February 22, 2017 Newsletter

Dear Friends,

Tangents:

Birthday: Edna St. Vincent Millay, poet b. February 22, 1892.

FIRST FIG
   -by Edna St. Vincent Mallay
My candle burns at both ends;
   It will not last the night;
But ah, my foes, and oh, my friends –
   It gives a lovely light.

SECOND FIG
Safe upon the solid rock the ugly houses stand:
Come and see my shining palace built upon the sand.

PHOTOS OF THE DAY

A cat stands on the beach as a man walks by the sea in the southern coastal city of Larnaca on the Mediterranean island of Cyprus on Wednesday. Petros Karadjias/AP

A worker poses with Pablo Picasso’s ‘Plant de tomates’ ahead of an upcoming sale at Sotheby’s auction house in London, Britain on Wednesday. Peter Nicholls/Reuters.

Visitors wear headsets as they experience a virtual reality tour depicting Jerusalem as it was two millennia ago, at a visitors center near some of the world’s most sacred sites holy to Jews, Muslims and Christians, in Jerusalem’s Old City on Tuesday. Ronen Zvulun/Reuters
Market Closes for February 22^nd, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
NUMBER OF THE DAY
$350 million

Canada
By Aoyon Ashraf
     (Bloomberg) — Canada S&P/TSX Composite falls 0.4% to 15,864.75 at 1:35pm. Materials, energy, real estate falls, while industrials, health-care sector advance.

Advancers:

  * Radient Technologies (RTI CN) +11%; 3-day gain >20%; estimated to report earnings on Feb. 28
  * Cornerstone Capital (CGP CN) +9.4%; Reverses Feb. 21 loss of 8.6%
  * WesternZagros (WZR CN) +8.3%; 1.4x 3-month avg volume; Feb. 21, Rosneft Trading signs deal to buy crude from Kurdistan
  * Select Sands (SNS CN) +7.9%; Rises after 6-day loss
  * Spin Master (TOY CN) +7.3%; Feb. 21, got U.S. and Chinese patents covering Hatchimals technology

Decliners:

  * Katanga Mining (KAT CN) -18%; Confirms no corporate developments
* Fortune Minerals (FT CN) -13%; Falls after 2-day gain; filed amended and restated financial statements
  * Paladin Energy (PDN CN) -12%; Touched 100-DMA of C$0.12
  * Belo Sun (BSX CN) -10%; Gets temporary 180-day injunction for Volta Grande

US

Daily Factoid

On this day in 1973, the New York Stock Exchange launches its first-ever nationwide TV advertising campaign to encourage Americans to buy stocks. U.S. stocks go on to decline 14.7% in 1973 and another 26.5% in 1974.

By Oliver Renick
     (Bloomberg) — U.S. stocks closed mixed Wednesday as investors assessed minutes from the latest Federal Reserve policy meeting for insight on the outlook for interest rates and as the price of oil declined.
     The S&P 500 Index dropped 0.1 percent to 2,362.82 at 4 p.m., as the Dow Jones Industrial Average added 32.6 points to 20,775.60. The Nasdaq Composite Index lost less than 0.1 percent.
* Six of 11 groups higher
* Energy stocks weighed on market, falling 1.6%, as oil lost 0.9% for first decline in four sessions
* Utility stocks were the biggest winner on the day, up 0.4%, as the 10-Year Treasury yield fell to 2.41% from 2.43%
* VIX up for second day, inching toward 12
* So far in the U.S. earnings season, quarterly profit for S&P 500 companies are up 5.4%, the strongest growth since the third quarter of 2014, according to Bloomberg data
* BofAML clients were net sellers of U.S. equities last week for the first time since the week prior to the U.S. election in early November, bank strategists including Jill Carey Hall wrote in a note
** Buybacks by corporate clients slowed to a six-week low, and year-to-date are tracking the lowest of any comparable period since 2013, they wrote
* EARNINGS
** After-market Wednesday: Realty Income (O), SM Energy (SM), Energy Transfer Partners (ETP), Rice Energy (RICE), Tesla (TSLA), ARRIS International (ARRS), US Silica Holdings (SLCA), HP (HPQ), Public Storage (PSA), Fitbit (FIT), Energy Transfer Equity (ETE), L Brands (LB), Clovis Oncology (CLVS), Range Resources (RRC), Popeyes Louisiana Kitchen (PLKI), Square (SQ)
** Pre-market Thursday: Sprouts Farmers Market (SFM), LKQ (LKQ), Chesapeake Energy (CHK), Hormel Foods (HRL), Iron Mountain (IRM), Patterson Cos (PDCO), Sage Therapeutics (SAGE), Intercept Pharmaceuticals (ICPT), Kohl’s (KSS), Apache (APA)

Have a wonderful evening everyone.

Be magnificent!

In the song of the rushing torrent,
hold onto the joyful assurance:
I will become the sea.
And this is not a vain supposition;
it is absolute humility, because it is the truth.
Rabindranath Tagore

As ever,

Carolann

One loses so many laughs by not laughing at oneself.
–Sara Jeanette Duncan, 1861-1922

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

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