January 9, 2017 Newsletter

Dear Friends,

Tangents:
On Jan. 9, 2007, Steven P. Jobs introduced Apple’s long-awaited entry into the cellphone world, the iPhone.
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January 8 & 9, 1909, Ernest Shackleton, attempting to be the first to the South Pole, 90° south:
Again all day in our bags, suffering considerably physically from cold hands and feet, and from hunger, but more mentally, for we cannot get on south, and we simply lie here shivering.  Every now and then one of our party’s feet go, and the unfortunate beggar has to take his leg out of the sleeping-bag and have his frozen foot nursed into life again by placing it inside the shirt, against the skin of his almost equally unfortunate neighbor.  We must do something more to the south, even though the food is going, and we weaken lying in the cold, for with 72° of frost the wind cuts through our thin tent, and even the drift is finding its way in and on to our bags, which are wet enough as it is….We are so short of food, and at this high altitude, 11,600 feet, it is hard to keep any warmth in our bodies between the scanty meals.  We have nothing to read now, having depoted our little books to save weight, and it is dreary work lying in the tent with nothing to read and too cold to write much in the diary…
At 4 am [January 9^th] started south, with the Queen’s Union Jack, a brass cylinder containing stamps and documents to place at the furthest south point, camera, glasses, and compass.  At 9 am we were in 88° 23’ south, half running and half walking over a surface much hardened by the recent blizzard.  It was strange for us to go along without the nightmare of a sledge dragging behind us.  We hoisted Her Majesty’s flag and the other Union Jack afterwards, and took possession of the plateau in the name of His Majesty.  While the Union Jack blew out stiffly in the icy gale that cut us to the bone, we looked south with our powerful glasses, but could see nothing but the dead white snow plain.  There was no break in the plateau as it extended towards the Pole, and we feel sure that the goal we have failed to reach lies on this plain….Homeward bound at last.  Whatever regrets may be, we have done our best.
PHOTOS OF THE DAY

The ferry which runs between Szentednre and Szigetmonostor is about to depart from Szentendre, 22 kms north of Budapest, Hungary, on Monday. Balazs Mohai/MTI/AP

A woman stands between trees that are illuminated in various colors as a part of the ‘winter lights’ exhibition in Palmengarten park in Frankfurt, Germany, on Monday. Michael Probst/AP

Kimono-clad women, who are celebrating turning 20 years old, enjoy a roller coaster ride following a coming-of-age ceremony at Toshimaen amusement park on Coming of Age Day, a national holiday, in Tokyo on Monday. The day is marked by those who have turned 20 since the previous April 1, or who will turn 20 before March 31. Shizuo Kambayashi/AP
Market Closes for January 9^th, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Oliver Renick
     (Bloomberg) — Canadian stocks declined as an index of commodities fell and phone shares retreated. Canadian Natural Resources Ltd., Suncor Energy Inc. and Seven Generations Energy Ltd. led the market lower.
     The S&P/TSX Composite Index fell for a second session, slipping 0.4 percent to 15,436.28 at 12:37 p.m. in Toronto. The gauge had flirted with an all-time high last week, closing Thursday 71 points away from its September 2014 peak. The index finished 2016 as the best-performing developed stock market and has risen in each of the last six months.
     Energy shares paced losses Monday, losing 1.2 percent, as seven of 11 industry groups moved lower. Materials shares and health-care stocks added at least 0.6 percent.
* Bloomberg commodity index down 1.1%
* Pretium Resources up 6.9% after rated new “speculative outperform” at BMO
* Sandstorm Gold, Novagold Resources, Alamos Gold up at least 6% with gold up 0.9%
* Seven Generations Energy down 6.8%, gets target price cut by BMO; Credit Suisse says buy.
US
By Oliver Renick
     (Bloomberg) — U.S. stocks declined Monday as investors sold following last week’s advance to the precipice of 20,000 on the Dow Jones Industrial Average. Energy stocks slid with crude oil.
     The S&P 500 Index lost 0.4 percent to 2,268.90 at 4 p.m in New York, after increasing 1.7 percent last week. The benchmark gained 0.4 percent on Friday and reached a record as data showed U.S. wages in December increasing the most since 2009, fueling expectations of stronger economic growth this year. 
     The Dow lost 0.4 percent to 19,887.38 Monday. Analyst Tom DeMark said Friday that the Dow is likely to remain short of the milestone level in a topping process amid an absence of buyers.
* Nasdaq Composite higher by 0.2% as Russell 2000 small-caps drop 0.7%
* Energy shares down 1.5% for biggest loss in S&P 500 as crude fell 3.9%
* Financials slid 0.8%; group is up 17% since Nov. 8
* Health-care, materials and tech stocks advanced
* VIX up 2.1%, snapping a four-day decline
     For related equity market news:
* BlackRock Quants Sustain Record Losses in Setback to Fink Plan
* Cross-Asset Stress Eases to Lowest Since 2015 China Scare:
     Chart
* Hedge Funds Add $9.8b S&P 500 in Biggest Week Since Election
* Small-Cap Growth Stocks Poised to Outperform: Jefferies

Have a wonderful evening everyone.

Be magnificent!

If you are in the moment, you are in the infinite.
Swami Prajnanpad

As ever,

Carolann

Science knows no country, because knowledge belongs to humanity.
                                                        -Louis Pasteur, 1822-1895

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

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