Tangents:
November 16, 1973~ Skylab 4, with three astronauts on board, was launched from Cape Canaveral, Fla., on an 84-day mission. Go to article »
1885-Louis Riel hanged, Manitoba, led Northwest Rebellion.
Where does gold come from?
The Poem:
AUTUMN
by Louise Glück
The part of life
devoted to contemplation
was at odds with the part
committed to action.
Fall was approaching.
But I remember
it was always approaching
once school ended.
Life, my sister said,
is liked a torch passed now
from the body to the mind.
Sadly, she went on, the mind is not
there to receive it.
The sun was setting.
Ah, the torch, she said.
It has gone out, I believe.
Our best hope is that it’s flickering.
fort/da, fort/da, like little Ernst
throwing his toy over the side of his crib
and then purling it back. It’s too bad,
she said, there are no children here.
We could learn from them, as Freud did.
We would sometimes sit
on the benches outside the dining room.
The smell of leaves burning.
Old people and fire, she said.
Not a good thing. They burn their houses down.
How heavy my mind is,
filled with the past.
Is there enough room for the world to penetrate?
It must go somewhere, it cannot simply sit on the surface –
Stars gleaming over the water.
The leaves piled, waiting to be lit.
Insight, my sister said.
Now it is here.
But hard to see in the darkness.
You must find your footing
before you put your weight on it.
From Winter Recipes form the Collective, Carcanet.
PHOTOS OF THE DAY
Andy Warhol’s Nine Marilyns, which sold for $47,373,000, is displayed during the auction of the Macklowe collection at Sotheby’s
CREDIT: Yuki Iwamura/AFP/Getty Images
A lightning bolt strikes near the Uruguayan yacht club during a thunderstorm
CREDIT: Mariana Suarez/AFP/Getty Images
A man rides a bicycle along the sea wall after rainstorms lashed the western province of British Columbia
CREDIT: Jesse Winter/Reuters
Market Closes for November 16th, 2021
| Market Index |
Close | Change |
| Dow Jones |
36142.22 | +54.77 |
| +0.15% | ||
| S&P 500 | 4700.90 | +18.10 |
| +0.39% | ||
| NASDAQ | 15973.86 | +120.01
+0.76% |
| TSX | 21717.16 | +34.08 |
| +0.16% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 29808.12 | +31.32 |
| +0.11% | ||
| HANG SENG |
25713.78 | +322.87 |
| +1.27% | ||
| SENSEX | 60322.37 | -396.34 |
| -0.65% | ||
| FTSE 100* | 7326.97 | -24.89
-0.34% |
Bonds
| Bonds | % Yield | Previous % Yield | |
| CND. 10 Year Bond |
1.785 | 1.724 | |
| CND. 30 Year Bond |
2.123 | 2.070 | |
| U.S. 10 Year Bond |
1.6335 | 1.6162 | |
| U.S. 30 Year Bond |
2.0285 | 1.9952 |
Currencies
| BOC Close | Today | Previous |
| Canadian $ | 0.7961 | 0.7990 |
| US $ |
1.2561 | 1.2516 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 1.4221 | 0.7032 |
| US $ |
1.1321 | 0.8833 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
1859.90 | 1860.55 |
| Oil | ||
| WTI Crude Future | 80.76 | 80.88 |
Market Commentary:
On this day in 1999, Jay Walker, the founder of priceline.com, bought 2.1 million shares of the company’s stock from Delta Air Lines (an early backer of Priceline) for $59.93 per share. Delta locked in a gain of more than $120 million on shares for which it paid less than $2 million. A year later, Mr. Walker sold those shares for $8 million—losing $117 million by buying his own stock at the top and selling it at the bottom
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities regained ground on Tuesday to close higher after a one-day slump, boosted by technology stocks. The S&P/TSX Composite rose 0.2% at 21,717.16 in Toronto. The move follows the previous session’s decrease of 0.4%. Shopify Inc. contributed the most to the index gain, increasing 1.5%. Docebo Inc. had the largest increase, rising 6.4%. Today, 105 of 233 shares rose, while 124 fell; 4 of 11 sectors were higher, led by information technology stocks.
Insights
* This year, the index rose 25%, heading for the best year in at least 10 years
* The index advanced 29% in the past 52 weeks. The MSCI AC Americas Index gained 30% in the same period
* The S&P/TSX Composite is 0.4% below its 52-week high on Nov. 16, 2021 and 29.8% above its low on Nov. 16, 2020
* The S&P/TSX Composite is up 0.6% in the past 5 days and rose 3.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.8 on a trailing basis and 17.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.41t
* 30-day price volatility fell to 9.08% compared with 9.15% in the previous session and the average of 10.10% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 37.1634| 1.4| 10/5
* Financials | 16.9385| 0.2| 14/13
* Industrials | 13.5833| 0.5| 18/12
* Consumer Staples | 3.8642| 0.5| 11/2
* Health Care | -0.1741| -0.1| 4/5
* Real Estate | -0.9855| -0.2| 9/14
* Utilities | -1.0059| -0.1| 11/5
* Consumer Discretionary | -1.9263| -0.2| 6/7
* Communication Services | -2.1673| -0.2| 0/7
* Energy | -9.5524| -0.3| 12/10
* Materials | -21.6508| -0.8| 10/44
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 24.9600| 1.5| -18.4| 46.4
* Manulife Financial | 12.6700| 3.8| 155.0| 14.0
* Brookfield Asset Management | 5.3670| 0.7| -1.4| 43.1
* Suncor Energy | -3.1050| -0.9| -28.1| 50.6
* Nutrien | -4.4370| -1.3| -58.0| 39.0
* TC Energy | -5.0300| -1.2| -3.7| 18.4
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks climbed after the biggest jump in U.S. retail sales since March, with results from industry giants Walmart Inc. and Home Depot Inc. showing robust demand even as inflation squeezes purchasing power. The strong retail figures alongside better-than-estimated factory output and homebuilder confidence helped lift equities, overshadowing comments from Federal Reserve Bank of St. Louis President James Bullard that the central bank should speed up its reduction of monetary stimulus to offset inflation. All major equity benchmarks advanced, with the S&P 500 extending its November rally. Treasuries fell. “With the robust retail sales read and solid start to retail earnings, it’s crystal clear that inflation isn’t standing in the way of consumers,” said Mike Loewengart, managing director of investment strategy at E*TRADE Financial. “Despite some hiccups on the labor market and inflation fronts, this could serve as the vote of confidence investors needed, signaling that the economy is still chugging along nicely.”
President Joe Biden told reporters to expect him to announce a nominee for Fed chair in “the next four days.” Biden is weighing whether to reappoint Jerome Powell as leader of the central bank. He’s also interviewed Fed Governor Lael Brainard for the job, who is preferred by some progressive lawmakers and activists. The president hasn’t yet made a decision, according to a person familiar with the matter. “Based on how markets reacted when they learned Brainard was in the running, it’s clear who’s viewed as the more dovish between the two,” wrote Craig Erlam, senior market analyst at Oanda.
Ordinarily, that would make her the stock market’s pick, but it “may not necessarily be the case if investors view inflation as a greater risk than the central bank perceives, making inaction the less desirable approach longer term,” he added. Goldman Sachs Group Inc. strategists lifted their outlook for U.S. stocks, saying the rally that has pushed the benchmark index to successive record highs will continue into 2022. Global fund managers in Bank of America Corp.’s November survey are ending the year with the biggest overweight in American shares since August 2013, and JPMorgan Chase & Co. strategists remain bullish on equities amid bets central banks will stay dovish. Crescat Capital says it’s time for a “great rotation” away from shares of faster-growing U.S. companies and toward cheaper stocks. The money manager cited a comparison of enterprise value relative to sales for the Russell 1000 growth and value indexes in a blog post Saturday. The growth-value gap recently widened to 3.41 points, according to data compiled by Bloomberg. The differential exceeded a peak of 3.40 points from July 2000, shortly after the end of an internet-driven bull market.
Some corporate highlights:
* Home Depot posted stronger-than-expected results, a sign that spending on home improvement continues to stretch through the pandemic.
* Walmart signaled that it’s bracing for more pressure from global transportation snarls despite a broadly positive outlook.
* Qualcomm Inc., the biggest maker of chips that run smartphones, gave an upbeat sales forecast, fueled by growth in new markets.
* Netflix Inc. will start releasing lists of its most-popular TV shows and movies globally each week.
* Fitness company Peloton Interactive Inc. said it will sell about $1 billion of stock.
Elsewhere, cryptocurrencies fell, with Bitcoin dipping below $60,000, in a broad-based retreat from recent record highs.
What to watch this week:
* Euro region CPI, Wednesday
* U.S. housing starts, Wednesday
* Conference Board U.S. leading index, initial jobless claims, Thursday
* Fed’s Richard Clarida and Mary Daly speak at Asia Economic Policy Conference, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index rose 0.1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.5% to $1.1313
* The British pound was little changed at $1.3423
* The Japanese yen fell 0.6% to 114.84 per dollar
Bonds
* The yield on 10-year Treasuries advanced two basis points to 1.63%
* Germany’s 10-year yield declined one basis point to -0.24%
* Britain’s 10-year yield advanced three basis points to 0.99%
Commodities
* West Texas Intermediate crude fell 0.1% to $80.77 a barrel
* Gold futures fell 0.8% to $1,851.40 an ounce
–With assistance from Andreea Papuc, Cecile Gutscher, David Wilson, Emily Graffeo and Peyton Forte.
Have a lovely evening.
Be magnificent!
As ever,
Carolann
Rejoice in the things that are present; all else is beyond thee. -Michel De Montaigne, 1533-1592.
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
Trucks wait in a queue about 30km long at the border with Belarus after the Polish border gate in Kuznica was closed for security reasons
Makar Ignatov of Russia performs during the gala exhibition of the ISU Grand Prix of Figure Skating NHK Trophy
A camel owner shows off his animal at the Pushkar camel fair
Hindu devotees on the banks of the Surma River prepare to perform a ritual that invokes the energy of the sun to bring happiness
Migrants carry firewood as they gather at the Belarus-Poland border. About 15,000 Polish troops have joined riot police and guards at the border. The Belarusian Defense Ministry accused Poland of an “unprecedented” military buildup there, saying that migration control didn’t warrant such a force
President Emmanuel Macron meets veterans under the Arc de Triomphe during ceremonies marking the 103rd anniversary of Armistice Day
On the ‘eleventh hour of the eleventh day of the eleventh month’ in 1918 the Armistice was signed. Today the nation falls silent at 11:00 in an act of Remembrance of all those who have served and sacrificed.
Hindus gather on the banks of the Hooghly River during the Chhath festival, when rituals are performed to thank the sun god for sustaining life on Earth
A long-exposure photograph shows the launch of the SpaceX Falcon 9 rocket, with the Crew Dragon capsule, carrying three Nasa astronauts and one from ESA, on a mission to the International Space Station at the Kennedy Space Center in Florida
The dean of Salisbury, the Very Rev Nick Papadopulos, at the opening night of a light and music installation at Salisbury Cathedral in Wiltshire
Visitors enjoy the Glow winter light trail, featuring 1,100 coloured lights and five miles of cable, at RHS Garden Hyde Hall in Essex
The lord mayor elect, Vincent Keaveny, travels in the lord mayor’s state coach, believed to be the oldest ceremonial vehicle in regular use in the world, during a pre-dawn rehearsal of the Lord Mayor’s Parade. On Saturday Keaveny will be inaugurated as the 693rd lord mayor of the City of London
A perfect rainbow arches across the A69 in Northumberland, completing an autumnal scene
A waxing crescent moon sets behind the Statue of Liberty
A dog owner pauses while one of her dogs sniffs a row of telephone boxes. The UK Office of Communications (Ofcom) has laid out new rules to preserve the iconic red phone boxes in areas with poor mobile coverage and where they are in frequent use. The guidelines should save about 5,000 boxes
Performers entertain passengers at London Heathrow airport terminal 3 as the US reopens its borders to UK visitors. Thousands of travelers are jetting off on transatlantic flights for long-awaited reunions with family and friends
Great white pelicans wait to feed in the Mishmar HaSharon reservoir. Thousands of pelicans stop in the reservoir for food provided by the Israeli nature reserves authority as they make their way to Africa
A day-old zebra foal is seen with its mother at the zoo in Cali.
Tourists walk on the Perito Moreno Glacier at Los Glaciares national park. World leaders are gathered in Scotland at the Cop26 climate summit to push nations to ratchet up efforts to curb climate change. Experts say the amount of energy unleashed by planetary warming could melt much of the planet’s ice, raise global sea levels and increase extreme weather events
People stand on paddle boards on lake Sukko situated in the mountains of the Abrau Peninsula. This artificial pond, with its bald cypress trees planted in the mid-1930s, is considered a natural landmark. It repeats a constant cycle of running dry and refilling with each year’s wet season
Relief masks of the wives of Ionian warriors, found during excavations in the Neonteikhos ancient settlement, are exhibited after restoration at the Izmir Archeology Museum
A man walks in the snow
People light earthen lamps on the banks of the Sarayu during Deepotsav celebrations on the eve of the Hindu festival Diwali
Aurora borealis is seen in Glacier Bay, Alaska, in this image from a late-night time-lapse video
Autumn colours on Derwent island, Derwentwater in the Lake District,
Workers prepare garlands of marigolds at a wholesale flower market in preparation for Diwali
Artists perform on the banks of the Sarayu River on the eve of Diwali.
Standing With Giants, an art installation at Hampton Court Palace. It comprises more than 100 specially commissioned silhouettes of soldiers, including Indian soldiers who camped in Home Park, Hampton Court, during the first world war