

 25403.15 +11.81
+0.05%
SENSEX 30365.25 -205.72
-0.67%
FTSE 100* 7485.29 -11.05
-0.15%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.510 1.474
CND.

30 Year

Bond

 2.140 2.105
U.S.   

10 Year Bond

 2.2799 2.2293
U.S.

30 Year Bond

 2.9432 2.8927

Currencies

BOC Close Today Previous  
Canadian $  0.73981 0.74013
US

$

 1.35170 1.35112
     
Euro Rate

1 Euro=

   Inverse
Canadian
$		 1.51187 0.66143
US

$

 1.11849 0.89406

Commodities

Gold Close Previous
London Gold

Fix

 1260.20 1252.00
     
Oil Close Previous
WTI Crude Future 51.17 50.33

Market Commentary:
Canada
By Theophilos Argitis
 (Bloomberg) — Canadian inflation pressures remained subdued in April, even with a sharp increase in gasoline prices. Measures of annual core inflation fell, underlining Bank of Canada Governor Stephen Poloz’s concern that excess slack remains in the economy.
The average of the central bank’s three core inflation measures declined to 1.4 percent, Statistics Canada said Friday from Ottawa, down from a March average of 1.5 percent.
*The consumer price index rose 1.6 percent in April from a year ago, unchanged from the previous month. Economists surveyed by Bloomberg had forecast the index would rise 1.7 percent on the back of higher gasoline prices.
*Prices rose 0.4 percent on a monthly basis, lagging the0.5 percent median economist forecast.
*The Bank of Canada’s ‘common’ core rate was 1.3 percent in April, the ‘median’ core rate was 1.6 percent and the ‘trim’measure was 1.3 percent.
 Central bank policy makers have been citing weakening core inflation figures, along with slow wage growth, as evidence that slack remains in the nation’s economy. Lack of inflation pressures is one of the main reasons why the Bank of Canada, which has a mandate to target a 2 percent inflation rate, isn’t expected to match interest rate increases this year by the Federal Reserve.
 *On a seasonally adjusted basis, consumer prices rose 0.5 percent in the month of April. Excluding food and energy, seasonally adjusted prices were up 0.1 percent.
*Gasoline prices rose 9.5 percent in April, with Statistics Canada citing supply disruptions at oil refineries. Year-over- year, gasoline prices posted a 15.9 percent increase.
US
By Robert Brand and Jeremy Herron
(Bloomberg) — U.S. stocks pushed toward all-time highs, while the dollar halted a slide as investors focused on fresh data that added to signs the global economy remains on firm footing. Brazilian assets stabilized and oil hit a one-month high.
The S&P 500 Index’s fourth straight gain took it back toward 2,400, as bank shares led advances amid gains in the 10- year Treasury note. Investors moved past the terrorist attack in Manchester, with U.K. equities rising a third day and gilts holding steady. The dollar rose after three days of losses. Brazil’s real was little changed as S&P Global Ratings considers a rating change. South Africa’s rand rallied, and oil topped $51 a barrel.
 Investors took solace from data on Tuesday that confirmed the German economy is firing on all cylinders and France’s is gathering momentum, adding to evidence that the European economy is on firm footing. That’s bolstering the case for investing in the region. With President Trump overseas, renewed political turmoil in Washington did little to capture investor attention Tuesday as the White House delivered a budget that seeks steep cuts to social programs.
 Here are some key upcoming events:
* Trump’s tour will headed to Group of Seven and NATO meetings in Europe.
* Minutes from the last Federal Reserve policy meeting will be released Wednesday, offering more clues to the path of interest rates.
* OPEC will meet in Vienna on Thursday, with major oil producers edging closer to extending an agreement to curb output.
* South Korea, Canada, South Africa and Thailand set interest rates this week.
 And here are the main moves in markets:
 Stocks
* The S&P 500 climbed 0.2 percent to 2,398.42 at 4 p.m. in New York. It rose as high as 2.400.85, two points from a closing record. The gauge has advanced 1.7 percent in four days.
* The Stoxx Europe 600 Index gained 0.2 percent. The U.K.’s FTSE 100 Index added 0.2 percent.
* Brazil’s Ibovespa Index rose 1.6 percent.
 Currencies
* The Bloomberg Dollar Spot Index turned higher in afternoon trading to add 0.4 percent after falling to near the lowest level since Nov. 4.
* The yen weakened 0.5 percent to 111.819 per dollar.
* The pound traded 0.3 percent down at $1.2967 after weakening as much as 0.4 percent. The euro dropped 0.5 percent to $1.1180.
* Brazil’s real strengthened 0.1 percent to 3.26477 per dollar after falling to a five-month low last week amid corruption allegations against President Michel Temer.
Bonds
* The yield on 10-year Treasury notes rose three basis points to 2.29 percent, as bonds fell for a fourth day.
* Tuesday’s $26 billion two-year note sale drew a yield of 1.316 percent, with a bid-to-cover ratio of 2.9, the highest in a year.
* German benchmark yields rose one basis point while those the U.K. dropped one basis point.
Commodities
* West Texas Intermediate crude futures rose for a fifth day, added 34 cents to settle at $51.74 a barrel in New York, the highest since April 18. Saudi Arabia is mustering support for prolonging production curbs ahead of OPEC’s meeting this week.
* Gold futures dropped 0.8 percent to $1,251.60 an ounce.
* China, the world’s top user of refined zinc, boosted imports to the highest level in 13 months as stockpiles in warehouses monitored by the Shanghai Futures Exchange fell and domestic production shrank.

Have a wonderful weekend everyone. 

Be magnificent!

Power is of two kinds. One is obtained by the fear of punishment and the other by acts of love.
Power based on love is a thousand times more effective and permanent then the one derived from fear of punishment.
Mahatma Gandhi

As ever,

Carolann

 

The only way to deal with an unfree world is to become so absolutely free that your very existence is an act of rebellion.   -Albert Camus, b.1913

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

 Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828

Posted on

May 19, 2017 Newsletter

Dear Friends,
Tangents:
On this day in 2001, Apple opens its first retail stores.
On May 19, 1935, T.E. Lawrence, also known as “Lawrence of Arabia,” died in England from injuries sustained in a motorcycle crash.
Go to article »
PHOTOS OF THE DAY

 NASA’s view of Jupiter taken by an imager from its Juno spacecraft shows a massive storm known as the Little Red Spot.NASA/AGENCE FRANCE-PRESSE/GETTY IMAGES

 A monkey leaps into a pond on a hot day in Allahabad, India, as temperatures soared. SANJAY KANOJIA/AGENCE FRANCE-PRESSE/GETTY IMAGES
Market Closes for May 19, 2017

Market

Index

 Close Change
Dow

Jones

 20804.84 +141.82

 

+.69%
 
S&P 500 2381.20 +15.48

 

+0.65%
 
NASDAQ 6083.703 +28.573

 

+0.47%
 
TSX 15449.21 +172.01

 
+1.13%

International Markets

Market

Index

 Close Change
NIKKEI 19590.76 +36.90
+0.19%
HANG

SENG

 25174.87 +38.35
+0.15%
SENSEX 30464.92 +30.13
+0.10%
FTSE 100* 7470.71 +34.29
+0.46%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.474 1.447
CND.

30 Year

Bond

 2.105 2.079
U.S.   

10 Year Bond

 2.2293 2.2277
U.S.

30 Year Bond

 2.8927 2.9005

Currencies

BOC Close Today Previous  
Canadian $ 0.74013 0.73500
US

$

 1.35112 1.36054
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.51428 0.66038
US

$

 1.12076 0.89225

Commodities

Gold Close Previous
London Gold

Fix

 1252.00 1255.90
Oil Close Previous
WTI Crude Future 50.33 49.35

Market Commentary:
Canada
By Kristine Owram
 (Bloomberg) — Canadian stocks posted a triple-digit gain Friday, propelled by energy and raw-materials companies, but still ended the week in negative territory.
The S&P/TSX Composite Index added 181 points or 1.2 percent to 15,458.46. For the week, the benchmark fell 0.5 percent after failing to completely rebound from Wednesday’s plunge, when political turmoil in the U.S. pressured markets around the globe.
The energy index jumped 2.1 percent as the price of West Texas Intermediate crude gained 2 percent to $50.36 a barrel, its highest level in a month.
Materials stocks added 1.3 percent and financials gained 1 percent. Bank of Nova Scotia, Enbridge Inc. and Canadian National Railway Co. had the biggest upside influence on the benchmark.
In other moves:
* Crew Energy Inc. jumped 8.2 percent, Bonterra Energy Corp. gained 6.4 percent and MEG Energy Corp. added 5.6 percent amid a broader rally in energy shares
* Turquoise Hill Resources Ltd. gained 7.5 percent as the price of copper added 2.2 percent
* Computer Modelling Group Ltd. fell 4.4 percent after quarterly results missed estimates.
US
By Jeremy Herron and Dani Burger
(Bloomberg) — Financial markets ended a volatile week with a final bout of turbulence as Donald Trump’s troubles intensified Friday, raising fresh questions on his administration’s ability to enact its policy agenda.
The S&P 500 Index cut its gain by almost half after news emerged that investigators are focusing on a current White House official as a person of interest in their probe of Russian influence on the election, intensifying the political turmoil that’s gripped Washington for weeks. The 10-year Treasury note all but erased an advance, while the dollar held its worst slide since March. Gold capped its best week in a month.
The reports rekindled concern that Trump’s political woes will ensnare the administration’s plans for tax cuts and infrastructure spending, concern that on Wednesday sent the S&P 500 to its biggest loss of the year. Markets had been mostly sanguine about developments in Washington until then, with the equity benchmark reaching a record Tuesday.
Nerves had calmed in the ensuing days, with the S&P 500 Index almost erased a loss for the week earlier Friday amid strong corporate results and a rally that took crude above $50 a barrel. Risk sentiment was also helped by better-than-expected U.S. jobless claims and regional manufacturing data Thursday.
Read our Markets Live blog here.
What investors will be watching:
* Trump embarked on his first foreign trip as president, heading to Riyadh on overnight Friday, at the invitation of Saudi King Salman bin Abdulaziz. After Saudi Arabia, Trump visits Tel Aviv and Rome before heading to a NATO summit in Brussels and the G-7 meeting in Sicily.
Here are the major moves in the markets:
Stocks
* The S&P 500 rose 0.7 percent at 4 p.m. in New York, paring a gain that reached 1 percent. The index fell 1.8 percent Wednesday and lost 0.4 percent in the week, the worst performance since April.
* Deere & Co. surged 7.3 percent after the biggest maker of agricultural machinery’s profit forecast exceeded all expectations. Autodesk Inc. advanced 15 percent.
* The Stoxx Europe 600 Index rose 0.6 percent, paring its weekly loss to 1.1 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.6 percent, erasing Thursday’s increase. The gauge lost 1.6 percent in the five days, the worst week since July 2016.
* The euro strengthened 0.7 percent to $1.1204, bringing its gain this week to 2.5 percent. The British pound stood 0.5 percent higher at $1.3002.
* The yen rose 0.3 percent to 111.173 per dollar after falling 0.6 percent on Thursday. The currency is up 2 percent for the week, its strongest performance in a month.
* The South African rand climbed 1.4 percent after tumbling 2.6 percent over the previous two sessions. Russia’s ruble strengthened 0.8 percent as oil prices rose.
Bonds
* The yield on 10-year Treasuries climbed less than one basis point to 2.23 percent, after rising as much as three basis points earlier in the session. It fell nine basis points this week.
Commodities
* West Texas crude rose 2.1 percent to settle at $50.37 a barrel in New York, for a weekly increase of 5.3 percent, the most since March.
* Optimism is growing that OPEC will reaffirm efforts to drain a global glut at their meeting in Vienna on May 25.
* Gold futures settled 0.1 percent higher at $1,253.60 an ounce, pushing the gain in the week to 2.1 percent, the most since April 14.
* Copper rose 1.8 percent to $5,682 a ton in London, leading most industrial metals higher as sentiment steadied after strong U.S. jobs data.

 

Have a wonderful weekend everyone.
Be magnificent!


Man cannot be broken down into emotions, intellect, or action
Man is a whole.
When these three elements of intellect, feelings, and action are in harmony, they make up man
Swami Prajnanpad

As ever,

Carolann

 

You need a little bit of insanity to do great things.
-Henry Rollins, b. 1961       

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828

www.carolannsteinhoff.com

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Posted on

May 18, 2017 Newsletter

Dear Friends,
Tangents:
1980: Mt. S. Helen eruption:
On May 18, 1980, the Mount St. Helens volcano in Washington state exploded, leaving 57 people dead or missing.
Go to article »
On this day in 1860, the Republican Party convention in Chicago nominated Abraham Lincoln for president.
PHOTOS OF THE DAY

Mike Smith, owner of Tom Smith Plants in St. Asaph has grown the world’s hottest chili named “Dragon’s Breath.”  It measures 2.48 million on the Scoville heat scale.  Mike will also be exhibiting plants in this year’s Chelsea Flower Show.
Credit – Ian Cooper/Daily Post, Wales.

Sunrise at Roseberry Topping in North Yorkshire.
ALAN COOK / SWNS.COM
Market Closes for May 18th, 2017

Market

Index

 Close Change
Dow

Jones

 20663.02 +56.09

 

+.27%
 
S&P 500 2365.72 +8.69

 

+0.37%
 
NASDAQ 6055.129 +43.893

 

+0.73%
 
TSX 15277.20 +3.52

 
+0.02%

International Markets

Market

Index

 Close Change
NIKKEI 19553.86 -261.02
-1.32%
HANG

SENG

 25136.52 -157.11
-0.62%
SENSEX 30434.79 -223.98
-0.73%
FTSE 100* 7436.42 -67.05
-0.89%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.447 1.453
CND.

30 Year

Bond

 2.079 2.104
U.S.   

10 Year Bond

 2.2277 2.2190
U.S.

30 Year Bond

 2.9005 2.9043

Currencies

BOC Close Today Previous  
Canadian $ 0.73500 0.73505
US

$

 1.36054 1.36045
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.51012 0.66220
US

$

 1.10996 0.90094

Commodities

Gold Close Previous
London Gold

Fix

 1255.90 1257.40
     
Oil Close Previous
WTI Crude Future 49.35 49.07

Market Commentary:
Today also marks the five-year anniversary of Facebook’s (FB) IPO. In case you don’t remember, it didn’t go smoothly. Shares began trading late and investors complained their orders weren’t confirmed, leading to lawsuits and big banks cutting estimates. While many analysts at the time thought shares were overvalued, Facebook has returned over 256% since its IPO and now has a market cap of nearly $420B.

Canada
By Kristine Owram
(Bloomberg) — Canadian stocks closed with a slight gain following the biggest selloff in eight months as gains in financial and energy companies offset a decline in raw materials shares.
The S&P/TSX Composite Index edged up 4 points or less than0.1 percent to 15,277.20. It remained in negative territory for the year following Wednesday’s 1.7 percent drop.
Financial shares gained 0.4 percent and energy stocks added0.2 percent. The materials index tumbled 1.7 percent on weakness in both precious and base metals. Pan American Silver Corp., New Gold Inc. and Turquoise Hill Resources Ltd. all lost more than 5 percent.
In other moves:
* Just Energy Group Inc. lost 13 percent after a fourth-quarter loss of C$0.30 missed an estimated profit of C$0.25
* Aimia Inc. fell a further 13 percent. The loyalty-program operator has now lost 70 percent of its value since Air Canada said Thursday it would cut ties and start its own rewards plan
* ATS Automation Tooling Systems Inc. jumped 7.8 percent after first-quarter results beat estimates
US
By Robert Brand
(Bloomberg) — U.S. stocks rebounded from the worst selloff of the year Thursday and the dollar strengthened as data reinforced optimism in the economy even as political events continued to roil Washington. Brazilian assets plunged amid a government crisis.
The S&P 500 Index edged higher as buyers emerged the day after the Trump administration’s travails sparked concern that his agenda is imperiled. Measures of jobless claims and regional manufacturing beat forecasts, adding to signs economic growth is on firm footing. The dollar benefited from weakness in emerging- market currencies as political turmoil engulfed Brazil. The Ibovespa lost more than 8 percent.
Financial markets stabilized as the Trump administration sought to move past the latest controversy to ensnare its policy agenda. U.S. stock volatility eased a day after spiking, while haven assets from gold to Treasuries held steady. Brazil’s latest crisis rattled emerging market equities and Washington remained abuzz with fresh developments as the Justice Department Wednesday appointed a special counsel to probe Russia’s role in the 2016 election. 
Here are the major moves in the markets:

Stocks
* The S&P 500 rose 0.4 percent to close at 2,365.73, after the benchmark gauge slumped 1.8 percent on Wednesday, its worst day since Sept. 9.
* Phone stocks added 1.2 percent, while shares of technology and consumer companies rallied.
* The Stoxx Europe 600 Index declined 0.5 percent, paring a drop that reached 1.2 percent.
* Brazil’s Ibovespa Index tumbled 8.8 percent, the most since October 2008, as political crisis returned to the country after last year’s impeachment process.
Currencies
* The Bloomberg Dollar Spot Index increased 0.3 percent, after dropping 0.5 percent on Wednesday to the lowest level since Nov 8.
* Brazil’s real led declines among emerging-market currencies, slumping 7.3 percent. South Africa’s rand weakened 1.7 percent.
* The euro fell 0.4 percent to $1.1112, after four straight days of gains. The British pound dropped 0.2 percent to $1.2943.
Bonds
* The yield on 10-year Treasuries was flat at 2.22 percent, following the biggest gain for the note since July.
* Benchmark yields in France and Germany fell three basis points.
* Bonds of state-controlled energy company Petroleo Brasileiro SA dropped by the most in six months amid a political crisis in Brazil.
* The company’s 800 million euros of notes due in January 2025 led the slump, falling 3.6 cents on the euro to 103 cents, the biggest decline since November.
Commodities
* Gold futures slumped 0.7 percent to $1,249.50, halting a six- day advance sparked by haven demand.
* Zinc led a retreat in industrial metals, dropping 3.4, as political turmoil in the U.S. threatened the outlook for the world’s biggest economy. Copper slumped 0.5 percent.
* West Texas crude rose 0.51 percent to $49.32 a barrel, after jumping 0.8 percent in the previous session.
Asia
* The MSCI Asia Pacific Index slid 0.8 percent, the most since April 6. Japan’s Topix slumped 1.3 percent while a volatility measure on the Nikkei 225 Stock Average jumped to the highest this month.
* The Hang Seng China Enterprises Index of mainland shares traded in Hong Kong retreated 1.1 percent.

Have a wonderful evening everyone.

 

Be magnificent!

Meditation is one of the greatest arts in life, perhaps the greatest,
and one cannot possibly learn it from anybody else,
that is the beauty of it.
It has no technique and therefore no authority,
When you learn about yourself, watch yourself, watch the way you walk,
how you eat, what you say, the gossip, the hate, the jealousy –
if you are aware of all that in yourself, without any choice,
that is part of meditation.
Krishnamurti

As ever,

Carolann

 

Love isn’t about what we did yesterday; it’s  about what we do

today and tomorrow and the day after.

                                           -Grace Lee Boggs, 1915-2015

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM

Portfolio Manager &

Senior Vice-President

 

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

 

Tel: 778.430.5808

(C): 250.881.0801

Toll Free: 1.877.430.5895

Fax: 778.430.5828

www.carolannsteinhoff.com

Posted on

May 17, 2017 Newsletter

Dear Friends,
Tangents:
Happy 375th Birthday Montréal
May 17, 1642 – Governor Montmagny escorts Paul de Chomedy de Maisonneuve and Jeanne Mance to Montréal Island with Mme de La Peltrie, Charlotte Barré and other colonists and officially hands over the island to La Société Notre-Dame; they land on the site the following day, May 18, to found a settlement they call Ville Marie de Montréal. Montréal, Québec.

May 17, 1844: Rubber band is patented.

Buttonwood Agreement:  225 years ago today, two dozen merchants and brokers established the New York Stock Exchange.

PHOTOS OF THE DAY

Local resident Bruce Gibbons is seen with grazing kangaroos at Gold Creek Golf Club in Canberra, Australia. LUKAS COCH/EUROPEAN PRESSPHOTO AGENCY

A cyclist drives past a flowering rapeseed field near the Bavarian village of Schoengeising, Germany. CHRISTOF STACHE/AGENCE FRANCE-PRESSE/GETTY IMAGES
Market Closes for May 17th, 2017

Market

Index

 Close Change
Dow

Jones

 20606.93 -372.82

 

-1.78%
 
S&P 500 2357.03 -43.64

 

-1.82%
 
NASDAQ 6011.234 -158.636

 

-2.57%
 
TSX 15273.68 -269.65

 
-1.73%

International Markets

Market

Index

 Close Change
NIKKEI 19814.88 -104.94
-0.53%
HANG

SENG

 25293.63 -42.31
-0.17%
SENSEX 30658.77 +76.17
+0.25%
FTSE 100* 7503.47 -18.56
-0.25%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.453 1.570
CND.

30 Year

Bond

 2.104 2.225
U.S.   

10 Year Bond

 2.2190 2.3239
U.S.

30 Year Bond

 2.9043 2.9897

Currencies

BOC Close Today Previous  
Canadian $ 0.73505 0.73526
US

$

 1.36045 1.36007
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.51794 0.65879
US

$

 1.11577 0.89624

Commodities

Gold Close Previous
London Gold

Fix

 1257.40 1234.20
     
Oil Close Previous
WTI Crude Future 49.07 48.66

Market Commentary:
On this day in 1961, the Dow Jones Industrial Average closes above 700 for the first time, finishing the day at 705.52. It hits the milestone just over two years after breaking through the 600 barrier.
Canada
By Kristine Owram
     (Bloomberg) — Canada’s benchmark stock index erased its gains for the year as political turmoil in the U.S. weighed on markets across the globe.
     The S&P/TSX Composite Index plunged 270 points or 1.7 percent to 15,273.68, its biggest loss since September 2016. Year-to-date, the index is down 0.1 percent, making it the worst-performing market in the developed world after Israel.
     Every sector was in the red, with financials down 1.9 percent, energy down 2 percent and industrials down 2.7 percent. The biggest drags on the index were Royal Bank of Canada, down 1.7 percent, Canadian National Railway Co., down 2.9 percent, and Manulife Financial Corp., down 4.3 percent.
     In other moves:
* Sierra Wireless Inc. lost 7 percent amid a rout in the information technology index, which lost 2.7 percent
* Hudbay Minerals Inc. fell 6.6 percent, making it the biggest decliner on the materials index as copper prices slipped 0.4 percent
* Valeant Pharmaceuticals International Inc. was down 5.5 percent, dragging the health-care index to a 3.4 percent loss.
US
By Jeremy Herron and Dani Burger
     (Bloomberg) — The Dow Jones Industrial Average tumbled more than 370 points, Treasuries rallied the most since July and volatility spiked higher as the turmoil surrounding the Trump administration roiled financial markets around the globe.
     Major U.S. stock indexes had the worst session in eight months, while the CBOE Volatility Index jumped the most since the U.K. voted to leave the European Union last June, shattering the calm that gripped markets in the past month as the crisis threatened to derail the policy agenda that helped push equities to records as recently as Monday.
     The 10-year Treasury yield sank to 2.22 percent in its steepest decline since July. The spread between 10-year and two- year yields narrowed to the flattest since before Trump’s election. The dollar weakened to a level last seen in November. Emerging-market equities halted a seven-day rally. Gold futures extended a rally to six days.
     “What has been setting in over the course of the day is that political uncertainty is something that’s likely going to be with us for a significant amount of time,” said Dennis Debusschere, Evercore ISI’s head of portfolio strategy and quant. “We may be looking at a higher volatility backdrop with a trending lower market for the next couple of months.” 
     Wall Street finally took notice of political wrangling in Washington as investors began to question the Trump administration’s ability to focus on policy as it careens from one crisis to another. Many of the trades sparked by the president’s shock election have reversed in recent days, with the dollar all but erasing its post-election rally. The S&P 500 Index remains 10 percent higher since then, but stocks most sensitive to Trump policy prescriptions have begun to wobble.
     “If he’s preoccupied defending himself and if it goes a lot further, then any hope of his legislative agenda coming to the fore is going to be reduced,” John Stopford, the London-based head of fixed-income at Investec Asset Management Ltd., said in an interview with Bloomberg TV. “Clearly at the margin it’s a negative. At the moment there’s a classic environment for yields to rally a bit further and for the dollar to sell off.”
     Read our Markets Live blog here.
     Here are some key events coming up:
* OPEC’s internal Economic Commission Board meets in Vienna to discuss the market in preparation for the group’s formal meeting on May 25.
* Data from Japan on Thursday will likely show the economy accelerated in the first three months of the year, posting a fifth straight quarter of expansion. That would be the longest consecutive period of growth since 2005-2006.
     Here are the main moves in markets:
     Stocks
* The S&P 500 Index fell 1.8 percent to 2,357.25 at 4 p.m. in New York, its worst day since Sept. 9. The measure touched an all-time high Tuesday.
* The Dow average lost 372.82 points, the most in eight months, while the Nasdaq Composite Index plunged 2.6 percent for its steepest drop since June 24.
* Bank shares led the retreat with a 3 percent slide, the most since June 24. Real-estate and utilities were the only of 11 groups in the S&P 500 to advance.
* The Stoxx Europe 600 Index fell 1.2 percent, after ending little changed in the previous session.
* The MSCI All-Country World Index lost 1.2 percent from a record, with banks having the biggest impact across all regions. It was the worst day in eight months.
* MSCI’s emerging-market index retreated for the first time in eight sessions, sliding 0.6 percent.

      Currencies
* The Bloomberg Dollar Spot Index dropped 0.5 percent, trading at the lowest level since Nov. 8. The yen rose 1.9 percent to 110.95 per dollar, after climbing 0.6 percent on Tuesday.
* The euro added 0.6 percent to $1.1152, extending Tuesday’s 1 percent surge and heading for the highest since Nov. 4.

      Bonds
* The yield on 10-year Treasuries dropped 11 basis points to 2.22 percent, the lowest since April 19.
* Odds of a June Fed rate hike settled around 60 percent, while full pricing of next hike shifted to November from
September, per Fed-dated OIS rates.
* Benchmark yields in France lost six basis points to 0.83 percent, while those in Germany declined six basis points to 0.378 percent.

      Commodities
* Gold for immediate deliver climbed a sixth straight day in the longest run in a month. Spot prices added as much as 1.9 percent to a two-week high of $1,260.38 an ounce. Futures advanced a sixth straight day.
* Crude futures added 0.8 percent to settle at $49.07 a barrel in New York. Markets are getting some encouragement from the U.S. as supplies fell for a sixth week — a sign that OPEC-led production curbs are starting to be felt in the world’s biggest oil-consuming nation.

 

Have a wonderful evening everyone.

 

Be magnificent!

The healing of the mind takes place gradually on contact with nature,
with the orange on the branch, the blade of grass eating its way into the cement,
and the hills hidden by the clouds.
Krishnamurti

As ever,

 

Carolann

 

Only the mediocre are always at their best.
                   -Jean Giradoux, 1882-1944

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com