June 15, 2012 Newsletter

Dear Friends,

Tangents:

This Sunday is Father’s Day so I thought that I might share with you this sweet gallery of quotes from famous fathers put together by the Globe and Mail.

http://www.theglobeandmail.com/life/parenting/fathers-day/famous-fathers-on-daddyhood-pride-joy-and-diapers/article4235559/#gallery_1752=0

I really like number eight by Chris Rock: ‘Every day I’m proud to be a dad. When you have kids, there’s no such thing as quality time. There’s just time. There’s no, “Ooh, his graduation’s better than going to the mall.” It’s all kind of equal. Changing her diaper and her winning a contest – it’s all good.’

Originally I was thinking of sharing some words of wisdom from my own father but after a couple of rather awful and embarrassing moments, I realized couldn’t think of anything.  But the more I thought on it, the better I understood why; my Dad’s always been better with silences. Some of my best memories with my dad are of just the two of us going on a hike in the woods and enjoying nature and each other’s company. Simply letting your surroundings take you in is something I have always struggled with. I fidget, get restless, and inevitably do something to break the silence. Yet comfortably settling into a moment is something my dad does so effortlessly.  While I may have not mastered this talent, it is one of my favorite lessons that I have learned from my father and one I feel I get closer to understanding with each walk in the woods we share.

So Happy Father’s Day to all the dads out there, may you all find your own moments of happiness, calm, and quiet.

Today in History June 15

photos of the day June 15, 2012

Tibet’s exiled spiritual leader the Dalai Lama answers questions at a news conference in Manchester, northern England.

-Phil Noble/Reuters

A member of the street-side audience waves at American-Japanese illusionist ‘Cyril’ as he performs a stunt where he appears suspended in the air from a lamp post in Mumbai. The stunt was part of the promotional road show for a new TV program featuring Cyril.

Vivek Prakash/Reuter

Market Closes for June 15, 2012:

North American Markets

International Markets

Bonds

Currencies

Commodities

Market Commentary:

Canada

By Steve Chambers and Katia Dmitrieva

June 15 (Bloomberg) —  Canadian stocks rose after energy companies snapped a two-day losing streak as speculation grew that central banks will take steps to bolster economic growth.

Energy stocks and banks contributed most to the rally in the Standard & Poor’s/TSX Composite Index, rising at least 0.3 percent as a group. Suncor Energy Inc. rose 1.7 percent, following two straight losses, while Canadian Natural Resources Ltd. increased 1 percent.

The S&P/TSX gained 35.79 points, or 0.3 percent, to 11,502.21 at 12:39 p.m. in Toronto, erasing a weekly loss. The benchmark gauge tumbled 6.3 percent in May, sinking to the lowest level since October during the month. Energy shares in the index retreated 11 percent this year through yesterday, while raw-material companies slumped 9.1 percent.

“There’s been a substantial decline in energy prices, crude and natural gas,” Jamie Robertson, chief investment officer at McLean & Partners Wealth Management in Calgary, said in a phone interview. The firm manages C$900 million ($879 million). “Some people’s ears are perking up to the low prices.”

Policy makers from the U.K. to Japan and Canada stepped up warnings about the threat to world financial markets should Europe fail to contain its debt crisis, with speculation rising that they are prepared to act if Greek elections this weekend spark turmoil in the markets.

Energy producers in the S&P/TSX slumped even as oil and natural gas slumped. The index trades for 15.5 times reported earnings, near the 2 1/2-year low of 14.9 reached earlier this month. Crude slumped to an eight-month low of $81.07 this week. Suncor rose 1.7 percent to C$29. Canadian Natural Resources rose 1 percent to C$27.54. Natural gas provider Encana Corp. rose 3.3 percent to C$22.09.

Royal Bank of Canada rose 0.4 percent to C$51.03, trimming its year-to-date slump to 1.8 percent.

Jaguar Mining Inc. surged 8.3 percent, the biggest gain in the S&P/TSX, to C$1.44.

Research In Motion Ltd. rallied 4.6 percent, the most since March 30, to C$11.10.

US

By Stephen Kirkland and Rita Nazareth

June 15 (Bloomberg) — Stocks rose, sending the Standard & Poor’s 500 Index to its first back-to-back weekly gain since April, as commodities and Treasuries advanced amid speculation central banks will take steps to boost growth as investors await Greek elections this weekend.

The MSCI All-Country World Index added 1.2 percent at 4 p.m. New York time, posting a second straight weekly gain. The S&P 500 increased 1 percent to 1,342.84, the highest level since May 11. The S&P GSCI Index of 24 raw materials added 0.1 percent. Yields on 10-year Treasuries dropped six basis points to 1.58 percent. The yen gained against 14 of 16 major peers.

Policy makers from the U.K. to Japan and Canada stepped up warnings about the threat to world financial markets should Europe fail to contain its debt crisis. Greek elections June 17 may determine whether the country upholds austerity measures attached to international aid and remains in the euro bloc. Reports on U.S. industrial production and consumer confidence trailed projections.

“There’s hope of some coordinated action if bad news does occur,” said Tim Ghriskey, who oversees about $2 billion as chief investment officer of Solaris Group in Bedford Hills, New York. “That seems to be supporting the stock market. Yet investors are still skittish. There’s the Greek election. It could be an ongoing process.”

All of the 10 main industries in the S&P 500 rallied as energy and technology shares had the biggest gains.

Microsoft Corp. increased 2.3 percent as a person familiar with the matter said the company will announce plans next week to sell a table computer running the next version of Windows.

Intercontinental Exchange Inc. advanced 4.7 percent after its bid for the London Metal Exchange was rejected in favor of Hong Kong Exchanges & Clearing Ltd.’s offer. Facebook Inc. rose 6.1 percent, completing the first weekly gain since it went public last month.

The Stoxx Europe 600 Index climbed 1 percent. Banks rebounded after the Bank of England said it will provide billions of pounds of emergency aid to U.K. lenders. Barclays Plc jumped 4.2 percent, Lloyds Banking Group Plc added 5.2 percent and Royal Bank of Scotland Group Plc surged 7.9 percent. The central bank will allow the lenders to swap assets for money they can loan to companies and households.

European Union leaders will press for new efforts to boost the area’s economy and improve lending conditions, according to a draft document prepared for a June 28-29 summit in Brussels. Steps include introducing so-called project bonds, making better use of EU infrastructure funds and increasing the capital, and therefore lending power, of the European Investment Bank, according to the June 12 draft.

Gold futures added 0.5 percent to $1,628.10 an ounce, rallying for a sixth straight day. Copper rose 0.9 percent to $3.3835 a pound. Natural gas slipped 1.1 percent after surging 14 percent yesterday.

Treasuries rose as lower-than-estimated economic reports reinforced speculation that the Fed will add to stimulus measures, stoking investor demand for the safety.

Industrial production in the U.S. unexpectedly fell in May for the second time in three months as factories turned out fewer vehicles and consumer goods. Output at factories, mines and utilities decreased 0.1 percent last month after a revised 1 percent gain in April, the Fed reported today in Washington.

Economists forecast a 0.1 percent advance, according to the Bloomberg News survey median.

Confidence among U.S. consumers declined in June to the lowest level this year as the labor market showed few signs of improving. The Thomson Reuters/University of Michigan index of consumer sentiment fell to 74.1 from the May reading of 79.3, which was the highest since October 2007. The gauge was projected to fall to 77.5, according to a median forecast of 66 economists surveyed by Bloomberg News.

The yen strengthened the most in two weeks against the dollar after the Bank of Japan refrained from expanding monetary stimulus that debases the currency. The yen appreciated 0.8 percent to 78.68 per dollar, the biggest gain since May 31. It advanced 0.7 percent to 99.58 per euro.

Have a wonderful weekend everyone!

“People take different roads seeking fulfi9llment and happiness. Just because they’re not on your road doesn’t mean they’ve gotten lost.”

? Dalai Lama

Regards,

Ellora Howie

Assistant to Carolann Steinhoff

Queensbury Securities Inc.,

St. Andrew’s Square

Suite 340A, 730 View St.,

Victoria, B.C. V8X 3Y7