July 4, 2012 Newsletter

Dear Friends,

Tangents:

What is the meaning of life? To be happy and useful.   -14th Dalai Lama, Tenzin Gyatso.

DREAMING OF SUSHI

The “world’s greatest sushi chef” is 85 years old.  His 10-seat restaurant in the basement of a Tokyo office building has a three-month wait for reservations.  The beautiful documentary Jiro Dreams of Sushi follows Jiro Ono and his small team of sushi perfectionists from preparation (his apprentices massage octopus meat for 40 minutes before serving) to presentation (he stands over patrons as they eat).

And on this day in…

1776 – U.S. declares independence.

1804 – Nathaniel Hawthorne was born.

1826 – Thomas Jefferson and John Adams die.

1928 – Gina Lollabrigida was born.
1976 – An Israeli raid at Entebbe Airport rescues 105 hostages.
1997 – Pathfinder lands on Mars.

Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around.  -Leo Buscaglia.

photos of the day July 4, 2012

Kaitlyn Urbanek carries a flag students made at a daycare during the annual First Baptist Church’s Weekday Education Fourth of July parade in Oxford, Miss.

Bruce Newman/Oxford Eagle/AP

Mary Cohen, a British fencing champion, trains during a media event to showcase the technology systems that are used in the sport, at London 2012 Olympic games Technology Operations Centre (TOC) in London’s Canary Wharf financial district.

Lefteris Pitarakis/AP

Market Closes for July 4, 2012:

North American Markets

International Markets

Bonds

Currencies

Commodities

Market Commentary:

Canada

By Katia Dmitrieva

July 4 (Bloomberg) — Canadian stocks rose for a sixth day, the longest streak of gains in a year, led by financial shares after the Competition Bureau approved a proposed bid for the Toronto Stock Exchange by a group of Canadian banks.

TMX Group Inc., owner of Canada’s main equity and derivatives exchanges, rose 3.3 percent, the biggest jump in more than two months. Royal Bank of Canada, the largest lender in the country, rose 1.2 percent as financial stocks led advances. Magna International Inc., North America’s largest auto-parts supplier, rose 6.1 percent, its biggest gain in two months. Suncor Energy was up 1.4 percent as energy stocks rallied in the afternoon.

The Standard & Poor’s/TSX Composite Index rose 65.12 points, or 0.6 percent, to 11,913.87, paring the decline for 2012 to less than 1 percent. On the gauge, 175 members rose and 58 fell. The benchmark index rose the most yesterday since January.

“Auto news continues to show strength as consumers in the U.S. continue to spend,” said Anil Tahiliani, who helps manage about C$900 million ($888 million), including Magna shares, at Calgary-based McLean & Partners Wealth Management. “When people are buying big-ticket items such as cars and trucks, it shows they still feel confident spending.”

General Motors Co., Ford Motor Co. and Chrysler Group LLC reported better gains than analysts’ estimated from the year- earlier period in which they dominated the U.S. market because of vehicle shortages at Toyota Motor Corp. and Honda Motor Co. caused by Japan’s tsunami. Auto sales in Canada rose 2.8 percent in June from the year before, DesRosiers Automative Consultants Inc. reported today.

Royal Bank rose to C$53.72 and Toronto-Dominion continued a six-day gain, adding 0.4 percent to C$80.09. Scotiabank rose 1 percent to C$53.84. TMX Group gained to C$48.41 as the Competition Bureau approved the C$3.73 billion takeover of the company by a group of banks and pension funds, whose members include Toronto-Dominion.

“The Canadian market generally doesn’t show much independence from the U.S., so the strength today is really a follow-through on U.S. news,” said Mark Yamada of Toronto-based PUR Investing, in a phone interview. The U.S. markets are closed today for a holiday.

Magna rose 6.1 percent to C$42.43. Linamar Corp., the Guelph, Ontario-based manufacturer of automotive parts, gained for the second day, moving up 3.8 percent to C$20.86.

Suncor added 1.4 percent to C$31.13. Canadian Natural Resources Ltd., the third-largest oil company in Canada, added 0.4 percent to C$28.33.

Trican Well Service Ltd. slumped 7.1 percent to C$11.35, after falling as much as 15 percent, its biggest decline since September, as it forecast a loss in the second quarter and Brent oil futures retreated on the ICE Futures Europe exchange in London.

Barrick Gold Corp. dropped 1.6 percent to C$38.87 as the metal declined in London after a rally to a two-week high spurred investors to sell before European Central Bank policy makers meet tomorrow. Ivanhoe Mines Ltd. declined 1.4 percent to C$10.09, snapping two straight sessions of gains.

US:

Closed for Independence Day holiday.

Have a wonderful evening everyone.

Be magnificent!

Strength does not come from physical capacity.  It comes from an indomitable will.

Mahatma Gandhi, 1869-1948

As ever,

Carolann

Those who stand for nothing fall for anything.

-Alexander Hamilton, 1755-1804

Carolann Steinhoff, B.Sc., CFP, CIM, FCSI

Senior Vice-President &

Senior Investment Advisor

Queensbury Securities Inc.,

St. Andrew’s Square

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7