Author: Carolann

Dear Friends,

Tangents:

HERE

…Now it is September
and I am there, between
the silhouette of broken fences
and weeds with yellow hair
seizing their own piece of buried sun.
Rain streams down my face.
A poplar breathes.
Over the only house I can see.
Burned and gutted…

      Lawrence Joseph

Photos of the Day

A police officer walks past a Scout Specialist Vehicle (r.) and a Foxhound armoured vehicle on the fairway at Celtic Manor golf club near Newport in Wales. Celtic Manor will host the NATO summit which starts tomorrow. Andrew Winning/Reuters

The Statue of Liberty is seen through the sails of a boat along the southern tip of Manhattan in New York. The temperature hit 92 degrees fahrenheit in Central Park today for the first time in 2014. Brendan McDermid/Reuters

Market Closes for September 3^rd, 2014    

Market Index	Close	Change
Dow Jones	17078.28	+10.72
		+0.06%
S&P 500	2000.72	-1.56   -0.08%
NASDAQ	4572.566	-25.622   -0.56%
TSX	15657.63	+38.55
		+0.25%

International Markets

Market Index	Close	Change
NIKKEI	15728.35	+59.75
		+0.38%
HANG SENG	25317.95	+568.93
		+2.30%
SENSEX	27139.94	+120.55
		+0.45%
FTSE 100	6873.58	+44.41
		+0.65%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.083	2.093
CND. 30 Year Bond	2.630	2.639
U.S.    10 Year Bond	2.3962	2.4211
U.S. 30 Year Bond	3.1419	3.1761

Currencies

BOC Close	Today	Previous
Canadian $	0.91845	0.91486
US $	1.08879	1.09306
Euro Rate 1 Euro=		Inverse
Canadian $	1.43151	0.69856
US $	1.31477	0.76059

Commodities

Gold	Close	Previous
London Gold Fix	1269.60	1265.61
Oil	Close	Previous
WTI Crude Future	95.54	92.88

Market Commentary:

Canada

By Eric Lam

     Sept. 3 (Bloomberg) — Canadian stocks rose to a record, as the central bank left interest rates unchanged and global equities rallied after talks on a cease-fire advanced between Russia and Ukraine.

     Alimentation Couche-Tard Inc. climbed 6.7 percent to a record after agreeing to sell its aviation fuel business. Canadian Energy Services & Technology Corp. and Pembina Pipeline Corp. rallied more than 2.5 percent as crude in New York rose from the lowest price since January.

     The Standard & Poor’s/TSX Composite Index rose 38.55 points, or 0.3 percent, to 15,657.63 at 4 p.m. in Toronto, a record close.

     The Canadian equities benchmark has surged 15 percent this year, making it the second-best performer among developed equity markets behind Denmark. Trading volume in the S&P/TSX was 20 percent above the 30-day average today.

     Russian President Vladimir Putin and his Ukrainian counterpart Petro Poroshenko have agreed on a “cease-fire regime” and they reached a mutual understanding on the steps toward peace, Poroshenko said on his website.

     The MSCI All-Country World Index, which includes both emerging and developed markets, rallied 0.4 percent to near an all-time high.

     Canadian Energy Services added 2.8 percent to C$10.90 and Pembina rose 2.6 percent to C$52.77 as energy producers climbed 0.2 percent as a group. Crude for October delivery advanced 2.9 percent to settle at $95.54 a barrel in New York. Brent crude rebounded from a 16-month low.

     Alimentation Couche-Tard jumped 6.7 percent to C$35.45, the biggest gain in more than two years. The convenience store and gas-station operator reported better-than-expected first-quarter earnings and raised its dividend.

     Lightstream Resources Ltd. fell 1 percent to C$6.08 after agreeing to sell conventional oil assets to Crescent Point Energy Corp. Crescent Point dropped 3.1 percent to C$43.17.

     The Bank of Canada maintained its policy interest rate at 1 percent, extending the country’s rate pause to four years, and remained neutral on his next move, due to slack in the economy that will keep inflation in check. The decision from Ottawa was expected by all 18 economists in a Bloomberg News survey.

     Toronto-Dominion Bank climbed 0.7 percent to C$57.72 and Bank of Montreal rose 0.5 percent to C$85.03 to extend a record as shares of the nation’s largest lenders advanced a third day.

US

By Elena Popina and Joseph Ciolli

     Sept. 3 (Bloomberg) — The Nasdaq Composite Index fell as Apple Inc. tumbled while investors assessed the prospects for a resolution to the conflict in Ukraine. Emerging-market stocks rallied and the ruble jumped with oil prices.

     The Nasdaq Composite lost 0.6 percent at 4 p.m. in New York, as Apple tumbled 4.2 percent. The Standard & Poor’s 500 Index fell 0.1 percent to 2,000.72, erasing gains after reaching an all-time high. The MSCI Emerging Market Index advanced 1.3 percent to its highest level in three years, and the Stoxx Europe 600 Index rose 0.7 percent to the highest since July 4. Russia’s ruble strengthened 1.6 percent and Brent oil rose 2.4 percent.

     Russian President Vladimir Putin outlined a peace plan for Ukraine after agreeing with his Ukrainian counterpart Petro Poroshenko on steps toward a cease-fire in the conflict. A measure of services activity in the euro zone dropped more than forecast, adding to speculation that European Central Bank President Mario Draghi will announce additional stimulus. U.S.factory orders expanded in July and a private gauge showed non-  manufacturing activity in China jumped in August.

     “The pop this morning was a very small sense that there is some positive movement out of Russia and Ukraine,” Kevin Caron, who helps oversee $170 billion at Stifel Nicolaus & Co. in Florham Park, New Jersey, said in a phone interview. “But on second look most people are realizing that not too much has changed there.”

     Global equities rallied early in the day amid signs of easing tensions in Ukraine. Putin called for an end to the rebels’ offensive in the country’s easternmost regions and urged the withdrawal of the Ukrainian military from residential areas as part of a seven-point proposal he presented today in Ulaanbaatar, Mongolia.

     Ukrainian Prime Minister Arseniy Yatsenyuk dismissed Putin’s peace plan as “window dressing for the international community ahead of the NATO summit” and a ploy to duck sanctions. Putin’s “true plan is to ruin Ukraine and restore the Soviet Union,” Yatsenyuk said in an e-mailed statement.

     “The cease-fire in Ukraine is very important,” said Heinz-Gerd Sonnenschein, a strategist at Deutsche Postbank AG in Bonn. “People are beginning to wonder whether there will finally be a conclusion to the crisis, and if investors can focus on other factors, like economic indicators and central- bank policy.”

     The ruble strengthened the most since March against the dollar, after finishing yesterday at its lowest level since at least 2003. The Micex Index jumped 3.5 percent, its biggest gain in almost four months. The Ukrainian Equities Index climbed 1 percent.                         

     Treasuries erased losses as investors continued to seek a haven in U.S. government securities. The rate on 10-year Treasuries fell two basis points to 2.40 percent, after touching 2.47 percent, its highest level since Aug. 13.

     The S&P 500 slipped from a record yesterday, after gaining 3.8 percent in August to breach the 2,000 level for the first time on bets that the Federal Reserve will keep interest rates low even as the economy shows signs of picking up.

     The Fed said today the U.S. economy continued to expand during the summer, with none of the country’s regions experiencing a shift in the pace of growth. Trends in employment, wages and prices were little changed during the July-August period, according to the Beige Book survey released today based on reports from the 12 regional banks in the Fed system. Policy makers will meet Sept. 16-17.                        

     Data today showed factory goods orders rose 10.5 percent in July, the largest gain since records began in 1992.

     The U.S. economy expanded more than previously forecast in the second quarter, propelled by the biggest gain in business investment in more than two years, the Commerce Department reported last month. A Labor Department report on Sept. 5 will show payrolls rose by more than 200,000 in August for a seventh straight month, a Bloomberg survey of economists showed.

     The ECB and the Bank of Japan update monetary policy tomorrow amid speculation over the outlook for stimulus after disappointing economic reports.

     Technology shares in the S&P 500 slumped 0.7 percent as a group. Apple sank 4.2 percent, the most since January, after rival Samsung Electronics Co. introduced new smartphones and the company faced criticism following the theft of celebrity photos.

     Apple is set to unveil new iPhones, a wearable device and a mobile-payments system at an event on Sept. 9, people with knowledge of the matter have said. Pacific Crest Securities LLC said it would likely cut Apple’s outperform rating unless the event shows “massive incremental profit opportunities.”

     “Apple stock’s had a pretty strong move in the last several months,” Michael James, a Los Angeles-based managing director of equity trading at Wedbush Securities Inc., said in an interview. “A lot of positives from the iPhone launch are built into the stock price at these levels. People are merely taking profits.”

     Apple had rallied in 15 of the previous 17 sessions, adding 9.3 percent since Aug. 7 to reach a record close of $103.30 yesterday.

     The Bloomberg Dollar Spot Index slipped 0.2 percent, after three days of gains, as the U.S. currency weakened against most of its major counterparts. It fell the most versus Australia’s dollar.

     Brent oil rose 2.4 percent to $102.77 a barrel, rebounding from its lowest closing price since May 2013, on speculation cease-fire talks between Russia and Ukraine will ease sanctions against the biggest energy exporter. West Texas Intermediate soared 2.9 percent to $95.54 a barrel.

     Gold climbed 0.4 percent to $1,270.30 an ounce. Palladium declined to the lowest in almost two weeks after climbing to a 13-year high yesterday.

     The Hang Seng China Enterprises Index of mainland companies listed in Hong Kong jumped 3.2 percent to its highest level this year after a report showed services activity accelerated in the world’s second-largest economy. The Shanghai Composite Index rose 1 percent.
 

Have a wonderful evening everyone.

 

Be magnificent!

If the recognized leaders of mankind who have control over the engines of destructions

were wholly to renounce their use, with full knowledge of its implications, permanent peace can be obtained.

This is clearly impossible without the Great Powers of the earth renouncing their imperialistic design.

This again seems impossible without great nations ceasing to believe in soul-destroying competition

and to desire to multiply wants and, therefore, increase their material possessions.

 

Mahatma Gandhi

As ever,

 

Carolann

 

The wisest men follow their own direction.

                   -Euripides, 480 BC-406 BC

 

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

Senior Vice-President &

Senior Investment Advisor

 

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

 

Dear Friends,

Tangents:

Keith Jarrett and Charlie Haden released a CD in June entitled Last Dance.  It is was recorded at Jarret’s home studio and features Jarrett on piano and Charlie Haden on double bass.  It is very beautiful with intimate renderings of classics such as It Might As Well Be Spring, Every Time We Say Goodbye, Round Midnight, Goodbye.  More poignant because Charlie Haden died on July 11^th, 2014,in Los Angeles, only a month after the release of this inspired creation.  Pick it up, you’ll be happy that you did, I’m sure.

James Adams, in today’s Globe & Mail,  reminds us of an historic event that took place on this day:

A Moment In Time: September 2, 1666, Great Fire of London Starts In A Bakery

Great events often arise from small causes.  Take the Great Fire of London: It began on a warm, dry Sunday morning when embers from the ovens of the King’s baker ignited a stretch of houses tightly packed along Pudding Lane near London Bridge.  Most houses in the city of 500,000 were made of wood and there was no fire department, so when a strong east wind arose, the flames spread rapidly, consuming more than 70 per cent of the city before being extinguished on Sept. 5.  Tens of thousands were left homeless, yet the official death toll was fewer than 10 people.  Hopes that the conflagration would result in a new grid street system were dashed when Charles II decided the old, convoluted routes should be retained.  But Christopher Wren got to design 52 churches, including St. Paul’s Cathedral completed in 1711.

Photos of the Day
Fountains of lava up to 200 feet high spurt from a fissure in the ground on the north side of the Bardarbunga volcano in Iceland. The alert warning for the area surrounding Iceland’s Bardarbunga volcano remained at orange, indicating that it is showing increased unrest with high potential for an explosive eruption. Stefano Di Nicolo/AP

A Hindu devotee carries an idol of elephant-headed god Ganesha for immersion in the Arabian Sea, during the Ganesh Chaturti festival in Mumbai, India. The 10-day-long festival celebrates the birthday of the Hindu god. Rajanish Kakade/AP

Market Closes for September 2^nd, 2014    

Market Index	Close	Change
Dow Jones	17067.56	-30.89
		-0.18%
S&P 500	2002.28	-1.09   -0.05%
NASDAQ	4598.188	+17.916   +0.39%
TSX	15619.08	-6.65
		-0.04%

International Markets

Market Index	Close	Change
NIKKEI	15668.60	+192.00
		+1.24%
HANG SENG	24749.02	-3.07
		-0.01%
SENSEX	27019.39	+151.84
		+0.57%
FTSE 100	6829.17	+3.86
		+0.06%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.093	1.995
CND. 30 Year Bond	2.639	2.556
U.S.    10 Year Bond	2.4211	2.3431
U.S. 30 Year Bond	3.1761	3.0792

Currencies

BOC Close	Today	Previous
Canadian $	0.91486	0.91935
US $	1.09306	1.08773
Euro Rate 1 Euro=		Inverse
Canadian $	1.43552	0.69661
US $	1.31330	0.76144

Commodities

Gold	Close	Previous
London Gold Fix	1265.61	1287.81
Oil	Close	Previous
WTI Crude Future	92.88	95.96

Market Commentary:

Canada

By Eric Lam

     Sept. 2 (Bloomberg) — Canadian stocks were little changed, after closing at a record on Aug. 29, as a slump in gold and crude producers offset a rally among banks.

     Detour Gold Corp. and Goldcorp Inc., the largest gold producer by market value, retreated at least 4.1 percent as gold fell to a two-month low with a stronger dollar. Suncor Energy Inc. and Canadian Natural Resources Ltd. declined more than 1.5 percent. Bank of Montreal and National Bank of Canada climbed to all-time highs as financial stocks advanced a second day.

     The Standard & Poor’s/TSX Composite Index fell 6.65 points, or less than 0.1 percent, to 15,619.08 at 4 p.m. in Toronto, paring a steeper decline in afternoon trading. The market was closed yesterday for the Labor Day holiday.

     Detour Gold dropped 5 percent to C$13 and Goldcorp tumbled 4.1 percent to C$29.27, the biggest drop in five months. Raw- materials shares slumped 1.6 percent as a group to the lowest in seven weeks. The Canadian equities benchmark has surged 15 percent this year, making it the second-best performer among developed equity markets behind Denmark. Trading volume in the S&P/TSX was 9.8 percent above the 30-day average today.

     Gold for December delivery decreased 1.7 percent to settle at $1,265 an ounce in New York, the lowest since June. The dollar reached a seven-month high against 10 major currencies.

     Athabasca Oil Corp. sank 4 percent to C$7.60, snapping a six-day gain after closing an agreement with PetroChina Co. Aug. 29 to sell the rest of its Dover oil-sands project for C$1.18 billion ($1.08 billion). The deal ended weeks of speculation about whether the Chinese company would pay.

     Suncor lost 1.5 percent to C$43.67 and Canadian Natural Resources fell 2.6 percent to C$46.17 as crude for October delivery declined 3.2 percent to $92.88 a barrel in New York.

     The Purchasing Managers’ Index in Europe fell to 50.7 in August from 51.8 in July, London-based Markit Economics said yesterday. China’s manufacturing slowed more than estimated last month, while in the U.S., the Institute for Supply Management’s index showed expansion at the fastest pace in three years.

     Canadian National Railway Co. advanced 1.3 percent to C$79.10, as the railway operator’s market capitalization of C$64.7 billion eclipsed Suncor’s C$64 billion for the fourth- largest in Canada.

     Bombardier Inc. decreased 0.6 percent to C$3.64, the lowest level in a month, after Goldman Sachs Group Inc. analyst Noah Poponak said the aircraft manufacturer may see “inevitable” delays for its CSeries jet.

US

By Joseph Ciolli

     Sept. 2 (Bloomberg) — U.S. stocks fell, after the Standard & Poor’s 500 Index had its best month since February, as energy producers sank with the price of crude to offset data showing U.S. manufacturing expanded at the fastest pace in three years.

     Newfield Exploration Co. slid 2.1 percent as energy companies dropped 1.3 percent as a group. Delta Air Lines Inc. and Southwest Airlines Co. rallied at least 2.8 percent to lead carriers higher. Home Depot Inc. dropped 2 percent after saying it was investigating a possible data breach. Staples Inc. jumped 8.1 percent after Credit Suisse Group AG raised its rating on the stock.

     The S&P 500 lost 0.1 percent to 2,002.28 at 4 p.m. in New York, trimming earlier losses of 0.4 percent in afternoon trading. The Dow Jones Industrial Average slipped 30.89 points, or 0.2 percent, to 17,067.56. The Nasdaq Composite Index rose 0.4 percent, extending its highest level since March 2000. More than 5.7 billion shares changed hands on U.S. exchanges today, snapping an nine-day streak of volume below 5 billion shares.

     “The 2,000 area is still in play, and we’ve yet to move past it convincingly as it remains a speed bump in the short- term,” Joe Bell, senior equity analyst at Cincinnati-based Schaeffer’s Investment Research Inc., said by phone. “The manufacturing index was better than expected, but after that strong rally we had through much of August, the market is taking a bit of a breather.”

     The Institute for Supply Management’s manufacturing index unexpectedly climbed to 59, the highest level since March 2011, from July’s 57.1, the Tempe, Arizona-based group reported today. Readings greater than 50 indicate growth. The median forecast in a Bloomberg survey of economists was 57.

     The news on manufacturing was less positive overseas as U.K. factory growth slowed more than forecast last month and Italian manufacturing shrank as Europe suffered the fallout from weakening demand and mounting geopolitical risks. Output growth in China also slowed.

     The S&P 500 jumped 3.8 percent in August, climbing above 2,000 for the first time, amid improving economic data and speculation the Federal Reserve will keep interest rates low even as the economy shows signs of strengthening. The gauge has advanced 8.1 percent in 2014.

     The economy expanded more than previously forecast in the second quarter, propelled by the biggest gain in business investment in more than two years, the Commerce Department reported last month. A Labor Department report on Sept. 5 will show payrolls rose by more than 200,000 in August for a seventh- straight month, a Bloomberg survey of economists showed.

     “Overall, data supports the idea that the economy is accelerating going into the second half of the year, which certainly helps the equity markets,” Kevin Caron, who helps oversee $170 billion at Stifel Nicolaus & Co. in Florham Park, New Jersey, said in a phone interview. “You’ve had investors who have been increasingly encouraged by the direction of the data in the economy. They’ve been discouraged from holding assets in low-yielding, safer assets.”

     The S&P 500’s rally isn’t over and the gauge could jump 50 percent more by 2020 as the U.S. economic recovery heads for a record winning streak, according to Morgan Stanley.

     A slower though sustained period of growth could help the equity benchmark gauge peak near 3,000, according to a report today. The world’s largest economy, which began recovering in July 2009, may continue growing for five years or more, making it the longest period of expansion, Morgan Stanley said.

     In Ukraine, the government warned of an escalating conflict in its easternmost regions, even as U.S. President Barack Obama headed to eastern Europe to reassure NATO members. Ukraine and its allies in the U.S. and Europe accuse Russia of dispatching troops and backing separatist militias to open a new front in the conflict. Russia has repeatedly denied involvement in the unrest.

     “U.S. investors will try to focus on the economic agenda of the day, while geopolitical issues remain in the background,” Stephane Ekolo, chief European strategist at Market Securities in London, wrote in an e-mail.

     The Chicago Board Options Exchange Volatility Index, the gauge of S&P options prices known as the VIX, rose 2.3 percent to 12.25. The gauge lost 29 percent in August, the biggest monthly drop in almost three years.                         

     Five of the 10 main S&P 500 groups retreated, with energy stocks falling 1.3 percent to pace declines. Newfield Exploration and Noble Corp. slid at least 2.1 percent as the price of West Texas Intermediate crude slumped. Chevron Corp. lost 1.5 percent.

     Home Depot sank 2 percent to $91.15, halting a five-day rally. The largest home-improvement chain said it was working with banks and law enforcement to investigate the possible breach.

     The Nasdaq 100 Index rose 0.3 percent to a 14-year high as Regeneron Pharmaceuticals Inc., Staples and Tesla Motors Inc. rallied.

     Regeneron gained 2.6 percent to $359.50, an all-time high.  The cholesterol drug that the company is developing with Sanofi cut levels of heart disease-causing fat in four studies, according to results released over the weekend.

     Staples climbed 8.1 percent to $12.63, the highest since May. The world’s largest office-supply chain was raised to outperform from neutral at Credit Suisse.

     Tesla rose 5.4 percent to $284.12, an all-time high. A Stifel Nicolaus & Co. report cited the electric-car maker’s increasing production and said it may be worth $400 a share even before it starts making a lower-priced model.

     Dollar General Corp. added 0.6 percent to $64.36. The retailer said today that it raised its offer for smaller rival Family Dollar Stores Inc. to $80 a share in cash, compared with an initial $78.50 bid. Family Dollar Stores rose 0.5 percent to $80.22.

     Norwegian Cruise Line Holdings Ltd. surged 11 percent to $36.99 after agreeing to acquire Prestige Cruises International Inc. for about $3.03 billion. Prestige is owned by private equity firm Apollo Global Management LLC, which also holds a 20 percent stake in Norwegian.

     Compuware Corp. shares climbed 13 percent to $10.59. The company will be acquired by private equity firm Thoma Bravo LLC in a deal valued at $2.5 billion.

     Exelixis Inc. slumped 55 percent to $1.85. A trial for its cabozantinib treatment for prostate cancer failed to meet its aim of showing an increase in survival rates compared with another drug. The company said it will reduce its workforce by about 70 percent to focus its financial resources on other clinical trials for cabozantinib.

 

Have a wonderful evening everyone.

 

Be magnificent!

The noblest moral law

is that we should unremittingly work

for the good of mankind.

 

Mahatma Gandhi

As ever,

 

Carolann

 

A moment’s insight is worth a lifetime of experience.

          -Justice Oliver Wendell Holmes, 1841-1935

 

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

Senior Vice-President &

Senior Investment Advisor

 

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

Dear Friends,

Tangents:

A Recipe for Happiness?  My favorite chef in the world, Michelin-starred Joël Robuchon (his gastronomic temple is in Tokyo, but there are outposts around the globe, including Las Vegas) has teamed up with acupuncturist and neuropharmacologist Dr. Nadia Volf have produced a new cookbook, Food & Life, which transforms kitchen cupboards into medicine cabinets, highlighting the wellness that resides in everything from foie gras to the humble pea.  Combining his artistry with her scientific knowledge, the pair claims that meals can improve your health, energy and mood, and maybe even help you find love.  “It’s about what to eat at different times, when you feel one way or another.  When you are obsessed by a thought that torments you, eat endives and your obsession will go away,” Volf said.  “I see so many girls who comfort themselves after a heartbreak by eating Nutella and big portions of ice cream, but it doesn’t work.  They gain weight, and they don’t feel better.  The most beautiful thing to eat when you have heartbreak is turkey because turkey has the amino acid tryptophan, which is the basis of our hormone serotonin.  But the girls just don’t know that.”  Robuchon and Dr. Volk offer cures for many different ailments, including forgetfulness:  caviar, served with a poached egg, smoked salmon, crème fraiche and chives.

Photos of the Day

People Baroque-period costumes walk in the Friedenstein Castle during the opening of the Baroque Festival in Gotha, central Germany. Jens Meyer/AP

A boy wears a traditional costume as farmers drive their cows and goats during the annual Alpabzug near the eastern Swiss town of Gonten. Arnd Wiegmann/Reuter

Market Closes for August 29^th, 2014    

Market Index	Close	Change
Dow Jones	17098.45	+18.88
		+0.11%
S&P 500	2003.37	+6.63   +0.33%
NASDAQ	4580.273	+22.579   +0.50%
TSX	15625.73	+67.56
		+0.43%

International Markets

Market Index	Close	Change
NIKKEI	15424.59	-35.27
		-0.23%
HANG SENG	24742.06	+1.06
		—
SENSEX	26638.11	+77.96
		+0.29%
FTSE 100	6819.75	+13.95
		+0.20%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.995	1.997
CND. 30 Year Bond	2.556	2.559
U.S.    10 Year Bond	2.3431	2.3361
U.S. 30 Year Bond	3.0792	3.0744

Currencies

BOC Close	Today	Previous
Canadian $	0.91935	0.92075
US $	1.08773	1.08607
Euro Rate 1 Euro=		Inverse
Canadian $	1.42910	0.69974
US $	1.31384	0.76113

Commodities

Gold	Close	Previous
London Gold Fix	1287.81	1289.45
Oil	Close	Previous
WTI Crude Future	95.96	94.55

Market Commentary:

Canada

By Eric Lam

     Aug. 29 (Bloomberg) — Canadian stocks rose to a record, snapping a two-day loss as oil producers advanced with data showing the nation’s economic growth rebounded to the fastest in almost three years on rising exports.

     Canadian Energy Services & Technology Corp. increased 2.5 percent after agreeing to an acquisition. Bellatrix Exploration Ltd. and Bankers Petroleum Ltd. rallied more than 1.9 percent as crude posted the first weekly gain in more than a month. Toronto-Dominion Bank, the nation’s largest lender by assets, fell 0.4 percent to extend losses a second day after reporting earnings.

     The Standard & Poor’s/TSX Composite Index rose 67.56 points, or 0.4 percent, to 15,625.73 at 4 p.m. in Toronto. The benchmark Canadian equity gauge last closed at a high Aug. 26. The market will be closed on Sept. 1 for the Labor Day holiday.

     The Canadian index has advanced 1.9 percent this month, for a third straight gain. The S&P/TSX has surged 15 percent this year, making it the second-best performer among developed equity markets behind Denmark.

     Trading volume in the S&P/TSX was in line with the 30-day average today as eight of 10 industries advanced.

     The Canadian economy rose at a 3.1 percent annualized pace from April to June, Statistics Canada said today in Ottawa, faster than the 2.7 percent economists forecast in a Bloomberg survey. Exports surged 17.8 percent on gains in automobiles, farm and forest products.

     Canadian Energy Services & Technology added 2.5 percent to C$10.82 after agreeing to buy the production and specialty chemical business assets of Southwest Treating Products LLC. Terms were not disclosed.

     Bellatrix Exploration added 2.3 percent to C$8.42 and Bankers Petroleum rose 1.9 percent to C$6.60 as West Texas Intermediate crude capped its first weekly gain in more than a month.

     Cameco Corp. rallied 1.2 percent to C$21.26, snapping a three-day loss as raw-materials stocks rose 0.9 percent as a group, the most in the S&P/TSX. The uranium producer prepared to shut down its McArthur River mine, the world’s largest source of the nuclear fuel due to a dispute with workers.

US

By Oliver Renick

     Aug. 29 (Bloomberg) — U.S. stocks rose, finishing the biggest monthly gain since February, amid improving economic data and speculation central banks will continue to spur growth.

     The Standard & Poor’s 500 Index added 0.3 percent to a record 2,003.37 as of 4 p.m. in New York today. The index jumped 3.8 percent this month, the best August performance since 2000.

     Economic reports showed consumer confidence unexpectedly rose in August, while consumer spending dropped in July for the first time in six months. Euro-area inflation slowed this month to the weakest rate since 2009, increasing pressure on the European Central Bank to add stimulus. American equity markets will be closed on Sept. 1 for the Labor Day holiday.

     With the U.S. headed into the Labor Day holiday weekend, the stock market has been experiencing the slowest trading in at least six years. Volume has been below 5 billion shares in each of the past eight days, the longest stretch in data compiled by Bloomberg going back to 2008.

     “Investors’ lack of exposure to equities is still what drives the market higher, along with valuations which aren’t stretched,” Paul Atkinson, head of North American equities at Aberdeen Asset Management Plc in Philadelphia, said in a phone interview. The firm oversees $551.4 billion.

     The Dow Jones Industrial Average climbed 18.88 points, or 0.1 percent, to 17,098.45. The Nasdaq Composite Index gained 0.5 percent to 4,580.27.                         

     U.S. household purchases decreased 0.1 percent after increasing 0.4 percent in June, Commerce Department figures showed. None of the 79 economists in a Bloomberg survey projected a decrease. Incomes climbed 0.2 percent, the smallest monthly advance this year.

     Consumer confidence unexpectedly rose in August, showing a brightening in Americans’ moods as the labor market  gains traction. The Thomson Reuters/University of Michigan final sentiment index rose to 82.5 from 81.8 in July. The median projection in a Bloomberg survey of economists called for 80.

     “You look through the data we’ve gotten this week, it’s strong, I think what the stock market’s getting is that this lfit is starting to help the consumer,” John Canally, chief economic strategist at Boston-based LPL Financial LLC, said via phone.

     In Europe, consumer prices rose 0.3 percent in August from a year earlier after a 0.4 percent increase in July, the statistics office in Luxembourg said. Unemployment remained at 11.5 percent in July, Eurostat said in a separate report. ECB President Mario Draghi said in a speech at a conference in Jackson Hole, Wyoming that inflation expectations have deteriorated in the euro area and signaled policy makers are ready to add fresh stimulus.

     “The ECB meeting is next week and Draghi kind of precommitted at Jackson Hole when he started talking about inflation being below their desired range,” Paul Zemsky, the New York-based head of multi-asset strategies at Voya Investment Management LLC, which oversees $213 billion, said by phone. “If they don’t do something different, global markets will be disappointed.”

     Avago Technologies Ltd., a semiconductor-device supplier, climbed 7.5 percent to $82.09 for the biggest gain in the S&P 500 after it reported earnings that topped estimates.

     Pacific Sunwear of California Inc., a clothing retailer, slid 9.6 percent to $2.08 after projecting losses in the third quarter that were deeper than analysts’ estimated.

     Veeva Systems Inc., the provider of cloud-based business services, jumped 20 percent to $29.97. It boosted its year-end earnings prediction and reported second-quarter earnings that beat estimates.

     Nabors Industries Ltd., the oil, gas and geothermal land drilling operator, gained 3.6 percent to $27.21, the most in two months. A Bloomberg Industries report yesterday showed it stand to benefit from exposure to Argentina shale development.

 

Have a fantastic Labour Day weekend everyone!
 

 

Be magnificent!

Unity is an intellectual concept.

On an emotional level unity is serenity, equality, and equilibrium.

Swami Prajnanpad

As ever,

 

Carolann

 

Measure not the work until the day’s out and the labor done.

                              –Elizabeth Barrett Browing, 1806-1861

 

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

Senior Vice-President &

Senior Investment Advisor

 

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St., 

Victoria, B.C. V8W 3Y7

Dear Friends,

Tangents:

Today is the anniversary of Martin Luther King’s march on Washington on August 28th, 1963, for his famous “I have a dream…” speech.

In the end, we will remember not the words of our enemies, but the silence of our friends. –Martin Luther King.

Today is the feast of St. Augustine: Augustine, 354-430, is considered the greatest of Latin fathers.  He is distinguished by his zealous opposition to the heresies of his time and by his prolific writings, his best known works being his Confessions and De Civitate.

Photos of the Day

Performers dance during the closing ceremony of the 2014 Nanjing Youth Olympic Games in Nanjing, China. Aly Song/Reuters

Orix BlueWave second baseman Keiichi Hirano jumps over second base after forcing out Chiba Lotte Marines’ Daichi Suzuki in the sixth inning of their Pacific League professional baseball game in Kobe, western Japan. Kyodo News/AP

Market Closes for August 28^th, 2014    

Market Index	Close	Change
Dow Jones	17079.57	-42.44
		-0.25%
S&P 500	1996.74	-3.38   -0.17%
NASDAQ	4557.695	-11.926   -0.26%
TSX	15558.17	-44.48
		-0.29%

International Markets

Market Index	Close	Change
NIKKEI	15459.86	-74.96
		-0.48%
HANG SENG	24741.00	-177.75
		-0.71%
SENSEX	26638.11	+77.96
		+0.29%
FTSE 100	6805.80	-24.86
		-0.36%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.997	2.008
CND. 30 Year Bond	2.559	2.569
U.S.    10 Year Bond	2.3361	2.3573
U.S. 30 Year Bond	3.0744	3.1024

Currencies

BOC Close	Today	Previous
Canadian $	0.92075	0.92049
US $	1.08607	1.08638
Euro Rate 1 Euro=		Inverse
Canadian $	1.43191	0.69837
US $	1.31843	0.75848

Commodities

Gold	Close	Previous
London Gold Fix	1289.45	1283.00
Oil	Close	Previous
WTI Crude Future	94.55	93.88

Market Commentary:

Canada

By Eric Lam

     Aug. 28 (Bloomberg) — Canadian stocks fell the most in three weeks, joining a slump in global markets as the conflict in Ukraine deepened and banks declined after reporting earnings.

     Laurentian Bank of Canada slumped 3.3 percent after posting profit and revenue short of analysts’ estimates. Canadian Imperial Bank of Commerce retreated 2.2 percent as credit-card revenue declined. First Quantum Minerals Ltd. and Teck Resources Ltd. declined at least 1.6 percent as copper sank the most in more than four months. B2Gold Corp. and Goldcorp. Inc. rose as gold climbed to the highest in a week.

     The Standard & Poor’s/TSX Composite Index lost 44.48 points, or 0.3 percent, to 15,558.17 at 4 p.m. in Toronto, the biggest decline since Aug. 7. The benchmark Canadian equity gauge closed at a record 15,619.21 on Aug. 26.

     Laurentian Bank slid 3.3 percent to C$49.91, the biggest decline since December, as financial stocks retreated 0.8 percent as a group. Trading volume was 16 percent below the 30- day average.

     Canadian stocks have surged 14 percent this year, making the S&P/TSX the second-best performer among developed equity markets behind Denmark.

     CIBC lost 2.2 percent to C$103.23, the most in a year. Credit card revenue declined after the bank sold half of its Aerogold Visa portfolio to Toronto-Dominion Bank in December.

     Toronto-Dominion, Canada’s largest lender by assets, slipped 0.8 percent. The bank reported higher earnings from domestic consumer lending and investment banking.

     The MSCI All-World Index dropped 0.4 percent, snapping a three-day rally, as tensions increased in the conflict between Russia and Ukraine.

     Ukrainian President Petro Poroshenko called an emergency meeting to defend what he called a “de facto” Russian incursion after separatists gained ground in intensified fighting. The U.S. said Russia may be directing the attacks, falling short of calling it an invasion.

     The U.S. economy grew at a 4.2 percent annualized rate, up from an initial estimate of 4 percent and following a first- quarter contraction, data today showed. The median forecast of 77 economists surveyed by Bloomberg called for a 3.9 percent gain.

     Athabasca Oil Corp. advanced 2.7 percent to C$7.59 after PetroChina said it will pay the company for its stake in the Dover oil sands project soon, Reuters reported.

US

By Oliver Renick

     Aug. 28 (Bloomberg) — U.S. stocks fell, sending the Standard & Poor’s 500 Index below 2,000, as violence in Ukraine and disappointing retail earnings overshadowed data showing the economy expanded more than estimated.

     Williams-Sonoma Inc. tumbled 12 percent after its third- quarter earnings forecast missed analysts’ estimates. Abercrombie & Fitch Co. declined 4.8 percent as second-quarter sales fell more than analysts had projected. Guess? Inc. sank 8.8 percent after the retailer cut its annual earnings forecast. Signet Jewelers Ltd., which operates Zales and Kay Jewelers, climbed 7.7 percent after reporting earnings that beat estimates.

     The S&P 500 dropped 0.2 percent to 1,996.74 at 4 p.m. in New York, ending a three-day advance. The Dow Jones Industrial Average slid 42.44 points, or 0.3 percent, to 17,079.57. The Nasdaq 100 Index retreated 0.2 percent for the first loss in 12 sessions. About 4.2 billion shares changed hands on U.S.  exchanges, the lowest for a full day of trading this year.

     “Whenever you push through big levels like the 2,000 mark you get some profit-taking, which normal at this point, that’s a big milestone to push through,” Jeff Kravetz, the Phoenix-based regional investment director at US Bank’s Private Client Reserve, said via phone.

     The U.S. equity index has rebounded about 4.6 percent from a three-month low on Aug. 7 on speculation the Federal Reserve will keep interest rates low as the economy strengthens. The S&P 500 closed above 2,000 for the first time on Aug. 26.

     The U.S. economy expanded more than previously forecast in the second quarter, propelled by the biggest gain in business investment in more than two years. Gross domestic product rose at a 4.2 percent annualized rate, up from an initial estimate of 4 percent and following a first-quarter contraction, Commerce Department figures showed.

     Other reports showed contracts to purchase previously owned homes rose more than forecast in July. The number of Americans filing for unemployment benefits was little changed last week near the lowest level in seven year.

     “If you look at unemployment claims that should suggest we’ll get a very nice healthy payroll number next Friday,” Wilmer Stith, a Baltimore-based money manager at Wilmington Trust Investment Managers, said via phone. “This patchwork of broader and deeper economic expansion is well under way in the United States.”

     Russian President Vladimir Putin discussed in a phone call with Italian Prime Minister Matteo Renzi the need to halt the bloodshed in Ukraine, Putin’s office said in e-mailed statement. Ukrainian President Petro Poroshenko pledged to step up the country’s defenses against what he earlier called a “de facto”Russian incursion after separatists gained ground in intensified fighting.

     The five months of unrest have sparked the worst standoff between Russia and its former Cold War foes in two decades and unleashed sanctions on both sides. Violence surged a day after Putin and Poroshenko met in Minsk, Belarus. Putin hailed the talks as a step toward peace, though he said cease-fire terms weren’t discussed because Russia isn’t a party to the conflict.

     “These geopolitical events tend to be transitory, where the market may drop over the short-term but then tends to recover pretty quickly,” Bob Landry, executive director and portfolio manager at San Antonio-based USAA Investment Management Co., said via phone. He helps manage $22.3 billion.

     The U.S. stock market is seeing the slowest trading in at least six years as investors leave for vacation before Labor Day. Volume has been below 5 billion shares over the past eight days, the longest streak in data compiled by Bloomberg going back to 2008.

     “There’s going to be light volume going into a holiday regardless, but now you have these geopolitical concerns that are playing into that as well,” Landry said.

     The Chicago Board Options Exchange Volatility Index, the gauge of S&P options prices known as the VIX, rose for a second day, gaining 2.3 percent to 12.05. The gauge has lost 29 percent this month, poised for the biggest drop in two years.

     Signet jumped 7.7 percent to $116.37, the highest ever, after reporting second-quarter earnings that beat analysts’ estimates and predicted same store sales growth in the third quarter.

     Williams-Sonoma slid 12 percent to $65.93. The seller of cookware and home furnishings forecast third-quarter earnings of 58 cents to 63 cents a share. The average analyst projection in a Bloomberg survey was for 66 cents.

     Abercrombie fell 4.8 percent to $41.87. The company is struggling to compete with fast-fashion companies such as Forever 21 and Hennes & Mauritz AB, which have won over teens with their ability to react to trends quickly.

     Guess lost 8.8 percent to $23.38. Full-year adjusted profit will be $1.05 to $1.20 a share, lower than its May forecast of $1.40 to $1.60.

     Whole Foods Market Inc. slid 1.6 percent to $39.19. Kurt Frederick, an analyst at Wedbush Securities Inc., initiated coverage of the stock with a neutral rating.

     RadioShack Corp. shares jumped 31 percent, the third straight day of double-digit gains, to $1.43 on speculation that the company will get a rescue financing package that helps it stave off bankruptcy.

     Repros Therapeutics jumped 19 percent to $21.58, the highest since January, after data released yesterday showed the company’s testosterone treatment Androxal was superior to AbbVie’s on market topical gel, AndroGel, in secondary hypogonadism.
 

Have a wonderful evening everyone.

 

Be magnificent!

I do not know of any religion apart from human activity.

It provides a moral basis to all other activities which they would otherwise lack,

reducing life to a maze of ‘sound and fury signifying nothing.”

Mahatma Gandhi

As ever,

 

Carolann

 

Never put off until tomorrow what you can do the day after tomorrow.

                                                              -Mark Twain, 1835-1910

 

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

Senior Vice-President &

Senior Investment Advisor

 

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

Dear Friends,

Tangents:

Carolann is out of the office today, I will be writing the newsletter on her behalf.

Photos of the Day
A boogie boarder rides a wave at the wedge in Newport Beach, Calif. Southern California beachgoers experienced much higher than normal surf brought on by Hurricane Marie spinning off the coast of Mexico. Chris Carlson/AP

People take part in ‘Yoga On The Hill’ on Parliament Hill in Ottawa, Canada. Sean Kilpatrick/The Canadian Press/AP

Market Closes for August 27^th, 2014    

Market Index	Close	Change
Dow Jones	17122.01	+15.31
		+0.09%
S&P 500	2000.12	+0.10   —
NASDAQ	4569.621	-1.016   -0.02%
TSX	15602.65	-16.56
		-0.11%

International Markets

Market Index	Close	Change
NIKKEI	15534.82	+13.60
		+0.09%
HANG SENG	24918.75	-155.75
		-0.62%
SENSEX	26560.15	+117.34
		+0.44%
FTSE 100	6830.66	+7.90
		+0.12%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.008	2.044
CND. 30 Year Bond	2.569	2.603
U.S.    10 Year Bond	2.3573	2.3962
U.S. 30 Year Bond	3.1024	3.1623

Currencies

BOC Close	Today	Previous
Canadian $	0.92049	0.91292
US $	1.08638	1.09539
Euro Rate 1 Euro=		Inverse
Canadian $	1.43334	0.69767
US $	1.31937	0.75794

Commodities

Gold	Close	Previous
London Gold Fix	1283.00	1280.78
Oil	Close	Previous
WTI Crude Future	93.88	93.86

Market Commentary:

Canada

By Eric Lam

     Aug. 27 (Bloomberg) — Canadian stocks fell, retreating from a record, as declines in gold producers and Tim Hortons Inc. overshadowed gains at National Bank of Canada after it reported better-than-estimated third-quarter profit.

     Tim Hortons lost 2.6 percent to snap a three-day rally. Talisman Energy Inc. fell 5.1 percent after a Wall Street Journal report said talks to sell some of its assets to Repsol SA have stalled. National Bank of Canada jumped to a record after reporting rising profit on gains in its capital markets and wealth-management businesses.

     The Standard & Poor’s/TSX Composite Index lost 16.56 points, or 0.1 percent, to 15,602.65 at 4 p.m. in Toronto. The benchmark equity gauge closed at a record 15,619.21 yesterday.

     Trading in S&P/TSX stocks was 3.9 percent higher than the 30-day average. Canadian stocks have surged 15 percent this year, making the S&P/TSX the second-best performer among developed equity markets behind Denmark.

     Yamana Gold Inc. dropped 1.5 percent to C$9.02 and Eldorado Gold Corp. lost 1.3 percent to C$8.85 as raw-materials producers retreated 1 percent as a group. Six of 10 industries in the S&P/TSX fell.

     Gold for December delivery slipped 0.1 percent to settle at $1,283.40 an ounce in New York, after rallying the most in three weeks yesterday.

     National Bank of Canada jumped 3.1 percent to C$50.91, the biggest gain in three years, after the nation’s sixth-largest lender by assets bolstered its wealth-management business in the third quarter through takeovers including Winnipeg-based Wellington West Holdings Inc.

     Bank of Montreal, which reported rising profit yesterday, advanced 1.2 percent to C$83.14, a record. The stock is up 17 percent this year, the best performer among the nation’s largest banks.

     Tim Hortons lost 2.6 percent to C$86.42, retreating from a record. Some investors are either considering or already have sold their stakes in the coffee-and-doughnut chain after the stock’s 33 percent rally in the past three days on talks for a tie-up with Burger King.

     “The easy money’s been made on this stock,” said Brian Huen, managing director at Red Sky Capital Management Ltd. in Toronto. His firm sold its Tim Hortons shares yesterday.

US

By Lu Wang

     Aug. 27 (Bloomberg) — The rally that propelled the Standard & Poor’s 500 Index above a record 2,000 lost a little bit of momentum today.

     The S&P 500 rose 0.1 point to 2,000.12 at 4 p.m. in New York with about the same number of stocks rising as falling. About 4.2 billion shares changed hands across U.S. exchanges, the lowest volume since July 3, data compiled by Bloomberg show.

     “The market is not overly expensive, not cheap either,” Ethan Anderson, senior portfolio manager at Rehmann Financial in Grand Rapids, Michigan, said by phone. His firm oversees $1.5 billion. “In the absence of strong corporate earnings, you are not necessarily going to see a huge surge in equities over the next 12 months. But the little notch up, on a regular basis, you’re likely to see continue.”

     Global markets are surmounting crises in Ukraine, the Gaza Strip and Iraq as investors renew bets that stimulus will revive growth. Rallies from Brazil to Japan and the U.S. gauge’s first trip above 2,000 have sent the value of global equities to a record $66 trillion.

     The S&P 500 is up almost 5 percent since Aug. 7, boosted by speculation the Federal Reserve will keep interest rates low as the economy strengthens. European Central Bank President Mario Draghi has also signaled policy makers may consider introducing an asset-buying plan.

     The U.S. equity benchmark has seen gains in 11 of the past 14 days. It trades at 18 times the reported earnings of its companies, near the highest level since 2010.

     The Dow Jones Industrial Average added 15.31 points to 17,122.01 today. The Nasdaq Composite Index was little changed after a four-day rally. Among industries in the S&P 500, telephone and utility stocks had the biggest gains, while energy, financial and technology shares fell the most.

     “In the U.S., you’re seeing businesses do very well,” Doug Foreman, chief investment officer at Kayne Anderson Rudnick Investment Management in Los Angeles, said in a telephone interview. His firm oversees about $9 billion. “We’re in a situation where there are still some macro risks, but they’re overwhelmed by the micro, which is surprisingly good.”

      Tiffany & Co. added 1 percent after posting second-quarter profit that topped analysts’ estimates and raised its earnings forecast for the year as higher prices boosted revenue.

     Smith & Wesson Holding Corp. tumbled 14 percent after the gunmaker cut its full-year sales and profit forecast amid declining demand. Chico’s FAS Inc., a women’s clothing retailer, slumped 4.6 percent on lower-than-estimated sales.

     Michaels Cos. jumped 9.3 percent as the arts and crafts retailer reported second-quarter earnings that topped analysts’ estimates. Express Inc. increased 13 percent after the apparel chain raised its full-year profit forecast.

     Best Buy Co., the world’s largest electronics chain, rose 6.3 percent after posting second-quarter profit that topped analysts’ estimates, helped by lower costs.

     “U.S. markets continue to defy geopolitical worries,” Richard Hunter, the head of equities at Hargreaves Lansdown Plc in London, wrote in an e-mail. “Many of the blocks are in place for the equity markets to make further progress.”

 

Have a wonderful evening everyone.

 

Be magnificent!

 

“In order to succeed, your desire for success should be greater than your fear of failure.” – Bill Cosby 

 

As ever,

 

Karen

 

 “The most wasted of all days is one without laughter” – e.e. cummings

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

Dear Friends,

Tangents:

Journalist Gail Sheehy, 76, is author of 17 books.  Her latest is Daring: My Passages, a memoir.  She spoke to Marc Myers; this was printed in The Wall Street Journal  last weekend:

Back in 1968, when I was 30, my entire life blew up.  I had a life plan, and it collapsed for no rational reason.  I had been a newspaper reporter in New York but left the job to help editor Clay Felker start New York magazine.  My marriage was breaking up, and I was falling in love with Clay.  The song that carried me through those years and all stages of my life is Both Sides Now [by Joni Mitchell].

  I first heard the song in 1968, when Judy Collins version was a huge radio hit.  But when I heard Joni’s in 1969 on her album Clouds, it stopped me.  In her voice, I could hear the fragility of being a woman at that time along with hopefulness and an unwillingness to give up.

  Joni’s voice doesn’t sound cynical or put off by life.  She admits her confusion but still marvels at what she sees: “I’ve looked at clouds from both sides now / From up and down and still somehow / It’s cloud  illusions I recall / I really don’t know clouds at all.”  In ’69, after my divorce, I let go of my illusions about marriage.

  Over time, I’ve identified with different parts of the song.  In 1970, when I realized I could write magazine features in a whole new way, I was elated, and Joni’s line about “ice cream castles in the air”  resonated.  In my bachelor-girl 30s, her “moons and Junes and Ferris wheels” stood out.  In my flourishing 40s, I became a public figure, so I related to “but now it’s just another show / you leave ’em laughing when you go.”  When Clay finally proposed in 1984, I too felt “proud to say ‘I love you’ right out loud.”

  After Clay died in 2008, I was devastated.  I put on Joni’s version with strings from 2000 and heard a deeper voice full of sorrow and wine and cigarettes.  Eventually, I found my way out of that dark place and dared to love again.

  Today, I connect with Joni’s line, “Something’s lost but something’s gained in living every day.”  I’m looking forward to the next turn in my story line.

Listen to the song at WSJ.com/review.

On this day in 1920, Women’s Equality Day was established.  Women officially became part of the US constitution and given the right to vote.

Photos of the Day

Ecuador’s Tungurahua volcano erupts near Banos. Tungurahua, which means ‘Throat of Fire’ in the local Quechua language, has been active since 1999. Carlos Campania/Reuters

Katie Ledbetter sits in a hammock at the Mi Casa, Your Casa art installation at the High Museum in Atlanta. David Goldman/AP

Market Closes for August 26^th, 2014    

Market Index	Close	Change
Dow Jones	17106.70	+29.83
		+0.17%
S&P 500	2000.02	+2.10   +0.11%
NASDAQ	4570.637	+13.289   +0.29%
TSX	15619.21	+20.47
		+0.13%

International Markets

Market Index	Close	Change
NIKKEI	15521.22	-92.03
		-0.59%
HANG SENG	25074.50	-92.41
		-0.37%
SENSEX	26442.81	+5.79
		+0.02%
FTSE 100	6822.76	+47.51
		+0.70%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.044	2.042
CND. 30 Year Bond	2.603	2.598
U.S.    10 Year Bond	2.3962	2.3820
U.S. 30 Year Bond	3.1623	3.1314

Currencies

BOC Close	Today	Previous
Canadian $	0.91292	0.91044
US $	1.09539	1.09837
Euro Rate 1 Euro=		Inverse
Canadian $	1.44236	0.69331
US $	1.31676	0.75944

Commodities

Gold	Close	Previous
London Gold Fix	1280.78	1276.69
Oil	Close	Previous
WTI Crude Future	93.86	95.10

Market Commentary:

Canada

By Joseph Ciolli

     Aug. 26 (Bloomberg) — Canadian stocks extended a record as crude and gold prices advanced, while Tim Hortons Inc. surged for a second day on a takeover.

     Materials stocks climbed the most in the benchmark index as First Quantum Minerals Ltd. and Eldorado Gold Corp. rose at least 1.2 percent amid an advance in gold. Tim Hortons gained 8.1 percent after Burger King Worldwide Inc. agreed to acquire the company. Bank of Nova Scotia declined 2.4 percent after reporting earnings.

     The Standard & Poor’s/TSX Composite Index increased 20.47 points, or 0.1 percent, to a record 15,619.21 at 4 p.m. in Toronto. The gauge has rallied 15 percent this year.

     Nuvista Energy Ltd. climbed 7.8 percent to C$11.75 and Canyon Services Group Inc. rose 3.7 percent to C$16.64. Seven of 10 industries in the benchmark Canadian equity gauge advanced.

     The S&P/TSX Gold Index climbed 1.9 percent, rebounding from a five-day skid that pushed it to a one-month low, as gold futures increased 0.5 percent. OceanaGold Corp. gained 1.7 percent to C$2.92, while B2Gold Corp. added 4.2 percent to C$2.74.

     Tim Hortons, Canada’s biggest seller of coffee and doughnuts, soared 8.1 percent to C$88.71 after rallying 19 percent yesterday. Burger King agreed to purchase it for about C$12.5 billion ($11.4 billion) in a deal that creates the third- largest fast-food company.

     The deal moves Burger King’s headquarters to Canada, and gives the company access to a coffee brand with a cult following, which may help boost breakfast sales. The new combined business would create a fast-food network with $23 billion in sales, including franchisees, and more than 18,000 restaurants in 100 countries.

     Bank of Nova Scotia fell 2.4 percent to C$72.45 after third-quarter profit from international lending missed some analysts’ estimates. The firm also raised its dividend 3.1 percent.

     Bank of Montreal was little changed at C$82.16. Canada’s fourth-largest lender posted third-quarter profit that beat analysts’ estimates on gains in consumer lending and investment banking.

US

By Elena Popina

     Aug. 26 (Bloomberg) — U.S. stocks rose, sending the Standard & Poor’s 500 Index to close above 2,000 for the first time, as reports showed the biggest ever jump in durable-goods orders and an unexpected increase in consumer confidence.

     Amazon.com Inc. added 2.3 percent after the company said it’s buying video-game service Twitch Interactive Inc. in one of its biggest-ever acquisitions. Tim Hortons Inc. jumped 8.5 percent after Burger King Worldwide Inc. agreed to acquire the coffee-and-doughnuts chain in a $11.4 billion cash-and-share deal. Best Buy Co. dropped 6.9 percent after posting a same- store sales decline that was steeper than analysts had projected.

     The S&P 500 rose 0.1 percent to 2,000.02 at 4 p.m. in New York, after climbing as high as 2,005.04. The Dow Jones Industrial Average added 29.83 points, or 0.2 percent, to 17,106.70, also reaching an all-time high intraday. About 4.5 billion shares changed hands on U.S. exchanges today, 20 percent below the three-month average.

     “The 2,000 number got a lot of attention, but let’s get back to basics and see how the economy is doing,” Richard Sichel, chief investment officer at Philadelphia Trust Co., which oversees $2 billion, said in a phone interview.

     Data today showed orders for U.S. durable goods jumped 23 percent in July as bookings surged for commercial aircraft. An air show in the U.K. helped drive a 318 percent jump in plane orders, the most since January 2011. A 0.5 percent drop in orders for non-military capital goods excluding aircraft last month followed a June increase of 5.4 percent.                   

     The Conference Board’s consumer confidence index rose to 92.4 in August, the highest since October 2007, from a revised 90.3 a month earlier, the private research group said.

     The S&P 500 has advanced for the past three weeks and more than $1 trillion has been added to the value of American equities since a two-month low on Aug. 7 amid speculation central banks will continue to keep interest rates near zero even as the economy strengthens.

     “I am still bullish on the U.S. market, but I do expect the S&P 500 to consolidate and slip back to 1,950-80 range as it’s due for a rest once it climbs to 2,000,” said Manish Singh, who helps manage $2 billion at Crossbreed Capital in London. “Any dip will be a shallow one. The central-bank and data narrative is still supportive of risk.”

     The Chicago Board Options Exchange Volatility Index, the gauge of S&P options prices known as the VIX, slid 0.6 percent to 11.63. The gauge has lost 15 percent this year.

     Seven of the 10 main groups in the S&P 500 increased today. Energy shares led gains with a 0.5 percent rally as West Texas Intermediate oil rose from a seven-month low. Exxon Mobil Corp. added 0.9 percent to pace an advance in the Dow.

     The Nasdaq Biotechnology Index climbed 1.3 percent to the highest on record, completing a rebound from a 21-percent decline from February through April amid concern that earnings don’t justify their share prices.

     U.S. shares of Canada’s Tim Hortons added 8.5 percent to $81.05 after rallying 19 percent yesterday. Burger King slid 4.3 percent to $31, reversing an earlier 2.5 percent gain. The hamburger chain yesterday surged 20 percent yesterday after saying it is in talks with Tim Hortons. Burger King will move its headquarters to Canada, enabling the second-largest U.S. burger chain relocate to a lower-tax country.

     Premier Inc. rose 5.4 percent to $32 after forecasting full-year adjusted earnings of $1.39 to $1.44 a share, exceeding the average analyst estimate of $1.38. The purchasing network owned by health-care providers also agreed to buy software company Aperek Inc. for $48.5 million.

     Amazon.com added 2.3 percent to $341.83 after the company said said it’s paying $970 million in cash for Twitch, the online gathering place for gamers. The acquisition gives the Web retailer a forum of more than 55 million monthly active users, where people discuss games or watch others as they play.

     DSW Inc., a shoe retailer, jumped 9.2 percent to $30.99 after reporting higher-than-estimated profit.

     Best Buy lost 6.9 percent to $29.80 after the world’s largest electronics chain said second-quarter comparable sales fell 2.7 percent. That was steeper than the 2.2 percent drop forecast by analysts on average. Same-store sales will decline by a “low single digit” percentage rate in the third and fourth quarter, the company said.
 

Have a wonderful evening everyone.

 

Be magnificent!

Do you live and work in the world?

Always act according to the highest moral standards, both in private and in public.

Always be honest in word and deed, both in private and in public.

Master your emotions and control your senses, both in private and in public.

Be calm and patient, both in private and in public.

Take every opportunity to serve others, both in private and in public.

Be kind and gentle to your children, both in private and in public.

Taittirtya Upanishad

 

As ever,

 

Carolann

 

In the right light, at the right time, everything is extraordinary.

                                                        -Aaron Rose, 1969-

 

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

Senior Vice-President &

Senior Investment Advisor

 

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

Dear Friends,

Tangents:

I finished reading a wonderful book on the weekend entitled The Night Circus by Erin Morgenstern.  If you are looking for a good read, I highly recommend it.  From the Globe & Mail review of this book on the paperback edition:

A book that stops you in your tracks, a book [that]…tears you open and leaves you gasping….A book that makes the hair ojn your arms stand on end, and that has you picking up the phone or sending a text to tell everyone you know, “You have to read this”…One of those rare, wonderful, transcendent books that, upon finishing, you want to immediately start again….The Night Circus welcomes all visitors.

Our revels now are ended.  These our actors
As I foretold you, were all spirits, and
Are melted into air, into thin air:
And, like the baseless fabric of this vision,
The cloud-capp’d tow’rs, the gorgeous palaces,
The solemn temples, the great globe itself,
Yea, all which it inherit, shall dissolve,
And, like this insubstantial pageant faded,
Leave not a rack behind.  We are such stuff
As dreams are made on;  and our little life
Is rounded with a sleep.

                 -Prospero, The Tempest, Act IV, Scene I.

We saw Woody Allen’s latest, Magic in the Moonlight at the theatre  yesterday.  Colin Firth is a terrific actor; story a bit weak, but a cute movie….Allen keeps churning them out at quite a pace.

August 25^th, 2009:  Ted Kennedy dies, a  great loss to the world.

And on this date in 1975, Bruce Springsteen unveiled the album “Born to Run.”

Photos of the Day
Musicians perform as the sun sets at Arpoador Beach in Rio de Janeiro. Pilar Olivares/

Riders pass the Príncipe de Asturias aircraft carrier, the only one in the Spanish navy’s possession, at the start of the third stage of the Vuelta, tour of Spain cycle race, in Cadiz, Spain. Miguel Angel Morenatti/AP

Owen Wright of Australia competes in the Billabong Pro surfing competition in Tahiti. Will Hayden-Smith/ASP/AP

Market Closes for August 25^th, 2014    

Market Index	Close	Change
Dow Jones	17076.87	+75.65
		+0.44%
S&P 500	1997.92	+9.52   +0.48%
NASDAQ	4557.348	+18.797   +0.41%
TSX	15598.74	+63.19
		+0.41%

International Markets

Market Index	Close	Change
NIKKEI	15613.25	+74.06
		+0.48%
HANG SENG	25166.91	+54.68
		+0.22%
SENSEX	26437.02	+17.47
		+0.07%
FTSE 100	6775.25	-2.41
		-0.04%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.042	2.073
CND. 30 Year Bond	2.598	2.629
U.S.    10 Year Bond	2.3820	2.4015
U.S. 30 Year Bond	3.1314	3.1574

Currencies

BOC Close	Today	Previous
Canadian $	0.91044	0.91381
US $	1.09837	1.09432
Euro Rate 1 Euro=		Inverse
Canadian $	1.44908	0.69010
US $	1.31930	0.75798

Commodities

Gold	Close	Previous
London Gold Fix	1276.69	1280.40
Oil	Close	Previous
WTI Crude Future	95.10	96.05

Market Commentary:

Canada

By Callie Bost

     Aug. 25 (Bloomberg) — Canadian stocks rose to a record amid optimism that central banks worldwide will keep interest rates low. Tim Hortons Inc. surged on merger talks.

     Consumer-discretionary stocks rallied the most in the benchmark index as Tim Hortons soared 19 percent on discussions of a merger with Burger King Worldwide Inc. First Quantum Minerals Ltd. climbed 2.2 percent as copper rallied to a two- week high. Semafo Inc. and B2Gold Corp. dropped more than 3.7 percent as gold futures declined.

     The S&P/TSX advanced 63.19 points, or 0.4 percent, to a record 15,598.74 at 4 p.m. in Toronto. The benchmark equity gauge climbed 1.5 percent last week for the best gain since June.

     Trading in S&P/TSX stocks was 29 percent below the 30-day average. Canadian stocks have surged 15 percent this year, making the S&P/TSX the second-best performer among developed equity markets behind Denmark.

     Global central bankers last week led by Federal Reserve Chair Janet Yellen said labor markets still have further to heal before their economies can weather higher interest rates. Comments by Mario Draghi fanned speculation the European Central Bank is closer to quantitative easing.                         

     Bank of Canada Governor Stephen Poloz said in an interview Aug. 22 that persistent slack in the country’s labor market and a tendency toward part-time job creation has restrained income growth in the world’s 11th-largest economy. Economists surveyed by Bloomberg forecast policy makers to keep the benchmark rate at 1 percent, where it’s been for almost four years, until the third quarter of next year.

     Seven of 10 industries in the S&P/TSX advanced. Consumer- discretionary shares rallied 2 percent, while industrials gained 0.6 percent.

     Tim Hortons soared 19 percent to C$82.03. Burger King would create the world’s third-largest fast-food chain by merging with Canada’s bigger seller of coffee and doughnuts, the companies said in a statement.

     The combined business would have about $22 billion in sales and more than 18,000 restaurants in 100 countries, according to the statement. The deal is subject to negotiation, and Burger King and Tim Hortons don’t plan to comment further until an agreement is reached or discussions are discontinued.

     First Quantum Minerals advanced 2.2 percent to C$25.05 to a three-week high as copper futures rose 0.4 percent to settle at $3.237 a pound in New York.

     The S&P/TSX Gold Index fell 1.5 percent to a one-month low as gold futures slipped 0.1 percent. Semafo slumped 4.1 percent to C$4.87, while B2Gold dropped 3.7 percent to C$2.63. Alamos Gold Inc. fell 2.2 percent to C$9.71.

US

By Elena Popina

     Aug. 25 (Bloomberg) — U.S. stocks rose, briefly sending the Standard & Poor’s 500 Index above 2,000 for the first time ever, as corporate dealmaking and prospects for economic stimulus in Europe bolstered confidence in the bull market.

     The S&P 500 rallied 0.5 percent to 1,997.92 at 4 p.m. in New York, paring gains in the afternoon after holding above 2,000 for less than two hours and reaching a record 2,001.95. The Dow Jones Industrial Average increased 75.65 points, or 0.4 percent, to 17,076.87. About 4.3 billion shares changed hands in the U.S. today, 23 percent below the three-month average.

     “This number, 2,000, is a pretty significant number from psychological and financial points,” Joe Bell, senior equity analyst at Cincinnati-based Schaeffer’s Investment Research Inc., said in a phone interview. “Perhaps we might reach a little bit overbought status, and it looks like the index is going to take a breather there.”

     Merger and acquisition activity led to some of the biggest moves in the market today. Burger King Worldwide Inc. added 20 percent after saying it’s in talks to buy Tim Hortons Inc. and move its headquarters to Canada. InterMune Inc. surged 35 percent after Roche Holding AG purchased the biotechnology company for $8.3 billion.  Morgan Stanley climbed to the highest since 2009 and JPMorgan Chase & Co. and Goldman Sachs Group Inc. climbed more than 1.3 percent.

     The S&P 500 has recovered almost 100 points since its low during trading on Aug. 7, climbing on nine of 12 days to erase the 3.9 percent drop that began on July 24. The U.S. equity benchmark has advanced for the past three weeks and more than $900 billion has been added to the value of American equities.

     The Stoxx Europe 600 Index jumped 1.1 percent today as comments by Mario Draghi fanned speculation the European Central Bank is closer to quantitative easing. ECB policy makers “stand ready to adjust our policy stance further” and will use all available instruments to “ensure price stability over the medium term,” Draghi said on Aug. 22.

     Futures trading on the Chicago Mercantile Exchange halted for as long as four hours yesterday because of a technical problem, affecting contracts from U.S. stock indexes to Treasuries, oil and gold. CME Group Inc. suspended all of its Globex electronic-trading markets except for Malaysian equity- index derivatives, according to its website. Trading, which was scheduled to start at 5 p.m. Chicago time for some products, began at 9 p.m.

     The Chicago Board Options Exchange Volatility Index, the gauge of S&P options prices known as the VIX, added 2 percent to 11.70, the most in 10 days. The gauge has lost 15 percent this year.                       

     All 10 main S&P 500 groups advanced today, with financial, energy and healthcare stocks rising at least 0.7 percent for the best performances. Morgan Stanley added 2.2 percent to $34.20. Goldman Sachs increased 1.4 percent to $177.87 and JPMorgan Chase advanced 1.5 percent to $59.34 for the biggest gains in the Dow.

     Burger King, the burger chain that is majority-owned by 3G Capital, added 20 percent to a record $32.40. U.S. shares of Canada’s Tim Hortons jumped 19 percent to $82.03.

     Burger King would create the world’s third-largest fast- food chain by merging with Canada’s bigger seller of coffee and doughnuts, the companies said in a statement. Canada’s corporate tax rate is 26.5 percent, compared with 40 percent in the U.S., according to audit, tax and advisory firm KPMG.

     InterMune surged 35 percent to $72.85. Roche will buy the unprofitable company that’s awaiting U.S. approval of its biggest drug, for $74 a share, the Basel, Switzerland-based company said yesterday in a statement.

     Ann Inc., the owner of the Ann Taylor chain, rose 6.5 percent to $39.94, the highest in six weeks. The company could be valued at $50 to $55 a share to a potential acquirer, such as a private-equity buyer, according to a letter today from investment firms Engine Capital LP and Red Alder LLC.

 

Have a wonderful evening everyone.

 

Be magnificent!

When restraint and courtesy are added to strength, the latter becomes irresistible.

 

Mahatma Gandhi

 

As ever,

 

Carolann

 

I not only use all the brains that I have, but all that I can borrow.

                                               -Woodrow Wilson, 1856-1924

 

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

Senior Vice-President &

Senior Investment Advisor

 

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

Dear Friends,

Tangents:

On this date in 1902, Teddy Roosevelt became the first U.S. president to ride in a car. He traveled through Connecticut, spoke in New Haven and drove on packed streets of eager onlookers hoping to catch a glimpse of the president.-Steven Russolillo, WSJ.

From Maclean’s magazine:

Walking does a body good:  British researchers have found that walking just 20 minutes a day can reduce the risk of heart disease, cancer, depression and diabetes – and could save 37,000 lives in the U.K. annually.  This news comes on the heels of an American Cancer Society study showing that women who walked seven hours a week had a 14 per cent lower risk of breast cancer than those who walked three or fewer hours.

Photos of the Day
Clouds engulf the Teton mountain range near the Jackson Lake Lodge near Jackson, Wyo. The Federal Reserve Bank of Kansas City is holding the Jackson Hole Economic Policy Symposium at the lodge. John Locher/AP

A woman in a wedding gown and a tourist pose for photos with the skyline of the financial district of Singapore at Marina Bay. Edgar Su/Reuters

Market Closes for August 22^nd, 2014    

Market Index	Close	Change
Dow Jones	17001.22	-38.27
		-0.22%
S&P 500	1998.55	-3.82   -0.19%
NASDAQ	4538.551	+6.446   +0.14%
TSX	15530.07	-26.02
		-0.17%

International Markets

Market Index	Close	Change
NIKKEI	15539.19	-47.01
		-0.30%
HANG SENG	25112.23	+118.13
		+0.47%
SENSEX	26419.55	+59.44
		+0.23%
FTSE 100	6775.25	-2.41
		-0.04%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.073	2.082
CND. 30 Year Bond	2.629	2.639
U.S.    10 Year Bond	2.4015	2.4051
U.S. 30 Year Bond	3.1574	3.1892

Currencies

BOC Close	Today	Previous
Canadian $	0.91367	0.91381
US $	1.09448	1.09432
Euro Rate 1 Euro=		Inverse
Canadian $	1.44963	0.68983
US $	1.32449	0.75501

Commodities

Gold	Close	Previous
London Gold Fix	1280.40	1277.75
Oil	Close	Previous
WTI Crude Future	96.05	96.31

Market Commentary:

Canada

By Eric Lam

     Aug. 22 (Bloomberg) — Canadian stocks fell a second day, retreating from a record, as energy producers slumped with crude posting the longest losing streak in nine months and investors weighed earnings from Royal Bank of Canada.

     Royal Bank, the first Canadian lender to report third- quarter results, dropped 1.1 percent. Whitecap Resources Inc. and Legacy Oil & Gas Inc. retreated at least 1.4 percent as crude declined on concern refineries will reduce demand.

     The Standard & Poor’s/TSX Composite Index fell 20.54 points, or 0.1 percent, to 15,535.55 at 4 p.m. in Toronto. The benchmark equity gauge closed at a record 15,561.95 on Aug. 20.

     Whitecap Resources dropped 1.5 percent to C$18.28 and Legacy Oil & Gas retreated 1.4 percent to C$8.03 as energy producers fell 0.2 percent as a group. Three of 10 industries in the benchmark Canadian equity gauge retreated.

     Crude for October delivery slipped 0.3 percent to $93.65 a barrel in New York. The crude price has dropped 3.8 percent this week, for a fifth straight week of declines as the end of summer driving season approaches.

     U.S. Federal Reserve Chair Janet Yellen said slack remains in the U.S. labor market even after gains made during the past five years of economic recovery. Yellen spoke today in Jackson Hole, Wyoming, at a symposium also being attended by European Central Bank President Mario Draghi, who called on governments to do more to help the euro-area economy.

     Royal Bank, Canada’s second-largest lender by assets, lost 1.1 percent to C$80.80, the biggest decline in three weeks as profit growth in its domestic retail bank was the slowest in more than two years. The bank beat analysts’ estimates as investment-banking fees surged. Bank of Nova Scotia, National Bank of Canada and Bank of Montreal are scheduled to report earnings on Aug. 26.

US

By Elena Popina and Lu Wang

     Aug. 22 (Bloomberg) — The Standard & Poor’s 500 Index fell after reaching an all-time high as investors weighed comments from central bank leaders for clues to monetary policy amid rising geopolitical tension.

     The S&P 500 fell 0.2 percent to 1,988.40 at 4 p.m. in New York. The benchmark gauge ended the week with a 1.7 percent gain, its biggest advance since April. The Dow Jones Industrial Average lost 38.27 points, or 0.2 percent, to 17,001.22 today. The Nasdaq Composite Index added 0.1 percent to the highest since 2000. About 4.3 billion shares changed hands on U.S. exchanges today, the slowest full session this year. Volume has not topped 5 billion shares in each of the past four days.

     “Janet Yellen does not appear to have broken any new ground,” Jim McDonald, chief investment strategist at Chicago- based Northern Trust Corp., said by phone. His firm manages about $924 billion of assets. “The advance to the record has been supported by good U.S. economic data of late. The Fed is also doing a good job at preparing the market for the eventual increase in interest rates. As long as the economy continues to perform well, the market is in good shape.”

     Equities fluctuated after Federal Reserve Chair Yellen said in a speech at the Kansas City Federal Reserve’s annual economics conference in Jackson Hole, Wyoming, that slack remains in the labor market even after gains made during the five years of economic recovery. European Central Bank President Mario Draghi called for governments to do more to help the euro- area economy.                          

     The S&P 500 climbed to an all-time closing high of 1,992.37 yesterday as data from housing to manufacturing indicated that the world’s largest economy continues to strengthen. Minutes from the Fed’s July meeting released earlier this week reinforced the central bank’s commitment to supporting the recovery even as some policy makers indicated a willingness to raise rates sooner than anticipated.

     Fed Bank of St. Louis President James Bullard said in an interview the U.S. central bank may begin tightening monetary policy earlier than officials previously expected, while Atlanta Fed President Dennis Lockhart urged more patience.

     “The evidence is leading toward an earlier increase than would have been in the works earlier this year,” Bullard said on Bloomberg Radio in Jackson Hole. “Labor markets have improved quite a bit relative to what the committee was thinking.”

     Atlanta’s Lockhart, who spoke in a separate Bloomberg Radio interview yesterday, still warned of the risk of “moving prematurely and snuffing out some progress.”

     Draghi’s call for politicians to play their part in safeguarding the euro-area recovery comes as pressure mounts on the ECB for radical measures such as quantitative easing. One year after the end of the currency bloc’s longest-ever recession, the economy has stalled, unemployment remains near a record high and inflation is the weakest in almost five years.

     “Draghi has been very good at letting the market know that the ECB is ready to act, but the market will ultimately call his bluff if he doesn’t deliver,” Todd Lowenstein, who helps manage $16 billion at Highmark Capital Management in Los Angeles, said in a phone interview. “There’s a sense of impatience going on with the deterioration in the Eurozone, and there’s a growing desire to see an action plan.”

     In June, the ECB introduced targeted long-term refinancing operations to improve bank lending in the non-financial private sector.

     Three rounds of Fed stimulus and better-than-projected corporate earnings have helped the S&P 500 almost triple since its low in March 2009. The S&P 500 has not had a decline of 10 percent in almost three years. It trades at 17.8 times the reported earnings of its companies, near the highest level since 2010.

     The S&P 500 has rebounded 4.1 percent from a two-month low on Aug. 7, bolstered by easing tensions in Ukraine and speculation that central banks will keep interest rates low.

     Stocks dropped early in the day after NATO said it has seen large transfers of advanced weapons and sees an “alarming build-up” of Russian forces near Ukraine. Trucks carrying what Russia says is humanitarian aid crossed the border into Ukraine, whose government said the move amounted to an invasion because the convoy moved without its consent.

     Russia is invading under the cover of the aid trucks, Valentyn Nalyvaychenko, the head of Ukraine’s security council, said on TV5.

     The Chicago Board Options Exchange Volatility Index, the gauge of S&P options prices known as the VIX, slipped 2.5 percent to 11.47, the lowest level since July 16. The gauge has lost 16 percent this year.

     Seven of the 10 main S&P 500 groups declined today, with energy stocks falling 0.7 percent for the worst performance.

     Intuit Inc. fell 2.6 percent to $83.57 after the company forecast 2015 earnings and revenue that missed analysts’ estimates.

     Keurig Green Mountain Inc. surged 13 percent to $133.36, the highest on record, after announcing a deal to bring Kraft Foods Group Inc. coffee brands such as Maxwell House, Yuban and McCafe to its home brewing system.

     GameStop Corp. added 6 percent to $42.90 after the video- game chain reported profit that beat estimates as consumers bought new players and software.

     Ross Stores increased 7.4 percent, the most since January 2013, to $73.37. The operator of bargain-priced clothing and home-goods stores reported earnings of $1.14 per share in the second quarter, exceeding analysts’ projection for $1.08. Ross Stores raised its full-year earnings target.

     Gap Inc. gained 5.2 percent to $45.43. The largest U.S.apparel-focused retailer said profit excluding a gain from an asset sale was 70 cents a share in the second quarter. Net income rose 9.6 percent to $332 million, or 75 cents a share. That beat the average analyst projection of 69 cents.
 

Have a wonderful weekend everyone.

 

Be magnificent!

It is man’s social nature which distinguishes him from the brute creation.

If it is his privilege to be independent, it is equally his duty to be inter-dependent.

Only an arrogant man will claim to be independent of everybody else and be self-contained.

 

Mahatma Gandhi

As ever,

 

Carolann

 

Peace is when time doesn’t matter as it passes by.

                                   -Maria Schell, 1926-2005

 

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

Senior Vice-President &

Senior Investment Advisor

 

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

Dear Friends,

Tangents:

On this date in 1959, Hawaii became the 50th state in the U.S.

The Numbers today:

10,0000: Number of baby boomers who will turn age 65 every day between now and 2030. 

$896,000

The sum Berkshire Hathaway said it has agreed to pay to settle U.S. allegations that it violated antitrust laws by failing to report the acquisition of an equity stake in USG, a gypsum wallboard maker in Chicago.

Blanket

By Brian Johnstone

It flops down from the cupboard shelf by chance,
the grey  of something needing to be spread
again on earth, below taut canvas, half
remembered sky.  Still hinting at the smoke
of memories, it slumps like wood ash now
beneath my feet, green blanket-stitch the moss
on stones placed round a fire.
                              And glowing red?

A name tag tacking this to me, to years
in single figures, summer camps in fields
ploughed over when the tents were razed and gone;
the imprint of the past like patterns left
by grass stems in the flesh of knees,
                              that fade
as skin is stretched in standing, walking tall.

  -from Dry Stone Work, Arc Publications

Photos of the Day

People look at French artist Clement Briend’s photographic light installation ‘Divine Trees’, which features images of divine figures highly revered in Asian cultures projected on trees towering over bystanders, during a media preview of the Singapore Night Festival in Singapore. Edgar Su/Reuters

A home is alight from lanterns during the annual grand illumination night in Oak Bluffs on Martha’s Vineyard in Massachusetts. On this night, hundreds of lanterns hung on gingerbread cottage porches are lit. The tradition, dates from the turn of the 19th century. Kevin Lamarque/Reuters

Market Closes for August 21^st, 2014    

Market Index	Close	Change
Dow Jones	17039.56	+60.43
		+0.36%
S&P 500	1992.15	+5.64   +0.28%
NASDAQ	4532.105	+5.624   +0.12%
TSX	15556.80	-5.15
		-0.03%

International Markets

Market Index	Close	Change
NIKKEI	15586.20	+131.75
		+0.85%
HANG SENG	24994.10	-165.66
		-0.66%
SENSEX	26360.11	+45.82
		+0.17%
FTSE 100	6777.66	+22.18
		+0.33%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.082	2.100
CND. 30 Year Bond	2.639	2.652
U.S.    10 Year Bond	2.4051	2.4281
U.S. 30 Year Bond	3.1892	3.2180

Currencies

BOC Close	Today	Previous
Canadian $	0.91381	0.91172
US $	1.09432	1.09683
Euro Rate 1 Euro=		Inverse
Canadian $	1.45345	0.68802
US $	1.32819	0.75291

Commodities

Gold	Close	Previous
London Gold Fix	1277.75	1291.04
Oil	Close	Previous
WTI Crude Future	96.31	96.07

Market Commentary:

Canada

By Elena Popina

     Aug. 21 (Bloomberg) — Canadian stocks ended little changed, with the benchmark index near an all-time high, as declines in gold mining companies were offset by gains in financial shares.

     Alamos Gold Inc. and Goldcorp Inc. fell more than 3.5 percent as the metal fell to a two-month low on the outlook for higher U.S. interest rates. Whitecap Resources Inc. rose 7.8 percent after Canaccord Genuity said the company has the potential to increase its dividend by 10 to 15 percent in the next 12 months.

     The Standard & Poor’s/TSX Composite Index declined 6.69 points, or less than 0.1 percent, to 15,555.26 at 4 p.m. in Toronto. The benchmark equity gauge has climbed 14 percent this year, the second-best performer among the world’s developed markets behind Denmark. It reached a record of 15,561.95 yesterday.

     Six of 10 industries in the S&P/TSX declined on trading volume 18 percent above the 30-day average. Raw-materials producers slid 1.9 percent for the biggest decline, as gold dropped 1.5 percent in New York. Oil dropped 0.5 percent.

     A Chinese Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics slid to 50.3 this month, missing the 51.5 projected in a Bloomberg survey. Euro-area manufacturing and services activity slowed in August, a preliminary report showed today.

     Financial stocks, which account for the biggest weighting in the broader index, added 0.5 percent. Royal Bank of Canada rose 0.1 percent to C$81.67. The lender is scheduled to report third-quarter earnings tomorrow.

     Cameco Corp. dropped 4.1 percent to C$21.62 after Cowen & Co. equity analyst Daniel Scott cut the stock to market perform, the equivalent of hold, from outperform.

USA

By Oliver Renick and Lu Wang

     Aug. 21 (Bloomberg) — Optimism that the Federal Reserve is committed to supporting a strengthening economy sent the Standard & Poor’s 500 Index to an all-time high and within eight points of the 2,000 milestone.

     The S&P 500 jumped 0.3 percent to a record 1,992.37 at 4 p.m. in New York, rising for a fourth day, the longest streak in two months. The Dow Jones Industrial Average gained 60.36 points, or 0.4 percent, to 17,039.49. The measure is 0.6 percent below its record after closing above 17,000 for the first time since July 24. Financial shares rallied as Bank of America Corp. added 4.1 percent. Hewlett-Packard Co. surged 5.4 percent to lead technology companies.

     “The market is really in a sweet spot for U.S. stocks, fundamentals continue to be very good,” Jeff Kravetz, the Phoenix-based regional investment director at US Bank’s Private Client Reserve, said via phone.

     The gains are coming after the S&P 500 started August with the worst weekly decline in more than two years. Almost $900 billion has been restored to American equity values since then, bolstered by easing tensions in Ukraine and speculation that central banks will keep interest rates low even as the economy shows signs of recovery. The S&P 500 has rebounded 4.3 percent from a two-month low on Aug. 7.

     About 4.8 billion shares changed hands on U.S. exchanges today, the second-slowest full session this year after May 23, the day before the Memorial Day holiday weekend. Volume has not topped 5 billion shares in each of the past three days.

     Minutes to the Fed’s July meeting released yesterday reinforced speculation that the central bank will remain supportive, even as some policy makers indicated a willingness to raise rates sooner than anticipated. While a report today showed fewer Americans than forecast applied for unemployment benefits last week, Fed Chair Janet Yellen has highlighted uneven progress in the labor market in making the case for further accommodation.                         

     Yellen will speak tomorrow at the Fed Bank of Kansas City’s economic symposium that starts today in Jackson Hole, Wyoming. European Central Bank President Mario Draghi will also speak.

     “The thesis for the second half is better growth,” Krishna Memani, the New York-based chief investment officer at OppenheimerFunds, said by phone. “The expectation for tomorrow is that Yellen is not going to say anything dramatic that’s going to be different from what she’s said before.”

     Among other data today, purchases of previously owned U.S. homes unexpectedly rose in July to a 10-month high as low borrowing costs and an increase in inventory drew buyers. The Conference Board’s index of U.S. leading indicators, a gauge of the outlook for the next three to six months, increased 0.9 percent in July, topping forecasts.

     The Markit Economics preliminary August index of U.S. manufacturing jumped to 58, the highest since April 2010, from 55.8 the month before as production, orders and employment picked up. Readings exceeding 50 in the purchasing managers’ gauge indicate expansion.

     “We’ve had a paradigm where good economic news is bad news, but it’s clear this week that good news is just good news,” Quincy Krosby, a market strategist at Newark, New Jersey-based Prudential Financial Inc., which manages more than $1 trillion, said via phone. “The package of data today was strong and the market is responding accordingly.”

     The S&P 500 has almost tripled since its March 2009 low, helped by three rounds of Fed stimulus, coupled with better- than-projected corporate earnings. The S&P 500 has not had a decline of 10 percent in almost three years. It trades at 17.8 times the reported earnings of its companies, near the highest level since 2010.

     The market’s latest rebound was the sixth in two years where equities needed less than two weeks to recover after a drop of 2 percent or more, according to data compiled by Sundial Capital Research Inc. The V-shaped pattern of losses followed by gains is recurring more often than any time in almost eight decades, Sundial data show.

     “It’s like trying to push a beach ball underwater and having it pop right back up,” John Manley, who helps oversee about $233 billion as chief equity strategist for Wells Fargo Funds Management in New York, said in a phone interview. “That’s what’s been happening to equity markets as the Federal Reserve has been accommodative.”

     Investors are betting that a soft touch on monetary policy will continue to suppress stock volatility, pouring a record stretch of cash into an exchange-traded note that rallies as calm returns to equities. The Chicago Board Options Exchange Volatility Index, the gauge known as the VIX, has lost 31 percent this month.

     Among 486 companies in the S&P that have reported second- quarter earnings, more than 75 percent beat analysts’ estimates. Gap Inc. and Salesforce.com Inc. are among eight S&P 500 companies reporting results today.                          

     Financial stocks advanced 1.1 percent, the most of 10 primary groups in the S&P 500. Bank of America gained 4.1 percent, its largest increase since May 2013, to $16.16. The company will pay $245 million to settle U.S. Securities and Exchange Commission allegations that it failed to disclose rising mortgage losses and the risks of bonds tied to home loans.

     EBay Inc. jumped 4.7 percent to $55.89, the most since January 2013, after The Information reported the company may spin off its PayPal payment unit as soon as next year.

     Hormel Foods Corp. gained 4.3 percent to a record $49.92 after reporting earnings and revenue that beat analysts’ estimates.

     Hewlett-Packard advanced the most in the S&P 500, rising 5.4 percent to $37, the highest since July 2011. The company posted its first sales growth in 12 quarters, fueled by improving personal-computer sales.                       

     Sears Holdings Corp., the retailer controlled by billionaire hedge-fund manager Edward Lampert, fell 7.2 percent to $33.38 after posting a wider second-quarter loss as sales decreased for the 30th straight quarter.

     Dollar Tree Inc. fell 1.3 percent to $54.28 as the discount chain cut the top end of its full-year earnings forecast amid costs related to its bid for Family Dollar Stores Inc. The deal came closer to fruition today after the takeover target rejected a $9 billion offer from Dollar General Corp., citing antitrust hurdles.

     Family Dollar lost 0.5 percent to $79.41 and Dollar General slipped 0.2 percent to $63.61.
 

Have a wonderful evening everyone.

 

Be magnificent!

Until a radical change takes place and we wipe out all nationalities,

all ideologies, all religious division, and establish a global relationship – psychologically and

inwardly first, then organized in the outside world – we shall go on with war.

Krishnamurti

As ever,

 

Carolann

 

The welfare of each is bound up in the welfare of all.

                                    -Helen Keller, 1880-1968

 

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

Senior Vice-President &

Senior Investment Advisor

 

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

Dear Friends,

Tangents:

Rankings of the best places in the world to live published today….Impressive that Vancouver made it to third place, behind only Melbourne and Vienna.   Two other Canadian cities made it on the list – Toronto and Calgary.

In three words I can sum up everything I’ve learned about life.  It Goes On.  –Robert Frost.

Circumstance

Two children in two neighbor villages
Playing mad pranks along the healthy leas;
Two strangers meeting at a festival;
Two lovers whispering by an orchard wall;
Two lives bound fast in one with golden ease;
Two graves grass-green beside a gray church-tower,
Washed with still rains and daisy blossomed;
Two children in one hamlet born and bred;
So runs the round of life from hour to hour.

                           –Alfred, Lord Tennyson

August 20^th 1940: Winston Churchill stood in Parliament and said of the RAF bombers and fighter pilots:  “Never in the field of human conflict has so much been owed by so many to so few.”  The speech, his third major address to Parliament in the Battle of Britain in the summer of 1940, may not have been his finest oratorical hour.…But the phrase “The Few” stuck, and gave the British a rallying cry that lasted through the war and beyond. –Simon Houpt, G & M, 8/20/2014.

Photos of the Day
 A horse grazes on a pasture near Sehnde, northern Germany. Julian Stratenschulte/AP

A giant inflatable rubber duck floats past the USS Iowa battleship at the Port of Los Angeles. The world-famous sculpture sailed into the port for the first time to kick off the Tall Ships Festival LA and will remain in the harbor. The duck was designed by Dutch artist Florentijn Hofman and at 61 feet high, 110 feet long 85 feet wide is the largest rubber duck in the world. Hofman debuted the sculpture in 2007 and has since created several of them to sail around the world to places including China, Hong Kong and New Zealand. Nick Ut/AP

Market Closes for August 20^th, 2014    

Market Index	Close	Change
Dow Jones	16979.13	+59.54
		+0.35%
S&P 500	1986.51	+4.91   +0.25%
NASDAQ	4526.480	-1.034   -0.02%
TSX	15561.95	+84.78
		+0.55%

International Markets

Market Index	Close	Change
NIKKEI	15454.45	+4.66
		+0.03%
HANG SENG	25159.76	+36.81
		+0.15%
SENSEX	26314.29	-106.38
		-0.40%
FTSE 100	6755.48	-23.83
		-0.35%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.100	2.074
CND. 30 Year Bond	2.652	2.627
U.S.    10 Year Bond	2.4281	2.4015
U.S. 30 Year Bond	3.2180	3.2155

Currencies

BOC Close	Today	Previous
Canadian $	0.91172	0.91400
US $	1.09683	1.09410
Euro Rate 1 Euro=		Inverse
Canadian $	1.45441	0.68756
US $	1.32601	0.75414

Commodities

Gold	Close	Previous
London Gold Fix	1291.04	1295.57
Oil	Close	Previous
WTI Crude Future	96.07	94.48

Market Commentary:

Canada

By Eric Lam

     Aug. 20 (Bloomberg) — Canadian stocks rose to a record as crude and base metals prices advanced and the minutes from the Federal Reserve’s latest meeting indicated stimulus will continue amid uneven labor gains.

     First Quantum Minerals Ltd. and Lundin Mining Corp. gained at least 1.5 percent as copper advanced. Athabasca Oil Corp. rose 4 percent to pace gains among energy producers. AltaGas Ltd. lost 1.7 percent after declaring a plan to sell shares to fund capital growth. Bellatrix Exploration Ltd. retreated 2.4 percent after its biggest gain in more than a year yesterday.

     The Standard & Poor’s/TSX Composite Index rose 84.78 points, or 0.6 percent, to a record 15,561.95 at 4 p.m. in Toronto.

     Athabasca rose 4 percent to C$7.21 and Crew Energy Inc. added 3.9 percent to C$10.33. Nine of 10 industries in the benchmark Canadian equity gauge advanced.

     West Texas Intermediate crude rose for the first time in three days after U.S. stockpiles decreased more than expected last week.

     First Quantum gained 3.2 percent to C$25.02 and Lundin Mining rose 1.5 percent to C$6.11 as copper futures climbed.

     Gold fell to a two-week low after the Fed minutes were released. In the minutes, Fed policy makers raised the possibility that an end to aggressive stimulus might occur sooner than anticipated while acknowledging continued slack in the labor market. Fed Chair Janet Yellen will speak on labor markets on Aug. 22 in Jackson Hole, Wyoming.

     AltaGas dropped 1.7 percent to C$52. The company plans to sell 7.85 million common shares at C$51 to raise about C$400 million, with the proceeds to be used for capital growth, lowering debt and general corporate purposes.       AltaGas also agreed yesterday to a 15-year alliance with Painted Pony Petroleum Ltd. for the development of processing infrastructure and marketing services for natural gas in British Columbia. Painted Pony climbed 6.9 percent to C$14.36 today.       Bellatrix lost 2.4 percent to C$8.52. The oil and gas explorer jumped yesterday after activist investor Orange Capital LLC acquired a 5.3 percent stake in Bellatrix with as it seeks board changes and a possible sale.

     Canadian wholesale sales climbed 0.6 percent to C$53 billion ($48.4 billion), Statistics Canada said in Ottawa, faster than all 11 responses in a Bloomberg survey. The data adds to reports suggesting the world’s 11th economy rebounded in the second quarter after a tough winter disrupted production.

US

By Oliver Renick

     Aug. 20 (Bloomberg) — U.S. stocks gained for a third day, sending the Standard & Poor’s 500 Index to within two points of a record, as minutes indicated the Federal Reserve will continue to support the economy amid uneven gains in the labor market.

     The S&P 500 added 0.3 percent to 1,986.51 at 4 p.m. in New York. The gauge touched 1,988.57, briefly surpassing a closing high of 1,987.98 reached July 24, before pulling back. The Dow Jones Industrial Average rose 59.54 points, or 0.4 percent, to 16,979.13. The Russell 2000 Index of smaller companies slipped 0.4 percent. About 4.9 billion shares changed hands on U.S. exchanges, 14 percent below the three-month average.

     “The Fed said if data points move toward their objectives faster than expected they’ll raise rates sooner than expected,”  Todd Salamone, senior vice president of research at Cincinnati- based Schaeffer’s Investment Research, said via phone. “That’s still a big ‘if.’”

     In minutes to the central banks’ July meeting, released today, Fed officials raised the possibility that an end to aggressive stimulus might occur sooner than anticipated while acknowledging continued slack in the labor market. The Fed is on pace to wind down its monthly bond purchases in October, and intends to keep the benchmark interest rate low for a “considerable time” after that.

     The Fed minutes said that “many participants” noted that if jobs data moved toward the committee’s objectives more quickly than expected, “it might become appropriate to begin removing monetary policy accommodation sooner than they currently anticipated.”

     Chair Janet Yellen has committed monetary policy to stronger labor markets, which she measures with an array of indicators, so long as inflation remains in check. In their statement after the July 29-30 meeting, Fed officials downplayed recent declines in the unemployment rate, highlighting “significant underutilization of labor resources.”

     Low inflation has given the Fed room to hold rates near zero even as economic growth shows signs of accelerating. Data yesterday showed inflation remains below the Fed’s target, while a report on Aug. 1 indicated employers added more than 200,000 jobs for a sixth straight month in July, the longest such period since 1997.

     Yellen will speak on labor markets Aug. 22 at the annual Fed Bank of Kansas City’s economic symposium that begins tomorrow in Jackson Hole, Wyoming. Policy makers including European Central Bank President Mario Draghi will also speak.

     Three rounds of Fed stimulus and better-than-estimated corporate earnings have sent the S&P 500 higher by 194 percent from its bear-market low on March 2009.

     The index has rebounded 4 percent from a three-month low on Aug. 7 as investors speculated central banks won’t raise rates sooner than anticipated. The S&P 500 has not had a decline of 10 percent in almost three years. It trades at 17.8 times the reported earnings of its companies, near the highest level since 2010.

     The Chicago Board Options Exchange Volatility Index, the gauge of S&P options prices known as the VIX, declined 3.5 percent to 11.78, the lowest level since July 23. The gauge has lost 14 percent this year.

     Eight of 10 primary groups in the S&P advanced, with industrial stocks pacing gains with a 1 percent advance. Jacobs Engineering Group Inc. jumped 3.1 percent to $53.90. ADT Corp. increased 2.7 percent to $37.22 and Southwest Airlines Co.advanced 2.7 percent to $31.57.

     International Rectifier Corp. soared 47 percent to $39.10. Infineon Technologies AG, Germany’s largest chipmaker, agreed to buy the company for about $3 billion in cash, adding to its power-management technology business.

     Hewlett-Packard Co. and Target Corp. are among the six S&P 500 companies reporting earnings today. Stocks rallied yesterday as retailers including Home Depot Inc. and TJX Cos. led gains on better-than-projected results.

     Staples Inc. declined 2.6 percent to $11.32 for the biggest loss in the S&P 500. The world’s largest office-supply chain will shut about 140 locations this year, part of a store-closing plan announced earlier, as the retailer responds to online competition.

     J.M. Smucker Co. fell 1 percent to $102.42 after the maker of peanut butter and fruit spreads reported earnings that missed analysts’ estimates, citing slow sales of consumer foods and coffee.                          

   “With multiples getting pushed up to full value, the market is starting to demand earnings-driven returns and top- line growth and they’re going to be a little more critical of earnings as a result,” Leo Kelly, the Hunt Valley, Maryland- based partner and chief executive officer of HighTower’s Kelly Wealth Management, said in a phone interview.

     Hertz Global Holdings Inc. slumped 3.9 percent to $30.33 after saying its full-year results will miss the low end of its forecast. The company said its performance is being hurt by a record number of auto recalls, higher-than-expected operating expenses in the U.S. rental-car market and sluggish demand for its equipment business.

     Investor Fir Tree Partners, which holds more than 3 percent of the stock, is urging Hertz’s board to replace Chief Executive Officer Mark Frissora, while billionaire Carl Icahn disclosed a stake and said he may seek representation on the board.

     Software companies declined the most of 24 groups in the S&P. Adobe Systems Inc. lost 1.4 percent to $71.02 and Yahoo! Inc. slid 0.9 percent to $37.50.

 

Have a wonderful evening everyone.

 

Be magnificent!

Better never love,

if that makes us hate others.

 

Swami Vivekananda

As ever,

 

Carolann

 

It takes a genius to whine appealingly.

         -F. Scott Fitzgerald, 1896-1940

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

Senior Vice-President &

Senior Investment Advisor

 

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7