Month: February 2022

Dear Friends,

Tangents:
On Feb. 27, 1991, President George H.W. Bush declared that “Kuwait is liberated, Iraq’s army is defeated,” and announced that the allies would suspend combat operations at midnight. Go to article »

The 28th Annual SAG Awards: If you’re searching for a top-tier TV series or movie to watch, look no further. Here are the winners of the year’s best television and film performances. 

Elon Musk activates SpaceX satellite internet service in Ukraine.  Ukraine asked Musk to provide internet service to the country amid Russian attacks, and Musk delivered.

“The Batman” hits theaters Friday.  Ladies and gentlemen… Robert Pattinson is Batman and Zoë Kravitz is Catwoman. Intrigued? 

Want some more inspiration on travels for the year ahead? Here are 24 other irresistible ideas.

Don’t be too quick to dismiss everything about the Gilded Age. — Adrian Wooldridge 

The sun could help make desalination cheap.

What you eat affects how you sleep.

PHOTOS OF THE DAY

Flooding around Tewkesbury Abbey close to where the Rivers Severn and Avon meet
CREDIT: Ben Birchall/PA

Tourists enjoy a flower viewing tour at Meihua
CREDIT: Sipa Asia/Rex/Shutterstock

Staff members from the Hoshinoya Tokyo hotel demonstrate its lantern dining experience, where lanterns made by Kojima Shoten – a shop in Kyoto – are used to shroud diners for mask-free dining
CREDIT: Philip Fong/AFP/Getty Images

Market Closes for February 28^th, 2022

Market Index	Close	Change
Dow Jones	33892.60	-166.15
		-0.49%
S&P 500	4373.94	-10.71
		-0.24%
NASDAQ	13751.40	+56.78 +0.41%
TSX	21126.36	+20.36
		+0.10%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26526.82	+50.32
		+0.19%
HANG SENG	22713.02	-54.16
		-0.24%
SENSEX	56247.28	+388.76
		+0.70%
FTSE 100*	7458.25	-31.21 -0.42%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.813	1.900
CND. 30 Year Bond	2.092	2.173
U.S.    10 Year Bond	1.8250	1.9617
U.S. 30 Year Bond	2.1611	2.2738

Currencies

BOC Close	Today	Previous
Canadian $	0.7891	0.7864
US $	1.2673	1.2716
Euro Rate 1 Euro=		Inverse
Canadian $	1.4219	0.7033
US $	1.1220	0.8918

Commodities

Gold	Close	Previous
London Gold Fix	1884.80	1936.30
Oil
WTI Crude Future	95.72	92.59

Market Commentary:
On this day in 1950, New York City financial executive Frank McNamara and his attorney Ralph Schneider had dinner at the Major’s Cabin Grill Restaurant on 33rd St. in Manhattan. When the check came, Mr. McNamara handed the waiter a small paper Diners’ Club card and asked to charge the bill. After a year of preparation by Mssrs. McNamara and Schneider, the first charge-card transaction had taken place.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian energy equities rose Monday, thanks to a 4.6% jump in crude oil futures, and led gains on the S&P/TSX Composite Index.
The Composite advanced slightly to 21,126.36 in Toronto.
Nutrien Ltd. contributed the most to the index gain, increasing 5.7%.
Ballard Power Systems Inc. had the largest percentage increase, rising 16.5%.
Today, 124 of 240 shares rose, while 112 fell; 4 of 11 sectors were higher, led by energy stocks.
Insights
* This month, the index was little changed
* The index advanced 17% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 3.1% below its 52-week high on Nov. 16, 2021 and 17.8% above its low on Feb. 26, 2021
* The S&P/TSX Composite is up 0.6% in the past 5 days and was little changed 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 2.6% 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 fell to 14.37% compared with 14.62% in the previous session and the average of 13.43% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 75.1814| 2.3| 32/0
* Information Technology | 18.3705| 1.3| 10/6
* Materials | 15.9886| 0.6| 27/27
* Utilities | 9.8964| 1.1| 15/1
* Health Care | -0.6548| -0.5| 4/2
* Industrials | -3.8434| -0.2| 16/13
* Real Estate | -6.0525| -1.0| 5/18
* Communication Services | -6.0658| -0.6| 2/5
* Consumer Discretionary | -7.8196| -1.1| 5/9
* Consumer Staples | -15.3931| -2.0| 1/10
* Financials | -59.2294| -0.8| 7/21
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Nutrien | 22.8700| 5.7| 186.8| 14.7
* Shopify | 15.5600| 2.3| 17.4| -49.5
* Canadian Natural Resources | 10.2600| 1.8| 15.1| 32.5
* Couche-Tard | -8.4130| -2.9| 139.8| -6.1
* CIBC | -9.8200| -1.9| 123.2| 8.8
* TD Bank | -30.0000| -2.3| 31.6| 5.5

US
By Rita Nazareth
(Bloomberg) — Stocks pared losses, while bonds joined gains in haven assets after a wall of sanctions against Russia for the invasion of Ukraine roiled markets around the world.
The S&P 500 trimmed most of its earlier drop, led by gains in energy and industrial companies.
The gauge still headed toward its second month of declines — the longest losing streak since October 2020.
The Cboe Volatility Index, known as the market’s “fear gauge,” surged.
Treasuries jumped, driving two-year yields near where they were before a steeper-than-expected inflation report earlier this month.
The Swiss franc staged its biggest gain against the euro since 2018, and gold held near the more than 13-month high hit last week.
Oil pared its advance as the U.S. and its allies considered releasing about 60 million barrels of crude from emergency stockpiles to quell supply fears.
Bitcoin rallied almost 12%.
The mounting sanctions against Russia are increasing the risk for investors that the nation’s stocks and bonds could be kicked out of major global benchmarks, effectively cutting them off from a big segment of the investment-fund industry.
MSCI Inc. said it is consulting with clients to understand the implications of those sanctions for markets and could move to kick the nation’s assets out of its key equity gauges.
At the same time, Goldman Sachs Group Inc. warned of the risk of Russian debt being removed from a widely followed JPMorgan Chase & Co. index.
As Russia canceled trading of stocks in Moscow on Monday, London-listed shares of Russian companies cratered.
Depositary receipts for lender Sberbank of Russia sank 74%, the most on record, while retailer Magnit slid 80%.
Gas giant Gazprom dropped 53%.
Traders struggled to price the ruble, with the currency losing a third of its value in offshore trading at one point.
Quotes were infrequent and volatile at the start of the session, with low liquidity making it difficult to match buyers and sellers.
President Vladimir Putin announced countersanctions as countries around the world piled up penalties against Russia’s invasion of Ukraine.
The government in Kyiv reported that civilians were killed by shelling in the second-largest city Kharkiv as fighting intensified across the nation.
Britain stepped up its own sanctions, including telling ports not to service Russian-flagged vessels, while Poland warned Moscow may try to seal off part of Ukraine’s border with the European Union.
Comments:
* “The situation in Ukraine remains highly unpredictable with no simple off-ramp. Investors are advised to stretch their time horizon, as events in the region continue to create challenges in the near term,” said Robert Teeter, managing director of Silvercrest Asset Management.
* “This invasion simply adds another risk to the mix that’s unlikely to disappear quickly,” wrote Morgan Stanley strategists led by Mike Wilson, referring to the Russian invasion of Ukraine.
“In a world where valuations remain elevated and earnings risk is rising, last week’s tactical rally in equities will likely run out of momentum in March as the Fed begins to tighten in earnest and the earnings picture deteriorates,”
* “We do not view this as a time to de-risk,” said Solita Marcelli, chief investment officer Americas at UBS Global Wealth Management. “Drawdowns based on geopolitical events have been brief: If we look at S&P 500 performance following key military conflicts since 1945, markets were usually down within the first week. But on 14 of the 18 occasions they were up within three months, with a median performance of around 2%.”

What to watch this week:
* President Joe Biden State of the Union address, Tuesday
* Reserve Bank of Australia policy decision, Tuesday
* Fed Chair Jerome Powell testifies to Congress on monetary policy, Wednesday and Thursday
* OPEC+ meeting, Wednesday
* Eurozone CPI, Wednesday
* Bank of Canada rate decision, Wednesday
* ECB publishes the account of its February meeting, Thursday
* U.S. unemployment, nonfarm payrolls, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 3:58 p.m. New York time
* The Nasdaq 100 rose 0.3%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.5% to $1.1212
* The British pound was little changed at $1.3413
* The Japanese yen rose 0.5% to 114.97 per dollar
Bonds
* The yield on 10-year Treasuries declined 13 basis points to 1.84%
* Germany’s 10-year yield declined 10 basis points to 0.13%
* Britain’s 10-year yield declined five basis points to 1.41%
Commodities
* West Texas Intermediate crude rose 4.9% to $96.05 a barrel
* Gold futures rose 1.2% to $1,910.80 an ounce
–With assistance from Akshay Chinchalkar, Abigail Moses, Vildana Hajric, Isabelle Lee, Peyton Forte, Emily Graffeo, Matt Turner and Divya Balji.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

When love and skill work together, expect a masterpiece. –John Ruskin, 1819-1900.

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. J
Feb. 25^th, 1991: An Iraqi Scud missile hit a U.S. barracks in Dhahran, Saudi Arabia, killing 28 Americans during the Persian Gulf War.  Go to article »

Fe. 25, 1947: Soviet NKVD forces in Hungary abduct Béla Kovács, secretary-general of the majority Independent Smallholders’ Party (a liberal to socialist party) and deport him to the USSR in defiance of Parliament.  His arrest is an important turning point in the Communist takeover of Hungary.  In 1956, national uprising in Hungary is viciously crushed by Soviet tanks and troops.

August Renoir, painter, b. 1841.

Breakthrough paves way for map of the world under Earth’s surface.

Netflix picks up ‘Vikings: Valhalla’ from History channel.  Add this to your watch-list if you enjoy epic battles and violent drama.

The Philippines’ best breakfast foods.  Just prepare to be hungry after viewing these mouth-watering pictures. Enjoy! 

Sean Penn is in Ukraine, working on a documentary.  The Oscar-winning actor is in the thick of the action for a documentary on the Russian invasion.

Stephen Colbert called it “a dark day.”
“Over the last five years, we’ve seen democracy repeatedly undermined, tragic, unprecedented firestorms, a global pandemic,” Colbert said. “Well this morning, Vladimir Putin looked at all of that and said, ‘Hold my vodka.’”
“Then, as the invasion began, the ex-prez took to Russian state media — sorry, I misread that: Fox News.” — STEPHEN COLBERT

“Russian President Vladimir Putin declared war last night against Ukraine, and this is nice: Trump offered to host the after party.” — SETH MEYERS

PHOTOS OF THE DAY

Everton Simpson transplanting staghorn coral harvested from a nursery in the White River fish sanctuary off Ocho Rios, Jamaica. The former spear fisher and scuba-diving instructor is a ‘coral gardener’, part of grassroots efforts to rescue Jamaica’s coral reefs.
CREDIT: David J Phillip/AP

A polar bear cub takes its first steps outside in an enclosure at the zoological and botanical park
CREDIT: Sébastien Bozon/AFP/Getty Images

Penguins of the Lasta-Rica circus are given a tour of the Bryansk Regional Art Museum. The penguins came to the circus in March 2020, but all the events were cancelled amid the COVID-19 pandemic. The Bryansk circus is opening after 10 months of down time
CREDIT: Vyacheslav Prokofyev/TASS

Market Closes for February 25^th, 2022

Market Index	Close	Change
Dow Jones	34058.75	+834.92
		+2.51%
S&P 500	4384.65	+95.95
		+2.24%
NASDAQ	13694.63	+221.05 +1.64%
TSX	21106.00	+344.06
		+1.66%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26476.50	+505.68
		+1.95%
HANG SENG	22767.18	-134.38
		-0.59%
SENSEX	55858.52	+1328.61
		+2.44%
FTSE 100*	7489.46	+282.08 +3.91%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.900	1.919
CND. 30 Year Bond	2.173	2.201
U.S.    10 Year Bond	1.9617	1.9634
U.S. 30 Year Bond	2.2738	2.2782

Currencies

BOC Close	Today	Previous
Canadian $	0.7864	0.7808
US $	1.2716	1.2808
Euro Rate 1 Euro=		Inverse
Canadian $	1.4326	0.6980
US $	1.1266	0.8877

Commodities

Gold	Close	Previous
London Gold Fix	1936.30	1904.70
Oil
WTI Crude Future	92.59	93.41

Market Commentary:
On this day in 1862, President Abraham Lincoln signed the Legal Tender Act, putting the U.S. government in the business of printing paper money. Previously, most money had been printed privately by local banks
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 1.7%, or 344.06 to 21,106.00 in Toronto. The move
was the biggest gain since Jan. 31.
Today, financials stocks led the market higher, as all sectors gained; 197 of 240 shares rose, while 41 fell.
Toronto-Dominion Bank contributed the most to the index gain, increasing 2.3%. Baytex Energy Corp. had the largest increase, rising 14.2%.
Terminal users can read more in our markets live blog.
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 was little changed
* So far this week, the index rose 0.5%
* The index advanced 16% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 3.2% below its 52-week high on Nov. 16, 2021 and 17.7% above its low on Feb. 26, 2021
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.5 on a trailing basis and 14.4 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 14.62% compared with 13.71% in the previous session and the average of 13.24% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 155.1610| 2.3| 26/2
* Energy | 63.3810| 2.0| 31/1
* Materials | 46.6656| 1.8| 42/11
* Industrials | 32.9849| 1.4| 23/7
* Information Technology | 11.5998| 0.8| 10/5
* Consumer Staples | 11.0862| 1.5| 8/3
* Consumer Discretionary | 8.2313| 1.1| 11/3
* Communication Services | 6.8152| 0.7| 6/1
* Real Estate | 4.3307| 0.7| 23/1
* Utilities | 1.9238| 0.2| 12/4
* Health Care | 1.8713| 1.3| 5/3
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* TD Bank | 29.2500| 2.3| -19.2| 7.9
* Royal Bank of Canada | 26.9700| 2.0| -6.5| 4.6
* CIBC | 26.9000| 5.6| 62.4| 11.0
* Stantec | -1.6690| -3.3| 114.4| -10.2
* CCL Industries | -2.2250| -3.6| 171.3| -12.6
* Agnico Eagle Mines | -2.3040| -1.1| -16.9| -2.0

US
By Isabelle Lee and Cecile Gutscher
(Bloomberg) — U.S. equities rose for a second day as economic data and uncertainty due to Russia’s war in Ukraine caused traders to pull back on bets the Federal Reserve will aggressively hike interest rates next month.
The S&P 500 advanced, with eight of the 11 sectors jumping more than 2%.
Meanwhile, gains in the tech-heavy Nasdaq 100 lagged as geopolitical tensions continued to weighed on richly-valued technology shares.
While global stocks are staging a powerful bounce, the rebound remains small compared with the day-after-day declines that came in the weeks before the invasion.
It’s coming in a market where fund managers cut positions furiously in January and February, loaded up on options-market insurance and plowed into short sales — precautions that may be feeding the velocity
of the turnaround.
Russia said it was willing to hold talks with Kyiv.
However, there was no indication of Ukraine acceding to demands nor signs of a halt in fighting.
The U.S. plans to join allies in sanctioning Russian President Vladimir Putin.
Treasuries were flat while the dollar and gold retreated, signaling flagging demand for havens.
Crude oil in New York fell to about $92 a barrel.
“What we are experiencing right now is a relief rally that basically caused many short sellers to cover their shorts. But I don’t think the volatility has concluded,” said Sam Stovall, chief investment strategist of CFRA Research. “At least in the near term, Wall Street is saying it’s time to go back to stocks — instead of being in cash or possibly being in Treasuries.”
A prolonged conflict could deliver a major blow to global markets and slow the normalization of central bank policy that’s expected this year.
Yet on the other hand, disruptions of raw materials and food could also stoke already-high prices and heap
pressure on central banks to act faster to curb inflation.
The Federal Reserve reiterated its view Friday that it will “soon” be time to raise interest rates.
Markets still see around six quarter-point increases by the Fed, but bets on other central bank’s hiking cycles have been pared in recent days.
“This conflict implies a further deterioration of the  already tricky growth-inflation trade-offs central banks have been facing, making the upcoming decisions particularly hard,”  Silvia Dall’Angelo, senior economist at the international business of Federated Hermes, wrote in a note to clients.
“Downside growth risks from the geopolitical backdrop mean that they are likely to proceed gradually and cautiously.”
In contrast, Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, said the idea that risk assets should rally because the Fed was less likely to raise rates seemed like a “head fake.”
“The market has been incredible sanguine about the impact of the war in Ukraine, completely missing the reason the Fed is raising rates and why they can’t slow down their pace of tightening,” he said. “With inflation likely to be exacerbated by disruptions due to war, the Fed needs to do the opposite of what they would normally do, and that’s to fight an even bigger threat of inflation.”
U.S. consumer spending advanced by more than expected last month, despite inflation and the omicron virus variant.
Yet, consumer sentiment was still down sharply from January, according to a University of Michigan index.
“Solid economic growth confirms that the Fed does or can move forward with higher interest rates,” said CFRA’s Stovall.
“Inflation says it needs to and higher economic activity says it has the ability to.”
Some of the main moves in markets:
Stocks
* The S&P 500 rose 2.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.5%
* The Dow Jones Industrial Average rose 2.5%
* The MSCI World index rose 2.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.5%
* The euro rose 0.7% to $1.1266
* The British pound rose 0.2% to $1.3412
* The Japanese yen was little changed at 115.54 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.97%
* Germany’s 10-year yield advanced six basis points to 0.23%
* Britain’s 10-year yield advanced one basis point to 1.46%
Commodities
* West Texas Intermediate crude fell 0.5% to $92.37 a barrel
* Gold futures fell 1.8% to $1,891.80 an ounce
–With assistance from Jennifer Bissell-Linsk, Emily Graffeo and Ben Sharples.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

It isn’t where you came from, it’s where you’re going that counts. -Ella Fitzgerald, 1917-1996.

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 Eve.
1903 The United States signed an agreement acquiring a naval station at Guantanamo Bay in Cuba.  Go to article »

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

Pets can boost your brain power, study says.  The best type of therapist has fur and four legs! Not only do pets provide stress reduction, our furry (and scaly) friends also improve cognitive health.
 
Viola Davis plays Michelle Obama in new series “The First Lady”.  The pressure! Davis said it keeps her up at night knowing the Obamas might see her work.

A doghouse struck by a meteorite has sold at auction for $44,000.  Fun fact: Objects hit by meteorites are actually more valuable than the meteorite itself!

Did the dinosaurs die on a pleasant North Dakota spring day?

PHOTOS OF THE DAY

Grace Wangare of the Ocean Sole flip- flop recycling company displays finished toys made from pieces of discarded flip-flops
CREDIT: Simon Maina/AFP/Getty Images

A visitor looks at exhibits during the 41th International Contemporary Art Fair at Ifema. One hundred and eighty-five galleries from 30 countries are taking part
CREDIT: Samuel de Roman/Getty Images

The Lucerne carnival (Fasnacht) starts with the ‘Urknall’ (Big Bang) at five in the morning while a boat brings ‘brother Fritschi’, a traditional figure and his family to the city on Fat Thursday
CREDIT: Philipp Schmidli/EPA

Market Closes for February 24^th, 2022

Market Index	Close	Change
Dow Jones	33223.83	+92.07
		+0.28%
S&P 500	4288.70	+63.20
		+1.50%
NASDAQ	13473.59	+436.10 +3.35%
TSX	20761.93	+17.76
		+0.09%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25970.82	-478.79
		-1.81%
HANG SENG	22901.56	-758.72
		-3.21%
SENSEX	54529.91	-2702.15
		-4.72%
FTSE 100*	7207.38	-290.80 -3.88%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.919	1.976
CND. 30 Year Bond	2.201	2.243
U.S.    10 Year Bond	1.9634	1.9912
U.S. 30 Year Bond	2.2782	2.2941

Currencies

BOC Close	Today	Previous
Canadian $	0.7808	0.7854
US $	1.2808	1.2733
Euro Rate 1 Euro=		Inverse
Canadian $	1.4343	0.6972
US $	1.1199	0.8930

Commodities

Gold	Close	Previous
London Gold Fix	1904.70	1900.10
Oil
WTI Crude Future	93.41	92.70

Market Commentary:
On this day in 1982, the first stock-index futures began trading, as futures contracts on the Value Line stock index opened for dealing in the pits of the Kansas City Board of Trade
Canada
By Stefanie Marotta
(Bloomberg) — Canadian stocks erased earlier losses, closing the session higher on a rally in technology stocks as investors weighed whether Russia’s invasion in Ukraine could cause central banks to ease on plans for aggressive interest rate hikes.
The S&P/TSX Composite advanced 0.1% to 20,761.93 in Toronto, ending a 5-day loss, led higher by tech. The S&P/TSX Composite Information and Technology Sector Index climbed 4.7%, the most in nearly three weeks.
Shopify Inc. contributed the most to the index gain, increasing 6.4%. Energy Fuels Inc/Canada had the largest increase, rising 12.1%.
Today, 116 of 240 shares rose, while 123 fell; 7 of 11 sectors were higher, led by information technology stocks.
Insights
* This month, the index fell 1.6%
* So far this week, the index fell 1.2%
* The index advanced 12% in the past 52 weeks. The MSCI AC Americas Index gained 7.3% in the same period
* The S&P/TSX Composite is 4.7% below its 52-week high on Nov. 16, 2021 and 15.8% above its low on Feb. 26, 2021
* The S&P/TSX Composite is down 2.9% in the past 5 days and rose 0.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.3 on a trailing basis and 14.2 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$3.31t
* 30-day price volatility fell to 13.71% compared with 13.75% in the previous session and the average of 13.14% over the past month
================================================================
|Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology| 64.6146| 4.7| 15/1
Industrials | 30.3852| 1.3| 19/11
Energy | 17.9373| 0.6| 21/11
Utilities | 9.9965| 1.1| 13/3
Consumer Staples | 5.8355| 0.8| 6/5
Communication Services| 5.1672| 0.5| 2/5
Health Care | 3.0926| 2.2| 6/2
Real Estate | -1.5380| -0.2| 6/18
Consumer Discretionary| -2.0033| -0.3| 7/7
Materials | -11.5734| -0.4| 14/39
Financials | -104.1565| -1.5| 7/21
================================================================
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | 40.0600| 6.4| 12.3| -51.2
Brookfield Asset Management | 15.5200| 2.3| 61.0| -10.7
Nutrien | 13.5500| 3.6| 110.7| 4.3
Bank of Nova Scotia| -18.5000| -2.4| 69.2| -0.8
Royal Bank of Canada | -28.1500| -2.1| 110.3| 2.5
TD Bank | -28.8800| -2.2| 37.6| 5.5
US
By Jennifer Bissell-Linsk and Isabelle Lee
(Bloomberg) — U.S. stocks erased losses to trade higher Thursday, with investors finding refuge in large-cap American technology shares, as a decline in oil prices eased concern Russia’s invasion of Ukraine would result in an immediate worsening of the inflation picture.
The S&P 500 added 1.5%, the Nasdaq 100 gained 3.4% and the Dow Jones Industrial Average was 0.3% higher after teetering on the edge of a correction as the conflict with Russia cast a pall over global markets.
The Stoxx Europe 600 fell 3.3% and Russian shares slumped the most on record.
Russian President Vladimir Putin said Russia doesn’t plan to “occupy” its neighbor as military forces entered, accompanied by missile and artillery fire, but that action was necessary after the U.S. and its allies crossed Russia’s “red line” by expanding the NATO alliance.
U.S. President Joe Biden responded with additional sanctions Thursday and said the U.S. would release more strategic oil as conditions warrant.

“Russia invading Ukraine has added to an already tense year, with investors selling first and asking questions later,” Ryan Detrick, LPL Financial chief market strategist, said. “But it is important to know that past major geopolitical events were usually short-term market issues, especially if the economy was on solid footing.”
West Texas Intermediate crude pared back advances of as much as 9% to 1%.
The yield on the 10-year Treasury yield slid to 1.96%. Gold reversed previous gains.
Elsewhere, the dollar and yen jumped as the euro and commodity-linked currencies retreated.
The conflict threatens to disrupts the cost of raw materials and food globally as Russia remains a commodity powerhouse and Ukraine is a major grain exporter.
Earlier in the session, natural gas in Europe rose as much as 62% while metals spiked, piling on inflationary pressures.

“Central banks around the world have really taken a concerted effort to tamp down inflation without significant disruption or without the likelihood of monetary policy mistakes,” said Keith Buchanan, portfolio manager at Global Investments. “If we have inflation pressures accelerating at the same time that growth prospects diminishing, that’s definitely concerning.”
Such a backdrop heralds fresh challenges for a global recovery that was already struggling with elevated prices and tightening monetary policy.
Money market indicators for inflation expectations are rearing up again.
Two-year breakeven rates on U.S. Treasury inflation-protected securities — or the difference between those yields and the ones on typical Treasuries — are at the highest since Bloomberg started compiling the data in 2004.
“This is a triple-hit to the global economy, with a toxic combination of higher inflation, lower economic growth, and greater uncertainty,” Ben Laidler, global markets strategist at eToro, said. “The only silver lining is growth is strong, a buffer to any slowdown, and policymakers and investors already prepared for high inflation.”
Investors remain worried that Fed tightening could choke expansion in the world’s largest economy.
Cleveland Fed President Loretta Mester said a U.S. rate hike in March remains appropriate, barring an unexpected turn, while Atlanta Fed President Raphael Bostic said he’s open to four or more rate
hikes, depending on the data.
Expectations for six quarter-point hikes by the Fed this year remain in line with what was priced in before the attacks on Ukraine. 
Here are some events to watch this week:
* U.S. consumer income, U.S. durable goods, PCE deflator, University of Michigan consumer sentiment Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 3.4%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.8%
* The euro fell 0.9% to $1.1200
* The British pound fell 1.1% to $1.3391
* The Japanese yen fell 0.5% to 115.60 per dollar
Bonds
* The yield on 10-year Treasuries declined three basis points to 1.96%
* Germany’s 10-year yield declined six basis points to 0.17%
* Britain’s 10-year yield declined three basis points to 1.45%
Commodities
* West Texas Intermediate crude rose 1.3% to $93.27 a barrel
* Gold futures fell 0.6% to $1,899.70 an ounce
–With assistance from Peyton Forte, Cecile Gutscher, Sunil Jagwani and Andreea Papuc.
Have  a lovely evening.

Be magnificent!
As ever,

Carolann

There ain’t nothing but one thing wrong with every one of us, and that’s selfishness. –Will Rogers,  1879-1935.

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

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

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

Dear Friends,

Tangents: 1945: Iwo Jima Day.
1954:  First mass inoculation against polio with the Jonas Salk vaccine takes place at Arsenal Elementary School in Pittsburgh, Pennsylvania.

Archaeologists uncover a massive Roman mosaic floor in London.

Turns out happiness is a superpower.

Meet the ultra-introverts.

‘Hank the Tank,’ a 500-pound bear, is breaking into California homes.  Imagine going to grab a midnight snack from the kitchen and then you see… Hank. 

Striking images from Sony World Photography Awards finalists revealed.  Which of these incredible photos is your favorite? There’s so much talent here, it’s hard to pick just one!

You should be eating citrus this month.  Here are some fruits and recipes that will lift your spirits if you’re feeling a little winter drag.

To many people think the grass is greener somewhere else.  The grass is green wherever you water it.

Russia’s imminent invasion of Ukraine was the talk of late night on Tuesday, when Stephen Colbert sought to answer why Vladimir Putin planned to send troops into another country.
“He claims it’s to carry out ‘peacekeeping functions,’ and it’s true,” Colbert said. “I keep this piece of Ukraine. I keep that piece of Ukraine. I keep all the pieces of Ukraine. I am piece-keeping,” he said, imitating Putin.

“Putin appears to be inching toward a full-scale attack on Ukraine. Trump, of course, called him a genius and called the idea ‘wonderful’ today. What kind of hotel room hidden camera video does that Putin have? We want to see it already.” — JIMMY KIMMEL

So, that means no Russian money in the U.S. There goes Tucker Carlson’s sponsors.” — STEPHEN COLBERT

PHOTOS OF THE DAY

nside the newly opened Museum of the Future, which Dubai’s leader has called the ‘most beautiful building on earth’
CREDIT: Ali Haider/EPA

Pigeons line up on wires with a backdrop of heavy snowfall in the Kashmir valley
CREDIT: Photograph: Idrees Abbas/Sopa Images/Rex/Shutterstock

Snorkellers look for sharks in the Mediterranean Sea. The hot water gushing from a nearby industrial plant draws sandbar sharks to the area
CREDIT: Ariel Schalit/AP

Market Closes for February 23^rd, 2022

Market Index	Close	Change
Dow Jones	33131.76	-464.85
		-1.38%
S&P 500	4225.50	-79.26
		-1.84%
NASDAQ	13037.49	-344.03 -2.57%
TSX	20744.17	-163.65
		-0.78%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26449.61	-461.26
		-1.71%
HANG SENG	23660.28	+140.28
		+0.60%
SENSEX	57232.06	-68.62
		-0.12%
FTSE 100*	7498.18	+3.97 +0.05%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.976	1.922
CND. 30 Year Bond	2.243	2.196
U.S.    10 Year Bond	1.9912	1.9390
U.S. 30 Year Bond	2.2941	2.2371

Currencies

BOC Close	Today	Previous
Canadian $	0.7854	0.7932
US $	1.2733	1.2768
Euro Rate 1 Euro=		Inverse
Canadian $	1.4395	0.6947
US $	1.1305	0.8845

Commodities

Gold	Close	Previous
London Gold Fix	1900.10	1894.45
Oil
WTI Crude Future	92.70	92.35

Market Commentary:
On this day in 1995, Wall Street was in what a trader at Furman Selz called a “jubilant, boisterous” mood as Alan Greenspan told Congress he saw no need for the Fed to raise interest rates. Less than four years after it broke the 3000 mark, the Dow Jones Industrial Average closed above 4000 for the first time, finishing the day at 4003.33. The Wall Street Journal said the next day: “Stocks Cross 4000 for the First Time, But the Visit There May Be Brief,” and warns that a correction was “inevitable.”
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities fell for the fifth session, dropping to the lowest point in a month, as global governments expanded sanctions against Russia.
The S&P/TSX Composite fell for the fifth day, dropping 0.8%, or 163.65 to 20,744.17 in Toronto.
The index dropped to its lowest closing level since Jan. 28.
Royal Bank of Canada contributed the most to the index decline, decreasing 1.3%. New Gold Inc. had the largest drop, falling 13.2%.
Today, 150 of 240 shares fell, while 88 rose; 9 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index fell 1.7%
* The index advanced 13% in the past 52 weeks. The MSCI AC Americas Index gained 6.8% in the same period
* The S&P/TSX Composite is 4.8% below its 52-week high on Nov. 16, 2021 and 15.7% above its low on Feb. 26, 2021
* The S&P/TSX Composite is down 3.5% in the past 5 days and rose 0.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.2 on a trailing basis and 14.1 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$3.34t
* 30-day price volatility rose to 13.75% compared with 13.72% in the previous session and the average of 13.12% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -90.4675| -1.3| 1/27
* Industrials | -48.8497| -2.0| 3/27
* Information Technology | -21.0200| -1.5| 0/16
* Communication Services | -9.5168| -0.9| 0/7
* Consumer Discretionary | -6.6401| -0.9| 3/11
* Health Care | -3.6732| -2.6| 2/6
* Utilities | -2.2043| -0.2| 6/9
* Consumer Staples | -1.9210| -0.3| 3/8
* Real Estate | -0.4686| -0.1| 12/12
* Energy | 9.8020| 0.3| 23/8
* Materials | 11.3154| 0.4| 35/19
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Royal Bank of Canada | -18.1800| -1.3| -3.5| 4.6
* TD Bank | -17.5000| -1.3| -17.1| 7.9
* Canadian National | -15.9700| -2.4| -31.4| -1.3
* SSR Mining | 3.1230| 9.3| 107.2| 13.1
* Enbridge | 3.3340| 0.5| -54.7| 7.1
* Agnico Eagle Mines | 4.2030| 2.0| 6.9| 3.9

US
By Vildana Hajric and Elaine Chen
(Bloomberg) — U.S. equities fell Wednesday as U.S. President Joe Biden expanded sanctions against Russia, with new penalties hitting the Nord Stream 2 pipeline and its corporate officers.
The S&P 500 shed 1.8%, pushing further into correction territory, as technology stocks sold off amid the rising tensions and a cyberattack on several Ukraine government and bank websites.
Treasuries extended losses and the dollar was little changed.
Investors have been weighing the potential impact of an initial tranche of Western sanctions after Biden said Tuesday Russia had started to invade Ukraine.
The sanctions – and others by U.S. allies — stopped short of sweeping measures, though officials warned they could be scaled up.
“There was some optimism among investors we spoke to as the White House’s Russia sanctions were not as sweeping as originally expected, but our sense is that this saga is far from over and most of our contacts expect both additional sanctions in the days ahead as well as a targeted legislative package,” wrote BTIG’s Isaac Boltansky.
Fears that the Ukraine tension could snarl commodity supplies — putting further pressure on inflation —  has bolstered everything from energy to wheat and nickel.
Gold climbed.
Oil fluctuated after earlier gains.
Elsewhere, the CBOE Volatility index rose to the highest since late January before paring back advances.
A key question is whether or not the jump in raw material costs will spur more aggressive central bank policy.
Bets on the number of rate increases by the Federal Reserve in 2022 have settled at about six 25-basis-point hikes, down from seven on Feb. 11.
San Francisco Fed President Mary Daly repeated her view Wednesday that March is the appropriate time to begin adjusting monetary policy “absent any significant negative surprises.”
“The number one issue really is inflation and the Fed; that’s what everybody’s worried about,” said Matt Maley, chief market strategist at Miller Tabak + Co. “The situation in Ukraine is making it worse because it makes inflation worse — if oil prices and natural gas prices are going to remain elevated — that only makes the inflation concerns grow.”

President Vladimir Putin has denied Russia intends to invade Ukraine, however, lawmakers have given him the green light to deploy troops to separatist-held regions.
“There is still an overhang of doubt regarding Russia’s intentions and how far they plan on going with this process,” wrote Brad Bechtel, global head of FX at Jefferies LLC.
“But for now, the expected case is what has happened as opposed to anything more than that.”
Here are some events to watch this week:
* Bank of Korea policy decision Thursday
* EIA crude oil inventory report Thursday
* Fed officials Loretta Mester and Raphael Bostic speak Thursday
* U.S. new home sales, GDP, initial jobless claims Thursday
* U.S. consumer income, U.S. durable goods, PCE deflator, University of Michigan consumer sentiment Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.8% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.6%
* The Dow Jones Industrial Average fell 1.4%
* The MSCI World index fell 1.2%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.2% to $1.1305
* The British pound fell 0.3% to $1.3544
* The Japanese yen was little changed at 115.00 per dollar
Bonds
* The yield on 10-year Treasuries advanced five basis points to 1.99%
* Germany’s 10-year yield declined two basis points to 0.23%
* Britain’s 10-year yield was little changed at 1.48%
Commodities
* West Texas Intermediate crude rose 0.3% to $92.18 a barrel
Have  a lovely evening.

Be magnificent!
As ever,

Carolann

As muddy water is best cleared by leaving it alone, it could be argued that those who sit quietly and do nothing are making one of the best possible contributions to a world in turmoil. -Alan Watts, 1915-1973.

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:
It’s going to be a terrific Twosday! Today is 2/22/22 and unique festivities are happening around the world to celebrate the special palindrome date, meaning it reads the same forward and backward.
February 22, 1997: A team of British scientists working under the direction of Ian Wilmut at the Roslin Institute near Edinburgh announces the birth of Dolly the sheep, the first clone of an adult mammal.
On Feb. 21, 1965, former Black Muslim leader Malcolm X was shot and killed by assassins identified as Black Muslims as he was about to address a rally in New York City; he was 39. Go to article »
George Washington, first US President, b.1732.
Arthur Schopenauer, philosopher, b. 1788
Edna St. Vincent Millay, poet, b. 1892.

Rare fossil of giant flying reptile discovered on Scottish Island.  Some of these creatures were as big as airplanes… *goosebumps*

PHOTOS OF THE DAY

A gallery staff member views a painting Surrealist Wardrobe, 1941, by Marcel Jean, during a preview for Surrealism Beyond Borders at Tate Modern, an exhibition of more than 150 Surrealist works from around the globe
CREDIT: Yui Mok/PA

George Washington Bridge is illuminated for Presidents’ Day as seen from the Fort Lee Historic Park
CREDIT: Anadolu Agency/Getty Images

A shepherd leads his sheep through the snow in Van’s Gürpınar district, where livestock is the most important source of revenue
CREDIT: Anadolu Agency/Getty Images

Market Closes for February 22^nd, 2022

Market Index	Close	Change
Dow Jones	33596.61	-482.57
		-1.42%
S&P 500	4304.76	-44.11
		-1.01%
NASDAQ	13381.52	-166.55 -1.23%
TSX	20907.82	-100.38
		-0.48%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26449.61	-461.26
		-1.71%
HANG SENG	23520.00	-650.07
		-2.69%
SENSEX	57300.68	-382.91
		-0.66%
FTSE 100*	7494.21	+9.88 +0.13%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.922	1.877
CND. 30 Year Bond	2.196	2.156
U.S.    10 Year Bond	1.9390	1.9286
U.S. 30 Year Bond	2.2371	2.2399

Currencies

BOC Close	Today	Previous
Canadian $	0.7932	0.7842
US $	1.2768	1.2752
Euro Rate 1 Euro=		Inverse
Canadian $	1.4464	0.6914
US $	1.1328	0.8827

Commodities

Gold	Close	Previous
London Gold Fix	1894.45	1893.45
Oil
WTI Crude Future	92.35	91.07

Market Commentary:
On this day in 1973, the New York Stock Exchange kicked off its first-ever nationwide TV advertising campaign to encourage Americans to buy stocks. It turned out to be bad timing, as U.S. stocks lost 14.7% of their value in 1973 and another 26.5% in 1974.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities slumped, following global markets lower as governments enacted sanctions on Russia after it recognized two separatist republics in eastern Ukraine and mobilized troops.
The S&P/TSX Composite fell for a fourth straight day, dropping 0.5% to 20,907.82, the lowest closing level since Jan. 28.
Shopify Inc. contributed the most to the index’s decline, decreasing 4.3%. Canopy Growth Corp. had the largest drop, falling 6.7%.
Today, 152 of 240 shares fell, while 82 rose; 9 of 11 sectors were lower, led by health-care stocks.
Insights
* This month, the index fell 0.9%
* The index advanced 14% in the past 52 weeks. The MSCI AC Americas Index gained 8.9% in the same period
* The S&P/TSX Composite is 4.1% below its 52-week high on Nov. 16, 2021 and 16.6% above its low on Feb. 26, 2021
* The S&P/TSX Composite is down 2.1% in the past 5 days and rose 1.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.4 on a trailing basis and 14.2 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$3.35t
* 30-day price volatility fell to 13.72% compared with 13.98% in the previous session and the average of 13.09% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -30.2296| -2.1| 5/11
* Industrials | -29.7500| -1.2| 7/23
* Materials | -25.2441| -1.0| 15/36
* Consumer Discretionary | -8.9978| -1.2| 4/10
* Consumer Staples | -5.7393| -0.8| 1/10
* Utilities | -4.5259| -0.5| 1/15
* Health Care | -3.6196| -2.5| 1/7
* Energy | -1.9513| -0.1| 15/15
* Communication Services | -1.4620| -0.1| 2/5
* Real Estate | 4.3390| 0.7| 19/5
* Financials | 6.8064| 0.1| 12/15
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Shopify | -28.1900| -4.3| 7.0| -54.0
* Canadian Pacific | -13.3800| -2.3| -16.7| -0.8
* Canadian National | -8.0060| -1.2| 32.1| 1.2
* Constellation Software | 3.6170| 1.3| 64.9| -11.1
* Canadian Natural Resources | 3.7970| 0.7| 38.0| 24.7
* Royal Bank of Canada | 12.7000| 0.9| -32.2| 6.0

US
By Vildana Hajric and Elaine Chen
(Bloomberg) — Stocks fell, pushing the S&P 500 into a correction, as the imposition of sanctions against Russia over its Ukraine militancy put further stress on a market that has shown signs of buckling over the Federal Reserve’s efforts to subdue inflation.
The S&P 500 declined 1%, bringing its losses from a January high to 10%, as investors weighed the potential damage from sanctions targeting Russia’s elite and sovereign debt abroad.
The European Union and U.K. also signaled they are ready to impose further penalties unless Putin changes course. However, the Russian president has denied plans to invade Ukraine.
Gold was little changed, the dollar was flat and benchmark Treasury yields drifted at 1.92%. In European trading, the Stoxx 600 Index fell as much as 2% before recovering losses.
Biden said the U.S. was working closely with Germany on halting the Nord Stream 2 pipeline, which sent European natural gas futures 11% higher earlier in the session. He also said the administration was monitoring the energy sector as the threat of disrupted supplies has kept oil prices elevated. West Texas Intermediate crude traded close to $92 a barrel.
“The stock market is right to be concerned about current tensions between Russia and Ukraine, which run the risk of exacerbating the challenging inflation backdrop that many investors and companies have expected to improve in the back half of 2022,” wrote RBC Capital Markets’ Lori Calvasina. “The bad news is that the investment community still appears to be in the early days of understanding the potential implications of this conflict.”
Geopolitical risks have already led investors to pare bets on how aggressively the Federal Reserve may tighten monetary policy this year to fight inflation.
“The market had gotten way ahead of itself in terms of expecting Fed rate hikes and now we have this heightened political risk that’s going to mean potentially tighter financial conditions, and that means a slower process of rate increases from the Fed and probably a flatter yield curve,” Charles Schwab’s Kathy Jones said on Bloomberg TV Tuesday.
Markit manufacturing and services PMI data beat estimates, suggesting recent growth concerns have been driven by the omicron variant. Still, U.S. consumer confidence is at its
lowest since September.
“The market is worried about a lot of different things and it certainly doesn’t want to be thinking about Russia/Ukraine on top,” Marko Papic, partner and chief strategist at Clocktower
Group, said. “It’s a catalyst for further selloff.”
Some of the main moves in markets:
Stocks
* The S&P 500 fell 1% as of 4:01 p.m. New York time
* The Nasdaq 100 fell 1%
* The Dow Jones Industrial Average fell 1.4%
* The MSCI World index fell 0.9%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $1.1328
* The British pound fell 0.1% to $1.3588
* The Japanese yen fell 0.3% to 115.03 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.92%
* Germany’s 10-year yield advanced four basis points to 0.24%
* Britain’s 10-year yield advanced six basis points to 1.47%
Commodities
* West Texas Intermediate crude rose 1.4% to $92.35 a barrel

–With assistance from Cecile Gutscher, Andreea Papuc, Emily Barrett and Michael G. Wilson.
Have  a lovely evening.

Be magnificent!
As ever,

Carolann

Do not say a little in many words but a great deal in a few. -Pythagoras, c. 570 BCE-c.490 BCE.

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.

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

Yoko Ono, artist, b. 1933.

Astronomers discover massive radio galaxy 100 time larger than the Milky Way. 

There’s a downside to living in a happy country. (h/t Ellen Kominers)

PHOTOS OF THE DAY

Multiple lights and sound displays create an art installation entitled Space, the Universe and Everything, an artistic collaboration by Luxmuralis in Liverpool Cathedral
CREDIT: Paul Ellis/AFP/Getty Images

Surfer Eric Rebiere is airborne as he exits a wave during the Nazaré Tow Challenge big wave surfing competition at Praia do Norte
CREDIT: Armando Franca/AP

A great tit waits for its chance to pick up crumbs as a red squirrel feeds at RSPB Loch Leven nature reserve in Kinross, Scotland
CREDIT: Ken Jack/Getty Images

Market Closes for February 18^th, 2022

Market Index	Close	Change
Dow Jones	34079.18	-232.85
		-0.68%
S&P 500	4348.87	-31.39
		-0.72%
NASDAQ	13548.07	-168.65 -1.23%
TSX	21008.20	-168.13
		-0.79%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27122.07	-110.80
		-0.41%
HANG SENG	24327.71	-465.06
		-1.88%
SENSEX	57832.97	-59.04
		-0.10%
FTSE 100*	7513.62	-23.75 -0.32%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.877	1.918
CND. 30 Year Bond	2.156	2.180
U.S.    10 Year Bond	1.9286	1.9615
U.S. 30 Year Bond	2.2399	2.2941

Currencies

BOC Close	Today	Previous
Canadian $	0.7842	0.7869
US $	1.2752	1.2708
Euro Rate 1 Euro=		Inverse
Canadian $	1.4437	0.6927
US $	1.1322	0.8833

Commodities

Gold	Close	Previous
London Gold Fix	1893.45	1862.60
Oil
WTI Crude Future	91.07	91.76

Market Commentary:
On this day in 1688, the London Gazette published the earliest known reference to “Edward Lloyd’s coffee house,” the birthplace of Lloyd’s of London and the insurance industry.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.8%, or 168.13 to 21,008.20 in Toronto.
The index dropped to the lowest closing level since Jan. 28.
Canadian Natural Resources Ltd. contributed the most to the index decline, decreasing 3.4%.
Superior Plus Corp. had the largest drop, falling 13.5%.
Today, 198 of 240 shares fell, while 36 rose; all sectors were lower, led by energy stocks.
Insights
* So far this week, the index fell 2.5%
* The index advanced 15% in the past 52 weeks. The MSCI AC Americas Index gained 8.8% in the same period
* The S&P/TSX Composite is 3.6% below its 52-week high on Nov. 16, 2021 and 17.2% above its low on Feb. 26, 2021
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.5 on a trailing basis and 14.4 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$3.38t
* 30-day price volatility rose to 13.98% compared with 13.77% in the previous session and the average of 12.83% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | -48.0143| -1.5| 2/29
* Financials | -35.8537| -0.5| 3/24
* Materials | -30.2364| -1.1| 8/44
* Industrials | -24.7041| -1.0| 4/26
* Consumer Staples | -8.3246| -1.1| 3/7
* Information Technology | -5.3699| -0.4| 3/13
* Health Care | -5.0014| -3.3| 0/8
* Real Estate | -3.6419| -0.6| 5/18
* Utilities | -3.4833| -0.4| 3/13
* Consumer Discretionary | -2.0227| -0.3| 4/10
* Communication Services | -1.4786| -0.1| 1/6
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Canadian Natural Resources | -18.5800| -3.4| -27.6| 23.8
* Brookfield Asset Management | -14.2200| -2.1| -7.4| -11.1
* Couche-Tard | -6.5700| -2.2| -35.5| -6.3
* Telus | 1.9600| 0.7| -15.6| 7.9
* Waste Connections | 2.2870| 0.8| 82.3| -10.5
* National Bank of Canada | 2.2940| 1.0| -17.0| 5.4

US
By Rita Nazareth
(Bloomberg) — Stocks dropped, while bonds climbed at the end of a jittery week marked by tension between the West and Russia as well as worries about the Federal Reserve’s next policy steps.
Equity swings intensified ahead of the close, with Friday’s $2.2 trillion options expiration exacerbating moves.
The S&P 500 briefly turned positive before resuming its decline, with technology, energy and industrial shares dragging down the gauge.
Traders also took risk off the table ahead of a U.S. holiday on Monday.
Treasury 10-year yields approached 1.9%, while oil pared losses after sinking as much as 3% earlier in the day.
Bitcoin traded near its $40,000 key psychological level.
The U.S. said Russia has massed as many as 190,000 personnel in and around Ukraine, calling it the most-significant military mobilization since World War II.
Russia told the U.S. this week it has no plans to attack.
Citing escalations in the breakaway Donbas region of Ukraine, Russian President Vladimir Putin called on Kyiv to “sit down at the negotiating table” with separatist leaders “and agree on political, military, economic and humanitarian measures to end the conflict.”
The government in Kyiv refuses to negotiate with the Russia-backed separatists.
One of the Fed’s most-dovish officials called for a “substantial” policy shift — while playing down the need for aggressive tightening — as a second pushed back against a half-point hike next month.
The remarks on Friday from Chicago Fed President Charles Evans and his New York counterpart John Williams implicitly reinforced the message that the U.S. central bank will raise rates by a quarter point at its March meeting, even as core officials remain open-minded about how high they will ultimately need to go.
Comments:
* “Fear can be a good development for markets,” wrote Callie Cox, U.S. investment analyst at eToro. “When investors get nervous, they tend to add more cash and hedge their positions.
The worst market storms typically happen when investors least expect it. Right now, we’re hedged and ready for a big punch to the stomach, but it may not hurt as badly as we think.
It’s a good recipe for a relief rally when headlines calm down.”
* “The situation remains fluid and we believe markets will remain subject to bouts of risk-on, risk-off in the coming days,” wrote Win Thin, global head of currency strategy at Brown Brothers Harriman.
* “While there have been some reports of de-escalation in tensions, nothing has changed fundamentally to prevent investors from remaining fearful about a possible Russian invasion,” wrote Fawad Razaqzada, an analyst with ThinkMarkets. “Beyond this, investor sentiment is likely to remain downbeat anyway given concerns about surging inflationary pressures around the world and policy tightening from the Fed.”
After their worst start to a year in decades, Treasuries are reasserting their haven status and eclipsing the appeal of riskier assets — a troubling combination for Bank of America Corp. strategists. U.S. sovereign debt attracted $7.4 billion in inflows, the most since the coronavirus pandemic first struck, according to a BofA note citing EPFR Global data for the week through Wednesday.

Some corporate highlights:
* General Electric Co. warned that supply-chain snags, a labor shortage and material inflation will be a drag on its businesses at least until the middle of this year.
* DraftKings Inc. added fewer new customers in the fourth quarter than Wall Street had expected even after spending hundreds of millions of dollars to lure new bettors.
* Deere & Co., which raised it 2022 forecast on Thursday, injected a note of caution on the outlook as ongoing supply-chain bottlenecks weigh on the farm-machinery maker’s efforts to keep up with robust demand.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.7% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.1%
* The Dow Jones Industrial Average fell 0.7%
* The MSCI World index fell 0.9%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.3% to $1.1326
* The British pound fell 0.1% to $1.3599
* The Japanese yen fell 0.1% to 115.10 per dollar
Bonds
* The yield on 10-year Treasuries declined four basis points to 1.92%
* Germany’s 10-year yield declined four basis points to 0.19%
* Britain’s 10-year yield declined nine basis points to 1.38%
Commodities
* West Texas Intermediate crude fell 0.1% to $91.65 a barrel
* Gold futures fell 0.2% to $1,899 an ounce
–With assistance from Sunil Jagtiani, Abigail Moses, Cecile Gutscher, Sharon Cho, Alex Longley and Emily Graffeo.

Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann
​​​​​​​
All men should strive to learn before they die what they are running from, and to, and why. –James Thurber, 1894-1961.

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:
2009 President Barack Obama signed a $757 billion economic stimulus package into law.  Go to article »

DeepMind has trained an AI to control nuclear fusion. 

Disney plans to build residential neighborhoods across the US.  This sounds like a dream come true for Disney adults! 

NASA’s newest explorer shared its very first images.  This is what an exploding star looks like. So crazy.

Enjoy a quick virtual vacation! This short exploration of Indonesia takes you on a sightseeing adventure, minus the long flight! (Click here to view) 

PHOTOS OF THE DAY

A million lanterns are lit in homage to the Buddha as monks sit around the Dhammakaya Cetiya. Buddhist monks around the world jointly chant and meditate for world peace and safety at this time
CREDIT: Adirach Toumlamoon/Pacific Press/Rex/Shutterstock

A girl checks out ornamental fish displayed at a pet shop
CREDIT: Arun Sankar/AFP/Getty Images

‘King of the animals’ is the theme for this year’s Battle of the Flowers parade at Nice carnival
CREDIT: Xinhua/Rex/Shutterstock

Market Closes for February 17^th, 2022

Market Index	Close	Change
Dow Jones	34312.03	-622.24
		-1.78%
S&P 500	4380.26	-94.75
		-2.12%
NASDAQ	13716.72	-407.37 -2.88%
TSX	21176.33	-207.31
		-0.97%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27232.87	-227.53
		-0.83%
HANG SENG	24792.77	+73.87
		+0.30%
SENSEX	57892.01	-104.67
		-0.18%
FTSE 100*	7537.37	-66.41 -0.87%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.918	1.953
CND. 30 Year Bond	2.180	2.206
U.S.    10 Year Bond	1.9615	2.0382
U.S. 30 Year Bond	2.2941	2.3454

Currencies

BOC Close	Today	Previous
Canadian $	0.7869	0.7880
US $	1.2708	1.2691
Euro Rate 1 Euro=		Inverse
Canadian $	1.4441	0.6925
US $	1.1364	0.8800

Commodities

Gold	Close	Previous
London Gold Fix	1862.60	1848.55
Oil
WTI Crude Future	91.76	93.66

Market Commentary:
On this day in 2000, total trading volume for the day on Nasdaq topped two billion shares for the first time, as 2,008,438,100 shares changed hands and the Nasdaq Composite Index closed above 4500 for the first time, finishing the day at 4548.92.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1 percent, or 207.31 to 21,176.33 in Toronto.
The move was the biggest since falling 1.3 percent on Feb. 3.
Today, financials stocks led the market lower, as 8 of 11 sectors lost; 160 of 240 shares fell, while 75 rose.
Shopify Inc. contributed the most to the index decline, decreasing 10.8 percent.
Osisko Mining Inc. had the largest drop, falling 13.8 percent.
Insights
* In the past year, the index had a similar or greater loss 13 times. The next day, it advanced seven times for an average 0.9 percent and declined six times for an average 0.6 percent
* So far this week, the index fell 1.7 percent * The index advanced 15 percent in the past 52 weeks. The MSCI AC Americas Index gained 9.2 percent in the same period
* The S&P/TSX Composite is 2.8 percent below its 52-week high on Nov. 16, 2021 and 18.1 percent above its low on Feb. 26, 2021
* The S&P/TSX Composite is down 1.7 percent in the past 5 days and fell 1.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.8 on a trailing basis and 14.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.41t
* 30-day price volatility rose to 13.77 percent compared with 13.43 percent in the previous session and the average of 12.73 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -116.7398| -1.6| 3/25
* Information Technology| -103.8196| -6.7| 0/16
* Industrials | -23.8919| -1.0| 2/28
* Consumer Discretionary| -11.9261| -1.6| 1/13
* Real Estate | -6.2243| -1.0| 6/17
* Health Care | -6.1924| -3.9| 0/8
* Consumer Staples | -4.0868| -0.5| 2/9
* Energy | -1.2945| 0.0| 12/20
* Communication Services| 2.5907| 0.2| 3/4
* Utilities | 5.4786| 0.6| 12/2
* Materials | 58.7957| 2.3| 34/18
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -79.3500| -10.8| 20.5| -51.9
* Royal Bank of Canada | -33.3300| -2.4| -38.1| 5.4
* Brookfield Asset Management | -21.7300| -3.0| -11.5| -9.2
* Nutrien | 10.7700| 2.9| 31.4| 3.1
* Agnico Eagle Mines | 15.6900| 7.6| 105.6| 6.2
* Barrick Gold | 16.1000| 4.7| 83.9| 22.8

US
By Rita Nazareth
(Bloomberg) — Stocks slumped, while traders sought safety in bonds and other haven assets as heightened concern over geopolitical risks added to worries about the outlook for central bank policy.
About 85% of the companies in the S&P 500 fell on Thursday, while the technology-heavy Nasdaq 100 tumbled 3%.
Meanwhile, the market’s so-called fear gauge — the Cboe Volatility Index or VIX — soared.
Treasury 10-year yields dropped below 2%, while gold, the Japanese yen and the Swiss franc climbed.
Oil declined despite the threat of economic sanctions that could disrupt global supplies.
Bitcoin sank.
The U.S. ramped up warnings of a possible Russian attack on Ukraine, with President Joe Biden saying a “false-flag” event may be underway and a top diplomat describing Moscow as moving
toward an “imminent invasion.”
Russian officials said no invasion of Ukraine was underway and none was planned.
Meantime, Federal Reserve Bank of St. Louis President James Bullard said bringing down inflation may require the central bank to overshoot a neutral target interest-rate, which he sees as about 2%.
He repeated his view that the Fed should hike by 100 basis points by July 1, and start a balance-sheet runoff in the second quarter, in response to the fastest inflation in 40 years.
“Investors, wary of any bad news, have been unable to maintain positive momentum in equity markets across the globe as geopolitical risks dominate headlines,” said Peter Essele, head of portfolio management at Commonwealth Financial Network. “A further escalation of tensions in the near term could roil markets due to the potential impact on a tenuous global supply chain, particularly as the Fed prepares for its first-rate hike in years. A perfect storm may be on the horizon if calmer heads don’t prevail.”
American companies are grappling with a historically tight labor market, low unemployment and rising wage inflation putting pressure on profit margins, strategists at Goldman Sachs Group Inc. said.
Analysts have cut their margin expectations for 75% of industries and about half of the S&P 500 companies for the first and second quarters, data compiled by Bloomberg Intelligence show.
The Fed needs to deliver a Volcker-style shock to drive down asset prices if it wants to slow inflation without causing a recession, according to Credit Suisse Group AG strategist Zoltan Pozsar.
Policy makers should stoke volatility to set off corrections in assets including stocks, houses and Bitcoin, deterring early retirement and driving people into the workforce, he wrote.
His comments harked back to the way Paul Volcker broke the back of inflation as Fed chief in the 1980s with massive rate increases.
Corporate highlights:
* Giant chipmaker Nvidia Corp. tumbled after its latest forecast failed to impress investors, while electric-vehicle maker Tesla Inc. slipped after moving toward the bottom of Consumer Reports’
newest annual auto-brand rankings.
* Cisco Systems Inc., the biggest maker of computer networking equipment, climbed on a bullish forecast and after boosting its share buyback program.
* Walmart Inc. topped Wall Street’s quarterly profit expectations and unveiled an upbeat sales outlook, sending stocks higher.

Here are some key events this week:
* U.S. Monetary Policy Forum: speakers including Fed officials Charles Evans, Christopher Waller and Lael Brainard, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 2.1% as of 4 p.m. New York time
* The Nasdaq 100 fell 3%
* The Dow Jones Industrial Average fell 1.8%
* The MSCI World index fell 1.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.1% to $1.1361
* The British pound rose 0.2% to $1.3618
* The Japanese yen rose 0.5% to 114.93 per dollar
Bonds
* The yield on 10-year Treasuries declined eight basis points to 1.96%
* Germany’s 10-year yield declined five basis points to 0.23%
* Britain’s 10-year yield declined six basis points to 1.46%
Commodities
* West Texas Intermediate crude fell 2.2% to $91.56 a barrel
* Gold futures rose 1.5% to $1,900.50 an ounce
–With assistance from Andreea Papuc, Abigail Moses, Cecile Gutscher, Emily Graffeo and Peyton Forte.

Have a lovely evening.

Be magnificent!

As ever,

Carolann

It is not true that people stop pursuing dreams because they grow old; they grow old because they stop pursuing dreams. –Gabriel Garcia Marquez, 1927-2014.

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.  February’s full moon is called the Snow Moon.

On this day in 1959, Fidel Castro became prime minister of Cuba after overthrowing dictator Fulgencio Batista.
1932: First patent issue for a tree to James Markham for a peach tree.
1937: Wallace H. Carothers, a research chemist for Du Pont, received a patent for nylon.  Go to article »
2005: The Kyoto Protocol an international treaty aimed at reducing the emission of gases that contributes to global warming comes into effect, following its ratification by Russia. Russia’s ratification was necessary for Kyoto to go into force because the treaty stipulated that not only a majority of countries approve it, but that the signatory nations constituter 55 per cent of the world’s emissions.

New York Fashion Week show staged with 7-foot-tall holographic models.  Because, why not? Fashion has no boundaries!

Exercise helps your brain feel better, a study has shown.

PHOTOS OF THE DAY

Traffic signs on a closed road
CREDIT: Nacho Doce/Reuters

Reaching Out artwork by the British artist Thomas J Price at the Chillida Leku museum
CREDIT: Ander Gillenea/AFP/Getty Images

Mia Hansson works in the Cambridgeshire town on her full-size replica of the Bayeux tapestry, which has so far taken her almost six years to stitch
CREDIT: Joe Giddens/PA

Monarch butterflies at El Rosario sanctuary, the winter home of Monarch butterflies
CREDIT: Claudio Cruz/AFP/Getty Images

Market Closes for February 16^th, 2022

Market Index	Close	Change
Dow Jones	34934.27	-54.57
		-0.16%
S&P 500	4475.01	+3.94
		+0.09%
NASDAQ	14124.09	-15.67 -0.11%
TSX	21383.64	-118.91
		-0.55%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27460.40	+595.21
		+2.22%
HANG SENG	24718.90	+363.19
		+1.49%
SENSEX	57996.68	-145.37
		-0.25%
FTSE 100*	7603.78	-5.14 -0.07%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.953	1.971
CND. 30 Year Bond	2.206	2.229
U.S.    10 Year Bond	2.0382	2.0434
U.S. 30 Year Bond	2.3454	2.3572

Currencies

BOC Close	Today	Previous
Canadian $	0.7880	0.7860
US $	1.2691	1.2722
Euro Rate 1 Euro=		Inverse
Canadian $	1.4438	0.6926
US $	1.1377	0.8790

Commodities

Gold	Close	Previous
London Gold Fix	1848.55	1866.15
Oil
WTI Crude Future	93.66	92.07

Market Commentary:
On this day in 1822, Francis Galton was born near Sparkbrook, England. After studying medicine, exploring Africa and obsessively measuring everything he could find, he developed the statistical concept of “reversion to the mean,” or the inevitable tendency of above-average results to be followed by below-average results (and vice versa).
Canada
By Geoffrey Morgan
(Bloomberg) — A drop in Canadian tech stocks weighed on the S&P/TSX Composite Index, which fell 0.6% to 21,383.64 in Toronto.
Shopify Inc., until recently the country’s most valuable company, fell 17% for its worst ever trading day after guiding toward lower future revenue growth.
The cloud-based commerce company contributed the most to the index decline and had the largest percentage move on the index.
Today, 8 of 11 sectors lost; 125 of 240 shares fell, while 110 rose.
Insights
* The index advanced 16% in the past 52 weeks. The MSCI AC Americas Index gained 11% in the same period
* The S&P/TSX Composite is 1.9% below its 52-week high on Nov. 16, 2021 and 19.3% above its low on Feb. 26, 2021
* The S&P/TSX Composite is down 1% in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19 on a trailing basis and 14.6 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$3.43t
* 30-day price volatility rose to 13.43% compared with 13.30% in the previous session and the average of 12.68% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology| -160.0382| -9.4| 2/14
* Consumer Staples | -6.3043| -0.8| 3/8
* Financials | -5.6146| -0.1| 11/17
* Utilities | -3.4391| -0.4| 4/11
* Communication Services| -0.8053| -0.1| 1/6
* Consumer Discretionary| -0.7462| -0.1| 5/9
* Industrials | -0.6420| 0.0| 8/22
* Health Care | -0.1955| -0.1| 4/3
* Real Estate | 2.5609| 0.4| 15/9
* Energy | 9.6190| 0.3| 13/16
* Materials | 46.6953| 1.8| 44/10
================================================================
| | |Volume VS| YTD
| Index Points | | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Shopify | -151.0000| -17.1| 135.7| -46.1
* TC Energy | -4.5000| -1.0| 50.9| 13.0
* Brookfield Asset Management | -4.4060| -0.6| 1.4| -6.4
* TD Bank | 10.6300| 0.8| -16.1| 11.1
* Canadian Natural Resources | 11.0700| 2.0| 0.2| 28.0
* Barrick Gold | 22.9300| 7.1| 98.5| 17.3

US
By Rita Nazareth
(Bloomberg) — Stocks closed higher as the latest Federal Reserve meeting minutes brought some relief to traders already pricing in aggressive monetary tightening.
The equity market rebounded after the central bank document came out at 2 p.m. in Washington, with the S&P 500 erasing losses.
Commodity, industrial and retail companies outperformed the cohort of technology shares that has thrived during the era of near-zero interest rates.
Two-year Treasury yields – which are more sensitive to imminent Fed moves — retreated with the dollar.
Fed officials concluded at their January gathering that inflation was running too high, warranting a rate hike soon and potentially justifying a faster pace of tightening.
“A number of participants commented that conditions would likely warrant beginning to reduce the size of the balance sheet sometime later this year,” they said.
A rate increase in March is fully priced into markets, and there’s been some betting that the central bank could hike by as much as 50 basis points.
Comments
* “No real surprises from the last Fed meeting, which is typically a good thing as the market tends to respond well to certainty,”  said Mike Loewengart, managing director of Investment Strategy
at E*TRADE Financial.
* “On balance, there was nothing in the minutes that suggested the Fed would be more aggressive than what the market has already priced in,” said Charlie Ripley, senior investment strategist for
Allianz Investment Management.
* “The fear that investors had coming into the release of the minutes was a very aggressive conversation potentially around balance-sheet reduction or maybe more chatter about a 50 basis
point rate hike in March,” said Emily Roland, co-chief investment strategist at John Hancock Investment Management. “I don’t think that any of those fears of even more aggressive hawkish language came through in today’s minutes.”
Traders also kept a close eye on the latest geopolitical developments.
High-level diplomacy continues in a bid to defuse the situation around Ukraine.
Western officials voiced reservations about Russian announcements that some of its forces are being drawn down.
North Atlantic Treaty Organization Secretary General Jens Stoltenberg said there’s no proof of de-escalation and it appears Russia is continuing its military build-up.
The Kremlin denied the claim.
The great rotation on Wall Street into stock funds and out of bonds risks falling apart.
Defying the worst January for the S&P 500 since 2009, investors have sunk $152 billion into equities this year, after a gangbusters 2021 for both stock returns and flows, according to JPMorgan Chase & Co.
But strategist Nikolaos Panigirtzoglou warns stock managers are set to join their outflow-lashed peers in the bond world as upcoming Fed rate hikes spur volatility just like in 2018.
Some corporate highlights:
* Shopify Inc., which provides software and other services that underpin the websites of many small businesses, gave a weaker outlook for growth this year.
* Video-game platform Roblox Corp. reported bookings that missed estimates, reflecting a retreat from the pandemic-inspired boost over the last two years.
* ViacomCBS Inc., which is changing its name to Paramount Global, reported disappointing earnings and sparked concerns about the cost of its foray into streaming.
* Las Vegas Sands Corp. was cut to junk by S&P Global Ratings, which cited a slower recovery in the Macau gaming market due to omicron cases.
* Airbnb Inc. beat revenue and profit estimates, bucking a resurgent wave of Covid-19 infections and heading into this year even stronger than before the pandemic.
* Kraft Heinz Co.’s earnings topped estimates as price hikes helped the maker of Philadelphia cream cheese offset higher costs.

Elsewhere, the European Central Bank is “quite likely” to lift interest rates in 2022 to combat an unprecedented surge in euro-area prices but mustn’t “rock the boat” as it tightens monetary policy, according to Governing Council member Martins Kazaks.
Meantime, global financial regulators said digital assets could soon threaten financial stability due to their scale, structural vulnerabilities and increasing interconnectedness with the traditional financial system. Areas of concern include the use of leverage, technological fragilities and liquidity shortages, according to a report Wednesday by the Financial Stability Board.
Here are some key events this week:
* G-20 finance ministers, central bank governors meet, Thursday through Feb. 18
* Cleveland Fed President Loretta Mester, St. Louis Fed President James Bullard speak, Thursday
* U.S. Monetary Policy Forum: speakers including Fed officials Charles Evans, Christopher Waller and Lael Brainard, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 fell 0.1%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.2% to $1.1379
* The British pound rose 0.4% to $1.3592
* The Japanese yen rose 0.2% to 115.43 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 2.02%
* Germany’s 10-year yield declined three basis points to 0.28%
* Britain’s 10-year yield declined six basis points to 1.52%
Commodities
* West Texas Intermediate crude fell 1.9% to $90.32 a barrel
* Gold futures rose 0.9% to $1,872.20 an ounce
–With assistance from Andreea Papuc, Sunil Jagtiani, Abigail
Moses, Cecile Gutscher, Peyton Forte, Emily Graffeo and Elaine Chen.
Have lovely evening.

Be magnificent!
As ever,

Carolann

Life is the sum of all your choices. –Albert Camus,  1913-1960.

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: Lupercalia – Roman Fertility Festival.
Feb. 15, 1972: Sound recordings are granted copyright protection for the first time.  Before February 15, 1972, sound recordings  were not protected by federal  copyright law but rather by individual state laws.
Feb. 15^th, 1989:The Soviet Union announced that the last of its troops had left Afghanistan after more than nine years of military intervention.  Go to article »
Gallileo Gallilei, astronomer, b.1564.

Netflix releases ‘Bridgerton’ Season 2 teaser trailer.  Oh, the suspense! The internet is raging about this spicy and regal drama.

A rocket is on course to slam into the moon in about 2 weeks.  That doesn’t sound very good… scientists say the impact won’t be visible from Earth, but will certainly create a crater.

Rare notebook with handwritten lyrics by The Beatles to go on display.  Music buffs! Check out some of the group’s legendary doodles, including Paul McCartney’s draft lyrics for the song “Hey Jude.” 

AirAsia flight gets rerouted after snake found on board plane.  Nope… can you handle a real-life ‘Snakes on a Plane’ moment? I can’t!

PHOTOS OF THE DAY

Tourists take photographs at the Upside Down House
CREDIT: Kim Ludbrook/EPA

Boats pass through a path cleared by fishers on the frozen Lake Beyşehir
CREDIT: Anadolu Agency/Getty Images

A free-diver swims near a huge jellyfish
CREDIT:  Ibrahim Chalhoub/AFP/Getty Images

Market Closes for February 15^th, 2022

Market Index	Close	Change
Dow Jones	34988.84	+422.67
		+1.22%
S&P 500	4471.07	+69.40
		+1.58%
NASDAQ	14139.76	+348.84 +2.53%
TSX	21502.55	+150.04
		+0.70%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26865.19	-214.40
		-0.79%
HANG SENG	24355.71	-200.86
		-0.82%
SENSEX	58142.05	+1736.21
		+3.08%
FTSE 100*	7608.92	+77.33 +1.03%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.971	1.907
CND. 30 Year Bond	2.229	2.186
U.S.    10 Year Bond	2.0434	1.9858
U.S. 30 Year Bond	2.3572	2.2854

Currencies

BOC Close	Today	Previous
Canadian $	0.7860	0.7859
US $	1.2722	1.2729
Euro Rate 1 Euro=		Inverse
Canadian $	1.4450	0.6921
US $	1.1358	0.8804

Commodities

Gold	Close	Previous
London Gold Fix	1866.15	1831.15
Oil
WTI Crude Future	92.07	95.46

Market Commentary:
On this day in 1985, the U.S. government began allowing Treasury securities to be carved up, creating “STRIPS,” or Separate Trading of Registered Interest and Principal of Securities. It let investors hedge more easily against changes in interest rates by trading either the interest or the principal portion of a given bond, vastly increasing the liquidity of the government bond market.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.7 percent at 21,502.55 in Toronto.
The move follows the previous session’s decrease of 0.9 percent.
Shopify Inc. contributed the most to the index gain, increasing 5.0 percent.
Ballard Power Systems Inc. had the largest increase, rising 10.8 percent.
Today, 169 of 240 shares rose, while 66 fell; 7 of 11 sectors were higher, led by information technology stocks.
Insights
* 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 1.3 percent below its 52-week high on Nov. 16, 2021 and 19.9 percent above its low on Feb. 26, 2021
* The S&P/TSX Composite is up 0.6 percent in the past 5 days and rose 0.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 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 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.41t
* 30-day price volatility fell to 13.30 percent compared with 13.48 percent in the previous session and the average of 12.65 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 51.3434| 3.1| 15/1
* Industrials | 44.0217| 1.8| 26/4
* Financials | 36.5670| 0.5| 21/6
* Consumer Discretionary | 17.2259| 2.3| 13/1
* Health Care | 5.2812| 3.5| 7/1
* Real Estate | 4.8949| 0.8| 20/3
* Communication Services | 4.3359| 0.4| 6/1
* Energy | -0.1818| 0.0| 22/9
* Consumer Staples | -1.5541| -0.2| 6/5
* Utilities | -2.4924| -0.3| 7/8
* Materials | -9.4135| -0.4| 26/27
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 41.8300| 5.0| -38.3| -35.0
* Canadian Pacific | 13.6400| 2.3| -12.1| 3.0
* Canadian National | 13.5900| 2.1| -20.3| 2.8
* Agnico Eagle Mines | -3.0200| -1.5| -23.6| -2.1
* Suncor Energy | -5.9890| -1.6| 9.0| 17.7
* Barrick Gold | -6.3420| -1.9| 9.5| 9.5

US
By Rita Nazareth
(Bloomberg) — Stocks climbed, while bonds fell with the dollar as speculation that geopolitical tensions could be easing overshadowed data showing U.S. inflation is still running hot.
The equity market halted a three-day drop as Russian President Vladimir Putin said he hopes for a diplomatic solution to tensions with the U.S. and its allies and announced a partial pullback of thousands of troops massed near the Ukrainian border. President Joe Biden noted that a Russian attack on
Ukraine is “still very much a possibility,” but said diplomacy should continue.
The tech-heavy Nasdaq 100 outperformed major benchmarks, while energy producers joined a slump in oil.
Treasury 10-year yields topped 2%. Haven assets like gold, the Japanese yen and the Swiss franc fell.

Markets have whipsawed as the Ukraine crisis added to existing concerns over inflationary pressures and the withdrawal of stimulus by the Federal Reserve.
The U.S. producer price index jumped in January by more than forecast as companies contend with supply-chain and labor constraints.
“Speculation around the Fed’s action plan, which goes hand-in-hand with inflation, has no doubt been driving market volatility, but so have geopolitics,” said Mike Loewengart, managing director of investment strategy at E*Trade from Morgan Stanley. “And with tension between Russia and Ukraine seemingly cooling, at least for now, the market could welcome some certainty. So while the PPI read is hotter than expected, heightened inflation may already be priced into the market.”
Some corporate highlights:
* Cryptocurrency-exposed stocks joined a rally in Bitcoin.
* Boeing Co.’s 787 Dreamliner suffered a new blow as U.S. regulators on Tuesday said they would retain authority for inspecting the jets before delivery.
* Marriott International Inc. reported earnings that beat expectations as demand for leisure travel powered the hotel recovery.
* Space-tourism company Virgin Galactic Holdings Inc. said it would open commercial-ticket sales.
* Intel Corp. agreed to acquire Tower Semiconductor Ltd. for about $5.4 billion, part of a push into the outsourced chip-manufacturing business.

Here are some key events this week:
* EIA crude oil inventory report, Wednesday
* FOMC minutes, Wednesday
* China CPI, PPI, Wednesday
* G-20 finance ministers, central bank governors meet, Thursday through Feb. 18
* Cleveland Fed President Loretta Mester, St. Louis Fed President James Bullard speak, Thursday
* U.S. Monetary Policy Forum: speakers including Fed officials Charles Evans, Christopher Waller and Lael Brainard, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.5%
* The Dow Jones Industrial Average rose 1.2%
* The MSCI World index rose 1.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.5% to $1.1358
* The British pound was little changed at $1.3537
* The Japanese yen was little changed at 115.63 per dollar
Bonds
* The yield on 10-year Treasuries advanced six basis points to 2.05%
* Germany’s 10-year yield advanced two basis points to 0.31%
* Britain’s 10-year yield was little changed at 1.58%
Commodities
* West Texas Intermediate crude fell 3.6% to $92.01 a barrel
* Gold futures fell 0.8% to $1,854.50 an ounce
–With assistance from Andreea Papuc, Abigail Moses, Peyton Forte and Emily Graffeo.
Have  a lovely evening.

Be magnificent!
As ever,

Carolann

There are some things one can only achieve by a deliberate leap in the opposite direction. 
One has to go abroad in order to find the home one has lost. –1883-1924.

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: Happy Valentine’s Day.
On Feb. 14, 1929, the St. Valentine’s Day Massacre took place in a Chicago garage as seven rivals of Al Capone’s gang were gunned down. Go to article »

February 14, 1945: Allied planes begin bombing Dresden, Germany; a firestorm results and over 22,000 die.

Distant galaxies and the true nature of dark matter. 

British zoo hopes that music by Marvin Gaye will put monkeys in the mood.  If all else fails, a little spritz of potato perfume should do the trick. 

Megadrought plaguing the western U.S. is worst in 1,200 years.

PHOTOS OF THE DAY

Raina Kuan and Levi Swanky kiss by a lit-up love sign at Capilano Suspension Bridge Park
CREDIT: Andrew Chin/Getty Images

A member of staff poses next to the Nebra sky disc, which dates from about 1600BC. The disc is on display as part of the World of Stonehenge exhibition at the British Museum
CREDIT: Alastair Grant/AP

Artist Gregory Orekhov created this red carpet installation called Nowhere in the forest of Malevich Park
CREDIT: Anadolu Agency/Getty Images

Market Closes for February 14^th, 2022

Market Index	Close	Change
Dow Jones	34566.17	-171.89
		-0.49%
S&P 500	4401.67	-16.97
		-0.38%
NASDAQ	13790.92	-0.23 –%
TSX	21352.51	-196.33
		-0.91%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27079.59	-616.49
		-2.23%
HANG SENG	24556.57	-350.09
		-1.41%
SENSEX	56405.84	-1747.08
		-3.00%
FTSE 100*	7531.59	-129.43 -1.69%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.907	1.853
CND. 30 Year Bond	2.186	2.137
U.S.    10 Year Bond	1.9858	1.9371
U.S. 30 Year Bond	2.2854	2.2385

Currencies

BOC Close	Today	Previous
Canadian $	0.7859	0.7851
US $	1.2729	1.2738
Euro Rate 1 Euro=		Inverse
Canadian $	1.4393	0.6948
US $	1.1307	0.8844

Commodities

Gold	Close	Previous
London Gold Fix	1831.15	1835.35
Oil
WTI Crude Future	95.46	93.10

Market Commentary:
On this day in 1934, the New York Stock Exchange prohibited its members from participating in “stock pools,” or organized groups of brokers who gang together to drive the price of a stock up or down regardless of demand from the general investing public. It was one of the few reforms the NYSE adopted voluntarily after the Great Crash.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.9 percent at 21,352.51 in Toronto. The move was the biggest since falling 1.3 percent on Feb. 3 and follows the previous session’s increase of0.1 percent.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 1.4 percent.
Canopy Growth Corp. had the largest drop, falling 8.5 percent.
Today, 173 of 240 shares fell, while 61 rose; 9 of 11 sectors were lower, led by financials stocks.
Insights
* In the past year, the index had a similar or greater loss 16 times.   The next day, it advanced 10 times for an average 1 percent and declined six times for an average 0.6 percent
* The index advanced 16 percent in the past 52 weeks. The MSCI AC Americas Index gained 9.6 percent in the same period
* The S&P/TSX Composite is 2 percent below its 52-week high on Nov. 16, 2021 and 19.1 percent above its low on Feb. 26, 2021
* The S&P/TSX Composite is up 0.6 percent in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.3 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 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.44t
* 30-day price volatility rose to 13.48 percent compared with 13.16 percent in the previous session and the average of 12.58 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -92.6550| -1.3| 1/27
* Energy | -62.9584| -1.9| 2/30
* Information Technology | -11.9224| -0.7| 4/12
* Utilities | -8.0553| -0.9| 6/10
* Consumer Staples | -7.4514| -0.9| 3/8
* Industrials | -5.8494| -0.2| 7/23
* Health Care | -5.5141| -3.5| 0/8
* Real Estate | -3.7245| -0.6| 1/22
* Consumer Discretionary | -1.4642| -0.2| 4/9
* Communication Services | 1.0351| 0.1| 4/3
* Materials | 2.2374| 0.1| 29/21
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* TD Bank | -19.2500| -1.4| -17.9| 9.6
* Brookfield Asset Management | -18.9200| -2.6| -10.4| -5.6
* Nutrien | -14.8100| -3.9| 11.9| -1.7
* Canadian National | 5.0870| 0.8| -0.8| 0.7
* Barrick Gold | 5.7330| 1.8| 42.6| 11.6
* Agnico Eagle Mines | 10.3100| 5.2| 24.7| -0.6

US
By Rita Nazareth
(Bloomberg) — Stocks faced another session of wild swings as traders assessed the latest geopolitical developments amid worries about a Federal Reserve policy mistake.
The S&P 500 notched its third straight drop, while Treasury yields climbed — with shorter maturities leading the increase.
The move kicked in a resumption of curve flattening, with the gap between two- and 10-year rates narrowing.
West Texas Intermediate crude topped $95 a barrel for the first time since 2014.
Ukrainian President Volodymyr Zelenskiy briefly spooked markets with what his office later said was meant to be a sarcastic comment about the rest of the world predicting a date for an attack by Russia. Zelenskiy said it should be a day of unity instead.
Vladimir Putin’s top diplomat, meanwhile, urged the Russian president to continue talks with the West, with negotiation options “far from exhausted.”
“If an armed conflict between Russia and Ukraine is somehow avoided, a short-lived relief rally is likely, but there are still too many worries on the horizon for any type of longer lasting upward move higher in stocks,” said George Ball, chairman of Sanders Morris Harris in Houston. “It is time for investors to raise cash. Cash is the ultimate king when markets are volatile.”
Investors have been on edge, with bets on the pace of rate hikes since the January Fed meeting shifting to six or seven this year — versus the three that officials forecast in December.
JPMorgan Chase & Co. strategists led by Marko Kolanovic said global markets are pricing in an aggressive wave of monetary tightening this year that’s unlikely to materialize in full — reinforcing
the allure of stocks tied to the economic cycle.
Meantime, Fed Bank of St. Louis President James Bullard said Monday that the central bank needs to move forward the plans to raise rates to underline its inflation-fighting credibility.
“I do think we need to front-load more of our planned removal of accommodation than we would have previously,” he told CNBC.
It’s “hard to see a happy ending” for bonds in a scenario of rising interest rates, Oksana Aronov, a strategist at JPMorgan Asset Management, told Bloomberg Television.
“We are in somewhat of a hot mess. We’re in the middle of the Fed’s last policy mistake and concerned about their next policy mistake.  Right now, caution is the name of the game.”
Here are some key events this week:
* U.S. PPI, Tuesday
* EIA crude oil inventory report, Wednesday
* FOMC minutes, Wednesday
* China CPI, PPI, Wednesday
* G-20 finance ministers, central bank governors meet, Thursday through Feb. 18
* Cleveland Fed President Loretta Mester, St. Louis Fed President James Bullard speak, Thursday
* U.S. Monetary Policy Forum: speakers including Fed officials Charles Evans, Christopher Waller and Lael Brainard, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.1%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World index fell 1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.5% to $1.1295
* The British pound fell 0.3% to $1.3524
* The Japanese yen fell 0.2% to 115.61 per dollar
Bonds
* The yield on 10-year Treasuries advanced seven basis points to2.00%
* Germany’s 10-year yield declined one basis point to 0.28%
* Britain’s 10-year yield advanced four basis points to 1.59%
Commodities
* West Texas Intermediate crude rose 2.1% to $95.03 a barrel
* Gold futures rose 1.7% to $1,873.10 an ounce
–With assistance from Andreea Papuc, Abigail Moses, Emily Graffeo, Peyton Forte and Sophie Caronello.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Omnia vincit Amor: et nos cedamus Amori.
Love conquers all things: let us too  give in to Love. –Virgil, 70-19 BC.
Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

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