Category: Events

Dear Friends,

Tangents:
On this day in 1792, the dollar sign ($) appears for the first time on a federal document — a U.S. Treasury bond issued to George Washington.
With the rich and famous flocking to Davos, a new Oxfam report shows eight billionaires, including Warren Buffett and Bill Gates, are as wealthy as the poorest half of the world’s population. (CNBC)
On Jan. 17, 1893, Hawaii’s monarchy was overthrown as a group of businessmen and sugar planters forced Queen Liliuokalani to abdicate.
Go to article »

1899 – Gangster Al Capone was born in Brooklyn, N.Y.

1997 – A court in Ireland granted the first divorce in the Roman Catholic country’s history.

2001 – Faced with an electricity crisis, California used rolling blackouts to cut off power to hundreds of thousands of people.

2008 – Chess master Bobby Fischer died at age 64
Number of the Day
19%
The percentage the U.K. pound has fallen against the U.S. dollar since Britain voted to leave the European Union.
Tweet of the Day
If you feel like you’re in the wrong universe, remember all this weird crap only started after they turned on the Large Hadron Collider.
— Adrian Atterbury (@Attervar)
PHOTOS OF THE DAY

A fieldfare, a member of the thrush family, eats an ashberry in central Kiev, Ukraine, on Tuesday. Gleb Garanich/Reuters

A man clears snow from his parked Shikara, or traditional boat, as it snows in Srinagar, Indian-controlled Kashmir, on Tuesday. The region has been experiencing snow for several consecutive days, resulting in the closure of the Srinagar-Jammu highway and the suspension of air traffic. Dar Yasin/AP

A giant lantern depicting a rooster is part of the Spring Festival decorations at Yuyuan Garden in Shanghai, China, on Tuesday. Aly Song/Reuters
Market Closes for January 17^th, 2017

MarketIndex	Close	Change
DowJones	19826.77	-58.96  -0.30%
S&P 500	2267.73	-6.91  -0.30%
NASDAQ	5538.727	-35.389  -0.63%
TSX	15432.37	-46.92
		-0.30%

International Markets

MarketIndex	Close	Change
NIKKEI	18813.53	-281.71
		-1.48%
HANGSENG	22840.97	+122.82
		+0.54%
SENSEX	27235.66	-52.51
		-0.19%
FTSE 100*	7220.38	-106.75
		-1.46%

Bonds

Bonds		% Yield		Previous  % Yield
CND.10 Year Bond		1.667		1.687
CND.30 Year Bond		2.286		2.294
U.S.   10 Year Bond		2.3253		2.3964
U.S.30 Year Bond		2.9293		2.9886

Currencies

BOC Close	Today	Previous
Canadian $	0.76644	0.75886
US$	1.30473	1.31777
Euro Rate1 Euro=		Inverse
Canadian $	1.39751	0.71556
US$	1.07111	0.93361

Commodities

Gold	Close	Previous
London GoldFix	1216.05	1203.00
Oil	Close	Previous
WTI Crude Future	52.48	52.37

Market Commentary:
Canada
By Joseph Ciolli
     (Bloomberg) — Canadian stocks fell for the third time in four sessions, as declines in industrial and financial shares offset gains in raw-material and energy producers.
     The S&P/TSX Composite Index slid 0.1 percent to 15,469.34 at 10:39 a.m. in Toronto. The gauge has flirted with an all-time high in recent weeks, coming within 71 points from its September 2014 peak. The index finished 2016 as the best-performing developed stock market and has risen in each of the last six months. Industrial stocks paced the loss on Tuesday, losing 0.7 percent, while financial shares slid 0.5 percent.
     Lundin Mining Corp. decreased 0.7 percent after the Congolese government dropped objections to the company, along with Freeport-McMoRan Inc., exiting a copper and cobalt project in the Democratic Republic of Congo. The decision ended an eight-month dispute.
     In other moves:
* Canadian Pacific Railway Ltd., Canadian National Railway Co. and Stantec Inc. declined more than 0.9 percent to lead industrial shares lower
* Kirkland Lake Gold Ltd. and Alacer Gold Corp. gained at least 3 percent as the Bloomberg Commodity Index rose 0.7 percent, its fifth straight gain
US
By Oliver Renick
     (Bloomberg) — U.S. stocks fell as markets reopened after Monday’s holiday as financial and industrial shares declined and the U.S. dollar had its biggest single-day loss since July.
     The S&P 500 Index dropped 0.3 percent to 2,267 at 4 p.m. in New York and the Dow Jones Industrials lost 0.3 percent to 19,827. The CBOE Volatility Index jumped 5.6 percent after reaching its lowest since July 2014 on Friday.
* U.S. dollar weakened as traders considered whether Trump’s comments in an interview with the Wall Street Journal refer to the broad dollar basket or only against the yuan
* Financials led S&P 500 lower, down 2.3% after key earnings and as Trump reflation trade ebbs; utility shares up 1.2% and consumer staples shares add 1.4%
* 10-Year Treasury yield down 7 basis points to 2.325
* VIX climbed 5.8% for biggest one-day gain since Dec. 28
* Tech companies decline 0.4%, led by loss of 4% in Qualcomm as Bloomberg reports U.S. antitrust officials are poised to sue
* Health care stocks down 0.5% after dropping as much as 1.3% in early trading
* Morgan Stanley down 3.8% after paring pre-market gains following 4Q earnings
* Analysts estimate profit at S&P 500 companies rose 4.3 percent in the fourth quarter of 2016, and will jump 12 percent this year
* EARNINGS:
** After-market: CSX (CSX), Interactive Brokers (IBKR), United (UAL), Fulton Financial (FULT), Linear Technology (LLTC), Hancock Holding (HBHC), Renasant (RNST), Pinnacle Financial (PNFP), ADTRAN (ADTN)
** Earnings pre-market Wednesday: US Bancorp (USB), Fastenal (FAST), Commerce Bancshares (CBSH), TD Ameritrade (AMTD), Goldman Sachs (GS), Northern Trust (NTRS), Citigroup (C ), Charles Schwab (SCHW)

 

Have  a wonderful evening everyone.

 

Be magnificent!

Death is extraordinarily like life,
when we know how to live.
You cannot live without dying.
You cannot live if you do not die
psychologically every minute.
Krishnamurti

 

As ever,

Carolann

 

A short saying often contains much wisdom.
                     -Sophocles, 498 BC-406  BC

 

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

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

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

 

Dear Friends,

Tangents:
Friday the 13^th and a full moon!
On this day in 1937, the first shipment of gold is received at the Fort Knox Bullion Depository.

-from Let Us Compare Mythologies:

“…We were embarrassed too,
prayed for great heavy drifts of snow
to cover trees and bare streets,
to heap on roofs of houses,
to swaddle mountains and waters-

but the snow cam thin,
covering the ground like cheap gauze,
clinging in tatters to the bark,
     preserving footprints in the mud.

No. It could not come like an aristocrat,
like de Bergerac,
like a white waving plume,
    as we prayed for    
    and will pray for again.”

                      -Leonard Cohen
PHOTOS OF THE DAY

Waves crash into the sea wall at Seaham, northeast England, on Friday. The north of England is covered in a blanket of snow, while the east coast is braced for a storm surge that could cause flooding. Owen Humphreys/PA/AP

A tower from the Golden Gate Bridge is seen over a blanket of fog on Friday in San Francisco. Sunshine and fog returned to some areas of Northern California after a series of storms that caused flooding in various cities. Marcio Jose Sanchez/AP

Model Jessie May Smart poses with Blue Morpho butterflies ahead of the opening of ‘Butterflies in the Glasshouse,’ at RHS Wisley in Wisley, England, on Friday. Peter Nicholls/Reuters

Men dressed as ‘Chlaeuse,’ figures that scare away evil spirits, carry bells as they walk on a snow-covered road during the traditional ‘Sylvesterchlausen’ near the northeastern village of Urnaesch, Switzerland, on Friday. Arnd Wiegmann/Reuters
Market Closes for January 13^th, 2017

Market Index	Close	Change
Dow Jones	19885.73	-5.27   -0.03%
S&P 500	2274.64	+4.20   +0.18%
NASDAQ	5574.117	+26.630   +0.48%
TSX	15494.84	+76.68
		+0.50%

International Markets

Market Index	Close	Change
NIKKEI	19287.28	+152.58
		+0.80%
HANG SENG	22937.38	+108.36
		+0.47%
SENSEX	27238.06	-9.10
		-0.03%
FTSE 100*	7337.81	+45.44
		+0.62%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.715		1.664
CND. 30 Year Bond		2.314		2.266
U.S.    10 Year Bond		2.3964		2.3631
U.S. 30 Year Bond		2.9886		2.9604

Currencies

BOC Close	Today	Previous
Canadian $	0.76189	0.76084
US $	1.31253	1.31434
Euro Rate 1 Euro=		Inverse
Canadian $	1.39683	0.71591
US $	1.06423	0.93965

Commodities

Gold	Close	Previous
London Gold Fix	1190.35	1205.05
Oil	Close	Previous
WTI Crude Future	52.37	53.01

Market Commentary:
Canada
By Michael Bellusci
     (Bloomberg) — Canada S&P/TSX Composite gains 0.5% to 15,494.99 as of 2:45pm. Consumer staples, materials rise while health care falls.
Advancers:
* Champion Iron (CIA CN) +40%; unaware of any material, undisclosed information
* Northern Dynasty Minerals (NDM CN) +12%; Jan. 12, upsized bought deal
* Sabina (SBB CN) +10%; shares to react positively on review: RBC
* Osisko Mining (OSK CN) +10%; initiated buy at Industrial Alliance
* Nexoptic Technology (NXO CN) +10%; Rose as much as 33%, most since Aug. 8
Decliners:
* Calfrac (CFW CN) -7.4%; Cut at Scotia
* Sherritt International (S CN) -5%; DBRS released report that provides further detail on recent confirmation and downgrade of its ratings
* Trinidad Drilling (TDG CN) -5%; cut at Scotia
* AltaGas (ALA CN) -4%; falls after talks on potential WGL deal
* Torex (TXG CN) -3.7%; Shares up 29% YTD
US
By Oliver Renick
     (Bloomberg) — U.S. stocks advanced as quarterly earnings from JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. sent their stocks higher and offset losses in energy and real-estate companies.
     The S&P 500 index added 0.2 percent 2,274.64 at 4 p.m. in New York. The Dow Jones Industrial Average, which has been hovering below the 20,000 mark since mid-December without crossing it, fell less than 5.27 points to 19,885.73.
     The Nasdaq Composite rose 0.5 percent to a new high of 5,574.12 for a second straight week of gains.
* Five of 11 groups higher in as financials pare gains after rallying as much as 1.7%
* Wells Fargo up 1.5% as JPMorgan and Bank of America add at least 0.3% after reporting earnings; Citigroup adds 0.7%
* VIX down 2.7% and posts second weekly decline
* Fourth-quarter earnings per share for the S&P 500 as a whole are expected to rise 3.7%, and by 3.8% for banking group, according to estimates compiled by Bloomberg
* Investors have been putting money back into bonds in the latest week, with fixed-income funds globally seeing investment inflows of $7.8 billion in the week to Jan. 11, the largest weekly inflow in three months, Bank of America-Merrill Lynch strategists wrote in note, citing EPFR Global data

Have a wonderful weekend everyone.

 

Be magnificent!

A mind that is burdened with the past is a sorrowful mind.
Krishnamurti

As ever,
 

Carolann

 

Love is a better way.
  -John Lewis, b. 1940

 

 

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

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

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

Dear Friends,

Tangents:

-from A Countrywoman’s Notes by Rosemary Varey:
January
Some people are far more sensitive to light than other and are at their happiest when there is plenty of sunlight and they can throw open the windows and walk outside.  None of us is immune to seasonal changes, though we may think we are, but we are certainly less so than plants and animals.  Fading and increasing light tells them to hibernate or drop their leaves, mate or be active.  I welcome winter as a time when I can slightly change my way of life, stay indoors more, read, and give way to lethargy I do not have in summer.  I am aware that the light as it meets our eyes produces a set of nerve impulses that travel to the gland between the hemispheres of our brain, and that the hormones in this gland have a powerful effect on our sleep as well as our mood, so perhaps my lethargy is quite natural.  “A sad tale’s best for winter”, wrote Shakespeare.  I believe he meant this to fit the winter mood of the reader.  I have just talked to a friend who is moving back to London after two winters and a summer in the country.  She says she feels depressed in the country and wants the companionship and activity of town life.  I am wondering if it is really the lack of sunlight through the naturally short days that she is missing rather than the glitter of town lights.  Soon spring will be with us and the days much longer, so our spirits should be lightened too.
PHOTOS OF THE DAY

People protect themselves from the rain under umbrellas at Trocadero square near the Eiffel Tower in Paris on Thursday. Gonzalo Fuentes/Reuters

A man climbs up an artificial ice wall in Liberec, Czech Republic, on Thursday. Central Europe has been hit by unusually cold weather in recent days. Petr David Josek/AP

Children sled near Gund, Indian-controlled Kashmir, on Thursday. For the past couple of days, the Kashmir valley has been experiencing intense cold conditions with widespread snowfall. Dar Yasin/AP
Market Closes for January 11^th, 2017

Market Index	Close	Change
Dow Jones	19891.00	-63.28   -0.32%
S&P 500	2270.44	-4.88   -0.21%
NASDAQ	5547.488	-16.161   -0.29%
TSX	15418.16	-73.38
		-0.47%

International Markets

Market Index	Close	Change
NIKKEI	19134.70	-229.97
		-1.19%
HANG SENG	22829.02	-106.33
		-0.46%
SENSEX	27247.16	+106.75
		+0.39%
FTSE 100*	7292.37	+1.88
		+0.03%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.664		1.681
CND. 30 Year Bond		2.266		2.280
U.S.    10 Year Bond		2.3631		2.3685
U.S. 30 Year Bond		2.9604		2.9524

Currencies

BOC Close	Today	Previous
Canadian $	0.76084	0.75868
US $	1.31434	1.31808
Euro Rate 1 Euro=		Inverse
Canadian $	1.39556	0.71656
US $	1.06177	0.94182

Commodities

Gold	Close	Previous
London Gold Fix	1205.05	1178.55
Oil	Close	Previous
WTI Crude Future	53.01	52.25

Market Commentary:
Canada
By Oliver Renick
     (Bloomberg) — Canadian stocks fell as losses in consumer discretionary shares and energy stocks outweighed gains in utility and health-care companies.
     The S&P/TSX Composite Index fell 0.5 percent to 15,418 at 4 p.m. in Toronto, after climbing Wednesday. The gauge had flirted with an all-time high last week, closing Thursday 71 points away from its September 2014 peak. The index finished 2016 as the best-performing developed stock market and has risen in each of the last six months.
* 19 of 23 companies in the consumer discretionary group were unchanged to lower, led by losses of at least 2.6% in Dorel Industries and Hudson’s Bay Co.
* Materials shares lost 0.4% for the first decline this week even as a Bloomberg Commodity Index added 1.5% for a third straight advance
* Health care shares added 0.3% as a Valeant Pharmaceuticals reversed early losses to end the day 1.3% higher.
* Energy shares down 0.6% as oil posted gains for a second day
US
By Oliver Renick
     (Bloomberg) — U.S. stocks declined as investors assessed President-elect Donald Trump’s comments on healthcare and imports during his first press conference since the election. Semiconductor shares retreated amid declines of 2.1 percent in Micron Technology Inc. and 3.9 percent for Advanced Micro Devices.
     The S&P 500 index lost 0.2 percent to 2,270.44 at 4 pm. in New York after adding 0.3 percent on Wednesday. Biotech shares climbed, reversing earlier losses, one a day after Trump said the industry needed “more competitive drug bidding.” Financial shares slid as the yield on 10-year Treasuries fell.
* The Dow Jones Industrial Average, which has hovered below the 20,000 mark since mid-December without crossing it, lost 0.3 percent to 19,891.00 
* The Nasdaq Composite Index lost 0.3% after climbing for seven straight sessions to records
* 7 of 11 sectors fell, led by financial and technology shares
* Banks down 0.7% with 10-year yield down to 2.358% from 2.372%; technology stocks fall after analysts lowered estimates on Apple and Goldman Sachs Group Inc. expressed caution on semiconductors
* Health-care stocks little changed with Nasdaq Biotech Index up 0.4% after reversing earlier losses of as much as 1.1%
* VIX up 2.5% for just second advance in eight sessions
* The U.S. dollar sank against all 16 of major peers on Thursday as Trump’s news conference disappointed investors who were expecting more comments on his economic-stimulus plans
* Trump reaffirmed a campaign promise to impose a significant tax on U.S. companies that shift production overseas. For Neil Dwane, global strategist at Allianz Global Investors, if the border tax is enacted, and spurs a 10 percent rally in the dollar, it may lead more companies to relocate operations back in the U.S. He told reporters in Hong Kong that large importers such as Wal-Mart Stores Inc. would be “badly affected”
* EARNINGS:
** Pre-market Friday: BlackRock (BLK), First Horizon National Corp (FHN), Bank of America Corp (BAC), PNC Financial Services (PNC), First Republic Bank (FRC), JPMorgan Chase (JPM), Wells Fargo (WFC)

 

Have a wonderful evening everyone.

 

Be magnificent!

Life is like a garden.  Quite naturally, leaves wither and flowers fade.
Only if we clear the decay of the past
then and there can we really enjoy the beauty of the new leaves and flowers.
Likewise, we must clear the murkiness of past bad experiences from our minds.
Life is remembrance in forgetfulness.
Forgive what ought to be forgiven; forget what ought to be forgotten.
Let us embrace life with renewed vigor…
We should be able to face every moment of life with renewed expectation, like a freshly blossomed flower.
Mata Amritanandamayi

As ever,

 

Carolann

 

Men at some times are masters of their fates: The fault, dear Brutus, is not in our stars,
But in ourselves, that we are underlings.
                                                                    -William Shakespeare, 1564-1616

 

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

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

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

Dear Friends,

Tangents:

On January 11, 1803, Dorothy Wordsworth wrote in her journal:

A very cold day.  William promised me he would rise as soon as I had carried him his breakfast, but he lay in bed till between twelve and one.  We talked of walking, but the blackness of the cold made us slow to put forward, and we did not walk at all.  Mary [Wordsworth’s wife] read the Prologue to Chaucer’s tales to me in the morning.  William was working at his poem to Coleridge [the Prelude]….Before tea I sat two hours in the parlour.  Read part of The Knight’s Tale with exquisite delight.  Since tea Mary has been down stairs copying out Italian poems for Stuart [editor of the Morning Post].  William has been working beside me, and here ends this imperfect summary….Now I am going to take tapioca for my supper, and Mary an egg, William some cold mutton – his poor chest is tired.  –from The Book of Days.

PHOTOS OF THE DAY

The buildings of the banking district are seen through thousands of raindrops on a glass railing in central Frankfurt, Germany, on Wednesday.Michael Probst/AP

Handprints on a wall are illuminated on the first day of the Light Festival in Morat, Switzerland, on Wednesday. The festival, which will end on Jan. 22, had more than 80,000 visitors last year. Cyril Zingaro/Keystone/AP

A man walks through heavy snowfall near Potsdam, eastern Germany, on Wednesday. Ralf Hirschberger/dpa/AP
Market Closes for January 11^th, 2017

Market Index	Close	Change
Dow Jones	19954.28	+98.75   +0.50%
S&P 500	2275.32	+6.42   +0.28%
NASDAQ	5563.648	+11.830   +0.21%
TSX	15491.54	+65.26
		+0.42%

International Markets

Market Index	Close	Change
NIKKEI	19364.67	+63.23
		+0.33%
HANG SENG	22935.35	+190.50
		+0.84%
SENSEX	27140.41	+240.85
		+0.90%
FTSE 100*	7290.49	+15.02
		+0.21%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.681		1.686
CND. 30 Year Bond		2.280		2.282
U.S.    10 Year Bond		2.3685		2.3757
U.S. 30 Year Bond		2.9524		2.9676

Currencies

BOC Close	Today	Previous
Canadian $	0.75868	0.75572
US $	1.31808	1.32324
Euro Rate 1 Euro=		Inverse
Canadian $	1.39501	0.71684
US $	1.05837	0.94485

Commodities

Gold	Close	Previous
London Gold Fix	1178.55	1189.50
Oil	Close	Previous
WTI Crude Future	52.25	50.82

Market Commentary:
Canada
By Oliver Renick
     (Bloomberg) — Canadian stocks were little changed as advances in technology and energy shares offset losses in raw- materials stocks.
     The S&P/TSX Composite Index added 0.4 percent to 15,491.54 at 4 p.m. in Toronto, after climbing Tuesday. The gauge had flirted with an all-time high last week, closing Thursday 71 points away from its September 2014 peak. The index finished 2016 as the best-performing developed stock market and has risen in each of the last six months.
* Industrial shares gain 0.8% as financial stocks jump 0.7% following press conference by U.S. President-elect Donald Trump
* Bloomberg commodity index up 0.4%
* Tech shares rise 0.3% with gains in Kinaxis, CGI Group of at least 1.4%; Sierra Wireless and BlackBerry add at least 0.8%
* Energy stocks up 0.2% as crude oil climbs for first time in three sessions
* Materials shares close 0.7% higher after falling in early trading
US
By Oliver Renick
     (Bloomberg) — U.S. stocks rose as investors weighed President-elect Donald Trump’s commitment to policies on economics and foreign relations following his first press conference since the election. Biotech shares plunged after Trump said the industry needs “more competitive drug bidding.”
     The S&P 500 index added 0.3 percent to 2,275.32 by 4 p.m. in New York after fluctuating throughout the day. The Dow Jones Industrial Average jumped 0.5 percent to 19,954.28. The gauge has closed the last 18 of the last 20 sessions within 1 percent of 20,000.
* Nasdaq Biotech Index lost 3%, biggest decline since Oct. 11
* Eight of 11 industry groups advanced; health-care biggest decliner, down 1%
* Energy shares up 1.2% leading market with oil up 3.1%
* Phone shares down 0.5% as financial stocks add 0.5%
* VIX declines 2%
* In press conference, Trump denounced the publication of uncorroborated memos alleging Russia had gathered potentially damaging information on him, and said he would remove himself from his businesses to avoid conflicts of interest while president
* The S&P 500, which has gained about 6% since the vote and hit a record high last week, now trades at a price-to-book ratio of 2.9, the highest since 2007
* The Stoxx Europe 600 Index added 0.2% at the close, erasing an early decline of as much as 0.3%

 

Have a wonderful evening everyone.

 

Be magnificent!

You are never alone because you are full of all the memories, all the conditioning,
all the mutterings of yesterday; your mind is never clear of all the rubbish it has accumulated.
To be alone, you must die to the past.
When you are alone, totally alone, not belonging to any family, any nation, any culture,
any particular continent, there is that sense of being an outsider.
The man who is completely alone in this way is innocent and it is this innocence that frees the mind from sorrow.
Krishnamurti

As ever,
 

Carolann

 

If we succeed in giving the love of learning, the learning itself is sure to follow.
                                                                 -John Lubbock, 1834-1913

 

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

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

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

Dear Friends,

Tangents:
The Poem

Possible Journey’s End
        –by Michel Houellebecq

Why be anxious? I’ll have lived all the same
And observed clouds and people
I’ve participated little, I’ve known everything all the same
Especially in the afternoon, there have been moments.

The configuration of garden furniture
I’ve known very well, for want of innocence;
Supermarkets and urban routes,
The immobile boredom of the holidays.

I’ll have lived here, at this century’s end,
And my journey hasn’t always been painful
(Sun on skin and the burns of being);
I want to rest on the impassive grass.

Like the grass I am old and of this time,
Spring fills me with insects and illusions
I too will have lived, tortured and serene,
The last years of a civilization.
PHOTOS OF THE DAY

The ‘Elbphilharmonie,’ or Philharmonic Hall, which will open its doors to the public on Jan. 11, is illuminated during a light test in downtown Hamburg, Germany, on Tuesday. Fabian Bimmer/Reuters

The Parthenon temple atop the ancient Acropolis is seen following a rare snowfall in Athens, Greece, on Tuesday. Antonis Nikolopoulos/Eurokinissi/Reuters

Bern, Switzerland, is covered with snow on Tuesday. A polar spell gripped a large swathe of the continent. Anthony Anex/Keystone/AP
Market Closes for January 10^th, 2017

Market Index	Close	Change
Dow Jones	19855.53	-31.85   -0.16%
S&P 500	2268.90	—   —
NASDAQ	5551.820	+20.002   +0.36%
TSX	15426.28	+37.33
		+0.24%

International Markets

Market Index	Close	Change
NIKKEI	19301.44	-152.89
		-0.79%
HANG SENG	22744.85	+186.16
		+0.83%
SENSEX	26899.56	+173.01
		+0.65%
FTSE 100*	7275.47	+37.70
		+0.52%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.686		1.680
CND. 30 Year Bond		2.282		2.278
U.S.    10 Year Bond		2.3757		2.3647
U.S. 30 Year Bond		2.9676		2.9580

Currencies

BOC Close	Today	Previous
Canadian $	0.75572	0.75663
US $	1.32324	1.32166
Euro Rate 1 Euro=		Inverse
Canadian $	1.39700	0.71582
US $	1.05575	0.94720

Commodities

Gold	Close	Previous
London Gold Fix	1189.50	1178.50
Oil	Close	Previous
WTI Crude Future	50.82	51.96

Market Commentary:
Canada
By Oliver Renick
     (Bloomberg) — Canadian stocks climbed as an index of commodities rallied and Valeant Pharmaceuticals International Inc. led health-care companies higher after the beleaguered drugmaker agreed to sell $2.1 billion in assets.
     The S&P/TSX Composite Index added 0.2 percent to 15,426.28 by 4 p.m. in Toronto, after declining Monday. The gauge had flirted with an all-time high last week, closing Thursday 71 points away from its September 2014 peak. The index finished 2016 as the best-performing developed stock market and has risen in each of the last six months.
     Health care stocks gained 4.4 percent, leading six of the 11 industry sectors higher. Raw-materials shares also advanced, climbing 1.6 percent as a Bloomberg index of commodity prices rallied.
* Bloomberg commodity index up 0.6 percent
* Mag Silver, First Quantum Minerals up at least 5.1 percent; First Quantum was cut to sector outperform after rated as a “focus stock” by Scotiabank
* Hudbay Minerals up 6.7 percent after being raised to focus stock at Scotiabank with a price target of C$12
* Hudson’s Bay down 13% for biggest loss in benchmark after cutting its year sales forecast yesterday and receiving analyst downgrades
* Aimia shares 4.4% lower after being cut to underperform at CIBC Monday night.
US
By Oliver Renick
     (Bloomberg) — U.S. equities were unchanged Tuesday as a rally in financial companies was offset by losses in energy shares.
     The S&P 500 Index closed at 4 p.m. unchanged from the day after swinging between gains and losses throughout the day. The Dow Industrial Average lost 0.2 percent to 19,855.53 and the Nasdaq Composite Index jumped 0.4% to a record. That gauge has climbed for six straight sessions.
* Russell 2000 Index added 1%
* Optimism among America’s small businesses soared in December by the most since 1980 as expectations about the economy’s prospects improved dramatically in the aftermath of the presidential election
* Banking shares lead rally with 0.4% gain as health-care stocks add 0.3%
* Energy shares down for second straight day; utilities down 0.3%
* VIX declines 0.6%
* About 6.7 billion shares traded hands, compared with average of 7.3 billion a day last year
* The S&P 500 has gained 4.6% since the U.S. election, boosted by hopes of increased fiscal spending and tax cuts
* The Bloomberg dollar spot gauge of the greenback against 10 major peers has fallen 0.3% in 2017
* EARNINGS:
** After-market Wednesday: KB Home (KBH)

 

Have a wonderful evening everyone.

 

Be magnificent!

Life is an aspiration.  Its mission is to strive after perfection, which is self-fulfillment.
The ideal must not be lowered because of our weaknesses or imperfections.
Mahatma Gandhi

As ever,

Carolann

 

Life is mostly froth and bubble.  Two things stand like stone.
Kindness in another’s trouble.  Courage in your own.
                                        -Adam L. Gordon, 1833-1870

 

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

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

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

Dear Friends,

Tangents:
On Jan. 9, 2007, Steven P. Jobs introduced Apple’s long-awaited entry into the cellphone world, the iPhone.
Go to article »

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

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

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

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

Market Index	Close	Change
Dow Jones	19887.38	-76.42   -0.38%
S&P 500	2268.90	-8.08   -0.35%
NASDAQ	5531.816	+10.761   +0.19%
TSX	15388.95	-107.10
		-0.69%

International Markets

Market Index	Close	Change
NIKKEI	19454.33	-66.36
		-0.34%
HANG SENG	22558.69	+55.68
		+0.25%
SENSEX	26726.55	-32.68
		-0.12%
FTSE 100*	7237.77	+27.72
		+0.38%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.680		1.731
CND. 30 Year Bond		2.278		2.317
U.S.    10 Year Bond		2.3647		2.4193
U.S. 30 Year Bond		2.9580		3.0088

Currencies

BOC Close	Today	Previous
Canadian $	0.75663	0.75557
US $	1.32166	1.32351
Euro Rate 1 Euro=		Inverse
Canadian $	1.39905	0.71477
US $	1.05856	0.94483

Commodities

Gold	Close	Previous
London Gold Fix	1178.50	1175.85
Oil	Close	Previous
WTI Crude Future	51.96	53.99

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

 

Have a wonderful evening everyone.

 

Be magnificent!

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

As ever,

 

Carolann

 

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

 

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

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

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

Dear Friends,

Tangents:

I was saddened to read in last weekend’s Financial Times that Susie Boyt’s column was appearing for the last time.  She has decided to take some time off  “for good behavior, possible for bad.” 

I have been enjoying her column every week for the past 13 years that she’s been writing them.   From her final column, “So Long, Farewell,”  I thought the following part was  worthwhile sharing with you in case you don’t read the FT or perhaps missed last weekend’s:

“A while ago I was asked to put some of my ideas for living into a little treatise and I will leave you with that now. These are the thoughts I entertain when I feel most myself and most alive. They don’t necessarily agree with me, but all any of us can do is live our lives in our own character. A small part of me still believes that to be the person in the room with the most feelings is to be the best person. I know it’s not wise or fashionable to say so, but it is one way of having maximum life.

Things that are hard have more of life at their heart than things that are easy.The future must prove better and happier than the past.

All feelings however painful are to be prized.

Glamour is a moral stance.

Loss, its memory and its anticipation, lies at the heart of the human experience.

If you have a thin skin all aspects of life cost more and have more value.

The world is crueller and more wonderful than anyone ever says.

You must try to prepare and be ready for the moment that you’re needed, for the call could come at any time.

There are worse things in life than being taken for a ride.

Grief is no real match for the human heart, which is an infinitely resourceful organ (I really hope that one is true).

I don’t want to sound like a blushing Oscar winner or a disgraced politician found akimbo in a Pimlico mansion block but . . . it has been wonderful writing these columns every week. Thank you for reading me. I send every best possible wish.”

susie.boyt@ft.com; @susieboyt

PHOTOS OF THE DAY

A bird eats an ashberry on a cold winter day in central Lviv, Ukraine, on Friday. Gleb Garanich/Reuters

A swimmer holds up a cross after it was thrown into the water by an Orthodox priest during an Epiphany ceremony to bless the sea at Famagousta, Cyprus, on Friday. This is the second time the ceremony has taken place here since 1974, when the small island nation was cleaved along ethnic lines. Petros Karadjias/AP

Mongolian-born grand sumo champion Yokozuna Hakuho performs the New Year’s ring-entering rite during the annual celebration at the Meiji Shrine in Tokyo on Friday. Issei Kato/Reuters
Market Closes for January 6^th, 2017

Market Index	Close	Change
Dow Jones	19963.80	+64.51   +0.32%
S&P 500	2276.98	+7.98   +0.35%
NASDAQ	5521.055	+33.119   +0.60%
TSX	15496.05	-90.53
		-0.58%

International Markets

Market Index	Close	Change
NIKKEI	19454.33	-66.36
		-0.34%
HANG SENG	22503.01	+46.32
		+0.21%
SENSEX	26759.23	-119.01
		-0.44%
FTSE 100*	7210.05	+14.74
		+0.20%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.731		1.670
CND. 30 Year Bond		2.317		2.262
U.S.    10 Year Bond		2.4193		2.3479
U.S. 30 Year Bond		3.0088		2.9428

Currencies

BOC Close	Today	Previous
Canadian $	0.75557	0.75593
US $	1.32351	1.32288
Euro Rate 1 Euro=		Inverse
Canadian $	1.39405	0.71733
US $	1.05330	0.94940

Commodities

Gold	Close	Previous
London Gold Fix	1175.85	1176.70
Oil	Close	Previous
WTI Crude Future	53.99	53.76

Market Commentary:
Canada
By Joseph Ciolli
     (Bloomberg) — Canadian stocks declined as an index of commodities fell and drugmakers retreated, offsetting a report showing a trade surplus and surge in full-time jobs. U.S. data showing wages in December increased the most since 2009 spurred speculation the Federal Reserve will raise rates at a faster pace.
     The S&P/TSX Composite Index snapped a three-day streak of gains, slipping 0.5 percent to 15,504.37 at 12:37 p.m. in Toronto. The gauge had flirted with an all-time high in the prior two sessions, closing Thursday 71 points away from its September 2014 peak. The index finished 2016 as the best- performing developed stock market and has risen in each of the last six months. Raw-material stocks pace the loss on Friday, declining 3 percent, while health-care and consumer staple shares lost more than 0.9 percent.
     The U.S. jobs data increased expectations that the Fed will raise its benchmark lending rate. Economists now see a 35 percent chance of a hike at the March meeting, up from 31 percent on Thursday. The probability also increased for subsequent Fed meetings.
     The Canadian economic report saw the first trade surplus in more than two years, while full-time positions rose 81,300 in December from the previous month, the biggest gain since March 2012.
     In other moves:
* Tahoe Resources lost 11%, the biggest decline out of all raw- material producers, after forecasting 2017 gold production that missed estimates
* MAG Silver Corp., Pretium Resources Inc. and Alamos Gold Inc. also fell more than 7.4% as the Bloomberg Commodity Index decreased 0.2%
* Crew Energy Inc., Bonterra Energy Corp. and Enerplus Corp. lost at least 1.5% even as the price of crude oil rose for a third straight day
US
By Oliver Renick
     (Bloomberg) — U.S. stocks advanced, reversing an earlier decline as the Dow Jones Industrial Average flirted with 20,000 for nearly four hours. Equities also got a boost from government data showing that wages in December increased the most since 2009.
     The S&P 500 Index added 0.4 percent to 2,276.98 as of 4 p.m. in New York, extending its weekly gain to 1.7 percent. The Dow Jones Industrial Average jumped 0.3 percent to 19,963.80 as Nike Inc. and Goldman Sachs Group Inc. both added at least 1.5 percent.
* Nasdaq Composite and Nasdaq 100 indexes advanced at least 0.6%, with both closing at all-time highs
* Tech shares led S&P gains, up 1%, with the FANG block extending weekly gains
* Phone stocks down 2.7% for the third straight loss
* Labor data showed a solid year in 2016
** 156,000 increase in December payrolls followed a 204,000 rise in November that was bigger than previously estimated; median forecast in a Bloomberg survey of economists called for a 175,000 advance
** Jobless rate ticked up to 4.7% as the labor force grew; wages rose 2.9% from December 2015
* The S&P 500 closed little changed on Thursday, outperforming the Dow Jones Industrial Average, which fell 0.2% to move further away from the elusive 20,000 level
* All industry groups of the S&P 500 have advanced in 2017, with health-care and real estate firms outperforming energy producers and utilities
* EARNINGS:
** None after market
** Pre-market Monday: Commerical Metals (CMC), Global Payments (GPN), Acuity Brands (AYI)

 

Have a wonderful weekend everyone.

 

Be magnificent!

To live completely, fully, in the moment is to live with what is, the actual, without any sense of condemnation
or justification – then you understand it so totally that you are finished with it.
When you see clearly the problem is solved.
Krishnamurti

As ever,

 

Carolann

 

Success is a consequence and must not be an end.
                        -Gustave Flaubert, 1821-1880

 

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

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

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

Unsubscribe me from this list

Dear Friends,

Tangents:

Tonight is known to Orthodox Christians as the “Twelfth Night”, the eve of the Epiphany.  It is the twelfth day after Christmas.  Formerly, this was a time of great merrymaking when the Bean King (Rey de habas, the child who was  to play king on this night; the one who has found the bean in the Twelfth Night cake) was appointed, and the celebrations and festivities seemingly derive from the Saturnalia  (the ancient Roman festival of Saturn, celebrated on December 19^th and prolonged for seven days – a time of freedom from restraint, merrymaking and often debauchery.   During its continuance, public business was suspended, the law courts and schools were closed and no criminals were punished), of old Roman times, which were held at the same season.  By the Julian Calendar, Twelfth Day is Old Christmas Day.
Shakespeare’s play of this name, which he began writing in 1599, was so called because it was written for acting at the Twelfth Night revels.

If music be the food of love, play on;
Give me excess of it, that, suffering,
The appetite may sicken, and so die.
That strain again! it had a dying fall:
O!  it came o’er my ear like the sweet sound
That breathes upon a bank of violets,
Stealing and giving odour!  enough! No more:
‘Tis not so sweet now as it was before.
              from Twelfth Night, act I, sc.I.

On this day in 1933, construction begins on the Golden Gate Bridge.
PHOTOS OF THE DAY

A flock of birds is seen on a tree as the temperature dropped to minus 16 degrees Celsius (3.2 degrees Fahrenheit) in a field near the village of Khatenchitsy, Belarus, on Thursday. Vasily Fedosenko/Reuters

A horse-drawn carriage makes its way through the snow-covered landscape near Oberhof, eastern Germany, on Thursday. Martin Schutt/dpa/AP

Pulis Quastie and Gin-Gin run in the snow in their garden in Lautertal, southern Germany, on Thursday. Pulis are Hungarian sheepdogs and are rarely seen in Germany. Michael Probst/AP
Market Closes for January 5^th, 2017

Market Index	Close	Change
Dow Jones	19899.29	-42.87   -0.21%
S&P 500	2269.00	-1.75   -0.08%
NASDAQ	5487.938	+10.933   +0.20%
TSX	15586.58	+69.83
		+0.45%

International Markets

Market Index	Close	Change
NIKKEI	19520.69	-73.47
		-0.37%
HANG SENG	22456.69	+322.22
		+1.46%
SENSEX	26878.24	+245.11
		+0.92%
FTSE 100*	7195.31	+5.57
		+0.08%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.670		1.714
CND. 30 Year Bond		2.262		2.296
U.S.    10 Year Bond		2.3479		2.4390
U.S. 30 Year Bond		2.9428		3.0397

Currencies

BOC Close	Today	Previous
Canadian $	0.75593	0.75158
US $	1.32288	1.33052
Euro Rate 1 Euro=		Inverse
Canadian $	1.40281	0.71286
US $	1.06042	0.94302

Commodities

Gold	Close	Previous
London Gold Fix	1176.70	1164.25
Oil	Close	Previous
WTI Crude Future	53.76	53.26

Market Commentary:
Canada
By Joseph Ciolli
     (Bloomberg) — Rallies in Barrick Gold Corp., Royal Bank of Canada and Suncor Energy Inc. helped Canadian stocks extend their New Year’s winning streak, pushing the benchmark S&P/TSX Composite Index toward an all-time high as commodities climbed.
     The index rose 0.5 percent to 15,593 at 10:03 a.m. in Toronto, putting the benchmark within 70 points of a record and on pace for the highest close since September 2014. The gauge finished 2016 as the best-performing developed stock market and has risen in each of the last six months. Commodity and industrial stocks paced the gain on Thursday, adding 2.3 percent, while consumer discretionary shares fell 0.4 percent.
     Fairfax Financial Holdings Ltd. slipped 0.4 percent after a report said the company is in talks with the Ontario Municipal Employees Retirement System to see if the pension fund will help finance his $4.9 billion takeover of Allied World Assurance Co.
     In other moves:
* Torex Gold Resources Inc., Tahoe Resources Inc. and First Majestic Silver Corp. rose more than 6.9 percent as the Bloomberg Commodity Index climbed 0.5 percent, extending its two-day increase to 1.8 percent
* Kelt Exploration Ltd., Parkland Fuel Corp. and Enerplus Corp. gained at least 1.9 percent as the price of crude oil increased for a second straight day
US
By Oliver Renick
     (Bloomberg) — U.S. stocks erased most of their losses but ended lower to halt a two-day equity advance, as investors assessed mixed economic data and bank stocks posted their worst drop in almost a month.
     The S&P 500 slid less than 0.1 percent to 2,269 at 4 p.m. in New York after falling more than 0.4 percent earlier. The Dow Jones Industrial Average lost 43 points to 19,899. The S&P 500 rose 0.6 percent on Wednesday in a broad-based rally following the release of the Federal Reserve’s latest policy meeting minutes and is 1.4 percent higher in the first three days of 2017.                            
* Six of 11 sectors finish lower with declines steepest in financials, industrials and energy companies
* S&P banking index down 1.4%
* Energy shares down 0.3%; crude oil reverses loss, up 0.9%
* VIX down 1.5% for third straight day of gains
* The dollar extended losses, after dropping yesterday following minutes from the Fed’s December meeting that showed the central bank was more concerned about a strong currency
* S&P retail index pared earlier losses, ending day down less than 0.1%
** Kohl’s Corp. tumbled 19% after lowering its fiscal 2016 profit forecast; Macy’s Inc. slid 14% after the largest U.S. department-store company cut its earnings outlook and pledged to eliminate 6,200 jobs
* Companies added fewer jobs than forecast in December, data from the ADP Research Institute in Roseland, New Jersey, showed Thursday
* Filings for U.S. unemployment benefits declined to the lowest level in eight weeks, showing volatility typical around the holiday period
* In a weekly survey by the American Association of Individual Investors (AAII), bulls rose to more than 46%, the highest reading since late November and up from the previous week
* EARNINGS:
** After-market Thursday: PriceSmart (PSMT), Helen of Troy (HELE), Ruby Tuesday (RT)
     For related equity market news:
* European Stocks Hold Steady as Euro Rebound Gives Traders Pause
* Wall Street Says Capital Spending Is Finally Poised for Breakout
* Trace of Fear in Trump Stocks as Hedges Rise With Defensives
* Gold Miners, Biotech to Be Most Volatile in 2017, Goldman Says.

 

Have a wonderful evening everyone.

 

Be magnificent!

Contemplation is seeing the here and now.
Swami Prajnanpad

As ever,

 

Carolann

 

Truth exists, only lies have to be invented.
              -Georges Braque, 1882-1963

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

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

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

Dear Friends,

Tangents:

Stone on Watch at Dawn
  -by Brynn Saito

See the writer again
at the gate of memory?

The land cracks open with wind
and shots of rain.

She should drown her pages
in the sky, take to the ground
like a dogged gardener.

Turn the soil into something new –

Survive the past.

Whispers at the barbed wire
no longer suffice.  What works is singing
from the cave of the self

where memories of knives
and clouds shaped like tiger faces

live together like children
unaware of their potential.

Brynn Saito grew up in Fresno, California, the child of a Korean-American mother and a Japanese-American father.  She sometimes writes about her heritage, in poems marked by ambivalence, resonant imagery and great originality.  This poem, one of a series written from the point of view of a stone, considers how a poet might metabolize and make use of the past. – Matthew Zapruder, NY Times.
PHOTOS OF THE DAY

French cyclist Robert Marchand, age 105, stops after setting a world record for distance cycled in one hour (in the 105+ age category created especially for him) at the velodrome of Saint-Quentin en Yvelines, outside Paris, on Wednesday. He rode 22.547 kilometers in one hour. Thibault Camus/AP

Al Blaschke, of Sun City, Texas, and his friend Betty Schleder celebrate after skydiving on Blaschke’s 100 birthday at Skydive Temple in Salado, Texas, on Wednesday. Blashke tied the US record for oldest skydiver, according to Mark Pollack of Skydive Temple. Jay Janner/Austin American-Statesman/AP

A woman walks a dog on a snow-covered path beside the Rideau Canal in Ottawa, Canada, on Wednesday. Chris Wattie/Reuters

Snow enthusiasts turn Lawrence Street into a huge sled run in Eugene, Ore., on Wednesday after several inches of snow closed area schools.Brian Davies/The Register-Guard/AP
Market Closes for January 4^th, 2017

Market Index	Close	Change
Dow Jones	19942.16	+60.40   +0.30%
S&P 500	2270.75	+12.92   +0.57%
NASDAQ	5477.004	+47.920   +0.88%
TSX	15516.75	+113.72
		+0.74%

International Markets

Market Index	Close	Change
NIKKEI	19594.16	+479.79
		+2.51%
HANG SENG	22134.47	-15.93
		-0.07%
SENSEX	26633.13	-10.11
		-0.04%
FTSE 100*	7189.74	+11.85
		+0.17%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.714		1.741
CND. 30 Year Bond		2.296		2.331
U.S.    10 Year Bond		2.4390		2.4444
U.S. 30 Year Bond		3.0397		3.0462

Currencies

BOC Close	Today	Previous
Canadian $	0.75158	0.74476
US $	1.33052	1.34271
Euro Rate 1 Euro=		Inverse
Canadian $	1.39534	0.71667
US $	1.04871	0.95355

Commodities

Gold	Close	Previous
London Gold Fix	1164.25	1151.00
Oil	Close	Previous
WTI Crude Future	53.26	52.33

Market Commentary:
Canada
By Joseph Ciolli
     (Bloomberg) — Canadian stocks rose for the fourth time in five sessions, further extending the best annual rally since 2009, as raw-material producers and industrial companies led gains and an index of commodities snapped a three-day skid.
     The S&P/TSX Composite Index climbed 0.3 percent to 15,443.22 at 9:52 a.m. in Toronto, putting the benchmark on pace to close at the highest level since April 2015. The gauge finished 2016 as the best-performing developed stock market and has risen in each of the last six months. Industrial stocks paced the gain on Wednesday, adding 0.7 percent, while health- care shares fell more than 1.8 percent.
     In other moves:
* First Quantum Minerals Ltd., Hubday Minerals Inc. and Pretium Resources Inc. gained more than 2.6% as the Bloomberg Commodity Index climbed 0.4%, its first increase in four days
* MEG Energy Corp., Baytex Energy Corp. and Raging River Exploration Inc. lost at least 1.4% as the price of crude oil slipped for a fourth straight day.
US
By Oliver Renick
     (Bloomberg) — U.S. stocks added to their New Year’s rally Wednesday as minutes from the Federal Reserve’s latest policy meeting were released. Industries from retailers to automakers and banks all advanced.
     The S&P 500 Index added 0.6 percent to 2,270.75 at 4 p.m. in New York after a 0.9 percent climb on the first day of the year that was the benchmark gauge’s biggest advance in almost a month. The Dow Jones Industrial Average closed within 60 points of the 20,000 level, up 0.3 percent to 19,942.
* Russell 2000 up 1.6% for biggest gain in a month
* 9 of 11 sectors higher with energy and phones shares down 0.3%
* Materials stocks up 1.4% on back of 1.3% gain in Bloomberg Commodities Index
** Freeport-McMoRan, Mosaic and CF Industries all added at least 3.6%
* Discretionary stocks up 1.3% as staples shares gain 0.1%
* S&P 500 now trading back above 10-day moving average
* Fed meeting minutes indicated officials intended to maintain a gradual approach to raising interest rates even as risks of faster economic growth emerge
* A string of strong data from China and Europe helped U.S. stocks advance yesterday, ahead of Friday’s payrolls report
* VIX down 7.8% for second straight decline; ended 2016 with biggest annual slump since 2013
* EARNINGS:
** Pre-market Thursday: Emmis Communications (EMMS), Park Electrochemical (PKE), RPM International (RPM), Walgreens Boots Alliance (WBA), Constellation Brands (STZ), Monsanto (MON), Schnitzer Steel Industries (SCHN)

Have a wonderful evening everyone.

Be magnificent!

It is only when we give complete attention to a problem,
and solve it immediately – never carrying it over to the next day,
the next minute – that there is solitude.
To have inward solitude and space is very important
because it implies freedom to be, to go, to function, to fly.
Krishnamurti

As ever,

 

Carolann

 

There are two ways of spreading light: to be the candle or the mirror that reflects it.
                                                                               -Edith Wharton, 1862-1937

 

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

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

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