Month: January 2022

Dear Friends,

Tangents: Happy Monday and last day of January.

On Jan. 31, 1865, the House of Representatives passed a constitutional amendment to abolish slavery. Go to article »
January 31, 1606: British provocateur Guy Fawkes, one of the Gunpowder Plot conspirators, who sought to blow up Parliament and to assassinate King James I for his repression of Roman Catholicism, is executed in London.
1958: Explorer I Space Satellite launched.
Franz Schubert, composer, b. 1797.
 
Tonga eruption was so intense, it caused the atmosphere to ring like a bell. 

Cold weather in Miami is causing a lot of falling iguanas.  Don’t worry! They may look lifeless for now, but these reptiles usually rejuvenate when it gets warm again. 

Learn about the first 3 billion years of life on our planet.  This paleontologist can help answer all your questions!

Our brains keep us 15 seconds in the past. (h/t Ellen Kominers)

The internet is totally different with ad blockers.

PHOTOS OF THE DAY

Thousands of starlings take wing at dawn. The birds fly west, leaving the city, and come back at sunset to sleep in parks and trees
CREDIT: Javier Belver/EPA

People walk past lantern decorations in Chinatown on lunar new year’s eve
CREDIT: Kim Kyung-Hoon/Reuters

Families enjoy the snow in Prospect Park, Brooklyn, after a powerful storm
CREDIT: Deccio Serrano/NurPhoto/Rex/Shutterstock

Market Closes for January 31^st, 2022

Market Index	Close	Change
Dow Jones	35131.86	+406.39
		+1.17%
S&P 500	4515.55	+83.70
		+1.89%
NASDAQ	14239.88	+469.31 +3.41%
TSX	21098.29	+356.54
		+1.72%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27001.98	+284.64
		+1.07%
HANG SENG	23802.29	+252.18
		+1.07%
SENSEX	58014.17	+813.94
		+1.42%
FTSE 100*	7464.37	-1.70 -0.02%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.771	1.760
CND. 30 Year Bond	2.046	1.999
U.S.    10 Year Bond	1.7767	1.7695
U.S. 30 Year Bond	2.1075	2.0740

Currencies

BOC Close	Today	Previous
Canadian $	0.7868	0.7827
US $	1.2709	1.2776
Euro Rate 1 Euro=		Inverse
Canadian $	1.4276	0.7005
US $	1.1232	0.8903

Commodities

Gold	Close	Previous
London Gold Fix	1788.15	1806.75
Oil
WTI Crude Future	88.15	86.82

Market Commentary:
On this day in 1940, the first monthly Social Security check was issued to Ida May Fuller, a 65-year-old retired legal secretary in Ludlow, Vt. Because Social Security launched only three years before she retired, Ms. Fuller had paid a cumulative total of only $24.75 in Social Security taxes. But her initial monthly check was $22.54—and, by the time she died in 1975 at the age of 100, she had collected a total of $22,888.92 in benefits, nearly 1,000 times what she paid in. 
Canada
By Geoffrey Morgan
(Bloomberg) — Shopify Inc. rallied 10.1% Monday to post its biggest one-day gain since early November and led all Canadian tech stocks higher.
The S&P/TSX Composite rose for the second day, climbing 1.7%, or 356.54 to 21,098.29 in Toronto.
The move was the most since rising 1.9% on Dec. 21.
Today, information technology stocks rose 7.2% and led the market higher, as 10 of 11 sectors gained; 209 of 241 shares rose, while 31 fell.
Ballard Power Systems Inc. had the largest increase, rising 12.9%.
Insights
* In the past year, the index had a similar or greater gain two times. The next day, it advanced after both occasions
* This month, the index fell 0.6%
* The index advanced 22% in the past 52 weeks. The MSCI AC Americas Index gained 19% in the same period
* The S&P/TSX Composite is 3.2% below its 52-week high on Nov. 16, 2021 and 22% above its low on Jan. 29, 2021
* The S&P/TSX Composite is up 2.6% in the past 5 days and fell 0.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19 on a trailing basis and 14.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.32t
* 30-day price volatility rose to 13.41% compared with 12.41% in the previous session and the average of 13.28% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 121.4340| 7.2| 15/1
* Financials | 90.7244| 1.3| 27/1
* Materials | 44.4440| 1.9| 45/10
* Energy | 28.4219| 0.9| 27/5
* Industrials | 21.7580| 0.9| 25/4
* Consumer Discretionary | 16.4150| 2.2| 13/1
* Consumer Staples | 11.3761| 1.5| 10/1
* Utilities | 10.9441| 1.2| 16/0
* Real Estate | 6.0761| 1.0| 19/5
* Health Care | 5.7784| 4.1| 8/0
* Communication Services | -0.8251| -0.1| 4/3
================================================================
| | |Volume VS| YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move|% Change | (%) | (%)
================================================================
* Shopify | 88.0400| 10.1| 48.5| -29.6
* Brookfield Asset Management | 21.0300| 3.1| 57.2| -8.4
* TD Bank | 20.0000| 1.6| -37.0| 5.0
* Rogers Communications | -1.6100| -1.0| 16.7| 7.0
* Canadian Natural Resources | -2.5050| -0.5| -13.9| 21.0
* Canadian Pacific | -8.4760| -1.4| 17.7| 0.0

US
By Vildana Hajric and Emily Graffeo
(Bloomberg) — U.S. equities ended a volatile month with a rally Monday as dip buyers emerged from last week’s jitters on central bank policy.
The S&P 500 rose 1.9% while the tech-heavy Nasdaq 100 added 3.3%, securing the best two-day rallies the indexes have seen since April and November 2020, respectively.
Traders were braced for instability following the stock market’s swings in and out of a correction after hawkish commentary from the Federal Reserve on Wednesday.
Instead, it was a slow march higher as traders increase their bets the Fed will begin successive rate hikes in March.
The dollar was weaker while Treasury yields rose.
“Until the market and the Fed stop leapfrogging each other in terms of interest rate expectations, the market will stay volatile,” wrote Deutsche Bank strategist Jim Reid, adding he wouldn’t be surprised by a swing in late trading.
The Nasdaq 100 has already recovered 6.6% from a low on Thursday, which can partly be explained by some short covering with traders buying back shares of the richly-valued tech stocks they previously bet against.
Short interest as a percentage of float for constituents in the index reached a roughly nine-month high earlier this month, according to a note from Wells Fargo.
That “provides fuel for a short covering rally,” said Christopher Harvey, head of the bank’s equity strategy.
There remains speculation over whether the fed funds rate might increase 25 or 50 basis points at the start of the Fed’s tightening cycle.
Yet, Michael O’Rourke, chief market strategist  at Jones trading Institutional Services, said it didn’t matter.
“Debating between 25 and 50 basis point for March is the equivalent to deciding between using a cup or a bucket to start emptying a swimming pool. One is larger than the other, but the difference is negligible relative to the task,” he said.
This week a flurry of companies from Alphabet Inc. to Exxon Mobil Corp. are expected to report financial results, potentially adding to the market’s volatility.
So far this quarter the stellar run of corporate profitability has continued. Of the 172 S&P 500 companies that have posted results so far, 81% have met or exceeded expectations, and profits have come in about 5% above the levels predicted.
“Equities are right now in a tug-of-war between better economy, better fundamentals and tighter money supply,” Troy Gayeski, chief market strategist at FS Investments, said by phone.
“You’re going to have to deal with market angst but the good news is the economy is on very firm footing and it would take another major exogenous shock, like a pandemic, or some type of major geopolitical situation” to really disrupt the economy and cause a recession, he added.
The MSCI World Index ended January with its worst monthly performance since March 2020.
Brent crude posted its best January in at least 30 years, with some predicting prices will surpass $100 a barrel.
And Bitcoin traded around $38,400, paring back a drop of almost 20% since the start of 2022. 
What to watch this week:
* Earnings are due from Alphabet, Amazon, Exxon Mobil, Ford Motor, Meta Platforms, Qualcomm, Sony, Spotify, UBS Group
* Reserve Bank of Australia rate decision, Tuesday
* Manufacturing PMIs, including euro zone, Tuesday
* OPEC+ meeting on output, Wednesday
* Euro zone CPI, Wednesday
* Bank of England, European Central Bank rate decisions, Thursday
* Fed Board of Governors confirmation hearing, Thursday
* U.S. factory orders, initial jobless claims, durable goods, Thursday
* U.S. payrolls report for January, Friday
* Winter Olympics kick off in China, Russia’s President Vladimir Putin due to attend opening ceremony, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.9% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 3.3%
* The Dow Jones Industrial Average rose 1.2%
* The MSCI World index rose 1.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.6%
* The euro rose 0.7% to $1.1233
* The British pound rose 0.3% to $1.3447
* The Japanese yen rose 0.2% to 115.07 per dollar
Bonds
* The yield on 10-year Treasuries advanced one basis point to1.78%
* Germany’s 10-year yield advanced six basis points to 0.01%
* Britain’s 10-year yield advanced six basis points to 1.30%
Commodities
* West Texas Intermediate crude rose 1.7% to $88.33 a barrel
* Gold futures rose 0.7% to $1,799.40 an ounce
–With assistance from Srinivasan Sivabalan, Joanna Ossinger, Cormac Mullen and Sunil Jagtiani.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

The best form of saying is being. –Che Guevara, 1928-1967.

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.
On Jan. 28, 1986, space shuttle Challenger exploded 73 seconds after liftoff from Cape Canaveral, killing all seven crew members.  Go to article »

The Poem:

At Last There is Yesterday
-by Wang Yin, translated by Andrea Lingenfelter

at last there is yesterday
at last there is fury
dreams now have a core
revolution resembles something like normal life at last
this day and last night are buried together entwined at last

youth gone from this world
the idea of youth gone from this world
the horn of the storm looks like a tilted cup
evening’s mirror no longer sketches me as ghost
a world washes clean is useless to me
silent stones, my teachers
those gentle talents
who comply with the fate arranged for them b
owing to this angry prophecy
setting out on a journey they will never complete

I, we, this mutable era of ours
each star follows its own god
as it turns its head.

PHOTOS OF THE DAY

Vehicles including a Port Authority bus are left stranded after a bridge collapsed along Forbes Avenue in Pittsburgh. At least 10 people were reportedly injured in the early-morning collapse, hours ahead of a scheduled visit by President Joe Biden to promote his infrastructure plan.
CREDIT: Jeff Swensen/Getty Images

Shetlanders in Viking costumes celebrate the annual Up Helly Aa festival. Their torch-lit march through Glasgow marked the opening of the Celtic Connections music festival. Performances are taking place in person this year after Covid restrictions were eased.
CREDIT: Jane Barlow/PA

A person walks behind the gate of the Sachsenhausen Nazi death camp with the phrase ‘Arbeit macht frei’ (work sets you free) in Oranienburg. This week marked the International Holocaust Remembrance Day on the day that the Auschwitz Nazi death camp was liberated, 27 January 1945.
CREDIT: Markus Schreiber/AP|

Market Closes for January 28^th, 2022

Market Index	Close	Change
Dow Jones	34725.47	+564.69
		+1.65%
S&P 500	4431.85	+105.34
		+2.43%
NASDAQ	13770.57	+417.79 +3.13%
TSX	20741.75	+197.64
		+0.96%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26717.34	+547.04
		+2.09%
HANG SENG	23550.08	-256.92
		-1.08%
SENSEX	57200.23	-76.71
		-0.13%
FTSE 100*	7466.07	-88.24 -1.17%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.760	1.776
CND. 30 Year Bond	1.999	1.998
U.S.    10 Year Bond	1.7695	1.7994
U.S. 30 Year Bond	2.0740	2.0870

Currencies

BOC Close	Today	Previous
Canadian $	0.7827	0.7848
US $	1.2776	1.2742
Euro Rate 1 Euro=		Inverse
Canadian $	1.4244	0.7020
US $	1.1149	0.8969

Commodities

Gold	Close	Previous
London Gold Fix	1806.75	1835.95
Oil
WTI Crude Future	86.82	86.61

Market Commentary:
On this day in 1905, Luther George Simjian, the inventor of the automatic teller machine (ATM), was born in Ainteb, Turkey.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities rallied to cap off a week of volatility as 10 out of 11 sectors climbed.
The S&P/TSX Composite rose 1% to 20,741.75 in Toronto.
The move was the biggest since rising 1.9% on Dec. 21 and follows the previous session’s decrease of 0.3%.
Today, information technology stocks led the market higher; 186 of 241 shares rose, while 50 fell.
Shopify Inc. contributed the most to the index gain, increasing 7.1%.
Hut 8 Mining Corp. had the largest increase, rising 8%
Insights
* In the past year, the index had a similar or greater gain 19 times. The next day, it advanced 12 times for an average 0.6% and declined seven times for an average 0.6%
* This month, the index fell 2.3%
* So far this week, the index rose 0.6%
* The index advanced 17% in the past 52 weeks. The MSCI AC Americas Index gained 14% in the same period
* The S&P/TSX Composite is 4.8% below its 52-week high on Nov. 16, 2021 and 19.9% above its low on Jan. 29, 2021
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.7 on a trailing basis and 14.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.29t
* 30-day price volatility rose to 12.41% compared with 12.19% in the previous session and the average of 13.47% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 87.2314| 5.5| 16/0
* Financials | 26.2399| 0.4| 20/6
* Energy | 25.8460| 0.8| 25/7
* Industrials | 18.6709| 0.8| 27/3
* Communication Services | 13.9693| 1.4| 7/0
* Consumer Staples | 9.1495| 1.2| 11/0
* Real Estate | 7.7300| 1.3| 24/0
* Utilities | 7.2588| 0.8| 12/4
* Consumer Discretionary | 6.3979| 0.9| 11/2
* Health Care | 5.1893| 3.8| 8/0
* Materials | -10.0326| -0.4| 25/28
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 57.6300| 7.1| 6.6| -36.0
* Brookfield Asset Management | 12.5200| 1.9| 6.3| -11.1
* Royal Bank of Canada | 10.2600| 0.7| 28.9| 6.7
* Teck Resources | -4.6830| -3.6| 76.5| 7.7
* TD Bank | -6.0010| -0.5| -57.8| 3.3
* Canadian Pacific | -9.8780| -1.7| 70.1| 1.4

US
By Rita Nazareth
(Bloomberg) — Stocks rallied at the end of a week marked by intense gyrations as strong earnings from Apple Inc. lured dip buyers, overshadowing fears that the Federal Reserve will have to act aggressively to thwart the fastest inflation since the 1980s.
The S&P 500 notched its biggest rally since June 2020, erasing its weekly losses.
The tech-heavy Nasdaq 100 — which is still set for its worst month since 2008 — jumped more than 3%.
The iPhone maker soared on results that sailed past Wall Street estimates, marking a victory against a supply-chain crunch fueled by the pandemic.
Bitcoin rallied.
“Given recent volatility, there is a hope corporate earnings can stabilize markets,” said Lindsey Bell, chief markets and money strategist at Ally. “Investors hope that market fundamentals, like earnings results, can shift the focus away from fears of central bank policy changes and inflation. It might take a lot of good news to change the tone on Wall Street, though.”
Markets have whipsawed since Fed Chair Jerome Powell signaled faster tightening, adding to investor concerns about geopolitical tensions and a slowdown in earnings.
BlackRock Inc.’s strategist Scott Thiel warned that the central bank risks a hawkish policy mistake as it strives to extinguish price pressures largely caused by the chaos in supply chains.
Meantime, Bank of America Corp. strategists led by Michael Hartnett cited “zero capitulation in equity positioning.”
The analysts, who track EPFR Global data, said stock mutual funds and exchange-traded products took in $17.1 billion in the week to Jan. 26 — the day when the Fed announced its policy decision.
Equities are still the best game in town, according to Goldman Sachs Group Inc.
That’s because stock valuations are “nowhere near” where they were at the height of the dotcom bubble two decades ago, said Sharmin Mossavar-Rahmani, head of the bank’s investment strategy group. Unlike in the late-90s, the U.S. equity market today has broad-based returns and its corporate earnings are fundamentally strong, she said.
Despite the fears that Fed tightening will snuff out growth, earnings sentiment has stayed firm.
Analysts have raised their 2022 profit estimates by roughly $1 to $221.4 a share this year.
About 80% of companies that have reported earnings so far this season have beaten projections.
While S&P 500 profits were estimated to expand 22% in the fourth quarter — half the rate seen in the previous period — that’s still more than twice as fast as the 10-year average, according to data compiled by
Bloomberg Intelligence.
Meanwhile, a slew of U.S. inflation measures out Friday underscored the breadth of price pressures and reinforced the Fed’s urgency to begin boosting rates.
The two biggest U.S. banks raised their forecasts on how quickly the central bank will hike this year, with Bank of America predicting a move at every meeting.
JPMorgan Chase & Co. separately lifted its call to five increases in 2022 from four previously.
Other corporate highlights:
* Visa Inc. reported earnings that topped the average analyst estimate.
* Caterpillar Inc.’s earnings beat estimates as surging demand and higher prices for diggers, bulldozers and trucks muted the impact of rising raw-materials costs.
* Chevron Corp. posted disappointing profits after slumping values for some long-held fields hurt the oil giant’s ability to take full advantage of surging energy prices.
* Robinhood Markets Inc.’s revenue that fell short of Wall Street estimates as equities trading declined and gave a disappointing outlook.

In geopolitical news, the Biden administration held discussions with the country’s largest banks on possible sanctions against Russia as part of its efforts to ensure such actions
won’t disrupt the global financial system.
Tensions have soared after Russia amassed tens of thousands of troops on Ukraine’s border.
While officials in Moscow have repeatedly said they have no intention of invading the country, Western allies are discussing a variety of measures should activity escalate.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 2.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 3.2%
* The Dow Jones Industrial Average rose 1.7%
* The MSCI World index rose 1.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1149
* The British pound was little changed at $1.3394
* The Japanese yen was little changed at 115.26 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 1.78%
* Germany’s 10-year yield advanced one basis point to -0.04%
* Britain’s 10-year yield advanced two basis points to 1.24%
Commodities
* West Texas Intermediate crude rose 0.7% to $87.21 a barrel
* Gold futures fell 0.3% to $1,789.20 an ounce
–With assistance from Sunil Jagtiani, Namitha Jagadeesh, Vildana Hajric and Emily Graffeo.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

It takes years and maturity to make the discovery that the power of faith is nobler than the power of doubt;
and that there is a celestial wisdom in the ingenuous propensity to trust,
which belongs to honest and noble natures. –Harriet Beecher Stowe, 1811-1896.

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:
January 27, 1996: Germany first observes the International Holocaust Remembrance Day.
January 27^th, 1880: Thomas Edison received a patent for his electric incandescent lamp.  Go to article » 
1973: Vietnam Peace Agreement signed.
Wolfgang Amadeus Mozart, b. 1756.
Mikhail Baryshnikov, dancer, b. 1948.
Lewis Carroll, writer, b. 1832.

Maybe it’s time to get medieval on our sleeping habits.

Astronomers spot never-before seen object 4,000 light-years away. 

One of the world’s most mysterious countries reopens trail for explorers.  Into the unknown!

PHOTOS OF THE DAY

Wreaths are placed at the Memorial to the Murdered Jews of Europe on International Holocaust Remembrance Day
CREDIT:  Markus Schreiber/AP

Snow covers rooftops in Jerusalem as seen from the Mount of Olives, showing the Dome of the Rock on the compound known to Muslims as Noble Sanctuary and to Jews as Temple Mount
CREDIT:  Ronen Zvulun/Reuters

A man and two little girl ride a scooter past lanterns and decorations for the upcoming Lunar New Year in the historical center of Beijing
CREDIT: Andrea Verdelli/Getty Images

Market Closes for January 27^th, 2022

Market Index	Close	Change
Dow Jones	34160.78	-7.31
		-0.02%
S&P 500	4326.51	-23.42
		-0.54%
NASDAQ	13352.79	-189.33 -1.40%
TSX	20544.11	-51.78
		-0.25%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26170.30	-841.03
		-3.11%
HANG SENG	23807.00	-482.90
		-1.99%
SENSEX	57276.94	-581.21
		-1.00%
FTSE 100*	7554.31	+84.53 +1.13%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.776	1.841
CND. 30 Year Bond	1.998	2.067
U.S.    10 Year Bond	1.7994	1.8637
U.S. 30 Year Bond	2.0870	2.1664

Currencies

BOC Close	Today	Previous
Canadian $	0.7848	0.7894
US $	1.2742	1.2668
Euro Rate 1 Euro=		Inverse
Canadian $	1.4199	0.7043
US $	1.1143	0.8974

Commodities

Gold	Close	Previous
London Gold Fix	1835.95	1847.30
Oil
WTI Crude Future	86.61	87.35

Market Commentary:
On this day in 1938, after a protracted fight with the new SEC, the New York Stock Exchange finally recommended an internal reorganization that would install a board of governors, a salaried independent president and a specialized administrative staff. Previously, the NYSE had functioned like a private gentleman’s club, with conduct enforced mainly by unspoken codes of honor and a pro-bono president chosen from among his fellow brokers.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities fell to their lowest point in more than a month, dragged lower by technology and materials sectors, as investors weighed prospects for monetary policy tightening.
The S&P/TSX Composite dropped 0.3 percent at 20,544.11 in Toronto.
Shopify Inc. contributed the most to the index decline, decreasing 5.6 percent. Hut 8 Mining Corp. had the largest drop, falling 11 percent.
Today, 141 of 241 shares fell, while 98 rose; 5 of 11 sectors were lower, led by information technology stocks.
Insights
* This month, the index fell 3.2 percent
* So far this week, the index fell 0.4 percent
* The index advanced 18 percent in the past 52 weeks. The MSCI AC Americas Index gained 13 percent in the same period
* The S&P/TSX Composite is 5.7 percent below its 52-week high on Nov. 16, 2021 and 18.8 percent above its low on Jan. 29, 2021
* The S&P/TSX Composite is down 2.4 percent in the past 5 days and fell 3.2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.5 on a trailing basis and 14.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.29t
* 30-day price volatility fell to 12.19 percent compared with 12.25 percent in the previous session and the average of 13.52 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -59.3221| -3.6| 3/13
* Materials | -31.6313| -1.3| 13/42
* Industrials | -4.6745| -0.2| 9/21
* Health Care | -3.6710| -2.6| 1/7
* Real Estate | -2.0099| -0.3| 10/12
* Financials | 0.6328| 0.0| 10/18
* Consumer Discretionary | 2.0543| 0.3| 7/7
* Utilities | 5.3201| 0.6| 11/5
* Consumer Staples | 5.6926| 0.8| 7/4
* Communication Services | 9.5034| 1.0| 6/1
* Energy | 26.3120| 0.9| 21/11
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Shopify | -47.6600| -5.6| 7.2| -40.3
* Bank of Montreal | -6.2680| -1.0| 86.3| 6.4
* Constellation Software | -5.4970| -2.0| -16.7| -13.6
* Royal Bank of Canada | 6.5490| 0.5| 84.0| 5.9
* Canadian Natural Resources | 8.9690| 1.7| -3.0| 22.1
* Suncor Energy | 9.1840| 2.6| 31.3| 14.6
US
By Rita Nazareth
(Bloomberg) — Stocks coughed up another sizable advance, the dollar jumped and gold plunged as investors continued to reprice assets to account for the Federal Reserve’s pivot to restrictive policy.
In a dizzying trading session, the S&P 500 erased a rally of almost 2%, while the tech-heavy Nasdaq 100 sank to its lowest since June.
Tesla Inc. tumbled 12% after the electric-car maker pushed back introductions of new models amid supply-chain challenges.
Intel Corp. dragged down fellow chipmakers on a disappointing profit forecast, while Apple Inc. dropped for an eighth straight day ahead of its results.
The dollar climbed alongside the two-year Treasury yield.
U.S. natural gas futures spiked, a sharp move that could be a sign of bearish wagers being squeezed out of the market.
More than $5 trillion has been wiped out from stock values this year as traders struggled to price the outlook for interest rates.
Markets had been factoring in four quarter-point hikes in 2022, but that edged toward five after Fed Chair Jerome Powell suggested the economy and labor market could handle a faster pace if warranted. Morgan Stanley’s strategist Andrew Sheets is doubling down on a bet that U.S. stocks are turning from leaders to laggards as they struggle to adjust to an era of tighter policy.
“Market volatility is not going away anytime soon as the ‘buy the dip’ crowd has a new motto, ‘sell the rally’,” wrote Edward Moya, senior market analyst at Oanda. “Today’s stock market rally did not last as corporate America reminded us that supply-chain troubles persist, and profit forecasts are not providing any reasons to be optimistic. Many traders are still processing what happened yesterday with the Fed.”
Other corporate highlights:
* Netflix Inc. soared as hedge fund magnate Bill Ackman acquired more than 3.1 million shares in a vote of confidence following a recent collapse in the streaming giant’s stock price.
* Comcast Corp. plans to double spending on content for its Peacock streaming service this year in an attempt to attract more paying subscribers.
* T. Rowe Price Group Inc. tumbled after the firm said client redemptions may continue with the Fed poised to raise rates.

What to watch this week:
* Euro zone economic confidence, consumer confidence Friday.
* U.S. consumer income, University of Michigan consumer sentiment Friday.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.5% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.2%
* The Dow Jones Industrial Average was little changed
* The MSCI World index fell 1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.7%
* The euro fell 0.9% to $1.1143
* The British pound fell 0.6% to $1.3380
* The Japanese yen fell 0.6% to 115.35 per dollar
Bonds
* The yield on 10-year Treasuries declined six basis points to 1.80%
* Germany’s 10-year yield advanced two basis points to -0.06%
* Britain’s 10-year yield advanced three basis points to 1.23%
Commodities
* West Texas Intermediate crude fell 0.4% to $87.01 a barrel
* Gold futures fell 2% to $1,795.80 an ounce.
–With assistance from Sunil Jagtiani, Namitha Jagadeesh, Vildana Hajric and Emily Graffeo.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Do what thy manhood bids thee do, from none but self expect applause.  He noblest lives and noblest dies
who makes and keeps his self-made laws. -Sir Francis Burton, 1821-1890.

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:
2020: American basketball player Kobe Bryant dies in a helicopter crash at the age of 41.  Kobe was considered one of the sport’s greatest players, winning five NBA championships with the Los Angeles Lakers.

1788: The first European settlers in Australia landed in present-day Sydney.  Go to article » 

The Bills-Chiefs game was the most-watched TV event since last year’s Super Bowl.  Were you among the 43 million people watching on the edge of your seat?
Gary and I watched the game – it was amazing!

A Scottish school project from 1996 ends up in Norway, 25 years later.

Once you know what failure feels like, determination chases success. -Kobe Bryant, 1978-2020.

PHOTOS OF THE DAY

A photomontage of Parliament Hill lido by the artist Belinda Lawley who has been investigating the rise in popularity of outdoor swimming. The image will be on display at the lido from Friday
CREDIT: Belinda Lawley

A whirling dervish performs on the frozen Lake Cildir
CREDIT: Gunay Nuh/Anadolu agency/Getty Images

Heiko Breuer, a conservator from the State Museum of Prehistory in Halle, Germany, shows off the Nebra Sky Disc, the world’s oldest map of the stars, which will be displayed at the British Museum’s Stonehenge exhibition
CREDIT: Dominic Lipinski/PA

Market Closes for January 26^th, 2022

Market Index	Close	Change
Dow Jones	34168.09	-129.64
		-0.38%
S&P 500	4349.93	-6.52
		-0.15%
NASDAQ	13542.12	+2.83 +0.02%
TSX	20595.89	+4.91
		+0.02%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27011.33	-120.01
		-0.44%
HANG SENG	24289.90	+46.29
		+0.19%
SENSEX	57858.15	+366.64
		+0.64%
FTSE 100*	7469.78	+98.32 +1.33%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.841	1.805
CND. 30 Year Bond	2.067	2.053
U.S.    10 Year Bond	1.8637	1.7689
U.S. 30 Year Bond	2.1664	2.1118

Currencies

BOC Close	Today	Previous
Canadian $	0.7894	0.7919
US $	1.2668	1.2627
Euro Rate 1 Euro=		Inverse
Canadian $	1.4239	0.7023
US $	1.1241	0.8896

Commodities

Gold	Close	Previous
London Gold Fix	1847.30	1831.60
Oil
WTI Crude Future	87.35	86.55

Market Commentary:
On this day in 1921, Akio Morita, future co-founder of Sony Corp., was born in Nagoya, Japan.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities edged higher after the Bank of Canada and the U.S. Federal Reserve signaled that they could hike interest rates as soon as March.
The S&P/TSX Composite advanced 0.02% to 20,595.89 in Toronto.
Bank of Montreal contributed the most to the index gain, increasing 1.3 percent.
Turquoise Hill Resources Ltd. had the  largest increase, rising 6.1 percent.
Today, 122 of 241 shares rose, while 115 fell; 6 of 11 sectors were higher, led by financial stocks.
Insights
* This month, the index fell 3 percent
* The index advanced 16 percent in the past 52 weeks. The MSCI AC Americas Index gained 11 percent in the same period
* The S&P/TSX Composite is 5.5 percent below its 52-week high on Nov. 16, 2021 and 19.1 percent above its low on Jan. 29, 2021
* The S&P/TSX Composite is down 2.9 percent in the past 5 days and fell 3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.6 on a trailing basis and 14.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.29t
* 30-day price volatility fell to 12.25 percent compared with 12.40 percent in the previous session and the average of 13.58 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 27.4372| 0.4| 16/10
* Energy | 17.2648| 0.6| 14/16
* Consumer Discretionary | 8.3674| 1.2| 8/6
* Utilities | 3.1771| 0.3| 11/4
* Real Estate | 2.1541| 0.4| 12/11
* Consumer Staples | 0.1892| 0.0| 9/2
* Communication Services | -0.6979| -0.1| 1/5
* Health Care | -2.5531| -1.8| 0/8
* Industrials | -6.1287| -0.3| 23/7
* Information Technology | -14.8239| -0.9| 12/4
* Materials | -29.4653| -1.2| 15/40
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Bank of Montreal | 8.4020| 1.3| 37.7| 7.4
* Enbridge | 7.7810| 1.1| 9.8| 5.8
* Bank of Nova Scotia| 7.5860| 1.0| -25.4| 1.0
* Brookfield Asset Management | -11.1200| -1.6| 40.0| -12.5
* Canadian National | -18.2700| -2.8| 208.5| -3.1
* Shopify | -22.2900| -2.5| 72.1| -36.8
US
By Rita Nazareth
(Bloomberg) — Stocks gains fizzled out and bond yields spiked as Jerome Powell signaled the Federal Reserve will steadily unwind its pandemic-era stimulus as it fights rampant inflation.
The S&P 500 posted a back-to-back loss after rallying more than 2% earlier Wednesday.
Meantime, the dollar climbed to a one-month high and 10-year Treasury yields approached 1.9%.
The central bank chief said he backs a March liftoff and won’t rule out a hike every meeting, while noting he’s inclined to boost his forecast for inflation by a “few tenths.”
In its statement, the Fed signaled its first rate hike since 2018 will happen “soon,” while saying it expects a balance-sheet reduction to start afterward.
Swaps traders are now pricing in around 30 basis points of tightening at the next central bank gathering in March.
The Fed typically moves rates in increments of 25 basis points, so that kind of pricing suggests that at least a standard hike is certain and there is around a one-in-five possibility of a 50 basis point hike.
Around 1.13 percentage points of tightening are priced in for the whole of 2022.

Comments:
* “After hearing Fed Chair Powell talk, it became clear the risk of more rate hikes was elevated and the earlier Wall Street rally fizzled,” wrote Edward Moya, senior market analyst at Oanda.
* “Powell made it as clear as possible that the Fed was willing to start raising interest aggressively, starting as soon as the next FOMC meeting, and continue doing so until inflation showed signs of falling.
Not surprisingly, markets took these comments as a signal that tighter policy was coming, and we’ve seen a predictable response,” wrote Matt Weller, global head of research at Forex.com.
* “The stock market is especially vulnerable to higher rates and the removal of the tailwind that the Fed’s asset purchases have provided for the past two years,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “We believe the economy will stay out of recession and the bull market in stocks will continue this year, but we are concerned that the volatility we have already witnessed this month will increase in the months ahead and would exercises caution in the near term.”

Other corporate highlights:
* Microsoft Corp. said its cloud-computing business has potential to drive growth, while Texas Instruments Inc.’s upbeat outlook signaled demand for electronic components remains high.
* Plane maker Boeing Co. recorded $5.5 billion in total charges and costs to cover higher factory and customer expenses for the 787 Dreamliner.
* AT&T Inc. posted earnings that topped estimates, giving investors less reason to fret over lavish free-phone promotions.
* Nasdaq Inc., operator of the technology-heavy stock exchange, posted record revenue that beat analysts’ expectations.
* Mattel Inc. won back the license to produce toys based on Walt Disney Co.’s princesses and the “Frozen” movies.

The latest economic readings showed that sales of new U.S. homes climbed in December to a nine-month high.
Meantime, the merchandise-trade deficit unexpectedly widened to a fresh record as imports continued to rise, outpacing shipments overseas.
On the geopolitical front, the U.S. told its citizens to consider leaving Ukraine now given the continuing tensions with Russia and the “unpredictable” security situation in the Eastern European nation.
Russian Foreign Minister Sergei Lavrov said the Kremlin will respond to any “aggressive” action by the U.S. as an ally of President Vladimir Putin proposed shipping weapons to separatists.
President Joe Biden said he would consider personally sanctioning Putin if he orders an invasion of Ukraine. What to watch this week:
* South African Reserve Bank rate decision Thursday.
* U.S. initial jobless claims, durable goods, GDP Thursday.
* Euro zone economic confidence, consumer confidence Friday.
* U.S. consumer income, University of Michigan consumer sentiment Friday.

Stocks
* The S&P 500 fell 0.1% as of 4:10 p.m. New York time
* The Nasdaq 100 rose 0.2%
* The Dow Jones Industrial Average fell 0.4%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.5%
* The euro fell 0.6% to $1.1238
* The British pound fell 0.3% to $1.3458
* The Japanese yen fell 0.7% to 114.63 per dollar
Bonds
* The yield on 10-year Treasuries advanced 10 basis points to 1.87%
* Germany’s 10-year yield was little changed at -0.07%
* Britain’s 10-year yield advanced three basis points to 1.20%
Commodities
* West Texas Intermediate crude rose 1.7% to $87.06 a barrel
* Gold futures fell 1.9% to $1,819.50 an ounce
–With assistance from Sunil Jagtiani, Namitha Jagadeesh, Vildana Hajric, Peyton Forte and Cecile Gutscher.
Have a nice evening.

Be magnificent!
As ever,

Carolann

Facing it, always facing it, that’s the way to get through.  Face it. –Joseph Conrad, 1857-1924.

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: Burns’ Night, Scotland, England, Newfoundland.
1959 American Airlines opened the jet age in the United States with the first scheduled transcontinental flight of a Boeing 707.  Go to article » 

1949-The first Emmy Awards is presented; there were only six categories, and nominated shows were limited to those that aired in the Los Angeles area.

Robert Burns, poet,  b. 1759.
Virginia Woolf, author, b. 1882.
W. Somerset Maugham, writer, b. 1874.

Saturn’s ‘Death Star’ moon could harbor a hidden ocean.  Yes, it looks strangely similar to the Death Star from the “Star Wars” movies, but a thick ice shell is protecting anything from getting in or out. Sorry, Han and Luke.

So many people want this truck that Ford stopped taking orders.  Do we have any truck fans? This is the last week to get on the waiting list for this popular 2022 model.

Mind the gap: there are about 40 billion billion (that’s “quintillion” to number geeks) black holes in the universe.

Pro tip: Don’t play chess with Harvard mathematician Michael Simkin, who just solved a 150-year-old chess puzzle. (h/t Scott Kominers)

PHOTOS OF THE DAY

Charlotte Casiraghi rides a horse on the catwalk as part of Chanel’s haute couture show
CREDT: David Fisher/Rex/Shutterstock

A member of staff at the Royal Academy of Arts looks at Second Version of Triptych 1944 on display in the Francis Bacon: Man and Beast exhibition
CREDIT: Jonathan Brady/PA

The northern lights appear over a forest in the Arctic Circle
CREDIT: Lev Fedoseyev/Tass

Market Closes for January 25^th, 2022

Market Index	Close	Change
Dow Jones	34297.73	-66.77
		-0.19%
S&P 500	4356.45	-53.68
		-1.22%
NASDAQ	13539.30	-315.83 -2.28%
TSX	20590.98	+19.68
		+0.10%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27131.34	-457.03
		-1.66%
HANG SENG	24243.61	-412.85
		-1.67%
SENSEX	57858.15	+366.64
		+0.64%
FTSE 100*	7371.46	+74.31 +1.02%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.805	1.812
CND. 30 Year Bond	2.053	2.050
U.S.    10 Year Bond	1.7689	1.7706
U.S. 30 Year Bond	2.1118	2.1118

Currencies

BOC Close	Today	Previous
Canadian $	0.7919	0.7912
US $	1.2627	1.2639
Euro Rate 1 Euro=		Inverse
Canadian $	1.4269	0.7008
US $	1.1300	0.8850

Commodities

Gold	Close	Previous
London Gold Fix	1831.60	1837.60
Oil
WTI Crude Future	86.55	84.11

Market Commentary:
On this day in 1853, basic financial disclosure became mandatory for all companies seeking to list their stock for trading on the New York Stock & Exchange Board.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 20,590.98 in Toronto, ending a 5-day loss.
The gain follows the previous session’s decrease of 0.2 percent.
Suncor Energy Inc. contributed the most to the index gain, increasing 5.0 percent.
Turquoise Hill Resources Ltd. had the largest increase, rising 15.6 percent.
Today, 131 of 241 shares rose, while 106 fell; 6 of 11 sectors were higher, led by energy stocks.
Insights
* This month, the index fell 3 percent
* The index advanced 15 percent in the past 52 weeks. The MSCI AC Americas Index gained 11 percent in the same period
* The S&P/TSX Composite is 5.5 percent below its 52-week high on Nov. 16, 2021 and 19 percent above its low on Jan. 29, 2021
* The S&P/TSX Composite is down 3.2 percent in the past 5 days and fell 3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.6 on a trailing basis and 14.4 times estimated earnings of its members for the coming year * The index’s dividend yield is 2.7 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.29t
* 30-day price volatility little changed to 12.40 percent compared with 12.40 percent in the previous session and the average of 13.65 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 72.3592| 2.4| 27/5
* Financials | 17.7822| 0.3| 18/10
* Materials | 14.7957| 0.6| 41/14
* Communication Services | 4.4637| 0.4| 3/3
* Consumer Staples | 1.9412| 0.3| 6/5
* Real Estate | 1.5058| 0.2| 14/8
* Health Care | -1.2673| -0.9| 2/6
* Utilities | -7.0116| -0.8| 3/13
* Consumer Discretionary | -7.7041| -1.1| 4/10
* Industrials | -10.1841| -0.4| 9/20
* Information Technology | -66.9863| -3.9| 4/12
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Suncor Energy | 16.5700| 5.0| 18.4| 10.1
* Canadian Natural Resources | 13.6600| 2.7| -17.7| 19.7
* Enbridge | 12.0900| 1.7| 59.8| 4.7
* CGI Inc | -5.2800| -3.3| 59.4| -8.9
* Constellation Software | -8.2440| -2.9| 66.2| -13.9
* Shopify | -45.7500| -4.9| 57.0| -35.1

US
By Rita Nazareth, Vildana Hajric and Emily Graffeo
(Bloomberg) — The afternoon rebound for stocks proved short-lived, with major averages falling again as investors remained on edge over the Federal Reserve’s inflation-fighting stance and Russia’s saber-rattling against Ukraine.
In another jittery session, the S&P 500 closed at the lowest since October, with tech shares weighing heavily on trading.
The gauge briefly erased losses as dip buyers resurfaced at one point to snap up bargains after a slide of nearly 3% earlier in the day.
Unlike Monday, the index failed to make a dramatic comeback.
In fact, there have never been two consecutive sessions when the index drew down at least 2% from the previous day’s close to finish higher,
according to data compiled by Bloomberg going back to the early 1980s.
In late trading, Microsoft Corp. sank even after sales beat estimates.
The risk of a “growth shock” to equities is increasing, according to Goldman Sachs Group Inc. strategists.
Ahead of Wednesday’s Fed decision that’s expected to point toward a rate hike in March, they warned that sharp monetary tightening to tame inflation could eventually have knock-on effects on
economic activity, hurting stocks.
The International Monetary Fund cut its world growth forecast for 2022, citing weaker prospects for the U.S. and China along with persistent inflation.
Comments:
* “Volatility is back. We’re having a sea-change in terms of Fed policy. Equity investors frankly have been behind the curve in anticipating what’s coming, so there’s a lot of catch-up to do,” Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, told Bloomberg Television
* “When everyone is wondering what the state of the world is, you are exposed to these extreme movements in price action that have no fundamental catalyst. The bad thing is that can take you
off in a direction that’s very scary,” said Mike Zigmont, head of trading and research at Harvest Volatility Management.
* “Is it time to dive into the market wholesale? I don’t think quite yet. I’m looking for the Fed to actually begin liftoff to sort of usher in an era of perhaps modestly less volatility than we’ve experienced in January,” Kate Moore, BlackRock global allocation team head of thematic strategy, told Bloomberg Television.

On the geopolitical front, Deputy Treasury Secretary Wally Adeyemo said the U.S. and its European allies have economic sanctions “at the ready” in case Russian troops invade Ukraine.
A Kremlin spokesman warned that a White House move to put as many as 8,500 troops on alert “exacerbates tensions,” while top Biden administration officials said reinforcements for North Atlantic Treaty Organization forces in Eastern Europe and potential sanctions on Russia are ready to go.
Corporate highlights:
* International Business Machines Corp. reported revenue that beat estimates, buoyed by strong demand in the software unit.
* American Express Co. raised forecasts for revenue and profit after spending on its cards surged to a record.
* Health-care giant Johnson & Johnson projected 2022 earnings and sales above Wall Street’s expectations.
* General Electric Co. missed sales expectations for the fourth quarter as it grappled with worsening supply-chain pressures.
* Nvidia Corp. is quietly preparing to abandon its purchase of Arm Ltd. from SoftBank Group Corp. after making little to no progress in winning approval for the $40 billion chip deal, according to people familiar with the matter.

What to watch this week:
* Fed monetary policy decision Wednesday.
* EIA crude oil inventory report Wednesday.
* U.S. new home sales, wholesale inventories Wednesday.
* South African Reserve Bank rate decision Thursday.
* U.S. initial jobless claims, durable goods, GDP Thursday.
* Euro zone economic confidence, consumer confidence Friday.
* U.S. consumer income, University of Michigan consumer sentiment Friday.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.5%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index fell 0.9%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.2% to $1.1303
* The British pound rose 0.2% to $1.3509
* The Japanese yen was little changed at 113.89 per dollar
Bonds
* The yield on 10-year Treasuries advanced one basis point to 1.78%
* Germany’s 10-year yield advanced three basis points to -0.08%
* Britain’s 10-year yield advanced four basis points to 1.16%
Commodities
* West Texas Intermediate crude rose 2.5% to $85.36 a barrel
* Gold futures rose 0.3% to $1,850.40 an ounce
–With assistance from Sunil Jagtiani, Namitha Jagadeesh and Elaine Chen.
Have a wonderful evening.

Be magnificent!
As ever,

Carolann

A simple rule in dealing with those who are hard to get along with is to remember that this person is striving
to assert his superiority; and you must deal with him from that point of view. –Alfred Adler, 1870-1937.

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:
2008: French bank Société Générale announced it had uncovered a $7.14 billion fraud by a single futures trader.  Go to article » 
1935: first canned beer.
 
Odd Lots: The electric vehicle revolution is on and it’s going to change everything. 
 
We’re one step closer to those flying cars we were promised. (h/t Mike Smedley)
 
The Tao of Wee Man.
 
Oumuamua is still a mystery.

PHOTOS OF THE DAY

Children walk in front of The Blue Boy by Thomas Gainsborough at the National Gallery. The painting was last publicly displayed in Britain 100 years ago and is on loan from the Huntington Gallery in San Marino, California
CREDIT: Hannah McKay/Reuters

A newlywed American couple pose during a photo shoot near the Acropolis
CREDIT:  Louisa Gouliamaki/AFP/Getty Images

British rowers (front to back) Charlotte Irving, Kat Cordiner and Abby Johnston pose on their way to breaking the world record for a female trio crossing the Atlantic. Raising money for Cancer Research UK, Cordiner, who has secondary ovarian cancer, and her teammates arrived in Antigua on Sunday evening after completing the 3,000-mile journey from La Gomera in the Canary Islands in 42 days, seven hours and 17 minutes
CREDIT: Cancer Research UK/PA

Market Closes for January 24^th, 2022
 

Market Index	Close	Change
Dow Jones	34364.50	+99.13
		+0.29%
S&P 500	4410.13	+12.19
		+0.28%
NASDAQ	13855.13	+86.21  +0.63%
TSX	20571.30	-50.09
		-0.24%

 
 
 
 
 
 
 
 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27588.37	+66.11
		+0.24%
HANG SENG	24656.46	-309.09
		-1.24%
SENSEX	57491.51	-1545.67
		-2.62%
FTSE 100*	7297.15	-196.98   -2.63%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.812	1.791
CND. 30 Year Bond	2.050	1.999
U.S.    10 Year Bond	1.7706	1.7581
U.S. 30 Year Bond	2.1118	2.0710

Currencies

BOC Close	Today	Previous
Canadian $	0.7912	0.7950
US $	1.2639	1.2578
Euro Rate 1 Euro=		Inverse
Canadian $	1.4314	0.6986
US $	1.1326	0.8829

Commodities

Gold	Close	Previous
London Gold Fix	1837.60	1845.35
Oil
WTI Crude Future	84.11	86.24

Market Commentary:
On this day in 1848, workers dredging a stream to speed up the waterflow into the sluiceway of John Sutter’s sawmill in Coloma, Calif., struck a bed of soft yellow rock. James W. Marshall, scooping up a dozen pure gold nuggets in his wool top hat, exclaimed, “Boys, I’ve got ‘er now!” The California gold rush was on.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities fell 0.2%, recovering from a 3.4% intraday tumble amid an earlier global market rout.
Major U.S. indices rebounded from the mid-day slump to close higher.
Companies in the energy and real estate sectors led losses as oil prices fell and interest rate hikes loom.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 1.1 percent.
First Majestic Silver Corp. had the largest drop, falling 5.1 percent.
Today, 153 of 241 shares fell, while 83 rose; 8 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index fell 3.1 percent
* The index advanced 15 percent in the past 52 weeks. The MSCI AC Americas Index gained 12 percent in the same period
* The S&P/TSX Composite is 5.6 percent below its 52-week high on Nov. 16, 2021 and 18.9 percent above its low on Jan. 29, 2021
* The S&P/TSX Composite is down 4.5 percent in the past 5 days and fell 3.1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.6 on a trailing basis and 14.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.3t
* 30-day price volatility fell to 12.40 percent compared with 12.55 percent in the previous session and the average of 13.81 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -56.9505| -0.8| 3/25
* Energy | -38.2293| -1.3| 10/22
* Materials | -19.6539| -0.8| 15/39
* Real Estate | -5.6325| -0.9| 4/20
* Communication Services | -4.7709| -0.5| 2/4
* Utilities | -2.0811| -0.2| 6/9
* Industrials | -1.7162| -0.1| 13/15
* Health Care | -0.4039| -0.3| 4/4
* Consumer Discretionary | 3.3577| 0.5| 8/6
* Consumer Staples | 9.3105| 1.3| 6/5
* Information Technology | 66.6637| 4.0| 12/4
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* TD Bank | -13.6300| -1.1| 24.4| 2.3
* Canadian Natural Resources | -13.2500| -2.6| 162.0| 16.6
* Royal Bank of Canada | -12.8000| -0.9| 88.1| 6.8
* Brookfield Asset Management | 5.5080| 0.8| 70.5| -11.3
* Couche-Tard | 6.8010| 2.4| 59.6| -6.1
* Shopify | 60.8400| 7.0| 156.7| -31.8
US
By Rita Nazareth and Emily Graffeo
(Bloomberg) — A stock selloff that at one point rivaled any of the last two years was all but wiped out as dip buyers emerged by Monday’s close, the latest breathtaking reversal in markets rattled by geopolitical tensions and the Federal Reserve’s campaign against inflation.
In a session marked by explosive trading volume and wild market swings, the S&P 500 rebounded after tumbling as much as 4% earlier in the day.
Retail, industrial and energy companies led gains in the benchmark gauge.
The dollar pared gains, while 10-year Treasuries were little changed.
Concerns over the Fed’s imminent rate hike have weighed on risk assets.
A team of Oppenheimer strategists led by John Stoltzfus wrote in a Monday note that the stock market recovery may come sooner than expected and “it’s time to make shopping lists and look for ‘babies that got thrown out with the bath water.’” 
“Look at this oversold condition that we’re in, and the longer-term upward trend that the market is still in, and combine that with the fact that credit spreads are so well behaved right now,” Victoria Fernandez, chief market strategist at Crossmark Global Investments Inc. told Bloomberg Television.  “There’s still some support for the equity markets, there’s just going to be quite a bit of volatility.”
Speculators who scrapped bullish bets on the dollar at the fastest pace in more than 18 months are now missing out on the currency’s rally ahead of the Fed decision on Wednesday.
Net-long aggregate speculative positions versus major peers have dropped the most since June 2020, according to the latest data from the Commodity Futures Trading Commission.
U.S. President Joe Biden was set to hold a call with European leaders as western nations work to strike a unified position on Russia.
The North Atlantic Treaty Organization said it would boost its deployments in eastern Europe in a bid to deter a new invasion in Ukraine.
Russian President Vladimir Putin has denied he’s planning an attack.

What to watch this week:
* IMF launches the World Economic Outlook update Tuesday.
* U.S. U.S. Conf. Board consumer confidence Tuesday.
* Fed monetary policy decision Wednesday.
* EIA crude oil inventory report Wednesday.
* U.S. new home sales, wholesale inventories Wednesday.
* South African Reserve Bank rate decision Thursday.
* U.S. initial jobless claims, durable goods, GDP Thursday.
* Eurozone economic confidence, consumer confidence Friday.
* U.S. consumer income, University of Michigan consumer sentiment Friday.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.3% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.5%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index fell 0.7%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.2% to $1.1324
* The British pound fell 0.5% to $1.3487
* The Japanese yen fell 0.2% to 113.96 per dollar
Bonds
* The yield on 10-year Treasuries advanced one basis point to 1.77%
* Germany’s 10-year yield declined four basis points to -0.11%
* Britain’s 10-year yield declined four basis points to 1.13%
Commodities
* West Texas Intermediate crude fell 1.6% to $83.81 a barrel
* Gold futures rose 0.6% to $1,845.70 an ounce
–With assistance from Sunil Jagtiani, Robert Brand, Elaine Chen and Vildana Hajric.
 
Have a lovely evening.
 
Be magnificent!
As ever,
 
Carolann
 
Mediocrity knows nothing higher than itself, but talent instantly recognizes genius. –Sir Arthur Conan Doyle, 1859-1930.
 
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.
January 21, 1976 The supersonic Concorde jet was put into service by Britain and France. Go to article » 

1915: Kiwanis International is founded.
Christian Dior, designer, b.1905.

Hubble captures a black hole forming stars, not eating them.

The most amazing statistical achievement in U.S. sports history.

The hot water bottle is back.

Rare snow and hailstorms cover Saudi Arabian desert.  The sweltering Saudi desert is now blanketed in snow? Okay Mother Nature, you’re just showing off now.

You have to win a lottery to camp at this Yosemite site.  Only the lucky ones can sleep outside here!

PHOTOS OF THE DAY
A combination of satellite images taken by Himawari-8, a Japanese weather satellite operated by Japan Meteorological Agency, shows the eruption of the Hunga Tonga-Hunga Ha’apai volcano.
CREDIT: National Institute of Information and Communications Technology/AP
A long-tailed tit in a park in Sapporo, northern Japan. Also called ‘snow fairy’, the 14cm-long bird has become a favourite for photo enthusiasts.
CREDIT: Jiji Press/EPA
Livestock breeders carry hay for goats to the forest during winter in Ovacık district
Anadolu Agency/Getty Images

Market Closes for January 21^st, 2022

Market Index	Close	Change
Dow Jones	34265.37	-450.02
		-1.30%
S&P 500	4397.94	-84.79
		-1.89%
NASDAQ	13768.92	-385.10 -2.72%
TSX	20621.39	-436.79
		-2.07%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27522.26	-250.67
		-0.90%
HANG SENG	24965.55	+13.20
		+0.05%
SENSEX	59037.18	-427.44
		-0.72%
FTSE 100*	7494.13	-90.88 -1.20%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.791	1.836
CND. 30 Year Bond	1.999	2.051
U.S.    10 Year Bond	1.7581	1.8040
U.S. 30 Year Bond	2.0710	2.1169

Currencies

BOC Close	Today	Previous
Canadian $	0.7950	0.7998
US $	1.2578	1.2503
Euro Rate 1 Euro=		Inverse
Canadian $	1.4273	0.7006
US $	1.1347	0.8812

Commodities

Gold	Close	Previous
London Gold Fix	1845.35	1826.95
Oil
WTI Crude Future	86.24	86.90

Market Commentary:
On this day in 1993, just over a year after breaking the 600 mark, the Nasdaq Composite broke the 700 barrier for the first time, finishing the day at 700.77.  (It closed today at 13,768.92 – a gain of +1,864.83 % in 29 years, underscoring the oft repeated sage advice to “invest for the long term”.)
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian equities tumbled Friday amid a broader market sell off for information technology, materials and energy stocks.
The S&P/TSX Composite fell for the fourth day, dropping 2.1%, or 436.79 to 20,621.39 in Toronto.
The move was the biggest since falling 2.3% on Nov. 30.
Shopify Inc., until recently Canada’s most valuable company, contributed the most to the index decline and had the largest move, decreasing 13.4%.
Information technology stocks led the market lower, as every sector except utilities declined; 216 of 241 shares fell, while 25 rose.
Insights
* In the past year, the index had a similar or greater loss two times. The next day, it declined 0.9% once and advanced 0.1% once
* This month, the index fell 2.8%
* So far this week, the index fell 3.4%, heading for the biggest decline since the week ended Oct. 30
* The index advanced 15% in the past 52 weeks. The MSCI AC Americas Index gained 12% in the same period
* The S&P/TSX Composite is 5.4% below its 52-week high on Nov. 16, 2021 and 19.2% above its low on Jan. 29, 2021
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.6 on a trailing basis and 14.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.37t
* 30-day price volatility rose to 12.55% compared with 10.94% in the previous session and the average of 14.10% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology| -140.8638| -7.8| 3/13
* Financials | -82.9469| -1.2| 1/27
* Energy | -82.2839| -2.7| 0/32
* Materials | -61.9867| -2.5| 2/53
* Industrials | -27.2399| -1.1| 5/25
* Consumer Staples | -13.0261| -1.8| 3/8
* Real Estate | -11.5576| -1.9| 1/23
* Consumer Discretionary| -10.1931| -1.4| 0/14
* Communication Services| -5.4398| -0.5| 0/7
* Health Care | -1.4765| -1.0| 1/7
* Utilities | 0.2361| 0.0| 9/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Shopify | -133.9000| -13.4| 119.0| -36.2
* TD Bank | -18.2500| -1.4| 4.8| 3.4
* Canadian Natural Resources | -17.0500| -3.2| 35.3| 19.6
* Brookfield Infrastructure | 1.4400| 0.9| 137.2| -0.9
* Fortis | 2.0110| 1.1| 92.3| -3.4
* Constellation Software | 2.7010| 1.0| 1.1| -12.1

US
By Vildana Hajric and Emily Graffeo
(Bloomberg) — Stocks fell, capping the worst week since the outbreak of the pandemic roiled markets, with tech shares bearing the brunt of the selloff amid shaky company earnings and prospects for higher U.S. interest rates.
The S&P 500 closed below its 200-day moving average, a key technical level, for the first time since 2020.
The tech-heavy Nasdaq 100 slid the most among major benchmarks on Friday, led by a more than 20% plunge in shares of streaming giant  Netflix Inc.
Bitcoin tumbled in an extended selloff for cryptocurrencies, briefly falling below $38,000 to its lowest level in more than five months.
Volatility that has gripped markets this month showed little sign of letting up Friday, with the S&P 500 falling for a fourth day, extending losses in the period to 5.7% for the worst, albeit shortened, week since March 2020.
Option expirations of more than $3 trillion helped add to market turbulence.
“This is the longest short week, I think, in history, right?” Jay Pelosky, founder and president of TPW Investment Management, said on Bloomberg TV. “It’s only been a four-day week and it feels like it’s been two weeks rolled into one.”
The U.S. company reporting season so far has been uneven, highlighting the risk that it may fail to enliven animal spirits in the stock market.
While Netflix’s disappointing subscriber outlook sent its shares tumbling, while Peloton Interactive Inc. suggested it was poised to rebound after the darling of the stay-at-home trade was hit by a report of temporary production halts.
Markets are also bracing for rate liftoff by the Federal Reserve.
Economists surveyed by Bloomberg expect policy makers to raise interest rates in March for the first time in more than three years and shrink their balance sheet soon after.
Geopolitical tensions are also adding to the jitters.
A report that Washington is allowing some Baltic states to send U.S.-made weapons to Ukraine stoked concerns about a standoff with Russia.

“There are plenty of risks in the global economy, including geo-political events,” wrote Ethan Harris, head of global economics at Bank of America Global Research. “However, in our view, the biggest near-term risk is right in front of us: that the Fed is seriously behind the curve and has to get serious about fighting inflation.”
Demand for havens pushed the 10-year Treasury yield down more than 10 basis points in three days to 1.75%, leaving the rate lower on the week, the first decline for the period in five weeks.
The selloff in equity markets has volatility indexes pricing more turbulence near term than in the future.
The setup, known as an inverted VIX.
Such an inverted curve has occurred four other times in the past year and all coincided with market bottoms.
“We’re all going to breathe an extra sigh of relief once this session finally closes and then we can put an end to this week, because it’s been painful all around,” said Adam Phillips, managing director of Portfolio Strategy at EP Wealth Advisors in Torrance, California.
Some of the main moves in markets: 
Stocks
* The S&P 500 fell 1.9% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.7%
* The Dow Jones Industrial Average fell 1.3%
* The MSCI World index fell 1.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro rose 0.3% to $1.1345
* The British pound fell 0.3% to $1.3557
* The Japanese yen rose 0.4% to 113.68 per dollar
Bonds
* The yield on 10-year Treasuries declined five basis points to 1.76%
* Germany’s 10-year yield declined four basis points to -0.06%
* Britain’s 10-year yield declined five basis points to 1.17%
Commodities
* West Texas Intermediate crude fell 0.7% to $84.91 a barrel
* Gold futures fell 0.7% to $1,832.70 an ounce
–With assistance from Sunil Jagtiani, Thyagaraju Adinarayan, Jeran Wittenstein and Anchalee Worrachate.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

You will never do anything in this world without courage.  It is the greatest quality of the mind next to honor. c.384 BC-322 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

Dear Friends,

Tangents:
On Jan. 20, 1981, Iran released 52 Americans held hostage for 444 days, minutes after the presidency had passed from Jimmy Carter to Ronald Reagan.  Go to article »
2009: Barack Obama is sworn in as the 44^th president of the United states, becoming the first African American to hold the office. 
Frederico Fellini, film maker, b. 1920.
Bill Maher, satirist, b. 1956.
Edwin “Buzz” Aldrin, astronaut, b. 1930.

Enormous coral reef discovered off the coast of Tahiti.  Did you know that only about 20% of the ocean floor has been mapped? There’s still so much left to sea.

A new species of tarantula discovered by Thai YouTube star.  Apparently, they live in the holes of bamboo plants.

Japan’s best castles to visit at least once.  A quiet stroll under blooming cherry blossoms, gazing at Japanese castles. I’ve officially found my next vacation destination. 

What is spacetime made of?

How close are we to Doomsday?

PHOTOS OF THE DAY

A surfer practising before the 2022 Billabong Pipeline Masters in Hawaii
CREDIT: Brian Bielmann/AFP/Getty Images

A section of Hadrian’s Wall near Hexham in northern England is illuminated in a photograph taken with a long exposure. This year marks the 1,900th anniversary of the start of the wall’s construction
CREDIT: Oli Scarff/AFP/Getty Images

The moon sets behind Willesborough windmill, which was built in 1869
CREDIT: Gareth Fuller/PA

Market Closes for January 20^th, 2022

Market Index	Close	Change
Dow Jones	34715.39	-313.26
		-0.89%
S&P 500	4482.73	-50.03
		-1.10%
NASDAQ	14154.02	-186.23 -1.30%
TSX	21058.18	-146.98
		-0.69%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27772.93	+305.70
		+1.11%
HANG SENG	24952.35	+824.50
		+3.42%
SENSEX	59464.62	-634.20
		-1.06%
FTSE 100*	7585.01	-4.65 -0.06%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.836	1.877
CND. 30 Year Bond	2.051	2.092
U.S.    10 Year Bond	1.8040	1.8646
U.S. 30 Year Bond	2.1169	2.1760

Currencies

BOC Close	Today	Previous
Canadian $	0.7998	0.7993
US $	1.2503	1.2510
Euro Rate 1 Euro=		Inverse
Canadian $	1.4143	0.7071
US $	1.1311	0.8841

Commodities

Gold	Close	Previous
London Gold Fix	1826.95	1817.25
Oil
WTI Crude Future	86.90	86.96

Market Commentary:
On this day in 1870, the first known female-owned U.S. stock brokerage was launched, as sisters Victoria Woodhull and Tennie Claflin opened their Woodhull, Claflin & Co. at 44 Broad St. in Manhattan. Bedeviled by rumors that it was merely a front for Woodhull’s supposed lover, Commodore Cornelius Vanderbilt, the firm did not survive long. “It is probably only in the matrimonial line that women can become successful speculators,” sneered broker Henry Clews.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian consumer discretionary and materials equities led the S&P/TSX Composite lower Thursday.
The index fell for the third day, dropping 0.7%, or 146.98 to 21,058.18 in Toronto — its lowest closing level since Jan. 5.
Utility stocks gained and industrials were little changed, as 9 of 11 sectors lost and 179 of 241 shares fell.
Auto parts companies Martinrea International Inc. and Magna International Inc. each declined more than 4%.
Royal Bank of Canada contributed the most to the index decline, decreasing 1.2%.
Stelco Holdings Inc. had the largest percentage drop, falling 6.3%, after CEO Alan Kestenbaum warned that the steel industry is “a falling knife” with excess supplies and rising inventories.
Insights
* This month, the index fell 0.8%
* So far this week, the index fell 1.4%, heading for the biggest decline since the week ended Dec. 3
* The index advanced 17% in the past 52 weeks. The MSCI AC Americas Index gained 14% in the same period
* The S&P/TSX Composite is 3.4% below its 52-week high on Nov. 16, 2021 and 21.7% above its low on Jan. 29, 2021
* The S&P/TSX Composite is down 1.1% in the past 5 days and rose 2.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19 on a trailing basis and 14.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.39t
* 30-day price volatility fell to 10.94% compared with 11.55% in the previous session and the average of 14.18% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | -46.3417| -1.8| 9/46
* Financials | -28.8290| -0.4| 6/22
* Energy | -22.4885| -0.7| 4/28
* Consumer Discretionary | -18.5704| -2.5| 0/14
* Consumer Staples | -10.2904| -1.4| 2/9
* Information Technology | -8.8527| -0.5| 7/9
* Communication Services | -7.3566| -0.7| 0/7
* Real Estate | -4.9319| -0.8| 4/20
* Health Care | -1.4158| -1.0| 3/5
* Industrials | 0.5540| 0.0| 16/14
* Utilities | 1.5245| 0.2| 11/5
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Royal Bank of Canada | -16.5200| -1.2| 50.0| 8.2
* Magna International | -9.7450| -4.8| 25.9| -1.4
* Nutrien | -8.6560| -2.4| -7.7| -5.2
* TD Bank | 1.6250| 0.1| -38.3| 4.9
* Intact Financial | 2.8500| 1.5| 22.2| -0.5
* Canadian Pacific | 4.8430| 0.8| 60.9| 5.2

US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — The volatility that’s gripped financial markets this year tightened its hold on American stocks, with a late-session plunge sending the Nasdaq 100 Index into a correction.
The tech-heavy benchmark wiped out a gain that reached 1.99% to post a 1.3% drop, leaving it more than 10% below its November all-time high.
The selling spread to the S&P 500, which is now more than 5% off its all-time high set on the year’s first trading day.
The reversal was sparked by news that Peloton Interactive Inc. was halting some production, sending the at-home darling to a 24% drop.
Nerves remained frayed on global equity markets with central banks set to tighten policy after almost two years of support that bolstered demand for risk assets.
While selling in Treasuries eased Thursday, stock investors were taking few chances after Peloton’s warning and before major tech companies report earnings.
Netflix Inc. plunged 10% in late trading after releasing results.
“It is a little discouraging that markets couldn’t hold on to gains seen earlier in the trading session,” said Adam Phillips, managing director of portfolio strategy at EP Wealth Advisors. “There are definitely some signs of panic out there.”
Data today showed U.S. jobless claims climbed last week to a three-month high, suggesting that the omicron variant could be having a bigger impact on the labor market.
January’s Philadelphia Fed survey surprised to the upside, providing a counterpoint to the slump seen in the survey for New York state earlier this week.
On the company news and earnings front:
* Peloton tumbled on a report that it’s temporarily halting production of bikes and treadmills due to slowing demand.
* Alcoa Corp. rose after the aluminum producer predicted rising demand and warned that any conflict between Russia and Ukraine could deepen existing supply constraints.
* Union Pacific Corp. gained after profit topped analysts’ estimates and costs were kept in check while it work to untangle supply-chain knots.
* American Airlines Group Inc. reported a smaller-than-estimated loss in the fourth quarter and said ticket purchases are starting to recover.
* Travelers Cos. capped off 2021 with a record fourth quarter, beating analysts’ profit estimates on underwriting strength and investment gains.

The reporting season so far has been a little bit rocky, and investors need to monitor commentary from companies about price and wage pressures, Rebecca Felton, RiverFront Investment Group senior market strategist, said on Bloomberg Television.
“We do believe stocks can continue to go higher even as the Fed changes policy,” she said, adding corporate profits will still likely beat estimates.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.1% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.3%
* The Dow Jones Industrial Average fell 0.9%
* The MSCI World index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.3% to $1.1305
* The British pound fell 0.2% to $1.3591
* The Japanese yen rose 0.1% to 114.20 per dollar
Bonds
* The yield on 10-year Treasuries declined four basis points to 1.82%
* Germany’s 10-year yield declined one basis point to -0.02%
* Britain’s 10-year yield declined three basis points to 1.23%
Commodities
* West Texas Intermediate crude was little changed
* Gold futures fell 0.3% to $1,840.30 an ounce
–With assistance from Abigail Moses.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

The aim of argument, or of discussion, should not be victory, but progress. –Joseph Joubert, 1854-1824.

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:
1964: The Beatles make their fist appearance on US Billboard Chart with single “I want to Hold Your Hand” at #45.

2005 The world’s largest commercial jet, an Airbus A380 that can carry 800 passengers, was unveiled in Toulouse, France. Go to article »

Area town to fight crow infestation with laser beams. (h/t Alistair Lowe)

Scientists find evidence of non-random DNA mutations.

Cats are using Starlink satellite dishes as warming beds.

Mars rover’s latest discovery.  Aliens! Well, maybe. A new analysis of the rover’s samples from the planet point to the possible existence of ancient life.

Stunning new Maldives resorts to visit in 2022.  Treat yourself! Here are some options for the warm island vacation you’re likely dreaming about.

PHOTOS OF THE DAY

A woman jogs with her dog during on a snowy day in Quebec. Millions across Canada’s south-eastern provinces and the US east coast hunkered down as a huge winter storm continued on Monday morning, disrupting travel and cutting power to thousands of homes
CREDIT: Andrej Ivanov/AFP/Getty Images

After a heavy overnight frost, the dawn sky turns pink over the ancient clapper bridge that leads towards the hillside market town in Wiltshire
CREDIT: Terry Mathews/Alamy Live News

A drone view of people trying to find their way out of the biggest snow maze in the world. The maze measures 3,000 sq meters
CREDIT: Anadolu Agency/Getty Images

Market Closes for January 18^th, 2022

Market Index	Close	Change
Dow Jones	35368.47	-543.34
		-1.51%
S&P 500	4577.11	-85.74
		-1.84%
NASDAQ	14506.90	-386.85 -2.60%
TSX	21274.57	-262.88
		-1.22%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28257.25	-76.27
		-0.27%
HANG SENG	24112.78	-105.25
		-0.43%
SENSEX	60754.86	-554.05
		-0.90%
FTSE 100*	7563.55	-47.68 -0.63%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.892	1.800
CND. 30 Year Bond	2.106	2.038
U.S.    10 Year Bond	1.8738	1.7841
U.S. 30 Year Bond	2.1879	2.1219

Currencies

BOC Close	Today	Previous
Canadian $	0.7992	0.7991
US $	1.2514	1.2515
Euro Rate 1 Euro=		Inverse
Canadian $	1.4173	0.7056
US $	1.1326	0.8829

Commodities

Gold	Close	Previous
London Gold Fix	1817.85	1822.95
Oil
WTI Crude Future	85.43	83.82

Market Commentary:
On this day in 1956, after more than a half-century as a private company, Ford Motor went public when the Ford Foundation sold 10.2 million shares at $64.50.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian equities tumbled Tuesday, led by declines in information technology and health-care stocks.
The S&P/TSX Composite fell 1.2% to 21,274.57 in Toronto, its biggest drop since a 2.3% fall on Nov. 30.
Every sector in the index retreated except for communications services, which eked out a 0.1% gain.
Of the 241 stocks in the index, 185 fell and 51 rose.
Shopify Inc. contributed the most to the index’s retreat, sliding 4.9%.
Lightspeed Commerce Inc. had the largest percentage drop at 8.1%.
Insights
* In the past year, the index had a similar or greater loss eight times. The next day, it advanced five times for an average 1% gain and declined three times for an average 0.6% loss
* The index advanced 19% in the past 52 weeks. The MSCI AC Americas Index gained 19% in the same period
* The S&P/TSX Composite is 2.4% below its 52-week high on Nov. 16, 2021, and 23% above its low on Jan. 29, 2021
* The S&P/TSX Composite is unchanged in the past five days and rose 2.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.2 on a trailing basis and 15 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.14t
* 30-day price volatility rose to 11.90% compared with 11.39% in the previous session and an average of 14.49% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -77.9289| -4.0| 0/16
* Financials | -70.3748| -1.0| 3/25
* Industrials | -55.9279| -2.2| 5/25
* Materials | -19.1742| -0.8| 13/40
* Energy | -17.2529| -0.6| 7/25
* Consumer Staples | -7.9537| -1.0| 1/10
* Consumer Discretionary | -6.8274| -0.9| 3/11
* Health Care | -5.4875| -3.5| 2/6
* Real Estate | -1.8889| -0.3| 10/12
* Utilities | -1.2994| -0.1| 6/9
* Communication Services | 1.2260| 0.1| 2/5
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Shopify | -53.3900| -4.9| 37.6| -24.2
* Brookfield Asset Management | -29.1400| -4.0| 90.4| -9.0
* Canadian Pacific | -23.7100| -3.8| 18.0| 4.0
* Rogers Communications| 2.4760| 1.7| 7.1| 4.5
* Tourmaline Oil | 2.4810| 2.6| 84.5| 15.6
* Nutrien | 4.9350| 1.4| 12.7| -2.3
US
By Vildana Hajric and Emily Graffeo
(Bloomberg) — Stocks fell across the board and Treasury yields surged amid a ramp-up in speculation that central banks will have to boost interest rates sooner than earlier anticipated.
All but one of the 11 industry groups in the S&P 500 fell, while the Dow Jones Industrial Average headed for its biggest daily decline in a month.
The Nasdaq 100 sank more than 2%, dragged lower by big-techs such as Apple Inc. and Meta Platforms Inc.
Microsoft Corp. retreated, spending $69 billion to buy Activision Blizzard Inc., while Goldman Sachs Group Inc.’s worse-than-expected fourth-quarter trading revenue weighed on banks.
Higher oil prices helped underpin gains in energy stocks.
Treasuries fell along the curve, pushing yields up to levels last seen before the pandemic roiled markets and benchmark German yields rose to within one basis point of turning positive for the first time since May 2019.
Focus is sharpening on the U.S. Federal Reserve’s March meeting, with markets starting to consider pricing more than a 25-basis-point increase

“Higher interest rates are going to be here to stay and that has to factor into everyone’s decisions — not just those that are borrowing capital but mostly in terms of valuations,” Julie Biel, portfolio manager and senior research analyst at Kayne Anderson Rudnick, said on Bloomberg TV. “So those super high-flying narrative-driven tech stocks are going to continue to take a beating.”
Oil surged to the highest level in seven years, underscoring the inflation challenges facing the Fed.
Meanwhile, a gauge of New York state manufacturing slumped in January as measures of orders and shipments retreated sharply, suggesting the omicron variant of the coronavirus caused a pullback in activity.
Global equities have had a volatile start to the year as investors shift out of more expensive and rates-sensitive
sectors such as technology into cheaper, so-called value shares.
Bank of America’s January global fund manager survey showed that net overweight positioning in the tech sector fell to 1%, the lowest since 2008, though they expect inflation to fall this year and are placing record bets on a boom in both commodities and stocks overall.
“The question investors are wrestling with most is if the Federal Reserve will need to tighten monetary policy to guide inflation lower, or if a softening in economic growth will allow the central bank to be less aggressive in tightening, according to Dennis DeBusschere, founder of 22V Research.
The former would be “terrible” for cyclical and technology shares, he said.
The closely watched short-end of the Treasury saw the two-year yield surge to trade back above 1% for the first time since February 2020.
The 10-year yield reached a two-year high of 1.86%.

“The really big thing, in my opinion, is to see the 2-year rate back where we saw it in February 2020,” JJ Kinahan, chief market strategist at TD Ameritrade, said by phone. “The 2-year is closer to what the Fed will be doing so I think it really signals something that’s aggressive.”
A gauge of the dollar rose.
The yen was little changed after initially declining when the Bank of Japan stood pat on policy while nudging up its inflation projection. 
Some other company and stock news:
* Global gaming stocks rallied after Microsoft’s landmark takeover deal for Activision, a move that could help enliven the technology sector.
* AT&T Inc. and Verizon Communications Inc. have agreed to temporarily delay switching on hundreds of 5G cell towers near U.S. airports
* Kohl’s Corp. gained amid pressure from activist investor Macellum Advisors and following a Reuters report that Acacia Research has reached out to express interest in the retailer.
* Shopify Inc. slumped as tech stocks tumbled on the outlook for interest-rate hikes and Credit Suisse slashed the Canadian e-commerce giant’s price target.
* Chinese tech stocks listed in the U.S. fell as a report on Washington’s probe into the potential national security risk of Alibaba Group Holding Ltd.’s cloud business weighs on sentiment.

What to watch this week:
* Morgan Stanley, Bank of America, UnitedHealth Group and Netflix are among companies publishing earnings during the week
* U.S. data includes housing starts Wednesday and jobless claims Thursday
* Interest-rate decisions due from nations including Indonesia, Malaysia, Norway, Turkey and Ukraine, Thursday
* EIA crude oil inventory report, Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.7% as of 3:34 p.m. New York time
* The Nasdaq 100 fell 2.3%
* The Dow Jones Industrial Average fell 1.4%
* The MSCI World index fell 1.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.8% to $1.1321
* The British pound fell 0.4% to $1.3587
* The Japanese yen was unchanged at 114.63 per dollar
Bonds
* The yield on 10-year Treasuries advanced eight basis points to 1.87%
* Germany’s 10-year yield was little changed at -0.02%
* Britain’s 10-year yield advanced three basis points to 1.22%
Commodities
* West Texas Intermediate crude rose 2.4% to $85.86 a barrel
* Gold futures were little changed
–With assistance from Akshay Chinchalkar, Sunil Jagtiani and Abigail Moses.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

Age only matters when one is aging.  Now that I have arrived at a great age, I might just as well be twenty. –Pablo Picasso, 1881-1973.

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: FULL MOON TONIGHT!
Martin Luther King Day in the US.  Equity and fixed income markets closed.

1706: Statesman and inventor Benjamin Franklin was born in Boston.
1899: Gangster Al Capone was born in Brooklyn, N.Y.  and more…Go to article » 
2017: The largest and costliest search for missing aircraft MH370 over the Indian Ocean is called off, almost three years after the Malaysia Airlines Flight 370 disappeared with 239 people on board.  The underwater search turned up no traces of the aircraft, although pieces of debris were found as far away as Tanzania.

4,500 year-old avenues lined with ancient tombs discovered in Saudi Arabia.  Around 18,000 tombs were found via satellite imagery, and most were standing at their original height. 

A page of Spider-Man comic book history just sold for $3 million.  Let’s take a moment to marvel over this incredible sale, shall we? 

PHOTOS OF THE DAY

The moon sets behind Whitby Abbey. The first full moon of 2022 is Monday evening
CREDIT: Danny Lawson/PA

Bullet trains parked at a station in preparation for the upcoming lunar new year travel peak in eastern China’s Jiangsu province
CREDIT: AFP/Getty Images

Malia Manuel of Hawaii surfs during the Da Hui Backdoor Shootout at Pipeline, on the north shore of Oahu
CREDIT: Brian Bielmann/AFP/Getty Images

Market Closes for January 17^th, 2022

Market Index	Close	Change
Dow Jones	Market Closed
S&P 500	Market Closed
NASDAQ	Market Closed
TSX	21537.45	+179.89
		+0.84%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28333.52	+209.24
		+0.74%
HANG SENG	24218.03	+165.29
		+0.68%
SENSEX	61308.91	+85.88
		+0.14%
FTSE 100*	7611.23	+68.28 +0.91%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.800	1.773
CND. 30 Year Bond	2.038	2.021
U.S.    10 Year Bond	Market Closed	1.7841
U.S. 30 Year Bond	Market        Closed	2.1219

Currencies

BOC Close	Today	Previous
Canadian $	0.7991	0.7965
US $	1.2515	1.2556
Euro Rate 1 Euro=		Inverse
Canadian $	1.4279	0.7003
US $	1.1410	0.8765

Commodities

Gold	Close	Previous
London Gold Fix	1822.95	1820.35
Oil
WTI Crude Future	83.82	83.82

Market Commentary:
No one can see ahead three years, let alone five or ten. -T. Rowe Price.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.8 percent, or 179.89 to 21,537.45 in Toronto.
The index advanced to the highest closing level since Nov. 25.
Toronto-Dominion Bank contributed the most to the index gain, increasing 1.7 percent.
Jamieson Wellness Inc. had the largest increase, rising 4.0 percent.
Today, 174 of 241 shares rose, while 65 fell; 9 of 11 sectors were higher, led by financials stocks.
Insights
* The index advanced 20 percent in the past 52 weeks. The MSCI AC Americas Index gained 21 percent in the same period
* The S&P/TSX Composite is 1.2 percent below its 52-week high on Nov. 16, 2021 and 24.5 percent above its low on Jan. 29, 2021
* The S&P/TSX Composite is up 2.2 percent in the past 5 days and rose 3.8 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 15.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.42t
* 30-day price volatility fell to 11.39 percent compared with 11.88 percent in the previous session and the average of 14.60 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 82.6289| 1.2| 27/1
* Energy | 38.7414| 1.3| 28/4
* Industrials | 18.4075| 0.7| 28/2
* Information Technology | 17.3798| 0.9| 11/5
* Materials | 12.1040| 0.5| 25/29
* Consumer Discretionary | 3.5136| 0.5| 12/2
* Consumer Staples | 3.3242| 0.4| 7/4
* Real Estate | 3.0350| 0.5| 22/2
* Communication Services | 1.6997| 0.2| 3/4
* Health Care | -0.1697| -0.1| 3/5
* Utilities | -0.7613| -0.1| 8/7
================================================================
| | |Volume VS| YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move|% Change | (%) | (%)
================================================================
* TD Bank | 21.1300| 1.7| -70.3| 7.4
* Royal Bank of Canada | 18.1800| 1.3| -47.0| 11.1
* Bank of Nova Scotia | 8.7520| 1.1| -64.2| 4.2
* Aritzia | -0.7280| -2.0| -69.0| 11.8
* Brookfield
* Infrastructure | -0.8920| -0.6| -62.4| -3.4
* Fortis | -1.4270| -0.8| -60.7| -4.2

US
US financial markets closed in observance of Martin Luther King Day.
Have a nice evening.

Be magnificent!
As ever,

Carolann

In the end, we will remember not the words of our enemies, but the silence of our friends. –Martin Luther King, 1929-1968.

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