Month: February 2021

Dear Friends,

Tangents: Happy Friday.
Full moon tonight.  The “snow moon” is so named because February is the month when there is the greatest snowfall.

February 26^th, 1848: Communist manifesto published
1919: Grand Canyon National Park established.
On Feb. 26, 1993, a bomb exploded in the garage of New York’s World Trade Center, killing six people and injuring more than 1,000 others. Go to article »

Victor Hugo, writer, b. 1802
Johnny Cash, singer, songwriter, b. 1932

Lives Lived: In 1974, Rajie Cook’s design firm won a contract to develop symbols that could efficiently convey information in public places. The 34 pictographs Cook helped come up with — depicting bathrooms, train stations, airports and more — are still in use. Cook died at 90.

PHOTOS OF THE DAY

An early morning walker passes in front of the Snow Moon as it sets over Victoria Tower, Castle Hill, Huddersfield. The tower was built to commemorate Queen Victoria’s Diamond Jubilee of 1897 however the history of human activity on the Castle Hill dates back over 4000 years
CREDIT:MARK COSGROVE/NEWS IMAGES

Children in fancy dress in Stamford Hill during Purim in London, England. Purim is usually celebrated by Jewish communities around the world with parades and costume parties. Purim commemorates the defeat of Haman, the advisor to the Persian king, and his plot to massacre the Jewish people, 2,500 years ago, as recorded in the biblical book of Esther. This year the celebration will be scaled back significantly, with Rabbis asking that, among other measures, mishloach manos traditional gifts of food to family and friends be left on doorsteps with people stepping back to a safe distance.
CREDIT: DAN KITWOOD/GETTY IMAGES

People celebrate the Jewish holiday of Purim in the Brooklyn borough of New York City
CREDIT: REUTERS/STEPHAINE KEITH

Early morning mist in Richmond Park, London
CREDIT: JOHN WALTON/PA
Market Closes for February 26^th, 2021

Market Index	Close	Change
Dow Jones	30932.37	-469.64
		-1.50%
S&P 500	3811.15	-18.19
		-0.47%
NASDAQ	13192.346	+72.915 +0.56%
TSX	18060.26	-163.28
		-0.90%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28966.01	-1202.26
		-3.99%
HANG SENG	28980.21	-1202.26
		-3.99%
SENSEX	49099.99	-1939.32
		-3.80%
FTSE 100*	6483.43	-168.53 -2.53%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.355	1.460
CND. 30 Year Bond	1.763	1.915
U.S.    10 Year Bond	1.4049	1.5199
U.S. 30 Year Bond	2.1513	2.2734

Currencies

BOC Close	Today	Previous
Canadian $	0.78506	0.7934
US $	1.2738	1.2605
Euro Rate 1 Euro=		Inverse
Canadian $	1.5379	0.65024
US $	1.2074	0.82823

Commodities

Gold	Close	Previous
London Gold Fix	1779.65	1788.00
Oil
WTI Crude Future	61.50	63.57

Market Commentary:
     On this day in 1987, Templeton Emerging Markets Fund, the first portfolio of emerging markets stocks for retail investors, was launched.
Canada
By Michael Bellusci
(Bloomberg) — Canadian shares fell for a second week after a spike in U.S. Treasury yields pressured prices across the equity spectrum. The S&P/TSX Composite Index fell 0.9% Friday to its lowest level since Feb. 4. Tech rose while energy and materials led the decliners. Oil fell the most since November with a stronger dollar and concerns surrounding inflation weighing on crude’s best start to the year on record. Gold headed for its worst month since late 2016 as a stronger dollar and expectations for improving economies diminish demand for the haven asset. Canadian banks just posted encouraging earnings increases. But whether they can keep up the momentum depends on what happens in the bond market to the south. Mark Machin quit as head of Canada Pension Plan Investment Board after he went to the United Arab Emirates and received a Covid-19 vaccine, defying guidance from Justin Trudeau’s government to avoid international travel.
Commodities
* Western Canadian Select crude oil traded at an $11.00 discount to West Texas Intermediate
* Spot gold fell 2% to $1,734.75 an ounce
FX/Bonds
* The Canadian dollar fell 1% to C$1.2728 per U.S. dollar
* The 10-year Canada government bond yield fell 11 basis points to 1.352%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.9 percent, or 163.28 to 18,060.26 in Toronto. The index dropped to the lowest closing level since Feb. 4. Royal Bank of Canada contributed the most to the index decline, decreasing 1.8 percent. Pretium Resources Inc. had the largest drop, falling 8.8 percent. Today, 139 of 219 shares fell, while 79 rose; 7 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index rose 4.2 percent
* So far this week, the index fell 1.8 percent
* The index advanced 6 percent in the past 52 weeks. The MSCI AC
Americas Index gained 23 percent in the same period
* The S&P/TSX Composite is 2.8 percent below its 52-week high on
Feb. 16, 2021 and 61.6 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of
26.8 on a trailing basis and 16.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.82t
* 30-day price volatility rose to 14.58 percent compared with
14.33 percent in the previous session and the average of 13.13 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -75.8765| -1.3| 8/18
Materials | -74.9558| -3.3| 10/40
Energy | -53.4874| -2.4| 2/19
Industrials | -7.6015| -0.3| 17/12
Consumer Staples | -5.4387| -0.9| 2/9
Communication Services | -4.9347| -0.6| 3/4
Utilities | -4.4946| -0.5| 5/11
Health Care | 0.4198| 0.1| 5/4
Real Estate | 1.6118| 0.3| 13/13
Consumer Discretionary | 7.9870| 1.1| 9/4
Information Technology | 53.4739| 2.8| 5/5
US
By Vildana Hajric
(Bloomberg) — U.S. tech stocks staged a modest rebounded on the last day of a tumultuous week as a global bond rout eased, sending the yield on 10-year Treasuries tumbling below 1.5%. Gains for Microsoft Corp. and Amazon.com Inc. helped lift the Nasdaq 100 about 0.6%. Energy producers and banks were among the worst performers, dragging down the Dow Jones Industrial Average. The dollar jumped for a second day, helping fuel a slump in commodities from oil to gold to copper. Asian shares tumbled in line with Thursday’s rout in the U.S., and European gauges also closed lower. Global bonds stabilized after central banks from Asia to Europe moved to calm a panic that had sent U.S. government bond yields to their highest level in a year and spurred a selloff in stock markets. Investors are getting increasingly worried that accelerating inflation could trigger a pullback in monetary policy support that has fueled gains in risk assets amid the pandemic. Federal Reserve Chairman Jerome Powell says higher Treasury yields reflect optimism on the outlook for growth and officials have stressed that the central bank has no plans to tighten policy given lingering weakness in the labor market. “Higher rates will create a situation where investors will not accept the kind of sky-high valuations that they’ve been willing to accept in recent years,” wrote Matt Maley, chief market strategist at Miller Tabak + Co. “Although what Chairman Powell said this week was bullish for the economy, it was not particularly bullish for the stock market.” The Nasdaq 100 pared its weekly loss to about 5%, still the worst since October, amid concern that valuations for tech stocks that soared during the pandemic have gotten out of hand. Elsewhere, copper slid the most in four months, falling from a nine-year high. Gold fell to the lowest since June. Emerging-market stocks posted the worst weekly loss in almost a year. Bitcoin fell below $47,000.

These are some of the main moves in markets:
Stocks
* The S&P 500 Index fell 0.5% as of 4 p.m. in New York.
* The Stoxx Europe 600 index dropped 1.6%.
* The MSCI Asia Pacific index declined 3.7%.
* The MSCI Emerging Markets index retreated 3.2%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%.
* The euro was 0.8% lower at $1.2075.
* The British pound fell 0.6% to $1.3935.
* The Japanese yen slipped 0.4% to 106.58 per dollar.
Bonds
* The yield on 10-year Treasuries tumbled 10 basis point to 1.42%.
* Germany’s 10-year yield dropped three basis points to -0.26%.
* The yield on U.K. 10-year bonds rose four basis points to 0.82%
Commodities
* West Texas Intermediate crude fell 2.8% to $61.73 a barrel.
* Gold fell 2.2% to $1,732.10 an ounce.
–With assistance from Emily Barrett, Cormac Mullen and Robert Brand.
Have a wonderful weekend.

Be magnificent!
As ever,

Carolann

As you grow older, you’ll find the only regrets
are the things you didn’t do. –Zachary Scott, 1914-1965

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

Dear Friends,

Tangents:
February 25, 1964 – Cassius Clay (Muhammad Ali) becomes heavyweight champ.
February 25, 1570  – Pope Pius V excommunicated England’s Queen Elizabeth I. Go to article>>

Auguste Renoir, painter, b. 1841

Dunkin’ is now selling avocado toast.  Breakfast is about to get more bougie. 

No flat map of our round world can be perfect, but a new one aims to be better.

“Klara and the Sun,” the eighth novel by the Nobel laureate Kazuo Ishiguro, portrays a future in which artificial intelligence has encroached on every sphere of human life. Read the review.

New study suggest supermassive black holes could form from dark matter

PHOTOS OF THE DAY

Flames and smoke billowing from a crater, as seen from the southern side of the Mt Etna volcano, tower over the city of Pedara. Europe’s most active volcano has been steadily erupting since last week, belching smoke, ash, and fountains of red-hot lava
CREDIT: AP PHOTO/SALVATORE ALLEGRA

Big Bang Online Science Festival 2021 Launch, Pictured is The Veil Nebula, a huge, feathery cloud of heated gas and dust in the constellation Cygnus – pictured by 16-year-old Scottish astro-photographer Helena Cochrane from Wigtown, Dumfries & Galloway
CREDIT: HELENA COCHRANE

Workers dry huge sheets of coloured cotton by throwing them down a grassy hillside. The fabric is dyed with bright colours before intricate patterns of dots and lines are made on the material.  Surakarta, Java, Indonesia
CREDIT: PRASAD MALGAONKAR/SOLENT NEWS & PHOTO AGENCY

Market Closes for February 25^th, 2021

Market Index	Close	Change
Dow Jones	31402.01	-559.85
		-1.75%
S&P 500	3829.34	-96.09
		-2.45%
NASDAQ	13119.431	-478.535 -3.52%
TSX	18223.54	-260.99
		-1.41%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30168.27	+496.57
		+1.67%
HANG SENG	30074.17	+355.93
		+1.20%
SENSEX	51039.31	+257.62
		+0.51%
FTSE 100*	6651.96	-7.01 -0.11%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.460	1.312
CND. 30 Year Bond	1.915	1.882
U.S.    10 Year Bond	1.5199	1.3765
U.S. 30 Year Bond	2.2734	2.2325

Currencies

BOC Close	Today	Previous
Canadian $	0.7934	0.7992
US $	1.2605	1.2512
Euro Rate 1 Euro=		Inverse
Canadian $	1.5343	0.6517
US $	1.2175	0.8214

Commodities

Gold	Close	Previous
London Gold Fix	1788.00	1799.65
Oil
WTI Crude Future	63.57	63.18

Market Commentary:
     On this day in 1862, Pres. Abraham Lincoln signed the Legal Tender Act, putting the U.S. government in the business of printing paper money. Previously, most money had been printed privately by local banks.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks fell Thursday after a selloff in global bonds deepened. The S&P/TSX Composite Index fell 1.4% to its lowest level since February 5. Nine of eleven sectors dropped. Consumer staples remained a bright spot after earnings beats, with Maple Leaf Foods Inc. and Loblaw Cos. advancing. Canada’s largest banks have managed to reignite earnings growth — even when compared with pre-pandemic times. Meanwhile, stock bulls had been brushing aside the risk of higher yields, saying it’s a vote of confidence in the economic recovery that bodes well for corporate earnings. But the rout in fixed income may signal some market adjustments where stocks can’t be spared. In a note earlier this month, Goldman strategists said that stocks typically fall on average in a given month when rates increase by two or more standard deviations, which is 36 basis points in today’s terms.
Commodities
* Western Canadian Select crude oil traded at a $11.00 discount to West Texas Intermediate
* Spot gold fell 1.9% to $1,771.22 an ounce
FX/Bonds
* The Canadian dollar fell 0.7% to C$1.2605 per U.S. dollar
* The 10-year Canada government bond yield rose 15 basis points to 1.460%, highest since Jan. 2020

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell 1.4 percent at 18,223.54 in Toronto. The move was the biggest since falling 1.8 percent on Jan. 29 and follows the previous session’s increase of 0.8 percent. Shopify Inc. contributed the most to the index decline, decreasing 3.7 percent. Aphria Inc. had the largest drop, falling 8.9 percent. Today, 157 of 219 shares fell, while 62 rose; 9 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index rose 5.1 percent
* So far this week, the index fell 0.9 percent
* The index advanced 6.1 percent in the past 52 weeks. The MSCI
AC Americas Index gained 23 percent in the same period
* The S&P/TSX Composite is 1.9 percent below its 52-week high on
Feb. 16, 2021 and 63.1 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 0.3 percent in the past 5 days and rose 1.8 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of
27.3 on a trailing basis and 16.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.86t
* 30-day price volatility rose to 14.33 percent compared with
13.58 percent in the previous session and the average of 12.85 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -74.1028| -1.3| 7/19
Materials | -67.3040| -2.9| 6/44
Information Technology | -56.4740| -2.9| 0/10
Energy | -47.2461| -2.1| 2/20
Health Care | -10.8474| -3.7| 2/7
Real Estate | -5.7915| -1.0| 7/19
Consumer Discretionary | -5.3486| -0.7| 5/8
Utilities | -4.2617| -0.5| 5/11
Industrials | -4.1063| -0.2| 13/16
Communication Services | 4.2361| 0.5| 5/2
Consumer Staples | 10.2553| 1.7| 10/1
US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — Tech shares led a rout in U.S. stocks while the selloff in global bonds deepened, with the benchmark Treasury yield spiking to a one-year high and debt from the U.K. to Australia coming under pressure. The Nasdaq 100 tumbled 3.6%, the most since October, as investors rotated away from pandemic-era winners toward companies poised to benefit from an end to lockdowns. About 10 stocks fell for every one that gained on the S&P 500. Cathie Wood’s ARK Innovation ETF extended its decline, leaving it 15% lower for the week. Stocks popular with the day-trader crowd surged once again, with GameStop Corp. doubling at one point before ending 19% higher. Earnings that came after the close were mixed.
Airbnb Inc. rose about 4% in late trading after reporting sales that beat estimates, while DoorDash Inc. fell about 14% after losses more than doubled from a year earlier. Beyond Meat Inc. added about 7% after announcing a partnership with McDonald’s.  Ten-year Treasury yields spiked after tepid demand at an auction for government bonds, surging as much as 23 basis points to 1.6%, the highest since last February. The increase forced a crucial group of investors such as holders of mortgage securities to sell Treasuries, which in turn led to further increases in yields. Across markets, investors are betting on a sunnier outlook for the global economy, with U.S. jobless claims data the latest to support that idea. But some traders worry that resurgent growth is already priced into stocks, and they’re staring down the risk that accelerating inflation is just around the corner, a development that would dent the appeal of equities.
“It’s all about interest rates,” said Randy Frederick, vice president of trading and derivatives for Schwab Center for Financial Research. Tech “has been a relative outperformer. As it led on the way up, it will likely lead on the way down too.” In remarks this week, Federal Reserve Chairman Jerome Powell offered reassurance that policy would continue to be supportive and look beyond a temporary pick-up in inflation, especially from a low base. That’s given the bond market enough reason to keep driving yields higher. The 10-year U.S. yield adjusted for inflation rose to its highest level since June, a warning sign for riskier assets that have benefited from exceptionally loose financial conditions amid the pandemic. Elsewhere in markets, Asian bourses closed broadly higher. Bitcoin traded just below $50,000.

Some key events to watch this week:
* Finance ministers and central bankers from the Group of 20
will meet virtually Friday. U.S. Treasury Secretary Janet Yellen will be among the attendees.

These are some of the main moves in markets:
Stocks
* The S&P 500 Index fell 2.5% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.4%.
* The MSCI Asia Pacific Index surged 0.8%.
* The MSCI Emerging Market Index added 0.2%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%.
* The euro climbed 0.1% to $1.2173.
* The British pound fell 0.8% to $1.4024.
* The Japanese yen weakened 0.3% to 106.22 per dollar.
Bonds
* The yield on 10-year Treasuries increased 15 basis points to 1.52%.
* Germany’s 10-year yield jumped seven basis points to -0.23%.
* Britain’s 10-year yield increased five basis points to 0.78%.
Commodities
* West Texas Intermediate crude rose 0.4% to $63.45 a barrel.
* Gold weakened 1.8% to $1,773.03 an ounce.
–With assistance from Joanna Ossinger, Lu Wang, Andreea Papuc, Emily Barrett, Cecile Gutscher and Dave Liedtka.

Have a great night.

Be magnificent!

As ever,

Carolann

Champions aren’t made in gyms.  Champions are made from something they have deep inside them: a desire, a dream, a vision.
They have to have last-minute stamina, they have to be a little faster, they have to have the skill and the will.
But the will must be stronger than the skill. -Muhammed Ali, 1942-2016.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

Dear Friends,

Tangents:

Steve Jobs, founder Apple Computer, b. 1955
George Harrison, musician, b. 1943

On this day 1903, the United States signed an agreement acquiring a naval station at Guantanamo Bay in Cuba. Go to article>>

Arturo Di Modica hoped his bull would soothe investors. The Italian sculptor, who has died at age 80, surreptitiously installed a bronze statue in New York a couple of years after the Black Monday crash.

Eddie Murphy and Arsenio Hall talk about their friendship and the long-awaited sequel to the 1988 comedy “Coming to America.”

The sheet pan, long the bedrock of many American restaurants and bakeries, has become a home cooking star.  Sheet pans were first popularized by Martha Stewart, who used them on her first TV show in the 1990s. Now a wave of recipes and a new genre of weeknight cooking provide an entire meal on the pan. Here’s how the unassuming pan became a social media darling, and what to look for when you buy one.  “If you saw how many sheet pans I owned, you would be quite horrified,” Ms. Stewart said. “I have a lot of sheet pans.”  Our Cooking team developed 20 sheet pan recipes for breakfast, lunch and dinner. Above, gochujang chicken and roasted vegetables. -from The New York Times.

PHOTOS OF THE DAY

A Kyrgyz berkutchi (eagle hunter) launches his bird, a golden eagle, during the hunting festival “Salburun” in the village of Tuura-Suu, Kyrgyzstan
CREDIT:VYACHESLAV OSELEDKO/AFP VIA GETTY IMAGES

Fans take selfies with a man whose body is painted in the colours of India and England before the start of the third test match between India and England in Ahmedabad, India
CREDIT: AMIT DAVE/REUTERS

Mother Marina and baby Vivienne (no last name given) amongst daffodils in St James’s Park, London, with forecasters predicting “the first signs of spring” will be felt across much of the UK in the coming days
CREDIT: AARON CHOWN/PA

The main crop of Jersey Royals for M&S is planted in the Channel Islands
CREDIT:ANDY LE GRESLEY
Market Closes for February 24^th, 2021

Market Index	Close	Change
Dow Jones	31961.86	+424.51
		+1.35%
S&P 500	3925.43	+44.06
		+1.14%
NASDAQ	13597.965	+132.767 +0.99%
TSX	18484.53	+154.44
		+0.84%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29671.70	-484.33
		-1.61%
HANG SENG	29718.24	-914.40
		-2.99%
SENSEX	50781.69	+1030.28
		+2.07%
FTSE 100*	6658.97	+33.03 +0.50%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.312	1.246
CND. 30 Year Bond	1.882	1.852
U.S.    10 Year Bond	1.3765	1.3399
U.S. 30 Year Bond	2.2325	2.1823

Currencies

BOC Close	Today	Previous
Canadian $	0.7992	0.7943
US $	1.2512	1.2589
Euro Rate 1 Euro=		Inverse
Canadian $	1.5224	0.6568
US $	1.2166	0.8220

Commodities

Gold	Close	Previous
London Gold Fix	1799.65	1807.45
Oil
WTI Crude Future	63.18	61.62

Market Commentary:
     On this day in 1982, the first stock-index futures began trading, as futures contracts on the Value Line stock index opened for dealing in the pits of the Kansas City Board of Trade.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities gained the most in two and a half weeks after a retreat in the previous session. The S&P/TSX Composite Index rose 0.8%, with gains in seven of eleven sectors. Health care and financials led the way while utilities dropped. Royal Bank of Canada’s capital-markets operation powered earnings in the fiscal first quarter, with volatile stock markets driving record profit from the division. Toronto’s financials index was propelled to a record high after multiple bank earnings this week. Canada’s utility stocks fell for their 12th straight session, the longest losing streak since July of 2017. Rising yields on bonds reduce the attractiveness of utilities as a safe-haven for dividend-oriented investors.
Commodities
* Western Canadian Select crude oil traded at a $10.80 discount to West Texas Intermediate
* Spot gold fell 0.1% to $1,804 an ounce
FX/Bonds
* The Canadian dollar rose 0.6% to C$1.2511 per U.S. dollar
* The 10-year Canada government bond yield rose 7 basis points to 1.32%
By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose 0.8 percent at 18,484.53 in Toronto. The move was the biggest since rising 1.1 percent on Feb. 8 and follows the previous session’s decrease of 0.5 percent. Today, financials stocks led the market higher, as 7 of 11 sectors gained; 155 of 219 shares rose, while 57 fell. Bank of Nova Scotia contributed the most to the index gain, increasing 3.0 percent. Aphria Inc. had the largest increase, rising 11.0 percent.
Insights
* This month, the index rose 6.6 percent
* The index advanced 5.2 percent in the past 52 weeks. The MSCI
AC Americas Index gained 23 percent in the same period
* The S&P/TSX Composite is 0.5 percent below its 52-week high on
Feb. 16, 2021 and 65.4 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.6 percent in the past 5 days and rose 3.6 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of
28.2 on a trailing basis and 17.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.84t
* 30-day price volatility rose to 13.58 percent compared with
13.43 percent in the previous session and the average of 12.79 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 90.4992| 1.6| 18/7
Materials | 22.2825| 1.0| 41/7
Energy | 20.3657| 0.9| 21/1
Industrials | 18.2482| 0.8| 23/5
Real Estate | 8.7455| 1.5| 19/5
Consumer Discretionary | 6.6259| 0.9| 10/3
Health Care | 5.4950| 1.9| 8/1
Information Technology | -0.1498| 0.0| 4/5
Communication Services | -4.1077| -0.5| 2/5
Consumer Staples | -4.1982| -0.7| 4/7
Utilities | -9.3650| -1.1| 5/11
US
By Lu Wang and Kamaron Leach
(Bloomberg) — U.S. equities reversed losses and staged a rally as Federal Reserve Chairman Jerome Powell reaffirmed his view that the economy needs support. Government bond yields climbed along with oil prices. Energy and industrial companies led gains in the S&P 500 Index, offsetting weakness for tech stocks. Banks advanced, sending an industry gauge to its highest since 2007, and small caps rallied more than 2% after U.S. regulators said Johnson & Johnson’s Covid-19 vaccine is safe and effective. Tesla Inc. gained after Ark Investment Management’s Cathie Wood said she bought shares during this week’s selloff. U.S. 10-year yields touched 1.43%, the highest since February 2020, before paring the increase.
Powell, testifying before lawmakers, said the U.S. economy still had a long way to go to reach maximum employment and the Fed’s inflation target, a signal he wants to remain accommodative. Equity investors are weighing predictions for a post-pandemic surge in economic activity and corporate earnings with concerns that higher interest rates could dent the appeal of stocks. “Mr. Powell didn’t say anything different than he has been saying for a couple of months now,” said Matt Maley, chief market strategist at Miller Tabak & Co. “But his comments gave investors confidence that the Fed is still keen on helping asset prices push higher, so they bought on weakness with both hands.” In Europe, the Stoxx 600 climbed. Travel shares and construction companies were among the top performers. Meanwhile, Asian stocks tumbled, led by a retreat in Hong Kong after the city announced its first stamp-duty increase on stock trades since 1993.
Mainland-based funds sold a record $2.6 billion worth of Hong Kong stocks through exchange links with Shenzhen and Shanghai. The Hang Seng Index closed down 3%, the biggest retreat in nine months. Bitcoin climbed back toward $50,000. The rebound follows a tough week for the digital currency after skeptical comments from Microsoft Corp. co founder Bill Gates and Treasury Secretary Janet Yellen. “There’s definitely a debate going on within the market both in terms of interest rates and inflation, but also in terms of economic growth,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance. “It’s this whole growth-versus-value investing style discussion that happened last year, and now in 2021 I would say it’s been more mixed.”
Some key events to watch this week:
* Finance ministers and central bankers from the Group of 20 will meet virtually
Friday. U.S. Treasury Secretary Janet Yellen will be among the attendees.

These are some of the main moves in markets:
Stocks
* The S&P 500 Index rose 1.1% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.5%.
* The MSCI Asia Pacific Index fell 1.9%.
* The MSCI Emerging Market Index fell 1.4%.
Currencies
* The Bloomberg Dollar Spot Index slipped 0.2%.
* The euro strengthened 0.1% to $1.2166.
* The British pound rose 0.2% to $1.4139.
* The Japanese yen weakened 0.6% to 105.86 per dollar.
Bonds
* The yield on 10-year Treasuries jumped four basis points to 1.38%.
* Germany’s 10-year yield rose one basis point to -0.31%.
* Britain’s 10-year yield rose one basis point to 0.73%.
Commodities
* West Texas Intermediate crude gained 2.5% to $63.23 a barrel.
* Gold slid 0.2% to $1,801.34 an ounce.
–With assistance from Joanna Ossinger, Sophie Caronello, Andreea Papuc and Anchalee Worrachate.
Have a great night.

Be magnificent.

As ever,

Carolann

Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.  ― Steve Jobs,  1955-2011.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

Dear Friends,

Tangents: 1945, Iwo Jima Day

On Feb. 23, 1954, the first mass inoculation of children against polio with the Salk vaccine began in Pittsburgh. Go to article »

Miners find 65-million-year-old opalized pearls.

105-year-old Covid survivor credits gin-soaked raisins for her health.

The Milky Way may be swarming with planets with oceans and continents

Have you seen NASA’s stunning, high-definition footage of its rover landing on the Martian surface? The clip released yesterday is the first time a spacecraft’s landing on Mars has been recorded in high-speed video, and NASA also shared the first sound ever recorded on the red planet.

Lawrence Ferlinghetti, the poet and publisher who nurtured the Beat movement from his famed San Francisco bookstore, City Lights, died at age 101.  An unapologetic proponent of “poetry as insurgent art,” Mr. Ferlinghetti, pictured in 1957, befriended, published and championed many of the major Beat poets, including Allen Ginsberg, Gregory Corso and Michael McClure.

Mongolia’s eagle hunters.  Deep in the Altai Mountains, where Russia, China, Kazakhstan and Mongolia meet, Kazakh people have for centuries developed and nurtured a special bond with golden eagles, training the birds to hunt foxes and other small animals. The ancient custom, traditionally passed down from father to son at a young age, is considered a great source of pride.  Claire Thomas, a war and conflict photographer, explores the relationships between animals and the people who depend on them in the latest edition of The World Through a Lens.

PHOTOS OF THE DAY

Astronomy Photographer of the Year People’s Choice Award: The Cave of the Wild Horses
CREDIT: BRYONY RICHARDS

Royal Navy Padre (Russel Fralick) from 45 Commando gazes at the Northern Lights standing next to a ten-man tent wearing a red head torch in Norway.
CREDIT: LPHOT JAMES CLARKE/ROYAL NAVY

People are silhouetted against the stunning red sky at sunrise in Blyth, Northumberland
CREDIT:OWEN HUMPHEREYS / PA

These cute fluffy newborn lambs have had their first taste of sunshine amongst the daffodils at Bocketts Farm in Surrey 
CREDIT: OLIVER DIXON

A badger forages for food in woodland bursting with snowdrops in Powys, Wales, the first sign that spring is just around the corner
CREDIT: THOMAS WINSTONE/NEWS IMAGES
Market Closes for February 23^rd, 2021

Market Index	Close	Change
Dow Jones	31537.35	+15.66
		+0.05%
S&P 500	3881.37	+4.87
		+0.13%
NASDAQ	13465.199	-67.749 -0.50%
TSX	18330.09	-86.65
		-0.47%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30156.03	+138.11
		+0.46%
HANG SENG	30632.64	+312.81
		+1.03%
SENSEX	49751.41	+7.09
		+0.01%
FTSE 100*	6625.94	+13.70 +0.21%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.246	1.234
CND. 30 Year Bond	1.852	1.823
U.S.    10 Year Bond	1.3399	1.3653
U.S. 30 Year Bond	2.1823	2.1733

Currencies

BOC Close	Today	Previous
Canadian $	0.7943	0.7927
US $	1.2589	1.2615
Euro Rate 1 Euro=		Inverse
Canadian $	1.5301	0.6534
US $	1.2154	0.8227

Commodities

Gold	Close	Previous
London Gold Fix	1807.45	1786.20
Oil
WTI Crude Future	61.62	61.49

Market Commentary:
     On this day in 1965, Michael Dell was born. He later dropped out of the University of Texas at Austin to found Dell Computer Corp. to assemble made-to-order computers.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell Tuesday though pared steeper losses, buffered by financial and industrial shares. The S&P/TSX Composite Index fell 0.5%. Shopify Inc. and Lightspeed POS Inc. both dropped more than 6%, leading tech lower. Financials gained after Bank of Nova Scotia and Bank of Montreal signaled that souring loans are becoming less of a concern. Commodities rose to their highest in almost eight years amid booming investor appetite for everything from oil to corn. Bank of Canada Governor Tiff Macklem indicated he plans to maintain plenty of stimulus in the economy well into a strong labor market recovery.
Commodities
* Western Canadian Select crude oil traded at a $11 discount to West Texas Intermediate
* Spot gold fell 0.3% to $1,804.99 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.2590 per U.S. dollar
* The 10-year Canada government bond yield rose 1.6 basis points to 1.246%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell 0.5 percent at 18,330.09 in Toronto. The move follows the previous session’s increase of 0.2 percent. Today, information technology stocks led the market lower, as 7 of 11 sectors lost; 142 of 219 shares fell, while 76 rose. Shopify Inc. contributed the most to the index decline, decreasing 6.0 percent. Lightspeed POS Inc. had the largest drop, falling 7.7 percent.
Insights
* This month, the index rose 5.7 percent
* The index advanced 2.7 percent in the past 52 weeks. The MSCI AC Americas Index gained 18 percent in the same period
* The S&P/TSX Composite is 1.3 percent below its 52-week high on
Feb. 16, 2021 and 64.1 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 0.9 percent in the past 5 days and rose 2.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of
28.1 on a trailing basis and 17.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.85t
* 30-day price volatility rose to 13.43 percent compared with
13.34 percent in the previous session and the average of 12.75 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -90.9134| -4.4| 1/9
Materials | -45.3268| -1.9| 8/42
Utilities | -10.8039| -1.2| 1/15
Health Care | -10.8010| -3.6| 2/7
Consumer Discretionary | -7.1881| -1.0| 4/9
Consumer Staples | -1.6123| -0.3| 3/8
Communication Services | -0.7973| -0.1| 2/5
Real Estate | 0.0896| 0.0| 12/14
Energy | 8.9838| 0.4| 14/8
Industrials | 15.4888| 0.7| 14/15
Financials | 56.2154| 1.0| 15/10
US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — The S&P 500 Index erased a drop to end the day higher after reassuring comments from Federal Reserve Chairman Jerome Powell on inflation and the outlook for growth spurred traders to buy the dip. The benchmark stock gauge closed 0.1% higher after declining as much as 1.8% amid a rout in technology shares on concern the high-flying stocks had become overvalued. The Nasdaq 100 ended just slightly lower, mostly erasing a loss that reached 3.5% after Powell signaled the Federal Reserve was nowhere close to pulling back on its support for the economy. Airlines, lodging companies and cyclical shares set to benefit from the end of pandemic lockdowns outperformed.
So-called growth shares are having their worst month against value counterparts in more than two decades as vaccination campaigns gather pace and bond yields hover near a one-year high. Bets on faster growth have pushed the gap between 5- and 30-year yields to the highest level in more than six years. As Powell reassured investors on stimulus, he voiced expectations for a return to more normal, improved activity later this year and said that higher bond yields reflected economic optimism, not inflation fears.
That helped fuel a return of the buy-the-dip mentality that has limited equity drawdowns in recent months, with investors betting on a global economic recovery spurred by vaccines and U.S. spending. “There was something in there for everyone today,” Leo Grohowski, chief investment officer at BNY Mellon Wealth Management, said in a Bloomberg TV interview. “Powell did recognize medium-term improvement in the economy but I think laid to rest some percolating inflation fears.” Elsewhere, stocks in Asia were mostly higher as European shares slumped. Bitcoin tumbled below $50,000 after a bout of volatility highlighted lingering doubts about the durability of the token’s rally.
Some key events to watch this week:
* EIA crude oil inventory report is out Wednesday.
* Finance ministers and central bankers from the Group of 20
will meet virtually Friday. U.S. Treasury Secretary Janet Yellen will be among the attendees.

These are some of the main moves in markets:
Stocks
* The S&P 500 Index rose 0.1% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.4%.
* The MSCI Asia Pacific Index rose 0.1%.
* The MSCI Emerging Market Index was little changed.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The euro fell 0.1% to $1.215.
* The British pound rose 0.4% to $1.4114.
* The Japanese yen fell 0.2% to 105.27 per dollar.
Bonds
* The yield on 10-year Treasuries was little changed at 1.36%.
* Germany’s 10-year yield jumped two basis points to -0.32%.
* Britain’s 10-year yield rose four basis points to 0.72%.
Commodities
* West Texas Intermediate crude rose 0.5% to $62.03 a barrel.
* Gold fell 0.2% to $1,805.81 an ounce.

–With assistance from John Ainger, Cecile Gutscher, Joanna Ossinger, Andreea Papuc and Sarah Ponczek.

Have a great night.

Be magnificent!
As ever,

Carolann

Nurture your minds with great thoughts.
To believe in the heroic makes heroes. –Benjamin Disraeli, 1804-1881

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

Dear Friends,

Tangents:

Movie Suggestion ~Gary and I watched  The Dig on Netflix on the weekend and we both really enjoyed it.  I recommend it if you haven’t seen it yet – fascinating story.

February 22, 1825~Russia and Britain establish Alaska-Canada boundary.

On Feb. 21, 1965, former Black Muslim leader Malcolm X was shot and killed by assassins identified as Black Muslims as he was about to address a rally in New York City; he was 39.  Go to article »

George Washington,  first U.S. President, b. 1732.
Arthur Schopenhauer, philosopher, b. 1788.
Business is booming at Boston’s only typewriter shop. (h/t Scott Kominers)

A 139 year-old Victorian house rolled downhill to a new address in quite the San Francisco spectacle yesterday. Check it out.

A podcast born in the U.S.A. Former President Barack Obama and Bruce Springsteen are liberal icons and rhapsodists about the dreams and travails of everyday Americans. Now, the two friends are also podcast hosts.  Spotify today released the first two episodes of “Renegades: Born in the USA,” in which the men discuss race, fatherhood and the painful divisions that persist in American society.  Although the show is positioned as an attempt to understand these divisions, Mr. Obama and Mr. Springsteen largely avoid politics and stick to personal stories.
Another advantage of being rich is that all your faults are called eccentricities. -Anonymous.

PHOTOS OF THE DAY

Icicles hang from the American Falls, one side of Niagara Falls, in New York, USA
CREDIT:LINDSAY DEDARIO/REUTERS

Seth, Moose, Diva, Bella, Sergei, Aki, Mabel, Luna and Blu, nine German Shepherd pups, line up for a photo opportunity in a garden in the Isle of Man
CREDIT: CARA QUALTROUGH/ SPLIT SECOND PHOTOGRAPHY / SWNS.COM

Lion pauses, as if to decide where she is going to go next, at Nairobi National Park in Kenya
CREDIT: SALIM VERJEE / CATERS NEWS AGENCY

Market Closes for February 22^nd, 2021

Market Index	Close	Change
Dow Jones	31521.69	+27.37
		+0.09%
S&P 500	3876.50	-30.21
		-0.77%
NASDAQ	13553.047	-341.416 -2.46%
TSX	18416.74	+32.47
		+0.18%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30156.03	+138.11
		+0.46%
HANG SENG	30319.83	-324.90
		-1.06%
SENSEX	39744.32	-1145.44
		-2.25%
FTSE 100*	6612.24	-11.78 -0.18%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.234	1.207
CND. 30 Year Bond	1.823	1.794
U.S.    10 Year Bond	1.3653	1.3364
U.S. 30 Year Bond	2.1733	2.1335

Currencies

BOC Close	Today	Previous
Canadian $	0.7927	0.7827
US $	1.2615	1.2614
Euro Rate 1 Euro=		Inverse
Canadian $	1.5345	0.6516
US $	1.2164	0.8220

Commodities

Gold	Close	Previous
London Gold Fix	1786.20	1773.15
Oil
WTI Crude Future	61.49	59.24

Market Commentary:
     In 1980, the U.S. Department of Labor announced that the Consumer Price Index rose 1.4% in January alone, equating to an annualized inflation rate of 18% – the highest rise in prices since the 1973 oil crisis.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities gained Monday as commodities rose to their highest in almost eight years amid booming investor appetite for everything from oil to corn. The S&P/TSX Composite Index rose 0.2%, with materials and energy closing higher, while tech fell. Canadian power & utility stocks dropped Monday after the recent severe weather events in Texas. Energy retailer Just Energy Group revealed a big loss, while Algonquin Power & Utilities also retreated after expecting an impact. Moderna Inc. has received positive feedback from U.S. regulators on a proposal to expand the number of doses of its Covid-19 vaccine in each vial, the company said, a move that could help expand supplies.
Commodities
* Western Canadian Select crude oil traded at a $11.55 discount  to West Texas Intermediate
* Spot gold rose 1.3% to $1,807.81 an ounce
FX/Bonds
* The Canadian dollar slipped 0.02% to C$1.2618 per U.S. dollar
* The 10-year Canada government bond yield rose 2.8 basis points to 1.230%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the second
day, climbing 0.2 percent, or 32.47 to 18,416.74 in Toronto.
Suncor Energy Inc. contributed the most to the index gain,
increasing 8.2 percent. MEG Energy Corp. had the largest increase, rising 13.4 percent.
Today, 105 of 219 shares rose, while 108 fell; 5 of 11 sectors were higher, led by materials stocks.
Insights
* This month, the index rose 6.2 percent
* The index advanced 3.2 percent in the past 52 weeks. The MSCI
AC Americas Index gained 17 percent in the same period
* The S&P/TSX Composite is 0.9 percent below its 52-week high on
Feb. 16, 2021 and 64.8 percent above its low on March 23, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 3.2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of
28.2 on a trailing basis and 17.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8 percent on a trailing 12-
* S&P/TSX Composite’s members have a total market capitalization of C$2.84t
* 30-day price volatility fell to 13.34 percent compared with
13.50 percent in the previous session and the average of 12.50percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 75.8037| 3.3| 39/10
Energy | 54.8661| 2.5| 16/6
Financials | 23.0297| 0.4| 17/7
Consumer Discretionary | 2.7826| 0.4| 6/6
Real Estate | 0.3524| 0.1| 11/13
Communication Services | -3.9705| -0.5| 3/4
Consumer Staples | -6.2910| -1.0| 0/11
Health Care | -9.4073| -3.1| 2/7
Utilities | -14.1653| -1.6| 2/14
Industrials | -28.9589| -1.3| 8/21
Information Technology | -61.5741| -2.9| 1/9
US
By Claire Ballentine
(Bloomberg) — Tech stocks dropped on valuation concerns while commodities rallied and bond yields rose with investors pricing in stronger growth and faster inflation as the global economy recovers. The Nasdaq 100 tumbled more than 2.5% to a three-week low as investors questioned the appeal of expensive, growth-focused stocks. The S&P 500 Index fell for a fifth day, its longest losing streak in a year. Gains for energy shares and financial companies limited losses on the Dow Jones Industrial Average. European and Asian markets were broadly negative.
Commodities were almost uniformly green. Brent oil climbed above $65 a barrel as Goldman Sachs Group Inc. predicted prices could advance into the $70s in coming months. Copper briefly rose above $9,000 a metric ton for the first time in nine years, taking another step closer to an all-time high set in 2011 as investors bet that supply tightness will increase as the world recovers from the pandemic. After a tremendous run from the depths of the pandemic selloff 11 months ago, stocks are under scrutiny as an increase an interest rates bolsters the appeal of fixed-income investments. “Long-duration assets are the ones that are most vulnerable in a rising interest rate environment,” said Scott Knapp, chief market strategist of CUNA Mutual Group. “The exact same stocks that led the market higher when interest rates were plummeting are the ones most vulnerable when interest rates rise.”
Inflation Angst Is About to Rewrite the Stock Market Playbook Treasury yields climbed and a key part of the curve – the gap between 5- and 30-year yields — touched the highest level in more than five years. Yields rose in Asia, while European government yields reversed an advance and edged lower. Elsewhere, Brazilian markets tumbled following President Jair Bolsonaro’s decision to replace the head of Petroleo Brasileiro SA, the state-controlled oil company. The real fell 1% and the Ibovespa stock gauge dropped almost 5%. Bitcoin slumped more than 10% at one point as prices pulled back from an all-time high.
Some key events to watch this week:
* Fed Chair Jerome Powell delivers the central bank’s semi-
annual monetary policy report to the Senate Banking Committee on Tuesday.
* EIA crude oil inventory report is out Wednesday.
* Finance ministers and central bankers from the Group of 20
will meet virtually Friday. U.S. Treasury Secretary Janet Yellen will be among the attendees.

These are some of the main moves in markets:
Stocks
* The S&P 500 Index declined 0.8% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.4%.
* The MSCI Asia Pacific Index dipped 0.8%.
* The MSCI Emerging Market Index declined 2.2%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The euro climbed 0.3% to $1.2156.
* The British pound increased 0.3% to $1.4062.
* The Japanese yen gained 0.4% to 105.07 per dollar.
Bonds
* The yield on 10-year Treasuries rose three basis points to 1.36%.
* Germany’s 10-year yield fell three basis points to -0.34%.
* Britain’s 10-year yield fell two basis points to 0.68%.
Commodities
* West Texas Intermediate crude gained 3.8% to $61.49 a barrel.
* Gold strengthened 1.4% to $1,809.63 an ounce.
–With assistance from Vinícius Andrade, Sophie Caronello and Andreea Papuc.

Have a great night.

Be magnificent!

As ever,

Carolann

I see, I forget, I hear, I remember.  I do, I understand. –Chinese Proverb.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

Dear Friends,

Tangents: Happy Friday.

Carnival: Because the festivities are canceled this year, The Times put together a project commemorating the event and detailing its history. We recommend going through these dazzling photos of the blinged-out swimsuits and colorful plumage from Caribbean Carnivals around the world.

Perseverance pays off: See the Mars landing

PHOTOS OF THE DAY

School cleaner Paul Michael is stunning pupils and staff with his jaw-dropping operatic performances. Paul, 44, usually works as a cruise ship entertainer but took on a role at Allenborne School in Wimborne, Dorset, because of the pandemic. Pupils at the school were left completely in the dark by Paul’s usual job and were staggered to hear him break into song last week
CREDIT: BNPS

Martin Broen explores the other wordly landscapes of underwater caves and cenotes along the Riviera Maya in Mexico
CREDIT: CATERS NEWS AGENCY

Plants that have been frozen in ice by Lake Huron in Michigan, USA, which were encased in ice after waves splashed over them and froze
CREDIT: COULTER STUART/BAV MEDIA

Westie Sky frolics among a carpet of snowdrops at Welford Park in Berkshire
CREDIT: VAGNER VIDAL/HYDE NEWS & PICTURES LTD
Market Closes for February 19^th, 2021

Market Index	Close	Change
Dow Jones	31494.32	+.98
		–%
S&P 500	3906.71	-7.26
		-0.19%
NASDAQ	13874.463	+9.108 +0.07%
TSX	18384.27	+110.21
		+0.60%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30017.92	-218.17
		-0.72%
HANG SENG	30644.73	+49.46
		+0.16%
SENSEX	50889.76	-434.93
		-0.85%
FTSE 100*	6624.02	+6.87 +0.10%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.207	1.144
CND. 30 Year Bond	1.794	1.731
U.S.    10 Year Bond	1.3364	1.2956
U.S. 30 Year Bond	2.1335	2.0817

Currencies

BOC Close	Today	Previous
Canadian $	0.7827	0.7886
US $	1.2614	1.2679
Euro Rate 1 Euro=		Inverse
Canadian $	1.5299	0.6537
US $	1.2126	0.8246

Commodities

Gold	Close	Previous
London Gold Fix	1773.15	1780.70
Oil
WTI Crude Future	59.24	60.52

Market Commentary:
     On this day in 1878, Thomas Edison received a patent for his “tin-foil talking phonograph,” the ancestor of the modern record-player and the first device to make sound recording practical.
Canada
By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose 0.6 percent at 18,384.27 in Toronto. The move was the biggest since rising 1.1 percent on Feb. 8 and follows the previous session’s decrease of 0.5 percent. Today, information technology stocks led the market higher, as 7 of 11 sectors gained; 120 of 219 shares rose, while 99 fell. Shopify Inc. contributed the most to the index gain, increasing 3.1 percent. First Quantum Minerals Ltd. had the largest increase, rising 11.0 percent.
Insights
* So far this week, the index fell 0.4 percent
* The index advanced 2.6 percent in the past 52 weeks. The MSCI
AC Americas Index gained 17 percent in the same period
* The S&P/TSX Composite is 1.1 percent below its 52-week high on
Feb. 16, 2021 and 64.5 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of
28 on a trailing basis and 17.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.82t
* 30-day price volatility rose to 13.50 percent compared with
13.39 percent in the previous session and the average of 11.88 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 42.2805| 2.0| 5/5
Financials | 30.9261| 0.6| 19/7
Industrials | 21.8636| 1.0| 19/10
Consumer Discretionary | 21.4421| 3.1| 11/2
Health Care | 9.0209| 3.0| 8/1
Materials | 3.9958| 0.2| 21/29
Real Estate | 2.1764| 0.4| 20/6
Energy | -1.4645| -0.1| 10/12
Utilities | -4.2733| -0.5| 5/11
Consumer Staples | -6.3818| -1.0| 1/10
Communication Services | -9.3804| -1.1| 1/6
US
By Claire Ballentine
(Bloomberg) — U.S. stocks finished mostly lower as benchmark Treasury yields climbed to the highest levels in a year, renewing concern that rising borrowing costs and price pressures could derail the economic recovery. The S&P 500 Index turned negative in the final minutes of trading Friday, ending lower for the first week in three. Utilities and consumer staples led the declines, while the materials and energy sectors finished in the green.
The tech- heavy Nasdaq 100 was weighed down by Microsoft Corp. and Facebook Inc. “The two big things right now are waiting for stimulus and this idea of the reflation trade — investors have a keen eye  out for signs of inflation,” said Shawn Snyder, head of investment strategy at Citi Personal Wealth Management. “You see Treasury yields moving higher, that’s causing a bit of consternation in the markets.” Corporate earnings reports had given investors something to think about on Friday other than the relentless rise in Treasury yields, which dominated discussion this week and fueled concern about the staying power of the New Year stock rally. Applied Materials Inc. climbed after a strong forecast for the current quarter helped by growing orders from chipmakers rushing to produce more supply.Recent economic data are a reminder of the fragility of thegrowth backdrop, with a report Friday showing U.K. retail sales fell more than twice as fast as expected in January.
Meanwhile, the Stoxx Europe 600 index advanced for the first time in four days, while the euro strengthened after Germany’s manufacturing PMI climbed more than forecast in February. The British pound rallied above $1.40 for the first time since 2018. Oil traded below $60 a barrel as wells slowly restarted in Texas after being hit by a big freeze. The White House said it would be willing to meet with Iran, potentially paving the way for more crude exports from the Persian Gulf nation.
These are some of the main moves in markets:
Stocks
The S&P 500 Index dipped 0.2% to 3,906.71 as of 4:08 p.m. New York time, the lowest in two weeks.
The Dow Jones Industrial Average was little changed at 31,494.32.
The Nasdaq 100 Index declined 0.4% to 13,580.78, the lowest in more than two weeks.
The Stoxx Europe 600 Index advanced 0.5% to 414.88.
Currencies
The Bloomberg Dollar Spot Index decreased 0.2% to 1,124.92.
The euro increased 0.2% to $1.2115.
The Japanese yen strengthened 0.2% to 105.47 per dollar, the largest gain in more than a week.
The British pound gained 0.2% to $1.4004, the strongest in almost three years.
Bonds
The yield on 10-year Treasuries increased four basis points to 1.34%, the highest in about a year.
Germany’s 10-year yield climbed four basis points to -0.31%, the highest in more than eight months.
Britain’s 10-year yield increased eight basis points to 0.698%,
the highest in 11 months on the largest climb in almost two months.
Commodities
West Texas Intermediate crude decreased 2.5% to $58.98 a barrel,
the lowest in more than a week on the biggest dip in 15 weeks.
Gold strengthened 0.3% to $1,781.34 an ounce, the first advance in more than a week.
                                                                                                                                                                                                                                                                                                                                      
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

Happiness is good health and a bad memory. -Ingrid Bergman, 1915-1982

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

Dear Friends,

Tangents:
February 18, 1885 – Mark Twain published the Adventures of Huckleberry Finn in the US.

Feb 18, 1930  – Photographic evidence of Pluto was discovered by Clyde W. Tombaugh at Lowell Observatory in Flagstaff, Ariz. Go to article »

Yoko Ono, artist, b. 1933
Toni Morrison, writer, b. 1931
Helen Gurley Brown, editor, b. 1922.

Researchers have a new theory on what wiped out the dinosaurs.  Turns out it may not have been an asteroid after all.

Massive holes have been mysteriously forming in the Siberian tundra for years, and scientists have finally figured out why.  Spoiler alert: It’s climate change.

NASA accomplished its trickiest rover landing yet, in a quest for signs of life.

People can answer questions while dreaming

Here’s the most accurate flat map of Earth yet

Mammoth DNA is the oldest ever sequenced. (h/t Ellen Kominers)

No place like Antarctica: There’s something about the vastness and majesty found at the southern end of the planet that just puts things in perspective. (Click here to view.)

PHOTOS OF THE DAY

Motley’s owner, Chloe Brown, a zoo biology student and part-time employee at The Royal School for the Deaf Derby, has raised Motley since he was just over 21 weeks old.
CREDIT:@MOTLEYS_ADVENTUREZ / CATERS NEWS

Several projections were performed both from the ground and helicopter and were carried out over distances of up to 8km and dimensions up to 2.2km in height on the iconic Swiss mountains Eiger, Monch und Jungfrau. The artistic performance pays tribute to the “Mars 2020” Perseverance rover mars mission by NASA
CREDIT: VALENTINE FLAURAUD/EPA-EFE/SHUTTERSTOCK

Taken from the village of Milo near Catania this photograph shows an eruption at Mount Etna, after 32 hours from the last spectacular paroxysmal episode. At the Southeast Crater a new paroxysm occurred on February 18, this eruption was characterised by tall lava fountains, long lava flows from the southeast to the north side of the Southeast crater and a dense eruptive ash column
CREDIT:SALVATORE ALLEGRA/ANADOLU AGENCY VIA GETTY IMAGES

A ceiling fan with icicles hanging from it in an apartment building in Upper Dallas,Texas. Thomas Black was shocked to find icicles hanging from a ceiling fan inside his home in Texas as temperatures plummet to – 18 – the coldest in 30 years
CREDIT: THOMAS BLACK / SWNS.COM
Market Closes for February 18^th, 2021

 

Market Index	Close	Change
Dow Jones	31493.34	-119.68
		-0.38%
S&P 500	3913.97	-17.36
		-0.44%
NASDAQ	13865.355	-100.140 -0.72%
TSX	18274.06	-100.72
		-0.55%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30236.09	-56.10
		-0.19%
HANG SENG	30595.27	-489.67
		-1.58%
SENSEX	51324.69	-379.14
		-0.73%
FTSE 100*	6617.15	-93.75 -1.40%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.144	1.111
CND. 30 Year Bond	1.731	1.691
U.S.    10 Year Bond	1.2956	1.2703
U.S. 30 Year Bond	2.0817	2.0371

Currencies

BOC Close	Today	Previous
Canadian $	0.7886	0.7872
US $	1.2679	1.2703
Euro Rate 1 Euro=		Inverse
Canadian $	1.5334	0.6521
US $	1.2093	0.8269

Commodities

Gold	Close	Previous
London Gold Fix	1780.70	1794.25
Oil
WTI Crude Future	60.52	61.14

Market Commentary:
     On this day in 1688, the London Gazette published the earliest known reference to “Edward Lloyd’s coffee house,” the birthplace of Lloyd’s of London and the insurance industry.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian shares fell after pot and tech stocks underperformed on Thursday. The S&P/TSX Composite index shed 0.6%, extending its losses into second day. Cannabis stocks were lower after Tilray reported its earnings and analysts downgraded the stock. Financials were the only sector that was in the green on Thursday. Meanwhile, North America’s first Bitcoin ETF got off to a stellar start in its first day of trading. Investors exchanged $145 million worth of shares.
Commodities
* Western Canadian Select crude oil traded at a $11.50 discount to West Texas Intermediate
* Spot gold was flat around $1,774.67 an ounce
FX/Bonds
* The Canadian dollar rose slightly to C$1.2675 per U.S. dollar
* The 10-year Canada government bond yield rose to 1.140%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.5 percent, or 100.71 to 18,274.07 in Toronto. The index dropped to the lowest closing level since Feb. 5. Shopify Inc. contributed the most to the index decline, decreasing 2.7 percent. Canopy Growth Corp. had the largest drop, falling 10.3 percent. Today, 159 of 219 shares fell, while 59 rose; 10 of 11 sectors were lower, led by information technology stocks.
Insights
* So far this week, the index fell 1 percent
* The index advanced 2.3 percent in the past 52 weeks. The MSCI
AC Americas Index gained 18 percent in the same period
* The S&P/TSX Composite is 1.6 percent below its 52-week high on
Feb. 16, 2021 and 63.6 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 1 percent in the past 5 days and rose 1.8 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of
28.4 on a trailing basis and 17.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8 percent on a trailing 12- month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.84t
* 30-day price volatility fell to 13.39 percent compared with
13.63 percent in the previous session and the average of 11.65 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -34.3264| -1.6| 4/6
Materials | -24.1138| -1.0| 10/39
Health Care | -17.5021| -5.5| 0/9
Industrials | -16.3881| -0.7| 10/19
Energy | -13.7186| -0.6| 2/20
Consumer Discretionary | -4.4430| -0.6| 4/9
Real Estate | -3.9634| -0.7| 3/23
Communication Services | -1.5142| -0.2| 3/4
Consumer Staples | -1.2242| -0.2| 3/8
Utilities | -0.0465| 0.0| 8/8
Financials | 16.5269| 0.3| 12/14
US
By Lu Wang and Claire Ballentine
(Bloomberg) — U.S. stocks dropped to the lowest levels in more than a week and Treasury yields edged higher amid growing concern rising borrowing costs could sap a rally that’s driven equity values to historic highs. The tech-heavy Nasdaq 100 slumped 0.4%, the third consecutive decline. The energy and communication services sectors weighed on the S&P 500, which posted its biggest drop since Jan. 29. A report earlier showed initial jobless claims rose more than expected. Walmart Inc. fell 6.5% after saying it will increase spending on worker salaries and automation. “This rise in rates will certainly test the mettle and staying power of the bulls,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group. Yields on 10-year Treasuries climbed as high as 1.32% before paring the increase. Yields reached the highest levels in a year earlier this week.
Technology companies such as Tesla Inc., which have seen their valuations surge, are often seen as the most at risk of a pullback. “The market is starting to get a little wary of this ‘bad news is good news’ scenario,” said Matt Benkendorf, chief investment officer of Vontobel Quality Growth. “Now you’ve seen a bit of a mixed picture, which scrambles the monetary policy visibility.” In currency markets, the pound touched the strongest level versus the euro since March amid continued optimism over the nation’s vaccine rollout. The dollar weakened against Group of 10 peers. Bitcoin retreated, paring its weekly gain to 5%. Commodities were broadly higher, with lumber futures climbed to a record $1,004.90 per 1,000 board feet.
Copper in London hit a fresh 8-year high as China’s traders returned from holiday with metals markets in a bullish mood. Meanwhile, the global oil market is grappling with a crisis caused by freezing temperatures in the U.S. More than 4 million barrels a day of output — almost 40% of the nation’s crude production — is now offline, according to traders and executives. Stocks in Asia dropped overnight, with the Hang Seng Index down 1.6% and Japan’s Topix index 1% lower.

These are some of the main moves in markets:
Stocks
The S&P 500 Index decreased 0.4% to 3,914 as of 4:03 p.m. New
York time, the lowest in more than a week on the largest dip in almost three weeks.
The Dow Jones Industrial Average decreased 0.4% to 31,493.93,
the first retreat in a week and the biggest dip in almost three weeks.
The Nasdaq Composite Index dipped 0.7% to 13,865.36, the lowest
in almost two weeks on the largest dip in almost three weeks.
The Stoxx Europe 600 Index decreased 0.8% to 412.70, the lowest
in a week on the biggest dip in almost three weeks.
The MSCI All-Country World Index decreased 0.5% to 679.13, the
lowest in more than a week on the largest dip in almost three weeks.
Currencies
The Bloomberg Dollar Spot Index fell 0.2% to 1,126.71, the biggest fall in more than a week.
The euro gained 0.4% to $1.2092, the largest advance in more than a week.
The Japanese yen strengthened 0.2% to 105.65 per dollar, the biggest advance in more than a week.
The British pound jumped 0.9% to $1.3975, the strongest in
almost three years on the largest climb in more than five weeks.
Bonds
The yield on 10-year Treasuries gained two basis points to 1.29%.
Germany’s 10-year yield rose two basis points to -0.35%, the highest in more than eight months.
Britain’s 10-year yield climbed five basis points to 0.622%, the highest in 11 months.
Commodities
West Texas Intermediate crude sank 1.8% to $60.06 a barrel, the
first retreat in a week and the largest tumble in almost five weeks.
Gold depreciated 0.1% to $1,774.36 an ounce, reaching the
weakest in almost eight months on its sixth consecutive decline.
Copper jumped 2.3% to $3.91 a pound, the highest on record with the largest jump in more than six weeks.

–With assistance from Kamaron Leach.
Have a great night.

Be magnificent!
As ever,

Carolann

I believe that man will not merely endure; he will prevail.
He is immortal, not because he alone among the creatures has an inexhaustible voice,
but because he has a soul, a spirit capable of kindness and compassion. -William Faulkner, 1897-1962

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

Dear Friends,

Tangents: Ash Wednesday.
February 17, 1972~ British Parliament votes to join the European Common Market.
1996 World chess champion Garry Kasparov beat IBM supercomputer “Deep Blue,” winning a six-game match in Philadelphia. Go to article »

Scientists find life under a half-mile of ice.  

PHOTOS OF THE DAY

Lava gushes from the Mt Etna volcano near Catania, Sicily
CREDIT:Salvatore Allagra, AP

Artist Luke Jerram stands in front of his “Mars” installation at the Natural History Museum in London
CREDIT: CHRIS JACKSON/GETTY IMAGES

Rice farmers and their elephants join Buddhist monks as they pray at sunrise in the Surin Province of Thailand
CREDIT:THIRAWATANA PHAISALRATANA/SOLENT NEWS & PHOTO ANGECY
Market Closes for February 17^th, 2021

Market Index	Close	Change
Dow Jones	31613.02	+90.27
		+0.29%
S&P 500	3931.33	-1.26
		-0.03%
NASDAQ	13965.496	-82.003 -0.58%
TSX	18374.78	-117.94
		-0.64%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30292.19	-175.56
		-0.58%
HANG SENG	31084.94	+338.28
		+1.10%
SENSEX	51703.83	-400.34
		-0.77%
FTSE 100*	6710.90	-37.96 -0.56%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.111	1.123
CND. 30 Year Bond	1.691	1.710
U.S.    10 Year Bond	1.2703	1.3141
U.S. 30 Year Bond	2.0371	2.0918

Currencies

BOC Close	Today	Previous
Canadian $	0.7872	0.7868
US $	1.2703	1.2708
Euro Rate 1 Euro=		Inverse
Canadian $	1.5298	0.6537
US $	1.2043	0.8303

Commodities

Gold	Close	Previous
London Gold Fix	1794.25	1817.30
Oil
WTI Crude Future	61.14	60.05

Market Commentary:
     On this day in 1874, Thomas J. Watson was born in Campbell, N.Y. After working as a bookkeeper, an itinerant peddler of musical instruments and a salesman for NCR, he became the dynamic head of IBM who helped computerize the modern world. His famous motto, “THINK,” was shortened from his saying, “‘I didn’t think’ has cost the world millions of dollars.”
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equities fell for the first time in three sessions after marijuana and mining companies underperformed. The S&P/TSX Composite index fell 0.6% in Toronto. Materials and health care companies were the worst performers after the price of gold fell on a stronger dollar and pot stocks declined after Tuesday’s rally. On the IPO front, electric jet-ski maker Taiga Motors plans to go public via a merger with a blank-check company sponsored by Canaccord Genuity Group Inc.. It will be taking advantage of investor demand for companies that can burnish their environmental credentials.
Commodities
* Western Canadian Select crude oil traded at a $11.35 discount to West Texas Intermediate
* Spot gold fell 1.1% to $1,775.39 an ounce
FX/Bonds
* The Canadian dollar was down slightly to C$1.2699 per U.S. dollar
* The 10-year Canada government bond yield fell slightly to 1.111%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 0.6 percent at
18,374.78 in Toronto. The move was the biggest since falling 1.8
percent on Jan. 29 and follows the previous session’s increase of 0.2 percent.
Shopify Inc. contributed the most to the index decline,
decreasing 2.8 percent. BlackBerry Ltd. had the largest drop, falling 7.2 percent.
Today, 138 of 219 shares fell, while 80 rose; 8 of 11 sectors were lower, led by materials stocks.
Insights
* The index advanced 2.9 percent in the past 52 weeks. The MSCI
AC Americas Index gained 18 percent in the same period
* The S&P/TSX Composite is 1.1 percent below its 52-week high on
Feb. 16, 2021 and 64.5 percent above its low on March 23, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 2.6 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of
28.6 on a trailing basis and 17.6 times estimated earnings of
its members for the coming year
* The index’s dividend yield is 2.8 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization
of C$2.86t
* 30-day price volatility rose to 13.63 percent compared with
13.59 percent in the previous session and the average of 11.57 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -52.1230| -2.2| 11/39
Information Technology | -45.6556| -2.1| 1/9
Industrials | -16.9882| -0.8| 11/18
Consumer Staples | -7.5466| -1.2| 1/10
Health Care | -6.9625| -2.2| 4/5
Communication Services | -2.5680| -0.3| 2/5
Utilities | -2.1734| -0.2| 4/12
Consumer Discretionary | -1.7290| -0.2| 4/9
Energy | 0.7220| 0.0| 16/6
Real Estate | 1.1342| 0.2| 13/13
Financials | 15.9600| 0.3| 13/12
US
By Kamaron Leach and Claire Ballentine
(Bloomberg) — U.S. stocks were mixed and Treasury yields retreated from a one-year high as investors weighed the outlook for economic growth and inflation. The benchmark 10-year Treasury yield briefly climbed as high as 1.33% before paring its increase. The S&P 500 Index finished little changed, while the Nasdaq Composite slumped. Chevron Corp. led energy shares higher after Berkshire Hathaway Inc. revealed an increased stake. The Dow Jones Industrial Average closed at a record high. Companies that may have difficulty justifying stretched valuations if rising inflation dents profits bore the brunt of selling — high-flying tech shares among them. “At some point higher yields could hurt, but I don’t think we’re there just yet,” said Michael Arone, chief investment strategist for the U.S. SPDR exchange-traded fund business at State Street Global Advisors. “That’s going to continue to be a big underlying theme for markets.” Federal Reserve officials did not see the conditions for reducing their massive asset-purchase program being met for “some time” at their January policy meeting, a record of the gathering released Wednesday showed. The recent dramatic rise in bond yields has investors wondering afresh how high they can climb before spoiling the risk rally. That adds to concerns that speculative froth may be setting equities up for a fall.
“It’s quite possible that for a while interest rates could rise and yet stock prices could still rise some more because of the tailwinds from the fiscal stimulus, from folks who save money, and people wanting to get out,” said Tom Martin, senior portfolio manager at GLOBALT Investments. “So the tricky part is going to be figuring what level of interest rates will be supportive of stock prices either hanging in there and going higher or what level of inflation or interest rates will then start to become a worry for the market in terms of valuation.” Elsewhere, oil rose for a third session as an ongoing energy crisis in the U.S. pummeled domestic crude output. The deep freeze causing historic power outages across the central U.S. has led oil output in the country to plunge by a third. Bitcoin jumped past $52,000 for the first time. China remains shut for a week-long holiday and will reopen Thursday.
These are some of the main moves in markets:
Stocks
The S&P 500 Index was little changed at 3,931.43 as of 4:01 p.m. New York time.
The Dow Jones Industrial Average increased 0.3% to 31,614.27,
the highest on record with the biggest climb in more than a
week.
The Nasdaq Composite Index sank 0.6% to 13,965.50, the lowest in
more than a week on the largest decrease in almost three weeks.
The Stoxx Europe 600 Index sank 0.7% to 416.10, the biggest dip in almost three weeks.
The MSCI All-Country World Index sank 0.3% to 682.92, the largest decrease in almost three weeks.
Currencies
The Bloomberg Dollar Spot Index climbed 0.3% to 1,129.46, the highest in more than a week.
The euro decreased 0.5% to $1.2042, the weakest in almost two weeks on the largest dip in almost two weeks.
The Japanese yen strengthened 0.2% to 105.88 per dollar, the first advance in more than a week.
The British pound sank 0.3% to $1.3863, the largest decrease in more than two weeks.
Bonds
The yield on 10-year Treasuries fell three basis points to 1.28%, the biggest fall in a week.
Germany’s 10-year yield dipped two basis points to -0.37%.
Britain’s 10-year yield sank five basis points to 0.572%, the
biggest tumble in almost 10 weeks.
Commodities
West Texas Intermediate crude gained 1.9% to $61.22 a barrel, the highest in more than two years.
Gold depreciated 1.1% to $1,775.52 an ounce, reaching the
weakest in almost eight months on its fifth consecutive decline.
Have a great night.

Be magnificent!
As ever,

Carolann

Act as if what you do makes a difference. It does.-William James, 1842-1910

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

Dear Friends,

Tangents: Happy Mardi Gras.

Bars are closed. Parades are canceled. But Mardi Gras in New Orleans will still be festive, despite the pandemic: Artists are turning houses into elaborate floats.  Floats have paraded through the city on the last Tuesday before Lent since 1857. With the help of local organizations, artists are finding a way to keep the celebration going. Take a tour for yourself (beads not included).  “It’s so New Orleans to take a bad situation and turn into a positive,” one homeowner said. “This speaks to the resiliency of the people in the city.” –NYTimes.

Carnival parades, residents have responded by turning their houses into floats. –CNN.

On Feb. 16, 1923, the burial chamber of King Tutankhamen’s recently unearthed tomb was unsealed in Egypt.  Go to article »
February 16, 1959~ Fidel Castro becomes the 16^th Prime Minister of Cuba after overthrowing Fulgencio Batista.
1932~ First patent issued for a tree to James Markham for a peach tree.

Scientists narrow down the “weight” of dark matter. 
PHOTOS OF THE DAY

Storm Dennis hits the east coast at Aberystwyth harbour in Wales, as large parts of the UK are battered by strong winds and heavy rain
CREDIT: NDREW CHITTOCK/LNP
Red Arrows flying above Lincoln Cathedral in Lincolnshire on Friday afternoon as they continue their training for the coming season of airshows that start in May
CREDIT: CLAIRE HARTLEY/BAV MEDIA
A reveller wearing a mask takes part in the Venice Carnival 
CREDIT: ALBERTO PIZZAOL/AFP VIA GETTY IMAGES
Market Closes for February 16^th, 2021

Market Index	Close	Change
Dow Jones	31522.75	+64.35
		+0.20%
S&P 500	3932.59	-2.24
		-0.06%
NASDAQ	14047.500	-47.974 -0.34%
TSX	18492.72	+32.51
		+0.18%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30467.75	+585.60
		+1.28%
HANG SENG	30746.66	+573.09
		+1.90%
SENSEX	52104.17	-49.96
		-0.10%
FTSE 100*	6748.86	-7.25 -0.11%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.123	1.029
CND. 30 Year Bond	1.710	1.634
U.S.    10 Year Bond	1.3141	1.2082
U.S. 30 Year Bond	2.0918	2.0086

Currencies

BOC Close	Today	Previous
Canadian $	0.7868	0.7879
US $	1.2708	1.2691
Euro Rate 1 Euro=		Inverse
Canadian $	1.5365	0.6508
US $	1.2089	0.8271

Commodities

Gold	Close	Previous
London Gold Fix	1817.30	1840.10
Oil
WTI Crude Future	60.05	59.47

Market Commentary:
     On this day in 1822, Francis Galton was born near Sparkbrook, England. After studying medicine, exploring Africa and obsessively measuring everything he could find, he developed the statistical concept of “reversion to the mean,” or the inevitable tendency of above-average results to be followed by below-average results (and vice versa).
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks advanced for a second day as pot stocks outperformed. The S&P/TSX Composite index rose 0.2% Tuesday, supported by health and energy shares, while the materials and consumer staples sectors led decliners. Aphria was the day’s best performing stock, driven higher after Cantor said the larger Canadian cannabis companies deserve to trade at a premium to their U.S.-focused peers. On the M&A front, Onex Corp. and Pierre Karl Peladeau are contenders to buy Transat AT, if the tour operator’s deal to be acquired by Air Canada falls apart, according to a Desjardins Securities analyst. Meanwhile, Canadian home buyers are facing the tightest market on record, with a purchasing frenzy driven by the Covid-19 pandemic showing no signs of slowing down.
Commodities
* Western Canadian Select crude oil traded at a $11.25 discount to West Texas Intermediate
* Spot gold fell 1.4% to $1,793.96 an ounce
FX/Bonds
* The Canadian dollar fell 0.4% to C$1.2691 per U.S. dollar
* The 10-year Canada government bond yield rose about 9 basis points to 1.116%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the second
day, climbing 0.2 percent, or 32.29 to 18,492.50 in Toronto.
Aphria Inc. contributed the most to the index gain and had the largest move, increasing 27.6 percent.
Today, 99 of 220 shares rose, while 116 fell; 4 of 11 sectors were higher, led by energy stocks.
Insights
* The index advanced 3.6 percent in the past 52 weeks. The MSCI
AC Americas Index gained 18 percent in the same period
* The S&P/TSX Composite is 0.5 percent below its 52-week high on
Feb. 16, 2021 and 65.5 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.9 percent in the past 5 days and rose 3.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of
28.2 on a trailing basis and 17.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.85t
* 30-day price volatility fell to 13.59 percent compared with
13.76 percent in the previous session and the average of 11.48 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 32.1073| 1.5| 18/4
Financials | 21.6847| 0.4| 16/8
Health Care | 21.0561| 7.0| 8/1
Information Technology | 4.2475| 0.2| 3/7
Real Estate | -0.3769| -0.1| 11/14
Consumer Discretionary | -1.2582| -0.2| 4/9
Communication Services | -1.4873| -0.2| 3/3
Utilities | -3.6215| -0.4| 6/10
Consumer Staples | -5.2942| -0.8| 4/7
Industrials | -13.8687| -0.6| 12/17
Materials | -20.6718| -0.9| 14/36
US
By Kamaron Leach and Andreea Papuc
(Bloomberg) — U.S. bond yields surged to the highest in a year, while American stocks climbed to records as optimism over the economic recovery continued to ripple through markets. The yield on the benchmark 10-year Treasury note increased as much as nine basis points to 1.30%, the highest since February 2020. Global bonds extended the worst start to a year since 2013. The S&P 500, Nasdaq Composite and Dow Jones Industrial Average indexes all set records Tuesday, before easing from the
highs. The MSCI benchmark for emerging and developed market stocks snapped an 11 session winning streak. The reflation trade is powering assets tied to economic growth and price pressure, including commodities and cyclical stocks.
At the same time, investors are riding a wave of speculative euphoria from penny stocks to Bitcoin amid abundant policy support. “We certainly have data that suggests that being more glass half full than glass half empty remains the right posture,” said Eric Freedman, chief investment officer at U.S. Bank Wealth Management. “People are looking at parts of the world as well as sectors that have been underperforming and saying ‘hey this is maybe the next part of the market that heads higher.’” Here’s a look at how it’s playing out in global markets:
Stocks
The S&P 500 fell less than 0.1% as of 4:01 p.m. in New
York. It has added 4.7% so far in 2021. The Russell 2000, which has surged 15% this year, edged lower.
In Japan, the Nikkei 225 Stock Average extended its advance
past the 30,000 level. European markets were mostly little changed after a rally on Monday.
Commodities
Brent oil is holding near a 13-month high after freezing
temperatures crippled the Texas power system and disrupted crude
production. Nearly 5 million people across the U.S were plunged
into darkness as homes and businesses lost power. Natural gas
futures for March delivery surged as much as 10%.
In metals, copper climbed to the highest since 2012 and tin
extended a dramatic surge. Citigroup Inc. forecasts copper
prices will rally to $10,000 a ton in six to 12 months on a
better-than-expected recovery in demand, most notably outside China.
Bonds
Global debt markets are extending a selloff as investors
shift money to riskier assets. German bunds and U.K. gilts both
saw benchmark yields rise. The Treasury 30-year equivalent pushed above 2%.
Currencies
The dollar strengthened against most of its major peers.  The pound edged higher to $1.3911.
Bitcoin crossed a new milestone, surpassing $50,000 as the
blistering rally continues to captivate investors. Tesla Inc.’s
announcement that it added $1.5 billion in Bitcoin to its
balance sheet was the most visible recent catalyst. Companies
such as Mastercard Inc. and Bank of New York Mellon Corp. have
also moved to make it easier for customers to use cryptocurrencies.
Here are some key events coming up:
* Earnings roll on with companies including, Daimler, Credit Suisse, Deere, Danone and Nestle.
* Federal Open Market Committee minutes from the January meeting are due Wednesday.
* U.S. retail sales figures come on Wednesday.

Have a great night.

Be magnificent!
As ever,

Carolann

Success is not final, failure is not fatal:  it is the courage
to continue that counts. –Winston Churchill, 1874-1965.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

Dear Friends,

Tangents: Happy Friday.

It’s the start of the Lunar New Year!  Welcome to the Year of the Ox.

1554 – Lady Jane Grey, who had claimed the throne of England for nine days, was beheaded after being charged with treason.  Go to article »

Charles Darwin, naturalist, b. 1809
Abraham Lincoln, president, b. 1809.
R. Buckminster Fuller, architect, engineer, b. 1895.

Stonehenge may be a rebuilt stone circle from Wales, new research suggests.  That means those 43 huge stones were moved 150 miles. 

Here’s more evidence humans absorbed Neanderthals.

In pictures | Award-winning shots of Britain’s glorious night sky.

For Valentine’s Day: Celebrate love by learning to do it better.
Here are five movies about the power and resilience of romance, and five more about its misfortunes. Make your cinematic choices wisely

Quote of the Day:  “All of it washed down with red wine” – How a French nun celebrated her 117th birthday.  Everything’s aged to perfection.

PHOTOS OF THE DAY

Street actor Usman Khan, dressed up as silent film star Charlie Chaplin, performs at a train station in Pakistan’s northwestern city of Peshawar
CREDIT: ABDUL MAJEED/AFP VIA GETTY IMAGES

An ice diver prepares to dive in a hole on the frozen Lac de Montriond, at the Avoriaz ski resort, French Alps
CREDIT: JEFF PACHOUD?AFP VIA GETTY IMAGES

People ice skate on the icy Hofvijver pond in The Hague
CREDIT: BART MAAT/ANP?AFP VIA GETTY IMAGES

A baby kangaroo has a loving cuddle with its mother in Batemans Bay, New South Wales, Australia
CREDIT: LEAH-ANNE THOMPSON/ CATERS NEWS

Gary and Julie Winn enjoy a romantic moment on the snow covered hills above Downholme, in Swaledale, North Yorkshire
CREDIT: LORNE CAMPBELL/GUZELAIN
Market Closes for February 12^th, 2021

Market Index	Close	Change
Dow Jones	31458.40	+27.20
		+0.09%
S&P 500	3934.83	+18.45
		+0.47%
NASDAQ	14095.473	+69.699 +0.50%
TSX	18460.21	+67.22
		+0.37%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29520.07	-42.86
		-0.14%
HANG SENG	30173.57	+134.85
		+0.45%
SENSEX	51544.30	+12.78
		+0.02%
FTSE 100*	6589.79	+61.07 +0.94%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.029	1.000
CND. 30 Year Bond	1.634	1.597
U.S.    10 Year Bond	1.2082	1.1632
U.S. 30 Year Bond	2.0086	1.9500

Currencies

BOC Close	Today	Previous
Canadian $	0.7879	0.7870
US $	1.2691	1.2707
Euro Rate 1 Euro=		Inverse
Canadian $	1.5384	0.6500
US $	1.2121	0.8250

Commodities

Gold	Close	Previous
London Gold Fix	1840.10	1842.65
Oil
WTI Crude Future	59.47	58.24

Market Commentary:
     On this day in 1970, after 178 years, the New York Stock Exchange finally elected its first African-American member, Joseph L. Searles III. Hit by the bear market of 1970, Mr. Searles was forced to give up his membership that November.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities gained for a second straight week as energy firms, including Inter Pipeline Ltd. and Enerplus Corp., led the charge. The S&P/TSX Composite Index rose 0.4% Friday, with eight of 11 sectors higher. Industrials led Friday’s gain. Air Canada’s top executive is growing more optimistic about the chances of a government aid package, as a prolonged travel slump forces the Montreal-based airline to further cut capacity. Purpose Investments Inc. said Canadian securities regulators have cleared the launch of the Purpose Bitcoin ETF, making it the first to gain regulatory approval in North America. Oil in London climbed for a fourth straight week as efforts to clear an oil surplus are seen holding the market over until demand comes back in force.
Commodities
* Western Canadian Select crude oil traded at a $12 discount to West Texas Intermediate
* Spot gold fell 0.2% to $1,822 an ounce
FX/Bonds
* The Canadian dollar rose less than 0.1% to C$1.2700 per U.S. dollar
* The 10-year Canada government bond yield rose 3.0 basis points to 1.026%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.4 percent at
18,460.21 in Toronto. The move follows the previous session’s decrease of 0.4 percent.
Canadian National Railway Co. contributed the most to the
index gain, increasing 2.3 percent. PrairieSky Royalty Ltd. had the largest increase, rising 8.2 percent.
Today, 135 of 220 shares rose, while 83 fell; 8 of 11 sectors were higher, led by industrials stocks.
Insights
* So far this week, the index rose 1.8 percent
* The index advanced 3.5 percent in the past 52 weeks. The MSCI AC Americas Index gained 18 percent in the same period
* The S&P/TSX Composite is 0.4 percent below its 52-week high on Feb. 10, 2021 and 65.2 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of
27.4 on a trailing basis and 17.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.84t
* 30-day price volatility fell to 13.76 percent compared with
13.80 percent in the previous session and the average of 10.89 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | 32.8048| 1.5| 20/9
Energy | 20.3860| 0.9| 20/2
Financials | 18.2222| 0.3| 16/10
Consumer Staples | 5.2923| 0.8| 8/3
Materials | 2.8435| 0.1| 35/16
Real Estate | 0.3778| 0.1| 14/11
Communication Services | 0.0304| 0.0| 5/2
Consumer Discretionary | 0.0203| 0.0| 4/9
Health Care | -0.3838| -0.1| 4/4
Utilities | -4.0370| -0.4| 6/10
Information Technology | -8.3537| -0.4
US
By Vildana Hajric
(Bloomberg) — U.S. stocks advanced as investors looked toward signs that Washington is moving ahead with a spending bill. Oil futures rallied, while yields on benchmark Treasury notes rose past 1.2%. The S&P 500 closed at an all-time high ahead of a three-day weekend, adding more than 1% for the week, with energy producers among the best performers. Expedia Group Inc. fell after reporting results that missed expectations. European stocks gained. Hovering near record highs, stocks are looking for fresh catalysts. Even as vaccines are distributed to millions, the emergence of new virus variants threaten to extend lockdowns and delay economic recoveries.
House Democrats made progress on the spending bill, approving $1,400 checks to most Americans. The Senate remained occupied by former President Donald Trump’s impeachment trial. “Largely moving sideways is a reflection of the fact that we’ve had some pretty significant volatility in the two weeks preceding that and now we’re waiting for some of the current catalysts to manifest themselves,” said Arthur Hogan, chief market strategist at National Securities Corp. The MSCI World index of global stocks climbed 1.8% in the past five days, setting its own record. Part of the driver for the rally is that investors believe President Joe Biden’s Covid-19 relief package will deliver plenty of aid to the U.S. economy. At the same time, the vaccine rollout is making progress. Biden announced on Thursday that the U.S. has finished deals for 100 million additional vaccine doses each from Pfizer Inc. and Moderna Inc.

Here are the main moves in markets:
Stocks
The S&P 500 Index rose 0.5% at 4 p.m. in New York.
The Nasdaq Composite Index rose 0.5%.
The Dow Jones Industrial Average added 0.1%.
The MSCI All-Country World Index gained 0.4% with its 10^th straight advance.
Currencies
The Bloomberg Dollar Spot Index rose less than 0.1%.
The euro fell 0.1% to $1.2116.
The Japanese yen weakened 0.2% to 104.97 per dollar.
Bonds
The yield on 10-year Treasuries rose four basis points to 1.21%.
Germany’s 10-year yield jumped three basis points to -0.43%, the highest in more than five months.
Britain’s 10-year yield rose five basis points to 0.52%, the highest in about 11 months.
Commodities
West Texas Intermediate crude jumped 2.3% to $59.59 a barrel, the highest in more than two years.
Gold slipped 0.3% to $1,819.54 an ounce.
–With assistance from Cecile Gutscher.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Fortune favors the brave. –Virgil,  70 BC-19 BC.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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