Category: Events

Dear Friends,

Tangents:

On September 19^th, 1586, Chideock Tichborne, a young Catholic involved in the Babington Plot to kill Queen Elizabeth and replace her with Mary, Queen of Scots, wrote the poem below in the Tower of London, on the eve of his execution by hanging, drawing and quartering.

My prime of youth is but a frost of cares,
My feast of joy is but a dish of pain,
My crop of corn is but a field of tares,
And all my goods is but vain hope of gain.
The day is fled, and yet I saw no sun,
And now I live, and now my life is done!

My spring is past, and yet it has not sprung,
The fruit is dead, and yet the leaves are green,
My youth is past, and yet I am but young,
I saw the world, and yet I was not seen;
My thread is cut, and yet it is not spun,
And now I live, and now my life is done!

I sought for death, and found it in the womb,
I looked for life, and yet it was a shade,
I trod the ground, and knew it was my tomb,
And now I die, and now I am but made,
The glass is full, and yet my glass is run;
And now I live, and now my life is done!

PHOTOS OF THE DAY

A full moon rises over the Lincoln Memorial, Washington Monument, and the US Capitol, at the National Mall in Washington, as seen from Arlington, Va., on Sunday night. Jose Luis

A model presents a creation at the Fyodor Golan show during London Fashion Week Spring/Summer 2017 in London on Monday. Neil Hall/Reutersa/AP
Market Closes for September 19^th, 2016

Market Index	Close	Change
Dow Jones	18120.17	-3.63   -0.02%
S&P 500	2139.12	-0.04   —
NASDAQ	5235.027	-9.539   -0.18%
TSX	14496.23	+45.54
		+0.32%

International Markets

Market Index	Close	Change
NIKKEI	16519.29	+114.28
		+0.70%
HANG SENG	23550.45	+214.86
		+0.92%
SENSEX	28634.50	+35.47
		+0.12%
FTSE 100	6813.55	+103.27
		+1.54%

Bonds

Bonds	% Yield	Previous  % Yield
CND. 10 Year Bond	1.193	1.196
CND. 30 Year Bond	1.824	1.823
U.S.    10 Year Bond	1.7100	1.6874
U.S. 30 Year Bond	2.4551	2.4346

Currencies

BOC Close	Today	Previous
Canadian $	0.75755	0.75683
US $	1.32018	1.32129
Euro Rate 1 Euro=		Inverse
Canadian $	1.47559	0.67769
US $	1.11772	0.89468

Commodities

Gold	Close	Previous
London Gold Fix	1314.85	1308.35
Oil	Close	Previous
WTI Crude Future	43.30	43.03

Market Commentary:
Canada
By John Hyland and Eric Lam
     (Bloomberg) — Canadian stocks rose with global equities as financial shares advanced and a slide in the U.S. dollar boosted shares in raw-materials producers amid higher prices for resources from oil to gold.
     The S&P/TSX Composite Index added 0.3 percent to 14,496.23 at 4 p.m. in Toronto, halting losses from last week. The measure is on track for a 3.1 percent gain in the third quarter, pushing its advance this year to 11 percent.
     Financial services stocks rallied 0.3 percent to pace gains in the S&P/TSX. Manulife Financial Corp. and Sun Life Financial Inc., among the nation’s largest insurers, added at least 0.9 percent. Traders now see a 20 percent chance of a rate increase when Fed policy makers meet this week, and a 56 percent likelihood by the end of the year.
     Raw-materials producers added 0.6 percent. Gold and silver rebounded from their lowest close this month ahead of key interest rate meetings of the Fed and Bank of Japan this week. Silver Wheaton Corp. and Franco-Nevada Corp. increased more than 1.1 percent.
     Crude futures rose as much as 0.6 percent in New York, rebounding from the lowest close in more than a month as fighting in Libya has thwarted what would’ve been the first crude shipment from Libya’s Ras Lanuf export terminal since 2014. OPEC may call an extraordinary meeting if ministers reach consensus at an informal gathering next week, said Secretary General Mohammed Barkindo, according to the Algerian Press Service.
     Commodity producers have led the resurgence in the S&P/TSX this year, rebounding after a disastrous 2015 when the benchmark posted its worst annual loss since the 2008 financial crisis. The S&P/TSX is up 11 percent in 2016, good for the second-best performance among developed markets in the world behind New Zealand. That’s made Canadian stocks more expensive than the S&P 500, with a price-to-earnings ratio of 23.1 opening up a 15 percent premium.
     Bombardier Inc. fell 4.9 percent to the lowest level in five months. The Montreal based aerospace manufacturer is suffering, along with business-jet competitors, from an oversupply in production with slowing growth, according to a report from Bloomberg Intelligence analyst George Ferguson.
     CGI Group and Constellation Software added at least 0.9 percent to lead to technology stocks higher. The group gained 0.8 percent, to the highest close in almost two weeks.
     Torstar Corp., owner of the Toronto Star newspaper, added 3 percent for a second day of gains. The company has agreed to sell the land and buildings in Vaughan, Ontario previously used to operate the Toronto Star’s printing facility in a deal for C$54.3 million. Torstar expects the deal to close in the third or early fourth quarter.

US
By Dani Burger
     (Bloomberg) — After months of waiting for the volatility trade to pay off, U.S. equity bears are finally cashing in.
     Individuals took a break from loading up on protective positions and sold exchange-traded notes and funds that track the CBOE Volatility Index at the fastest pace since the start of the year. It came as stocks were jolted from a slumber that persisted for almost two months, giving volatility-obsessed bears a rare payday. The S&P 500 Index wavered again Monday, closing little changed at 2,139.12 at 4 p.m. in New York, after wiping out a 0.7 percent rally.
     Take the iPath S&P 500 VIX Short-Term Futures ETN, the biggest security tracking the stock market’s fear gauge. Owning the VXX amounts to speculation that swings will grow more frenetic in U.S. equities, and outstanding shares increased nearly 11-fold this year. In the five days through Friday, outstanding shares fell 16 percent for the biggest drop since December, data compiled by Bloomberg show.
      “There have been very large inflows into the VXX in 2016, and being long VXX this year has been a very unprofitable trade,” said Pravit Chintawongvanich, head derivatives strategist at the New York-based Macro Risk Advisors. “So on any vol spike, people are trying to sell out.”
     Through last week, flows into the VXX had piled up to $2 billion, putting the security on pace for its biggest year since 2012. After the VIX climbed 40 percent in one day for its biggest daily advance since the Brexit vote, investors sold out of their VXX holdings at the fastest rate in a year.
     On futures exchanges, venues dominated by hedge funds, bulls have been taking the opposite bet, going all-in on the end of market turbulence. Their conviction showed signs of wavering last week as net short positions fell by nearly 16 percent. On the other side of the trade, long VIX, almost 50,000 contracts were sold, the biggest weekly contraction since June, according to data compiled by Macro Risk Advisors.
     The S&P 500 Index failed to hold gains Monday, with a rebound in banks offset by declines of at least 1.1 percent in Apple Inc., Verizon Communications Inc. and Intel Corp. Lenders trimmed gains by half as U.S. Treasuries swung between gains and losses. The Dow Jones Industrial Average lost 3.63 points to 18,120.07, erasing a climb of as much as 131 points. The Nasdaq 100 Index dropped 0.5 percent. About 6.1 billion shares traded hands on U.S. exchanges, 10 percent below the three-month average.
     “There’s a chance for volatility to remain, simply because I don’t think the Fed is going to clear up any uncertainty about the path of interest rates,” said Bruce Bittles, chief investment strategist at Milwaukee-based Robert W. Baird, which oversees $110 billion. “The Fed will not raise interest rates this week, but they will be pretty aggressive in saying a rate increase is coming.”
     Volatility has flared as central banks signaled they are rethinking the approach to the monetary stimulus. The S&P 500 wobbled Monday, after rising 0.5 percent in the five days through Friday to bounce from its worst week since February. The benchmark trades at about 18.2 times estimated earnings, the highest since 2009, and for stocks to hit forecasts for next year, they would have to increase profits by 13 percent, something that hasn’t happened since 2011.
     A report on August housing starts tomorrow is the last bit of significant data to offer an indication on the strength of U.S. growth before the Federal Reserve announces its interest- rate decision on Wednesday. A measure today showed confidence among homebuilders rose to an 11-month high in September.
     Reports last week offered contrasting evidence of the state of the economy: the cost of living rose more in August than projected, while consumer confidence this month held at the lowest level since April. A gauge tracking the degree to which data miss or exceed economists’ estimates is near a two-month low.
     The odds for a September rate increase have fallen to 20 percent from 30 percent less than two weeks ago, with December the first month with more than even odds of a hike. Economists surveyed by Bloomberg expect the Fed to keep rates unchanged, while strengthening guidance about its intentions to raise borrowing costs soon. The Bank of Japan will also undertake a review of its monetary policy this week.
     In Monday’s trading, an index of homebuilders climbed 1.2 percent after the stronger confidence reading. Lennar Corp. and PulteGroup Inc. rose more than 1.5 percent.
     General Motors Co. rallied 2.4 percent, the most in two months, after Morgan Stanley upgraded the stock to the equivalent of buy from neutral. Utilities advanced for a fourth day, the longest streak since June 30. Merck & Co. lost 1.5 percent, slipping to a six-week low to weigh on the health-care group.

 

Have a wonderful evening everyone.

 

Be magnificent!

The energy in the world flows from God at the centre, and back to God.
The sages see life as a wheel, with each individual going round and round through birth and death.
Individuals remain on this wheel so long as they believe themselves to be separate; but once they realize their unity with God, then they break free.
Svetasvatara Upanishad

As ever,

 

Carolann

 

Normality is a paved road:
It’s comfortable to walk, but no flowers grow.
                     -Vincent van Gogh, 1853-1890

 

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

Dear Friends,

Tangents:

Watch for the beautiful Harvest Moon tonight!
September 16^th, 1620: Mayflower Day: Pilgrims deported from England.

Just back from the DELIVERING ALPHA Investment Conference in NYC, hosted by CNBC & Institutional Investor.   As usual, it was terrific.  Lots of different opinions shared by leading portfolio managers and a few politicians.  Jacob Lew, the US Secretary of the Treasury  gave the opening keynote address.  Tim Geithner, former US Secretary of the Treasury, was also a presenter.  Joseph Tsai, Executive Vice Chairman of Alibaba Group gave inspirational insight on the future strategic direction for the company.  Perhaps one of the most amusing addresses was given by Carl Icahn (who supports Donald Trump for president) on how dysfunctional and bureaucratic the existing government system is in the US.  Jim Cramer from Mad Money, David Faber, Kelly Evans, Kate Kelly, Sara Eisen, Andrew Ross Sorkin, Becky Quick, Michelle Caruso Cabrera – just some of the terrific moderators during the day.   Several money managers shared their “best ideas” for the year ahead and the one that intrigued most was Bill Miller’s (Founder, Chairman and Chief Investment Officer of LMM) – his is Valeant.

Mostly tied up with business but I did manage to get an hour in at MOMA (it pays to have an annual membership) to see the Bruce Conner (1933-2008) exhibit 
IT’S ALL TRUE.  It is an amazing exhibit – a must see.
PHOTOS OF THE DAY

People attend Diner En Blanc, the French-inspired secret pop-up dinner, in Robert F. Wagner Jr. Park in New York on Thursday evening.Alex Wroblewski/Reuters

An Apple employee (l.) offers customers pastries and coffee while they wait in line for the release of the Apple iPhone 7 and the latest Apple Watches at the Apple Store at the Grove in Los Angeles on Friday. Richard Vogel/AP
Market Closes for September 16^th, 2016

Market Index	Close	Change
Dow Jones	18123.80	-88.68   -0.49%
S&P 500	2139.28	-7.98   -0.37%
NASDAQ	5244.566	-5.120   -0.10%
TSX	14452.77	-50.90
		-0.35%

International Markets

Market Index	Close	Change
NIKKEI	16519.29	+114.28
		+0.70%
HANG SENG	23335.59	+144.95
		+0.63%
SENSEX	28599.03	+186.14
		+0.66%
FTSE 100	6710.28	-20.02
		-0.30%

Bonds

Bonds	% Yield	Previous  % Yield
CND. 10 Year Bond	1.196	1.201
CND. 30 Year Bond	1.823	1.839
U.S.    10 Year Bond	1.6874	1.6925
U.S. 30 Year Bond	2.4346	2.4642

Currencies

BOC Close	Today	Previous
Canadian $	0.75683	0.76010
US $	1.32129	1.31562
Euro Rate 1 Euro=		Inverse
Canadian $	1.47426	0.67831
US $	1.11577	0.89624

Commodities

Gold	Close	Previous
London Gold Fix	1308.35	1310.80
Oil	Close	Previous
WTI Crude Future	43.03	43.91

Market Commentary:
Canada
By Eric Lam
     (Bloomberg) — Canadian stocks fell, capping a second straight weekly loss, as raw-materials producers tumbled with metals prices while energy producers retreated as crude slumped to the lowest in five weeks.
     The S&P/TSX Composite Index lost 0.4 percent to 14,450.84 at 4 p.m. in Toronto, halting a two-day rally and sending it to the fourth weekly drop in the last five. The index has advanced 2.8 percent this quarter. That’s made Canadian stocks more expensive than U.S. peers, with a price-to-earnings ratio of 22.9 maintaining a 14 percent premium over the S&P 500 Index.
     Financials and raw-materials producers fell at least 0.5 percent, the biggest contributors to losses as seven of 10 industries in the S&P/TSX retreated. Barrick Gold Corp. and Alamos Gold Inc. lost more than 1.6 percent as gold posted a weekly decline.
     The S&P/TSX Materials Index remains the top performer in Canada this year, fueling a rebound in the wider gauge after slumping the most since the 2008 financial crisis last year. The group is still up 47 percent and set to halt the longest yearly losing streak since 1988.
     Oil fell 2 percent in New York to a one-month low, extending a weekly decline to 6.2 percent. OPEC members Libya and Nigeria are preparing to boost exports within weeks, after supplies had been reduced in those countries due to domestic conflicts.
     Concordia International Corp. plunged 19 percent to the lowest level since 2013. In a statement commenting on a new bill introduced in the U.K. on Thursday to manage the cost of medicines, the company reaffirmed its 2016 forecast and noted it believes it has access to sufficient financial resources to manage its liabilities.
     Concordia will also be removed from the S&P/TSX benchmark, according to a statement from S&P Dow Jones Indices. The struggling drugmaker in August unexpectedly cut its 2016 forecast, suspended its dividend and announced its chief financial officer was leaving.
     Global markets resumed their decline, with a gauge of world developed and developing markets capping a second week of losses, amid fresh concern central banks are rethinking their stimulus policies even as global growth remains tepid. 
     The S&P 500 and Dow Jones Industrial Average lost at least 0.4 percent in New York, weighed by European stocks retreating after lender Deutsche Bank AG said the U.S. Justice Department is seeking $14 billion to settle a probe into mortgage-backed securities.
     Canadian lenders reversed their strongest rally in more than two months Thursday. Royal Bank of Canada and Bank of Montreal slipped at least 0.5 percent.

US
By Dani Burger
     (Bloomberg) — U.S. stocks retreated to trim a weekly gain as investors awaited next week’s Federal Reserve meeting, with economic indicators pointing to uneven growth in the world’s largest economy.
     Banks and energy producers carried the steepest losses Friday, with crude oil sinking to a one-month low. Sentiment soured on lenders as Deutsche Bank AG sparked a selloff in European banks after it rebuffed a Department of Justice offer to settle a financial crisis related probe for $14 billion. Oracle Corp. declined 4.8 percent after its quarterly revenue missed estimates. Intel Corp. climbed 3 percent after raising its sales forecast.
     The S&P 500 Index fell 0.4 percent to 2,139.16 at 4 p.m. in New York, in heavy trading amid a quarterly event known as quadruple witching, when futures and options contracts on indexes and individual stocks expire. The Dow Jones Industrial Average lost 88.68 points, or 0.5 percent, to 18,123.80. The Nasdaq Composite Index declined 0.1 percent. About 9.5 billion shares changed hands on U.S. exchanges, 38 percent above the three-month average.
     S&P Dow Jones Indices will also implement its quarterly index rebalancing after the close, including the first reboot of S&P 500 group weights in almost two decades. That will separate real estate investment trusts from the financial industry, creating 11 top-level groups.
     “Oil heading toward below the 40’s is waking everyone up that it’s probably not going to recover fully,” Brian Frank, portfolio manager at Key Biscayne, Florida-based Frank Capital Partners LLC, said by phone. “You’ve got Deutsche Bank, which is scaring everybody. People are getting fed up with central banks. There’s a lot going on today.”
     After the European Central Bank and the Bank of England kept monetary policies unchanged, attention is turning to the Fed’s meeting next week. The chances of a September rate increase are 20 percent, from 30 percent a week ago, with December the first month with more than even odds of a hike. Economists surveyed by Bloomberg expect the Fed to keep rates unchanged, while strengthening guidance about its intentions to raise borrowing costs soon.
     With policy makers watching data for signs of stronger growth, a report today showed the cost of living in the U.S. rose more than projected in August, indicating inflation continues to move closer to the Fed’s goal. Separate data showed consumer confidence in September held at the lowest level since April, with views of current economic conditions falling to an almost one-year low. A Bloomberg gauge tracking the degree to which data miss or exceed economists’ estimates held near a two- month low.
      “We had a couple of weaker economic numbers yesterday, so that heightens concerns about the macro picture in the U.S.,” said Patrick Spencer, the London-based vice chairman of equities at Robert W. Baird, which manages $151 billion. “The indexes are trading near all-time highs so some pullback isn’t surprising, but the longer-term trends remain robust so any correction is expected to be limited.”
     The S&P 500 last struck an all-time high on Aug. 15, following a 26-session run that brought 10 such records. The gauge has since lost 2.3 percent. Equities whipsawed investors this week after a rout last Friday jolted markets out of their summer languor on concern that central banks are less willing to boost stimulus despite a persistently fragile global economy.
     Even as stock slid today, the CBOE Volatility Index fell 5.7 percent to 15.37, extending its weekly decline to 12 percent. The measure of market turbulence known as the VIX surged last Friday by the most since Britain’s June vote to leave the European Union, and remains on pace for the biggest monthly jump since August 2015.  
     “The market is trading off of the Fed right now,” said Brent Schutte, who helps oversee $90 billion as chief investment strategist at Northwestern Mutual Wealth Management Company. “When the Fed starts pulling liquidity back, that increases volatility which will be heightened in the next six to nine months.”                        
     On the heels of its worst week since February, the main U.S. benchmark index rebounded in the latest five-day period, rising 0.5 percent. Apple Inc.’s 12 percent rally in the prior four days helped lift technology companies 3 percent. The group, which has a 21 percent weighting in the S&P 500, capped its best week since May.
     In Friday’s trading, eight of the S&P 500’s 10 main industries fell, with financial, energy and industrial companies losing at least 0.7 percent. Utilities rallied for a third day, the longest winning streak in two months, while health-care shares were little changed.
     Oil and gas companies sank as West Texas Intermediate crude futures fell 2 percent to barely hold above $43 a barrel. Chevron Corp. and Exxon Mobil Corp. slid more than 1.2 percent. Range Resources Corp. dropped 5.1 percent to an almost five- month low.
     Technology shares lost momentum as Apple fell for the first time in five days, and Oracle posted the biggest slide this year to weigh on the group. Still, Intel’s rally to the highest since December 2014 helped keep declines in check.
     Industrials in the benchmark fell to a 10-week low. United Technologies Corp. dropped 2.5 percent as Chief Executive Greg Hayes said the Pratt & Whitney unit will fall short of the 2016 target for deliveries of its new jet engine. W.W. Grainger Inc. slumped 4.3 percent amid concerns about competition from Amazon.com Inc.’s industrial distribution business.

 

Have a wonderful weekend everyone.

 

Be magnificent!

All humanity shares the sunlight; that sunlight is neither yours nor mine.
It is the life-giving energy, which we all share.
The beauty of a sunset, if you are watching it sensitively, is shared by all human beings.
Krishnamurti

As ever,

 

Carolann

 

As the girl said, “A kiss on the wrist feels good, but,
a diamond bracelet lasts forever.”
         -Adlai Stevenson, 1900-1965
          Address given to Chicago Council on Foreign Relations, 22 March 1946.

 

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

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

A worker fixes light bulbs on stage before the start of the Marc Jacobs Spring 2017 collection show during Fashion Week in New York on Thursday. Mary Altaffer/AP 

Curator Caroline de Guitaut poses in the Green Drawing Room at Windsor Castle in Windsor, England, on Thursday with an evening gown worn by Britain’s Queen Elizabeth. The exhibition ‘Fashioning a Reign: 90 Years of Style from The Queen’s Wardrobe’ will show at the castle from Sept. 17 to Jan. 8, 2017. Peter Nicholls/Reuters
Market Closes for September 15^th, 2016

Market Index	Close	Change
Dow Jones	18212.48	+177.71   +0.99%
S&P 500	2147.26	+21.49   +1.01%
NASDAQ	5249.688	+75.917   +1.47%
TSX	14503.67	+137.21
		+0.96%

International Markets

Market Index	Close	Change
NIKKEI	16405.01	-209.23
		-1.26%
HANG SENG	23335.59	+144.95
		+0.63%
SENSEX	28412.89	+40.66
		+0.14%
FTSE 100	6730.30	+56.99
		+0.85%

Bonds

Bonds	% Yield	Previous  % Yield
CND. 10 Year Bond	1.201	1.187
CND. 30 Year Bond	1.839	1.827
U.S.    10 Year Bond	1.6925	1.6976
U.S. 30 Year Bond	2.4642	2.4497

Currencies

BOC Close	Today	Previous
Canadian $	0.76010	0.75777
US $	1.31562	1.31966
Euro Rate 1 Euro=		Inverse
Canadian $	1.47941	0.67595
US $	1.12449	0.88933

Commodities

Gold	Close	Previous
London Gold Fix	1310.80	1321.75
Oil	Close	Previous
WTI Crude Future	43.91	43.58

Market Commentary:
Canada
By Eric Lam
     (Bloomberg) — Canadian stocks jumped the most in two months, as energy producers rallied with crude oil to help spur broader gains, while fresh U.S. data showed growth in the world’s largest economy remains mediocre.
     The S&P/TSX Composite Index gained 1 percent to 14,503.67 at 4 p.m. in Toronto, rebounding for a second day from the lowest level since July 8. The index has advanced 3.1 percent this quarter. That’s made Canadian stocks more expensive than U.S. peers, with a price-to-earnings ratio of 23 maintaining a 14 percent premium over the S&P 500 Index.
     Energy producers and financial services companies gained at least 0.8 percent to lead increases across all 10 industries in the S&P/TSX. Crude futures rose 0.8 percent in New York, rebounding after losing 5.9 percent the previous two sessions. Encana Corp. increased 3.3 percent. Royal Bank of Canada and Bank of Nova Scotia rallied at least 1.6 percent, while insurer Manulife Financial Corp. added 2.3 percent, its best in nine weeks.
     Global markets are stabilizing after a sharp slide earlier this week amid fresh concern central banks are rethinking their stimulus policies even as global growth remains tepid. Reports today showed U.S. industrial production and retail sales declined more than forecast. The S&P 500 and Dow Jones Industrial Average rallied 1 percent in New York.
     SNC-Lavalin Group Inc. climbed 3.2 percent, the most since May, sending industrials companies higher after analysts at CIBC World Markets raised their rating for the stock to sector outperform, the equivalent of a buy.
     Raw-materials producers added 0.7 percent. The S&P/TSX Materials Index remains the top performer in Canada this year, fueling a rebound in the wider gauge after slumping the most since the 2008 financial crisis last year. Even as the rally in gold producers has stalled since August, reflecting the uncertainty around the Fed’s intentions, the group is still up 48 percent and set to halt the longest yearly losing streak since 1988. Gold is seen as an alternate store of value.
     Magna International Inc. added 1.4 percent after losses in four of the prior five sessions. The manufacturer is considering a new assembly plant after winning a deal to build luxury sedans for BMW AG.
     Food processor SunOpta Inc. jumped 7 percent, for the highest close since January, after activist fund Engaged Capital disclosed a new 7.5 percent stake. SunOpta is conducting a strategic review and has held talks with Engaged.

US
By Oliver Renick and Jeremy Herron
     (Bloomberg) — U.S. stocks rose from a two-month low as Apple Inc. extended a rally, while a rebound in crude boosted shares of energy producers. Treasuries retreated with the dollar amid data showing the American economy is on uneven footing.
     The S&P 500 Index jumped as Apple pushed its four-day gain past 12 percent. The index bounced off its 100-day moving average before pushing higher as the level held for a fourth day. Industrial production contracted more than forecast and retail sales unexpectedly slid, sending the odds for a rate increase next week below 20 percent. The dollar was little changed, while the yield on the 10-year Treasury note rose to 1.70 percent.
     Equities continued to whipsaw investors after Friday’s rout jolted markets from a two-month torpor and wiped almost $2 trillion in value from stocks amid concern that central banks would deliver smaller doses of stimulus even as the global economy sputters along. Apple’s advance has buttressed U.S. equity indexes, as consumers snapped up the new iPhone model. The Federal Reserve and Bank of Japan meet separately next week, while U.K. policy makers maintained the BOE’s asset-purchase target.
      “Markets are being driven more by sentiment than logic right now,” said Peter Andersen, chief investment officer at Fiduciary Trust Co. in Boston, which has more than $11 billion of assets under supervision. “Everybody is very anxious to get clear trends in the market right now and investors have been reduced to looking at the data of the day and immediately factoring it into some calculus over whether the Fed will take action.”
     The S&P 500 Index gained 1 percent to 2,147.30 at 4 p.m. in New York, after a 0.1 percent slide on Wednesday left the index at its lowest level since July 7. The measure is down 1.6 percent since Friday and is up 2.3 percent for the third quarter.
     Apple rallied for a fourth day to the highest this year on continued optimism over the prospects for its new iPhone. Skyworks Solutions Inc. rose 6.3 percent and Intel Corp. gained 2.5 percent to lead chip stocks higher. Oil and gas companies rebounded from the worst two-day drop since June. Wells Fargo & Co. fell 0.7 percent after reports that the Justice Department is investigating its sales practices.
     The Stoxx Europe 600 Index added 0.6 percent, halting a five-day slide. Siemens climbed 1.6 percent after Chief Executive Officer Joe Kaeser said Europe’s biggest engineering company may beat its earnings forecast for the fiscal year ending this month. Lenders rebounded after their worst three-day drop in two months, with those in Italy, Spain and Portugal among the biggest gainers.
     The yield on U.S. Treasuries due in a decade rose one basis point to 1.70 percent, after falling three basis points the previous day. Thirty-year yields rose two basis points to 2.47 percent. The spread between the two securities reached the widest in more than six weeks on Wednesday.
     “There’s nothing in these numbers that tells us rates should be heading up,” Mark Kepner, managing director and equity trader at Themis Trading LLC in Chatham, New Jersey, said by phone. “Yields are moving higher overseas and that means there is demand that’s going to come out of our bond market and maybe our stock market because of those investors that have been trying for yield that will leave. That’s more important than the data here.”
     Securities with longer due dates have come under pressure after a selloff in Japan’s 30-year debt before next week’s BOJ meeting. Traders have been favoring shorter-dated notes, which tend to be influenced more by the prospect of policy changes from central banks, on confidence that the Fed will keep interest rates on hold, at least through next week’s policy meeting.
     Yields rose across the euro area as Spain and France sold bonds. Germany’s benchmark 10-year bond yield increased three basis points to 0.05 percent. Yields on similar-maturity French bonds also rose three basis points, to 0.35 percent, and Spain’s were one basis point higher at 1.08 percent.
     The Bloomberg Dollar Spot Index, a gauge of the greenback against 10 major peers, slipped 0.1 percent for a second day of declines after the retail sales report damped speculation that the Fed will raise interest rates anytime soon. The U.S. currency fell 0.1 percent to $1.1240 per euro and dropped 0.3 percent to 102.16 yen.
     Britain’s pound was little changed at $1.3239 as Bank of England policy makers indicated there’s still a chance of another rate cut this year as they assess the potential longer- term fallout from Britain’s decision to leave the European Union.
     Crude climbed, led by gasoline’s biggest jump since May, after the restart of a pipeline carrying fuel to New York Harbor was delayed. Gasoline surged 5.1 percent after the projected restart of Colonial Pipeline’s Line 1, which can carry more than 1 million barrels a day of gasoline from the Gulf Coast to the eastern U.S., was pushed back to next week.
     West Texas Intermediate for October delivery advanced 33 cents, or 0.8 percent, to settle at $43.91 a barrel on the New York Mercantile Exchange. It slid almost 6 percent in the prior two days.
     Copper futures touched the highest in three weeks amid signs that demand may improve in China, the world’s biggest consumer of the metal. Aluminum, nickel, tin, zinc and lead fell in London.

 

Have a wonderful evening everyone.

 

Be magnificent!
 

“For success, attitude is equally as important as ability.” Walter Scott

As ever,

 

Karen

 

 “Put your heart, mind, and soul into even your smallest acts. This is the secret of success.” Swami Sivananda

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

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

Model feebee poses on Wednesday as part of the art installation ‘Narcissism : Dazzle room,’ created by artist Shigeki Matsuyama at rooms33 fashion and design exhibition in Tokyo. Matsuyama’s installation features a strong contrast of black and white, which he learned from dazzle camouflage used mainly in WWI. Eugene Hoshiko/AP

People walk past a dinosaur sculpture exhibited as part of the 9th Art Moments contemporary visual arts festival at a public square in Budapest, Hungary, on Wednesday. The four-meter-tall installation was made out of plastic and glass bottles bonded by spray foam insulation by a group of young artists and university students based on the instructions of Hungarian sculptors Gergo Kovach and Gyorgy Szasz. Balazs Mohai/MTI/AP

Market Closes for September 14^th, 2016

Market Index	Close	Change
Dow Jones	18034.77	-31.98   -0.18%
S&P 500	2125.77	-1.25   -0.06%
NASDAQ	5173.771	+18.516   +0.36%
TSX	14366.46	+17.36
		+0.12%

International Markets

Market Index	Close	Change
NIKKEI	16614.24	-114.80
		-0.69%
HANG SENG	23190.64	-25.12
		-0.11%
SENSEX	28372.23	+18.69
		+0.07%
FTSE 100	6673.31	+7.68
		+0.12%

Bonds

Bonds	% Yield	Previous  % Yield
CND. 10 Year Bond	1.187	1.231
CND. 30 Year Bond	1.827	1.862
U.S.    10 Year Bond	1.6976	1.7271
U.S. 30 Year Bond	2.4497	2.4634

Currencies

BOC Close	Today	Previous
Canadian $	0.75777	0.75975
US $	1.31966	1.31623
Euro Rate 1 Euro=		Inverse
Canadian $	1.48416	0.67378
US $	1.12465	0.88916

Commodities

Gold	Close	Previous
London Gold Fix	1321.75	1323.65
Oil	Close	Previous
WTI Crude Future	43.58	44.90

Market Commentary:
Canada
By Eric Lam
     (Bloomberg) — Canadian stocks rose, after slumping to the lowest close in two months, as raw-materials producers rebounded with industrial metals prices on strong economic data from China. Energy producers slipped with crude oil.
     The S&P/TSX Composite Index gained 0.1 percent to 14,366.46 at 4 p.m. in Toronto, following a 1.7 percent slide on Tuesday. Canadian stocks are more expensive than U.S. peers, with a price-to-earnings ratio of 22.8 maintaining a 14 percent premium over the S&P 500.
     Raw-materials producers added 0.5 percent, after rising as much as 2.2 percent, to pace gains among eight of the 10 main industries in the S&P/TSX. First Quantum Minerals Ltd. and Teck Resources Ltd. added at least 3 percent as copper climbed the most in almost three months to lead gains among industrial metals.
     China’s broadest measure of new credit exceeded estimates in August, joining other Chinese reports this week including factory output and retail sales that also beat expectations. China is Canada’s second-largest trading partner after the U.S., according to data compiled by Bloomberg.
     The rebound comes after the industry slumped in four of the prior five sessions, tumbling 6 percent in that time to lead declines in the broader benchmark. Canadian shares had joined losses across markets in a rout that’s wiped some $2 trillion off the value of equities worldwide in the past week amid fresh concern central banks are looking to tighten their monetary policy even as global growth remains tepid. 
     U.S. markets also showed some signs of stabilizing Wednesday, with the S&P 500 slipping 0.1 percent to hold at the lowest in two months. Energy producers dropped, extending declines in afternoon trading as crude sank to a two-week low on speculation that a drop in U.S. inventories is only temporary.
     The S&P/TSX Materials Index remains the top performer in Canada this year, fueling a rebound in the wider S&P/TSX after slumping the most since the 2008 financial crisis last year. The group is still up 47 percent and set to halt the longest yearly losing streak since 1988, led by surging gold producers as the precious metal tracks toward its best annual rally since 2010.
     Eldorado Gold Corp. jumped 3.4 percent after Bank of America Corp. upgraded the stock to buy from the equivalent of sell. The company’s Greek asset outlook is better than estimated, while Chinese asset sales should greatly strengthen Eldorado’s balance sheet, the firm said in a note. Alacer Gold Corp. added 7 percent to a three-year high.
     Consumer-staples companies advanced 1 percent, their best session in three weeks. Alimentation Couche-Tard Inc. rose 1.7 percent, while dairy products maker Saputo Inc. increased 1.3 percent.
     Energy companies slid for the third time in four days, with Encana Corp. and Cenovus Energy Inc. losing more than 1.6 percent.

US
By Jeremy Herron and Oliver Renick
     (Bloomberg) — U.S. stocks erased gains as a slump in oil sank energy shares, overshadowing a rally in Apple Inc. amid concern the rout that’s wiped out $2 trillion in global equity value the past week isn’t over. Treasuries advanced, while the dollar retreated.
     The S&P 500 Index turned lower in afternoon trading Wednesday as selling spread from oil and gas producers to the broader market, even as Apple climbed to a five-month high. U.S. crude slid to a two-week low while copper jumped. Treasury yields retreated with rates on most European sovereign debt after surging on concern central banks are turning less accommodative.
     Volatility roared back into financial markets over the past week as the Federal Reserve weighed the case for an interest- rate increase, European Central Bank chief Mario Draghi refrained from adding to stimulus and the Bank of Japan continued to review the costs and benefits of its own policies. Markets are losing confidence in the ability of policy makers to boost inflation and there is a limit to how much quantitative easing programs can accomplish, Harvard University Professor of Economics Kenneth Rogoff said Tuesday.
     “The market moves the last couple of days were so extreme you’d actually want to see something a little more normal,” said Frank Ingarra, head trader at Greenwich, Connecticut-based NorthCoast Asset Management LLC, which has about $3 billion under management. “People are trying to get ready for next week when the Fed comes out. Volumes are up and people are positioning themselves for the Fed, the election and whatever other headaches are going on.”
     The S&P 500 fell 0.1 percent to 2,125.77 as of 4 p.m. in New York, erasing an advance of as much as 0.7 percent during the session. Energy companies were the worst performers, falling for a second day as crude fell on concern a drop in U.S. stockpiles will prove temporary. Apple jumped 3.5 percent amid positive sentiment around the latest version of its iPhone.
     The S&P 500 has dropped almost 3 percent from a record set on Aug. 15. Nearly all of the decline has come in the past week, led by raw-materials producers, consumer-staples companies and phone stocks. The measure has pared its gain this year to 4 percent after rising as much as 7.2 percent.
     The Stoxx Europe 600 Index slipped 0.1 percent, retreating for a fifth straight day. Bayer AG jumped 2.4 percent after agreeing to buy Monsanto Co. in a deal valued at $66 billion, winding up four months of talks to create the world’s biggest supplier of seeds and pesticides.
     Developing-nation stocks extended their longest selloff since June, with the MSCI Emerging Markets Index down 0.1 percent, paring its 2016 gain to 12 percent. The Shanghai Composite Index dropped 0.7 percent and has shed 2.5 percent this week, the most since May.
     Asian index futures signaled a mixed picture for Thursday, with markets in South Korea and mainland China closed for the rest of the week. Nikkei 225 Stock Average contracts were down 1 percent on the Chicago Mercantile Exchange, while futures on Australia’s benchmark slipped 0.4 percent. Futures on Hong Kong’s Hang Seng Index rose by 0.1 percent.
     Yields on 10-year Treasuries fell three basis points, or 0.03 percentage point, to 1.70 percent, following a six basis point gain on Tuesday. Rates on similar-maturity German notes declined five basis points to 0.02 percent as sovereign debt in France, Italy and Spain advanced.
     The yield on the Bloomberg Barclays Global Aggregate Index climbed to 1.24 percent Tuesday, the highest level since June 23, as Mohamed El-Erian, chief economic adviser at Allianz SE and a Bloomberg View columnist, urged the Fed to get its next rate hike over and done with. The timing would be unlikely to alter a “shallow cycle” of increases, he said.
     Japan’s yield curve steepened amid speculation the BOJ will concentrate its bond-buying program more heavily on short-term securities. Five-year yields decreased two basis points to minus 0.20 percent, while the 30-year rate jumped six basis points to 0.57 percent.
     The Bloomberg Commodity Index fell 0.4 percent after dropping 1.3 percent on Tuesday. Gold reversed earlier losses to trade 0.3 percent higher, its first advance in six days.
     West Texas Intermediate crude fell 2.9 percent to $43.58 a barrel in New York. That followed a 3 percent tumble in the previous session and left prices at their lowest level since Sept. 1. 
     Data on U.S. government stockpiles Wednesday showed a surprise drop in inventories, though data for distillates and other products raised concern that demand is weakening. Money managers have been slashing bets on falling oil prices at the fastest pace in five months before major producers meet this month in Algiers to discuss output constraints.
     Copper posted its biggest gain in almost three months, jumping 2.6 percent in London as strong economic data out of China fueled speculation that demand from the world’s largest metals consumer will increase. An index of global mining stocks advanced for the first time in six days. Aluminum, zinc, lead and tin also rose, while nickel dropped.
     The Bloomberg Dollar Spot Index, a gauge of the greenback against 10 peers, dropped 0.1 percent following a 0.7 percent surge on Tuesday. The U.S. currency weakened 0.1 percent to 102.43 yen and slipped 0.2 percent to $1.1250 per euro.
     Goldman Sachs Group Inc. is holding fast to its bullish dollar call. The bank expects the U.S. currency to strengthen by 15 percent based on forecast for a three-percentage-point rate increase during a Fed tightening cycle that will continue through 2019, strategists led by Robin Brooks in New York said in a note published Tuesday.
     Brazil’s real and Malaysia’s ringgit declined as oil — a key export for both nations — extended its slump. Mexico’s peso slipped 0.2 percent, erasing gains of about 0.4 percent, after a poll showed Donald Trump is leading Hillary Clinton by five points in Ohio, a state that has backed the winning presidential candidate in every election since 1964.

 

Have a wonderful evening everyone.

 

Be magnificent!
 

 “A leader is one who knows the way, goes the way, and shows the way.” John C. Maxwell

As ever,

 

Karen

“Tell me and I forget. Teach me and I remember. Involve me and I learn.” Benjamin Franklin

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

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

A bee lands on a dahlia blossom at the horticultural exhibition ‘Ega’ in Erfurt, central Germany, on Tuesday. Jens Meyer/AP

Riders compete on horseback during the first race at the annual meet in Laytown, Ireland, on Tuesday. Clodagh Kilcoyne/Reuters
Market Closes for September 13^th, 2016

Market Index	Close	Change
Dow Jones	18066.75	-258.32   -1.41%
S&P 500	2127.02	-32.02   -1.48%
NASDAQ	5155.254	-56.634   -1.09%
TSX	14349.10	-248.04
		-1.70%

International Markets

Market Index	Close	Change
NIKKEI	16729.04	+56.12
		+0.34%
HANG SENG	23215.76	-74.84
		-0.32%
SENSEX	28353.54	-443.71
		-1.54%
FTSE 100	6665.63	-35.27
		-0.53%

Bonds

Bonds	% Yield	Previous  % Yield
CND. 10 Year Bond	1.231	1.155
CND. 30 Year Bond	1.862	1.785
U.S.    10 Year Bond	1.7271	1.6681
U.S. 30 Year Bond	2.4634	2.3954

Currencies

BOC Close	Today	Previous
Canadian $	0.75975	0.76698
US $	1.31623	1.30381
Euro Rate 1 Euro=		Inverse
Canadian $	1.47638	0.67733
US $	1.12168	0.89152

Commodities

Gold	Close	Previous
London Gold Fix	1323.65	1324.60
Oil	Close	Previous
WTI Crude Future	44.90	46.29

Market Commentary:
Canada
By John Hyland and Anna-Louise Jackson
     (Bloomberg) — Canadian stocks joined a selloff in global equities amid renewed weakness in energy prices and concern that central banks are losing their ability to stimulate the worldwide economy.
     The S&P/TSX Composite Index fell 1.7 percent to 14,349.10 at 4 p.m. in Toronto, the lowest close since July 8. The retreat follows a rout on Friday that capped the worst weekly decline since May. The benchmark for Canadian equity trimmed its gain in 2016 to 10 percent.
     All 10 major industries retreated Tuesday, with energy companies leading the decline as the group lost 3 percent, the worst in seven months. Crude in New York slid below $45 a barrel after the International Energy Agency said it expects a supply glut to persist for longer. None of the industry’s 49 members advanced. Canadian Natural Resources Ltd. dropped 3.6 percent, while Baytex Energy Corp. and Bonavista Energy Corp. tumbled at least 7.6 percent, the most for each since June.
     Canadian Prime Minister Justin Trudeau plans to approve at least one new oil pipeline project in his first term, with U.S.- based Kinder Morgan Inc.’s Trans Mountain expansion to the Pacific Coast the most likely candidate, according to people familiar with his plans.
     Raw-materials companies fell 2.9 percent, led by declines of at least 6 percent for First Quantum Minerals Ltd., OceanaGold Corp. and Iamgold Corp. The group is down about 12 percent since reaching a three-year high on Aug. 10, paring a gain this year to 46 percent. That’s still the most since 1993.
     Health-care shares sank 2.5 percent to the lowest level in almost a month, as Concordia International Corp. extended a 10- day rout, its longest ever, to 27 percent. Valeant Pharmaceuticals International Inc. fell 2.8 percent.
     Financial stocks declined 0.9 percent, extending a six-day selloff to 2.1 percent, as investors remained on edge over central banks’ ability to bolster growth. Toronto-Dominion Bank slipped 1.1 percent, while real-estate companies in the benchmark index retreated 1.3 percent to a four-month low. Financial firms account for about one-third of the Canadian market by capitalization.

US  
By Jeremy Herron and Oliver Renick
     (Bloomberg) — U.S. stocks retreated with sovereign debt, while a plunge in crude oil spurred gains in the dollar as investors calibrated expectations toward prospects of less global monetary stimulus.
     The S&P 500 Index fell to its lowest level since July 7 as Monday’s rebound was overwhelmed by declines in all 10 main industry groups. The CBOE Volatility Index surged 18 percent to the highest since June, while Apple Inc. was the only member of the Dow Jones Industrial Average to rise. Treasuries tumbled, propelling yields on 10-year notes to their highest point in almost three months. U.S. crude slid below $45 a barrel on speculation a glut will persist. Mexico’s peso led losses among emerging-market currencies.
     Equities have been whipsawed over the past three days following an unprecedented stretch of calm. Investors remain on edge over the ability of central banks to fuel economic and price growth, amid concern they are questioning the role of stimulus. For the second time since Friday, stocks and bonds sold off together and gold also fell, leaving investors few places to hide. Oil joined the rout after the International Energy Agency predicted that the supply glut will extend into next year, punishing the currencies of resource exporters.
     “The markets have become dominated by central banks, not just here in the U.S. but globally, that’s the dominating force across all asset classes,” said Bret Chesney, senior portfolio manager at Austin, Texas-based Alpine Partners. “When these central banks don’t move, people start to have fear that their stability factor — which has been central bank policy — may be diminished or gone.”
     The uptick in volatility comes after fund managers increased cash levels this month amid bearish views on the markets, according to a Bank of America Corp. survey. The percentage of investors saying both equities and bonds are overvalued climbed to a record, while stock allocations relative to cash fell to around the lowest level in four years, the survey found.
     The S&P 500 slid 1.5 percent to 2,127.02 as of 4 p.m. in New York, paring a drop of as much as 1.8 percent after the index touched its average price over the past 100 days. The index rallied 1.5 percent Monday, rebounding from a 2.5 percent rout in the previous session that shattered a stretch of tranquility that saw the gauge post no moves of more than 1 percent for 43 straight days.
     Investors also continue to wrestle with extended valuations, given companies in the S&P 500 are forecast to post a sixth consecutive quarterly decline in profits. The index trades at 18.4 times estimated earnings, the most expensive level since 2002. The Dow Average slipped 1.4 percent, while Apple gained 2.4 percent.
     The Stoxx Europe 600 Index slipped 1 percent after an early advance faded amid a slump in mining companies and energy producers. Total SA and Royal Dutch Shell Plc lost at least 2.6 percent, tracking crude prices lower. Commodity producers fell for a fourth day, their longest declining stretch since June.
     The IEA-sparked rout in oil sent emerging-market assets lower for a third day, with stocks and currencies extending losses following the worst selloff since June. The MSCI Emerging Markets Index fell to its lowest point since Aug. 4.
     Futures on Asian equity indexes foreshadowed further declines in the region, with contracts on Japan’s Nikkei 225 Stock Average down 0.5 percent in Osaka. Futures on benchmarks in Australia, South Korea and Hong Kong dropped at least 0.2 percent.
     Treasuries due in a decade tumbled anew, reversing gains after Federal Reserve Governor Lael Brainard urged prudence when it came to tightening U.S. monetary policy. Ten-year yields rose six basis points, or 0.06 percentage point, to 1.73 percent, the highest level since June 23.
     The probability of a rate hike at next week’s Fed Open Market Committee meeting dropped by eight percentage points on Monday to 22 percent, futures prices indicated.
     Longer-dated securities, which have been outperforming in recent months, led losses. The difference between yields on Treasuries due in two and 30 years — a measure of the yield curve — widened to 166 basis points, the most on a closing basis since June 30. Money mangers upped their cash hoard to 5.5 percent, according to the September survey by Bank of America, near the most since November 2001. A record 54 percent of survey respondents said stocks and bonds are overvalued.
     The U.S. Treasury’s $12 billion auction of 30-year bonds Tuesday drew a yield of 2.475 percent, above the level indicated in pre-sale trading. The bid-to-cover ratio, at 2.13, is down from 2.33 in the last 10 sales, signaling weaker demand.
     European bonds also fell. Yields on 10-year German bonds rose three basis points to 0.07 percent as the notes tumbled for a fourth straight day. Yields on similar-maturity French sovereign debt climbed four basis points to 0.37 percent.
     U.K. gilts, which led the global debt-market selloff, reversed gains sparked by inflation data, sending yields higher by four basis points to 0.91 percent, the highest since July 1.
     The Bloomberg Dollar Spot Index, a gauge of the greenback against 10 major peers, jumped 0.7 percent, erasing its decline from Monday. The yen weakened 0.7 percent versus the dollar, having surged 0.8 percent the previous day as Brainard said the case for Fed tightening was “less compelling.”
     An MSCI gauge of developing-nation exchange rates slid 0.2 percent, falling for a third day. The Brazilian real led declines, weakening 2 percent, while the Russian ruble and Mexican peso dropped at least 0.9 percent.
     The pound retreated the most in five weeks after a report showed U.K. inflation undershot analyst forecasts. The data again brought into focus the uncertain economic outlook after Britain voted to leave the European Union more than two months ago.
     West Texas Intermediate crude slumped 3 percent to settle at $44.90 a barrel in New York. World stockpiles of oil will continue to accumulate through 2017, a fourth consecutive year of oversupply, due to declining demand in India and China, the IEA said. 
     OPEC also revised up its projections for rival supplies in 2017, predicting an increase in output from outside the group before major producers meet in Algiers for talks later this month. U.S. data due Wednesday is forecast to show the country’s oil inventories rose by 4 million barrels last week, which would be the biggest increase since April.
     “Inventories remain high, they’re well above five-year trend levels,” said David Lennox, a resources analyst at Fat Prophets in Sydney. “The market is just waiting to see what happens at the OPEC meeting. If there is a concrete deal and it’s actioned, we’d expect to see prices rally.”
     Gold also fell, with bullion for immediate delivery down 0.7 percent to $1,319.05 an ounce, touching a 1 1/2-week low. The precious metal has declined for five sessions, its longest run of losses in almost a month.

Have a wonderful evening everyone.

 

Be magnificent!

 

 “Perfection is not attainable, but if we chase perfection we can catch excellence.” Vince Lombardi

As ever,

 

Karen

“If opportunity doesn’t knock, build a door.” Milton Berle

 

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

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

A duck swims on a small river at dawn on the outskirts of Frankfurt, Germany, on Monday. Michael Probst/AP

Enthusiasts practice yoga at Yueyan Cave during a session organized by a yoga club in Daoxian, Hunan province, China, on Sunday. Reuters
Market Closes for September 12^th, 2016

Market Index	Close	Change
Dow Jones	18325.07	+239.62   +1.32%
S&P 500	2159.04	+31.23   +1.47%
NASDAQ	5211.887	+85.979   +1.68%
TSX	14597.06	+57.06
		+0.39%

International Markets

Market Index	Close	Change
NIKKEI	16672.92	-292.84
		-1.73%
HANG SENG	23290.60	-809.10
		-3.36%
SENSEX	28353.54	-443.71
		-1.54%
FTSE 100	6700.90	-76.05
		-1.12%

Bonds

Bonds	% Yield	Previous  % Yield
CND. 10 Year Bond	1.155	1.150
CND. 30 Year Bond	1.785	1.771
U.S.    10 Year Bond	1.6681	1.6732
U.S. 30 Year Bond	2.3954	2.3931

Currencies

BOC Close	Today	Previous
Canadian $	0.76698	0.76639
US $	1.30381	1.30481
Euro Rate 1 Euro=		Inverse
Canadian $	1.46482	0.68268
US $	1.12349	0.89008

Commodities

Gold	Close	Previous
London Gold Fix	1324.60	1330.85
Oil	Close	Previous
WTI Crude Future	46.29	45.88

Market Commentary:
Canada
By Joseph Ciolli and Anna-Louise Jackson
     (Bloomberg) — Canadian stocks advanced, after dropping on Friday the most since February, as technology companies snapped a five-day losing streak and gold miners rebounded.
     The S&P/TSX Composite Index rose 0.4 percent to 14,597.06 at 4 p.m. in Toronto. The benchmark gauge erased an earlier loss of as much as 0.6 percent, led by the biggest rally for tech stocks since July. Gold producers advanced, even as the metal slipped for a fourth day. Last week the benchmark turned in the worst weekly decline since May. It’s year-to-date gain now sits at 12 percent.
     Stocks worldwide rebounded from a selloff on Friday across multiple asset classes as central bankers signaled reluctance to expand monetary stimulus. Following mixed signals from Federal Reserve officials on Friday, Governor Lael Brainard remained dovish in her approach to tighter monetary policy.
     A report Monday showed the share of Canadians expecting real-estate prices to fall has reached the highest level in seven years, driving consumer confidence to its third- consecutive weekly decline. That followed data Friday showing Canadian employment rose faster than economists had forecast in August, doing little to bolster optimism in the nation’s economy. Last week the Bank of Canada maintained interest rates while also warning that risks of weak inflation and economic growth have increased.
     Technology companies climbed 2.5 percent as Open Text Corp. rallied 9 percent to a record, the most since February. Canada’s second-largest software company said it will buy Dell’s enterprise content business for $1.6 billion, beefing up its flagship content management business.
     Iamgold Corp. and Alamos Gold Inc. jumped more than 11 percent to help boost the materials group. Goldcorp Inc. added 3.3 percent. The S&P/TSX Global Gold Index rose 3.2 percent after dropping 4.5 percent on Friday.
     Financial firms in the S&P/TSX slid 0.2 percent while consumer-staples stocks fell 0.5 percent. Agrium Inc. lost 2.5 percent and Potash Corp. of Saskatchewan Inc. slipped 1.4 percent after the two companies said they will merge to create the world’s largest crop-nutrient supplier with a market value of about $27 billion.
     The S&P/TSX is also the second-best performing developed market in the world, just behind New Zealand. Canadian stocks are more expensive than their U.S. peers, with a price-earnings ratio of 23.2 for the S&P/TSX, a 14 percent premium over the S&P 500 Index.

US
By Jeremy Herron and Oliver Renick
     (Bloomberg) — U.S. stocks rallied after the biggest rout since June wiped about $500 billion from the value of equities, while the dollar weakened as the Federal Reserve’s Lael Brainard remained dovish in her approach to tighter monetary policy. Emerging-market assets slumped.
     The S&P 500 Index staged its steepest reversal since January, jumping the most in two months to hold gains after Fed Governor Brainard urged “prudence” when it came to raising interest rates. The dollar fell for the first time in four days as odds on a hike at next week’s Fed meeting slid to 20 percent, while 10-year Treasury yields halted their surge. Shares in Europe and Asia paced Friday’s U.S. slump, while an index of developing-nation equities tumbled 2.2 percent. Oil rallied, rising back above $46 a barrel
     Brainard counseled continued prudence in the path toward tighter Fed policy, even as she acknowledged the world’s largest economy was making gradual progress toward achieving the central bank’s goals. Her comments came after financial markets were jolted out of a period of relative calm by concern some global policy makers are questioning the ability of loose policy to ignite price growth and support economic expansion. Brainard is the last Fed official to speak before next week’s Fed Open Market Committee meeting.
     “It looks like maybe things got out of hand on Friday afternoon without a lot of people around and maybe it’s moderating now,” Andrew Brenner, head of international fixed income for National Alliance Capital Markets in New York, said by phone. “Stocks, bonds, it’s all connected right now.”
     On Friday, Boston Fed President Eric Rosengren signaled a greater willingness to raise interest rates, a day after European Central Bank chief Mario Draghi downplayed the need to bolster economic stimulus.
     The S&P 500 rose 1.5 percent to 2,159.04 as of 4 p.m. in New York, reversing course in the wake of its worst selloff since June. The rebound delivered the index its second day with a move of more than 1 percent, after it had gone 43 days without a move of that magnitude in either direction.
     Phone companies jumped 2 percent Monday, following their worst drop since 2014 with the biggest gain in four months. Shares on consumer-staples companies added 1.9 percent, while Apple Inc. advanced 2.2 percent. Biotechnology shares rallied the most since June.
     The MSCI All-Country World Index also rebounded following two days of losses, adding 0.2 percent. The index spent most of the session lower, with losses reaching as much as 1.1 percent amid selloffs in Asian and European markets. The Stoxx Europe 600 Index lost 1 percent, paring a rout that reached 2 percent, while MSCI’s Asia Pacific Index dropped 1.9 percent.
      “I’d take this as another of those blips when markets come to terms with less stimulus,” said  Kully Samra, a London-based client manager at Charles Schwab Corp., which has $2.7 trillion in client assets. “The market is hooked on any words coming out of the Fed. Some recent economic reports have made people challenge the wisdom of another rate increase this year.”
     Brainard, seen as a leading opponent of rate increases for much of the past year, is the last scheduled Fed speaker before the self-imposed blackout period running up to the Sept. 20-21 policy meeting. Any hawkish shift in her rhetoric may have stoked volatility in financial markets, which on Friday put the probability of a hike in U.S. borrowing costs this month at 30 percent.
     Futures on Asian stock indexes foreshadowed a rebound, with contracts on the Nikkei 225 Stock Average rising 0.8 percent in Osaka, despite gains in the yen. Futures on Australia’s S&P/ASX 200 Index jumped 1.5 percent, while those on the Kospi index in Seoul gained 0.9 percent. Contracts on Hong Kong’s Hang Seng and Hang Seng China Enterprises indexes advanced at least 0.8 percent. FTSE China A50 Index futures were up 1 percent.
     The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major peers, fell from near a one-week high after Brainard’s speech. The measure lost 0.3 percent, after three days of gains that pushed it up by 1 percent.
     Earlier on Monday, the dollar showed little reaction to comments from the Fed chiefs of Atlanta and Minneapolis. Dennis Lockhart repeated his call for a “serious discussion” about raising U.S. rates, even after some recent disappointing economic indicators, while Neel Kashkari said in an interview on CNBC that he doesn’t see any urgency to do anything.
     The yen gained against its major peers as traders remained on edge following last week’s global selloff in stocks. Japan’s currency, a traditional haven play, advanced 0.8 percent to 101.85 per dollar, after falling almost 1 percent over the previous two trading sessions. It added 0.8 percent to 114.43 per euro.
     The MSCI Emerging Markets Currency Index slid 0.5 percent, after sinking 0.8 percent on Friday. Mexico’s peso dropped to its weakest level against the dollar since late June, while Brazil’s currency advanced as Brainard’s comments offset local political concerns after protests against President Michel Temer. The real gained 0.8 percent to 3.2476 per dollar.
     Treasuries fluctuated, with yields on 10-year notes dropping one basis point, or 0.01 percentage point, to 1.67 percent. Yields jumped 13 basis points over two days last week to the highest level since June on Friday.
     U.S. yields stayed elevated after an unprecedented slate of auctions drew weaker-than-usual demand. Given some traders anticipated Brainard would signal a potential rate increase next week, her more dovish tone led to a brief gain in Treasuries.
     Germany’s 10-year yields climbed three basis points to 0.04 percent, their highest level since June 23.
     The Bloomberg Commodity Index rose 0.1 percent, after sliding 1.3 percent on Friday. West Texas Intermediate crude oil rebounded from losses of more than 1.5 percent to settle 0.9 percent higher at $46.29 a barrel in New York.
     Gold futures fell for a fourth straight session and nickel led a selloff in industrial metals as concern over the Fed’s rate-hike plans lingered. Bullion for delivery in three months slipped 0.7 percent to settle at $1,325.60 an ounce in New York.
     Nickel slid 2.8 percent in London for its biggest drop in a month, while copper futures rose 0.7 percent on the Comex in New York.

 

Have a wonderful evening everyone.

 

Be magnificent!

 

The function of education is to teach one to think intensively and to think critically. Intelligence plus character – that is the goal of true education. Martin Luther King, Jr.

As ever,

 

Karen

 

“It is not in the stars to hold our destiny but in ourselves”. William Shakespeare

 

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

Dear Friends,

Tangents:

On this day in 490 BC, the Battle of Marathon took place.  It was the decisive Athenian victory over the Persians on the eastern coast of Attica, which brought the first of the Persian Wars to an end.  The long distance race known today as a marathon was named after this battle, the result of which was announced at Athens by an unnamed courier who fell dead on his arrival, having run nearly 23 miles (37 km).  This runner is sometimes cited as Pheidippides or Philippides, who actually ran from Athens to Sparta to seek help against the Persians before the battle.
    In the modern Olympic Games, the Marathon race was instituted in 1896, the distance being standardized at 26 miles 385 yards (42.195 km) in 1924.

On September 9, 1976, Communist Chinese leader Mao Tse-tung died in Beijing at age 82.
And.…in 1087 William the Conqueror died.
1828, Leo Tolstoy was born.
1960, Hugh Grant was born.

What a strange illusion it is to suppose that beauty is goodness. –Leo Tolstoy.
PHOTOS OF THE DAY

A spider waits for prey in the midday sun in Herdecke, Germany, on Friday. Bernd Thissen/dpa/AP

A man uses scissors to make intricate decorative patterns on a camel’s back before displaying it for sale at a makeshift cattle market ahead of the Eid al-Adha festival in Karachi, Pakistan, on Friday. Akhtar Soomro/Reuters
Market Closes for September 9^th, 2016

Market Index	Close	Change
Dow Jones	18085.45	-394.46   -2.13%
S&P 500	2127.81	-53.49   -2.45%
NASDAQ	5125.906	-133.576   -2.54%
TSX	14539.88	-263.38
		-1.78%

International Markets

Market Index	Close	Change
NIKKEI	16965.76	+6.99
		+0.04%
HANG SENG	24099.70	+180.36
		+0.75%
SENSEX	28797.25	-248.03
		-0.85%
FTSE 100	6776.95	-81.75
		-1.19%

Bonds

Bonds	% Yield	Previous  % Yield
CND. 10 Year Bond	1.150	1.085
CND. 30 Year Bond	1.771	1.696
U.S.    10 Year Bond	1.6732	1.5990
U.S. 30 Year Bond	2.3931	2.3036

Currencies

BOC Close	Today	Previous
Canadian $	0.76639	0.77347
US $	1.30481	1.29288
Euro Rate 1 Euro=		Inverse
Canadian $	1.46557	0.68233
US $	1.12320	0.89032

Commodities

Gold	Close	Previous
London Gold Fix	1330.85	1343.40
Oil	Close	Previous
WTI Crude Future	45.88	47.62

Market Commentary:
Canada
By Dani Burger and Eric Lam
     (Bloomberg) — Canadian stocks dropped the most since February, erasing gains for the week, as speculation mounted that central-bank support that’s bolstered global financial markets may end sooner than previously anticipated.
     The S&P/TSX Composite Index lost 1.8 percent to 14,539.88 at 4 p.m. in Toronto. The benchmark finished the holiday- shortened week with the worst weekly decline since May, trimming its gain this year to 12 percent.
     “We were pretty complacent on interest rates so this was a bit of a shock,” said Ian Nakamoto, director of research at MacDougall MacDougall & MacTier Inc. in Toronto. His firm manages about C$5 billion. “Oil was up yesterday, but it’s giving it all back so Canada is getting hit extra hard. And the jobs data is pretty weak for Canada so it’s all dependent now on the U.S. recovering in the second half and our ability to export to them.”
     Stocks retreated worldwide as signs emerged that central banks are starting to reassess the benefits of further monetary easing. Federal Reserve Bank of Boston President Eric Rosengren warned that waiting too long to raise rates threatened to overheat the U.S. economy and could risk financial stability. European Central Bank President Mario Draghi on Thursday downplayed the need for more stimulus measures to bolster growth.
     Data Friday showing Canadian employment rose faster than economists had forecast in August did little to bolster optimism in the nation’s economy. Earlier this week the Bank of Canada maintained interest rates while also warning that risks of weak inflation and economic growth have increased.
     The S&P/TSX is closely linked to commodity prices with raw- materials and energy producers making up about 28 percent of the overall gauge. West Texas Intermediate crude futures dropped the most in more than a month, falling 3.7 percent in New York after the biggest U.S. stockpile slump in 17 years was seen as a one- time event.
     Raw-material and energy producers in the S&P/TSX dropped more than 2.3 percent to weigh most on the index, as all of the 10 industries retreated. Concordia International Corp. and Valeant Pharmaceuticals International Inc. dropped at least 4.5 percent as the health-care group also sank 4.5 percent.
     First Quantum Minerals Ltd. and Kinross Gold Corp. slid at least 4 percent as gold fell for a third day, while most industrial metals also tumbled amid persistent concerns about the strength of demand in China.
     Crescent Point Energy Corp. fell 6.9 percent, the biggest drop since January, after the company announced Thursday a secondary stock offering. The funding will be used to accelerate drilling and boost activity. Enbridge Inc. and Canadian Natural Resources Ltd. lost at least 1.7 percent.

US
By Oliver Renick
     (Bloomberg) — U.S. stocks fell in the worst selloff since Britain voted to leave the European Union, with the Dow Jones Industrial Average falling almost 400 points after a Federal Reserve official signaled more willingness to raise interest rates.
     Equities were jolted out of an eight-week stretch of calm as central bankers weigh the benefits of further stimulus efforts. Boston Fed President Eric Rosengren warned today that waiting too long to raise rates threatened to overheat the U.S. economy and could risk financial stability. Shares slipped from near-record levels Thursday after European Central Bank President Mario Draghi downplayed the need for more stimulus measures.
     The S&P 500 Index fell 2.5 percent to 2,127.81 at 4 p.m. in New York, marking a two-month low and its biggest weekly drop since February. The gauge sank below its average price during the past 50 days for the first time since July 6. The Dow lost 394.46 points, or 2.1 percent, to 18,085.45, while the Nasdaq Composite Index declined 2.5 percent. The CBOE Volatility Index surged the most since the Brexit vote, up 40 percent, to a two- month high.
     “Dovish Fed members getting called up to bat for a hike is putting people on edge,” Yousef Abbasi, a global market strategist at JonesTrading Institutional Services LLC, said by phone. “It’s certainly one of those days where people are positioning for that September hike being back on the table. It’s happening as economic data lately is coming in more softly than people would like.”
     Shares of phone companies, which flourished this year along with utilities as yield-starved investors flocked to their high dividends, marked their steepest loss since February 2014. Utilities dropped the most in 19 months. Two other 2016 leaders — energy and raw-material producers — slumped more than 2.8 percent, while consumer-staples had the worst day in a year. Banks and insurers were less hard-hit, buffered by speculation higher rates will lift profits, though the financial group still lost 1.9 percent.
     Among the biggest drags on the benchmark, AT&T Inc. saw its worst drop in more than two years, while Apple Inc., Amazon.com Inc. and Exxon Mobil Corp. each sank at least 2.2 percent. Now 2.9 percent from its all-time high, the S&P 500 trades at 18.1 times forecast earnings, still the highest since 2009. About 8.4 billion shares traded hands on U.S. exchanges Friday, 24 percent above the three-month average.
     “Boring utilities and other defense trades started behaving like Apple in the glory days or hot biotech stocks, and it attracted momentum players, so that’s another factor embedded in this,” Michael Purves, chief global strategist at Weeden & CO LP in Greenwich, Connecticut, said by phone. “Today what we’re having is an unwind of the 10-year that’s been so key to that support — the equity move today has been more about the 10- year.”
     Following Rosengren’s comments, traders briefly pushed bets for a rate increase this month to 38 percent, before moderating to 30 percent. Odds fell to 22 percent on Wednesday following a string of weaker-than-forecast gauges on hiring, manufacturing and services activity. December is the first month with at least an even chance for a move. Next week’s reports on retail sales, consumer sentiment and industrial production are among the last major economic releases before the central bank meets Sept. 20-21.
     Fed Governor Lael Brainard, seen as a leading opponent of rate increases for much of the past year, is scheduled to deliver a speech in Chicago Monday outlining her views on the economy and monetary policy. The yield on the 10-year U.S.
Treasury note rose Friday to a more than two-month high.
     “This is a big move in yields the last couple days,” Mark Kepner, managing director and equity trader at Themis Trading LLC in Chatham, New Jersey, said by phone. “If you’re going to get a big move in the bond market, equities can only be under pressure and we’re seeing it already. Investors do not like a move like this so fast.”
     The S&P 500 capped its first move of at least 1 percent after 43 sessions, the longest such streak since 2014, as it broke below a roughly 30-point range it’s held for about two months. The gauge had hovered near a record reached on Aug. 15 amid mixed economic data and speculation about the Fed’s stance on rates. Before today’s selloff, the index was up 19 percent from a 22-month low in February, and less than half a percent from its all-time high.
     “It’s really difficult to be an investor in U.S. equities right now because benchmarks are just glued to those all-time highs,” said Steven Santos, a broker at Banco de Investimento Global SA in Lisbon. “There isn’t much conviction to really push stocks higher, but you also don’t want to completely give up on stocks when returns elsewhere look miserable.”
     Adding to the angst over the prospects for higher borrowing costs, DoubleLine Capital Chief Investment Officer Jeffrey Gundlach said it’s time to prepare for rising rates and inflation. “This is a big, big moment,” Gundlach said during a webcast Thursday. “Interest rates have bottomed. They may not rise in the near term as I’ve talked about for years. But I think it’s the beginning of something and you’re supposed to be defensive.”
 

Have a wonderful weekend everyone.

 

Be magnificent!

In nature, action and reaction are continuous.  Everything is connected to everything else.
No one part, nothing, is isolated.  Everything is linked, and interdependent.
Everywhere everything is connected to everything else.  Each question receives the correct answer.
Swami Prajnanpad

As ever,

 

Carolann

 

While we speak, envious time will have sped away: pluck the fruit of today,
putting as little trust as possible in tomorrow.
                                     -Horace, 65-8 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

 

Dear Friends,

Tangents:
On this day in 1966, Star Trek premieres on NBC.

Today is International Literacy Day:

“These are not books, lumps of lifeless paper, but minds alive on the shelves.  From each of them goes out its own voice….and just as the touch of a button on our set will fill the room with music, so by taking down one of these volumes and opening it, one can call into range the voice of a man far distant in time and space, and hear him speaking to us, mind to mind, heart to heart.”  –Gilbert Highet.
PHOTOS OF THE DAY

Samuel Volery, a Swiss professional mountaineer, walks on the 585 meter line during the Highline Extreme event on top of Moléson peak, 2000 meters above sea level, in the Swiss Alps near Fribourg on Thursday. Twenty five of the best European slackliners will compete until September 11 on 8 different lines, that range from 45 meters to 495 meters. To avoid the danger of falling, the athlete is secured with a rope. Laurent Gillieron/Keystone/AP

The sun rises behind stand-up paddlers on the river Alster in Hamburg, northern Germany, on Thursday. Christian Charisius/dpa/AP
Market Closes for September 8^th, 2016

Market Index	Close	Change
Dow Jones	18479.91	-46.23   -0.25%
S&P 500	2181.30	-4.86   -0.22%
NASDAQ	5259.484	-24.441   -0.46%
TSX	14803.26	+6.51
		+0.04%

International Markets

Market Index	Close	Change
NIKKEI	16958.77	-53.67
		-0.32%
HANG SENG	23919.34	+177.53
		+0.75%
SENSEX	29045.28	+118.92
		+0.41%
FTSE 100	6858.70	+12.12
		+0.18%

Bonds

Bonds	% Yield	Previous  % Yield
CND. 10 Year Bond	1.085	1.001
CND. 30 Year Bond	1.696	1.614
U.S.    10 Year Bond	1.5990	1.5340
U.S. 30 Year Bond	2.3036	2.2327

Currencies

BOC Close	Today	Previous
Canadian $	0.77347	0.77592
US $	1.29288	1.28880
Euro Rate 1 Euro=		Inverse
Canadian $	1.45635	0.68665
US $	1.12638	0.88780

Commodities

Gold	Close	Previous
London Gold Fix	1343.40	1348.35
Oil	Close	Previous
WTI Crude Future	47.62	45.50

Market Commentary:
Canada
By Eric Lam
     (Bloomberg) — Energy producers dragged Canadian shares to a slight gain after a rally in crude oil sent the group surging by the most since June.
     The S&P/TSX Composite Index rose less than 0.1 percent to 14,803.26 at 4 p.m. in Toronto, with nine of 10 groups retreating. Energy shares jumped 2.3 percent to close at the highest level in more than a year.
     The rally in oil producers helped Canadian shares rebound after yesterday halting a three-day rally of 1.5 percent as the Bank of Canada warned of weaker inflation and economic growth prospects. The group has carried gains in the past week, with the industry rising a fifth straight day on Thursday as crude in New York topped $47.62 a barrel for a 4.7 percent rally.
     Cenovus Energy Inc. and Encana Corp. jumped at least 4.3 percent. Enbridge Inc. climbed 4.7 percent for a fifth day of gains, after the company said this week it’s agreed to acquire a U.S. pipeline company in a $28-billion deal.
     Raw-materials producers and banks paced declines Thursday, as Royal Bank of Canada and Toronto-Dominion Bank retreated more than 0.4 percent. The group rallied in August to the highest level since November 2014, helping the broader gauge of Canadian equity to the second-best performance this year among developed nation markets.
     Gold producers slumped as the price of gold settled 0.6 percent lower with expectations for a U.S. interest-rate increase scaling back after data hinted at a weaker economy. ECB President Mario Draghi said officials will look at redesigning the bank’s quantitative-easing program. Potash Corp of Saskatchewan Inc. lost 1.6 percent.
     The group remains the top-performing industry in Canada this year, fueling a rebound in the S&P/TSX after slumping the most since the 2008 Financial Crisis last year. The group, led by surging gold producers with gold on track for its best annual rally since 2010, is still up 53 percent and set to halt the longest yearly losing streak since 1988.
     Holiday tour operator Transat AT Inc. sank 8.1 percent, its biggest drop since March 2015, after third-quarter revenue fell short of the lowest analyst estimate. Transat also postponed a decision on a share buyback and sees fourth-quarter results will be down from year-ago levels.

US
By Joseph Ciolli
     (Bloomberg) — More evidence the world is kicking its dividend addiction has surfaced in the options market.
     Relative to the biggest S&P 500 Index tracker, investors are paying close to the most in four years to protect against losses in the $16 billion iShares Select Dividend ETF, according data compiled by Bloomberg. The ETF, which has climbed 16 percent in 2016, fell in August for its first monthly drop since January, losing 1 percent. The S&P 500 slipped 0.2 percent to 2,181.30 at 4 p.m. in New York on Thursday.
     Any evidence that investor ardor for defensive companies is waning should be viewed bullishly, according to Michael Antonelli of Robert W. Baird & Co. This rotation can be seen with technology shares at a 16-year high, and the biggest energy ETF absorbing the most cash in 16 months.
     “For the longest time, one of the most crowded trades was this dividend play, and you’re seeing some unwinding of that,” said Antonelli, an institutional equity sales trader and managing director at Robert W. Baird in Milwaukee. “That should be viewed as a good thing. Sectors like tech are what you like to see lead if the market is going to make another leg up.”
     The six-month implied volatility spread between the iShares dividend ETF and the SPDR S&P 500 ETF sits just half a point from a more than four-year high reached in May, according to data compiled by Bloomberg. The two biggest components of the dividend fund, which tracks the stock market’s highest-yielding companies, are Lockheed Martin Corp. and CME Group Inc.
     While the iShares dividend ETF has taken in more than $1 billion this year, the pace of inflows has slowed. It’s absorbed just $17 million since the start of August, including $22 million of outflows over the past five trading days, Bloomberg data show.
     Very little is working in the stock market right now. The S&P 500 has wandered in a 1.5 percent range for 40 days, the narrowest ever for such a period. The elite dividend group has lagged the benchmark gauge by a full percentage point over the period.
     U.S. stocks slipped from near-record levels Thursday after European Central Bank President Mario Draghi downplayed the need for more stimulus measures to bolster growth. Apple Inc. was the biggest drag, falling the most in two months, a day after the introduction of its latest iPhone. Tractor Supply Co. tumbled 17 percent, the biggest drop in 16 years after cutting its profit outlook. Energy producers rallied for a fourth day as the price of crude surged on an inventories report.
     A Goldman Sachs Group Inc. basket of most-shorted shares also rose for a fourth session, the longest winning streak in a month. The S&P 500’s drop left it 0.4 percent from an all-time high reached Aug. 15. The Dow Jones Industrial Average lost 46.23 points, or 0.3 percent, to 18,479.91, 0.8 percent from a record. The Nasdaq Composite Index slipped 0.5 percent after closing at a high Wednesday. About 6.7 billion shares traded hands on U.S. exchanges, in line with the three-month average.
     “The decision to not extend QE and some of Draghi’s other commentary is being taken as hawkish,” said Antonelli. “To leave policy unchanged was a little surprising. At the high end of this range, there’s no catalyst for a breakout, so we’re selling on this news.”
     The S&P 500 has hovered near a record since mid-August amid mixed economic data and speculation about Federal Reserve interest-rate policy. The stock market has been one of the calmest ever as traders pushed back bets for a September hike to 28 percent, from as high as 42 percent in late August. December is the first month with at least even odds of a raise.
     A report today showed filings for unemployment benefits dropped to the lowest level in seven weeks, showing employers have little appetite to fire workers. Yesterday, the Fed’s Beige Book survey of regional conditions indicated the economy grew at a modest pace in July and August. That followed recent weaker- than-expected gauges on services-sector activity, manufacturing and hiring.
     In Thursday’s trading, energy shares in the S&P 500 surged 1.7 percent to the highest since November. Chesapeake Energy Corp. rallied almost 14 percent to the highest since October, while Apache Corp. added 7.1 percent. Crude jumped 4.7 percent after the biggest drawdown in U.S. inventories in 17 years, as Tropical Storm Hermine last week disrupted shipping and output in the Gulf of Mexico.
     Apple’s drop weighed on technology companies after the group closed yesterday at the highest since September 2000. International Business Machines Corp. lost 1.6 percent, the most in two months, and Oracle Corp. decreased 1.3 percent.

 

Have a wonderful evening everyone.

 

Be magnificent!

He is fire and the sun, he is the moon and the stars, he is the air and the sea.
He is this boy, and that girl.  He appears in countless different forms.
He has no beginning, and he has no end.  He is the source of all things.
Each type of living being is distinct and different.  But when we pierce the veil of difference,
we see the unity of all beings.
Svetasvatara Upanishad

As ever,

 

Carolann

 

The mind is not a vessel to be filled but a fire to be kindled.
                                                -Plutarch, 45 AD-120 AD

 

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

Dear Friends,

Tangents:

10 THINGS TO GIVE UP

1. EXCUSES
2. SELF DOUBT
3. FEAR OF FAILURE
4. PROCRASTINATION
5. PEOPLE PLEASING
6. FEAR OF SUCCESS
7. NEGATIVE THINKING
8. NEGATIVE SELF TALKS
9. JUDGEMENT OF OTHERS
10. NEGATIVE PEOPLE IN YOUR CIRCLE

PHOTOS OF THE DAY

Fog covers the Inntal Valley as the sun rises from behind Hundskopf mountain in the western Austrian village of Gnadenwald on Wednesday.Dominic Ebenbichler/Reuters

Jockeys ride through the fog as the sun rises at Chantilly horse track, outside Paris, on Wednesday. Michel Euler/AP
Market Closes for September 7^th, 2016

Market Index	Close	Change
Dow Jones	18526.14	-11.98   -0.06%
S&P 500	2186.15	-0.33   -0.02%
NASDAQ	5283.926	+8.018   +0.15%
TSX	14796.65	-16.37
		-0.11%

International Markets

Market Index	Close	Change
NIKKEI	17012.44	-69.54
		-0.41%
HANG SENG	23741.81	-45.87
		-0.19%
SENSEX	28926.36	-51.66
		-0.18%
FTSE 100	6846.58	+20.53
		+0.30%

Bonds

Bonds	% Yield	Previous  % Yield
CND. 10 Year Bond	1.001	1.029
CND. 30 Year Bond	1.614	1.629
U.S.    10 Year Bond	1.5340	1.5340
U.S. 30 Year Bond	2.2327	2.2284

Currencies

BOC Close	Today	Previous
Canadian $	0.77592	0.77842
US $	1.28880	1.28465
Euro Rate 1 Euro=		Inverse
Canadian $	1.44864	0.69030
US $	1.12403	0.88966

Commodities

Gold	Close	Previous
London Gold Fix	1348.35	1337.25
Oil	Close	Previous
WTI Crude Future	45.50	44.83

Market Commentary:
Canada
By Eric Lam
     (Bloomberg) — Canadian stocks slipped after a three-day advance as a rally in materials producers faltered and consumer shares slumped after the Bank of Canada warned risks of weak inflation and slower economic growth have increased.
     The S&P/TSX Composite Index fell 0.1 percent to 14,796.65 at 4 p.m. in Toronto. The benchmark for Canadian equity had advanced 1.5 percent in the prior three days to the highest since June. The index remains the second-best performing developed market in the world, just behind New Zealand, with an advance of almost 14 percent this year. Canadian stocks are more expensive than their U.S. peers, with a price-earnings ratio of 23.5 for the S&P/TSX, opening up a 14 percent premium over the S&P 500 Index.
     Alimentation Couche-Tard Inc. lost 2.2 percent, the biggest drop since June, as consumer staples companies led declines. The convenience store and gas station operator will have to sell two sites in Ontario and Quebec to win approval from Canadian competition regulators to buy certain Imperial Oil Ltd. assets.
     Materials producers ended the day down 0.2 percent, paring an earlier loss, after surging 7.2 percent in the prior three days. New Gold Inc. dropped 7.2 percent, the most since May, to lead declines. The gold producer estimates an increase in capital costs during the development of a mine.
     Raw-materials producers remain the top-performing industry in Canada this year, fueling a rebound in the S&P/TSX after slumping the most since the 2008 Financial Crisis last year. The group, led by surging gold producers with gold on track for its best annual rally since 2010, is still up 55 percent and set to halt the longest yearly losing streak since 1988.
     On Wednesday, the Bank of Canada maintained interest rates at the current 0.5 percent benchmark lending rate, in the central bank’s first decision since July. Canada’s economy contracted by the most since 2009 in the second quarter, yet there were glimmers of optimism as the May Alberta wildfires played a large role in that weakness. Traders are now pricing in an almost 10 percent chance of a rate cut in October, up from 5.7 percent a day ago according to data compiled by Bloomberg.
      “Today’s statement seemed a bit more dovish than might have been expected,” said Avery Shenfeld, chief economist at CIBC Capital Markets in a note to clients. “Financial vulnerabilities related to household debt were still mentioned, a reason why rate cuts aren’t in the offing any time soon.”

US
By Joseph Ciolli
     (Bloomberg) — U.S. stocks closed little changed, holding near records while investors brooded over the trajectory of Federal Reserve monetary policy after mixed economic reports.
     Equities failed to make headway as consumer-staples companies capped the worst drop in six weeks, offsetting gains in technology and energy shares. General Mills Inc. fell the most in almost two years, while Whole Foods Market Inc. and Kroger Co. lost more than 4 percent, spurred by a 14 percent drop in rival Sprouts Farmers Market Inc. after the grocer cut its profit outlook. Apple Inc. rose after executives unveiled new products, and Facebook Inc. advanced to a fresh high, extending its longest winning streak in five months.
     The S&P 500 Index lost less than 0.1 percent to 2,186.15 at 4 p.m. in New York, after rising to within three points of an all-time high. The Dow Jones Industrial Average declined 11.98 points to 18,526.14, and the Nasdaq Composite Index added 0.2 percent to extend a record reached yesterday. About 6.3 billion shares traded hands on U.S. exchanges, 6 percent below the three-month average.
     “The economic data that’s come out in the past week or so has been underwhelming,” said Walter Todd, who oversees about $1.1 billion as chief investment officer for Greenwood Capital Associates LLC in South Carolina. “There was a little hype about the Fed moving in September, but now we’re back to where we were a month ago, questioning whether they’re going to raise at all this year.”
     The S&P 500 been treading water since its Aug. 15 record amid speculation on the path of interest rates and lackluster data. The main U.S. equity index has held in a band of 1.5 percent for 39 days, the narrowest ever for that length of time, and has gone 42 sessions without a 1 percent move in either direction, the longest since 2014.
     Still, data from the Commodity Futures Trading Commission show that hedge funds are adding to long positions in the equity market and building up shorts against the CBOE Volatility Index. Their bullishness contrasts with the views of Wall Street equity strategists, who see the S&P 500 retreating from its current level by the end the year. The measure of market turbulence known as the VIX fell 0.7 percent Wednesday to 11.94, a two-week low.
     Fed Bank of San Francisco President John Williams offered an upbeat assessment of the U.S. economy in a speech on Tuesday. A report today showed job openings climbed to a record in July, rising by the most in six months. Separately, the Fed’s Beige Book survey of regional conditions said the economy grew at a modest pace in July and August as a strong labor market failed to put much upward pressure on wages and prices.
     That follows recent disappointing readings on services- sector activity, manufacturing and hiring that cast doubt on the sturdiness of growth, even after strong consumer spending figures for July. Fed-funds futures currently reflect a 22 percent chance of an increase in borrowing costs this month, down from as high as 36 percent before yesterday’s services data. The first meeting with a better-than-even chance of a hike is December.
     “Interest rates are off the table, but the picture is somewhat cloudy,” said Patrick Spencer, London-based vice chairman of equities at Robert W. Baird, which manages $151 billion. “People are very cautious because they’ve seen the recent economic indicators and they’re concerned that 2017 will continue to see slower growth, but the data haven’t been too bad.”
     In Wednesday’s trading, consumer-staples in the S&P 500 fell 0.9 percent, while technology shares rose for a fourth day to a 16-year high. Whole Foods retreated to a four-month low, and Kroger slumped the most since March. Also weighing on the staples group, Colgate-Palmolive Co. lost 2 percent, and Mead Johnson Nutrition Co. sank 5.5 percent.
     Bolstering the tech group, Western Digital Corp. surged 12 percent, the best since last September, after raising its fiscal first-quarter outlook. Competing hard-drive maker Seagate Technology Plc increased 5.9 percent to a five-month high.
     A Bloomberg gauge of U.S. airlines jumped the most in almost two months after Southwest Airlines Co. said it would slow capacity growth next year, bringing the supply of seats and flights more in line with demand and possibly relieving pressure on fares. American Airlines Group Inc. and Delta Air Lines Inc. rallied more than 4.8 percent.
     Apache Corp. advanced 6.7 percent, the strongest since May, to lead energy producers after saying it made an “immense” oil and natural-gas discovery in an underdeveloped area of Texas’ Permian shale formation, though a lack of infrastructure will pose challenges to bringing the fuel to market.
     Among other shares moving on corporate news, Chipotle Mexican Grill Inc. added 5.9 percent after activist investor Bill Ackman’s Pershing Square Holdings Ltd. announced a 9.9 percent stake in the restaurant chain, which is struggling to recover from a series of foodborne illnesses that began in the second half of 2015.
     Tegna Inc. rose 8.9 percent amid plans to list auto-sales website Cars.com as a separate public company, and it’s evaluating a sale of its CareerBuilder job-hunting unit.
 

Have a wonderful evening everyone.

 

Be magnificent!

From Him woman was born; and from Her man was born.
From His mind the moon was born; from His eye the sun was born; from His breath the wind was born.
From His navel the atmosphere was born; from His head the sky was born;
and from His ear the four quarters of the sky were born.
Thus the universe was in order.
Rig Veda

As ever,

 

Carolann

 

Be true to your work, your word,
and your friend.
          -Henry David Thoreau, 1817-1862

 

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

Dear Friends,

Tangents:

We went to see the movie, The Light Between Oceans on the weekend.  It is fantastic so make sure to see it – you won’t be disappointed.  The acting is brilliant, starring Michael Fassbender and Alicia Vikander in the lead roles.  Haven’t seen a movie that good in a while.

September 6, 1920: First radio broadcast of a prize fight.

Numbers:
100
Macy’s stores to close, in order to focus on other areas of the business, in what some consumer experts call another sign of the end of the department store era.
400
Age, in years, to which the Greenland shark is thought to live, according to new research, making it the world’s longest-lived vertebrate.
2 Million
Residents of Aleppo, Syria, who are now without running water.
4
Distance (in inches) that Beijing is sinking each year because of its overconsumption of groundwater.

PHOTOS OF THE DAY

Windsurfer Chris Eldridge rides the waves Tuesday along the coast of South Kingstown, R.I. Tropical Storm Hermine is expected to begin weakening as it churns hundreds of miles offshore in the Atlantic Ocean, but forecasters warn it could continue to impact areas from New York to southern New England with pounding waves, coastal flooding and beach erosion before it moves out to sea. Steven Senne/AP

Super yacht ‘Motor Yacht A,’ owned by Russian tycoon Andrey Melnichenko, is moored on the River Thames besides the HMS Belfast (r.) in London on Tuesday. Toby Melville/Reuters

Market Closes for September 6^th, 2016

Market Index	Close	Change
Dow Jones	18538.12	+46.16   +0.25%
S&P 500	2186.48	+6.50   +0.30%
NASDAQ	5275.910	+26.011   +0.50%
TSX	14812.99	+17.29
		+0.12%

International Markets

Market Index	Close	Change
NIKKEI	17081.98	+44.35
		+0.26%
HANG SENG	23787.68	+138.13
		+0.58%
SENSEX	28978.02	+445.91
		+1.56%
FTSE 100	6826.05	-53.37
		-0.78%

Bonds

Bonds	% Yield	Previous  % Yield
CND. 10 Year Bond	1.029	1.063
CND. 30 Year Bond	1.629	1.658
U.S.    10 Year Bond	1.5340	1.5989
U.S. 30 Year Bond	2.2284	2.2731

Currencies

BOC Close	Today	Previous
Canadian $	0.77842	0.76999
US $	1.28465	1.29872
Euro Rate 1 Euro=		Inverse
Canadian $	1.44599	0.69157
US $	1.12559	0.88842

Commodities

Gold	Close	Previous
London Gold Fix	1337.25	1327.70
Oil	Close	Previous
WTI Crude Future	44.83	44.44

Market Commentary:
Canada
By Eric Lam
     (Bloomberg) — Canadian stocks edged higher as commodities producers rallied with resource prices, led by a third straight increase in gold, offsetting weak services industries expansion in the U.S. that sent shares in industrial and consumer shares lower.
     The S&P/TSX Composite Index rose 0.1 percent to 14,812.99 at 4 p.m. in Toronto after swinging between gains and losses for most of the session. The benchmark capped a 1.1 percent rally last week for its best advance since July 15. Canadian equity markets were closed Monday for a holiday.
     Among shares moving, Enbridge Inc. climbed to the highest in almost two months after agreeing to a $28 billion cross- border deal to form the largest energy pipeline and storage company in North America. OceanaGold Corp. and Yamana Gold Inc. surged more than 5.7 percent to pace gains among gold miners. Bombardier Inc. plunged 5.1 percent after cutting its C Series delivery forecast.
     Canadian shares resumed the 2016 rally to start September after hitting a speed bump in August with the narrowest one- month climb since June 2009 after torrid gains in raw-materials producers faltered. The group is still up 55 percent and on track to halt the longest yearly losing streak since 1988. Energy producers have gained 21 percent in 2016, on pace for the strongest in seven years.
     The S&P/TSX is also the second-best performing developed market in the world, just behind New Zealand. Canadian stocks are more expensive than their U.S. peers, with a price-earnings ratio of 23.5 for the S&P/TSX, opening up a 14 percent premium over the S&P 500 Index.
     On Tuesday, Enbridge added 3.9 percent for a third day of gains after agreeing to buy Spectra Energy Corp. in a stock-for- stock deal, according to a company statement Tuesday. The deal is expected to close in the first quarter of 2017 and would be the biggest foreign purchase ever by a Canadian company.
     Energy producers edged higher, as crude climbed in New York while Brent slipped. A pledge by Russia and Saudi Arabia to cooperate to stabilize the market failed to include any specific measures to bolster prices. Brent crude had jumped Monday as the two countries planned a “significant” announcement. Bonavista Energy Corp. soared 20 percent after agreeing to an asset exchange pact.
     Barrick Gold Corp. gained 3.7 percent to lead raw-materials producers higher, as Goldman Sachs analysts led by Andrew Quail named the Canadian company as among its top ideas within gold companies. Gold prices held a three-day advance, climbing the most since June.
     Bombardier slumped the most in more than two months after it cut its 2016 forecast for C Series jet aircraft deliveries by more than half because of delays in engine shipments from supplier Pratt & Whitney. The Montreal-based planemaker now expects to deliver seven of the aircraft this year, down from 15, which will result in weaker revenue.
     Performance Sports Group Ltd. tumbled 10 percent, the biggest decline since Aug. 17. The maker of hockey and athletic equipment ended a shareholder nomination agreement with largest investor Sagard Capital Partners Friday.

US
By Joseph Ciolli
     (Bloomberg) — Warnings embedded in strategist price targets and historically low U.S. stock volatility are doing nothing to dissuade hedge funds.
     They just spent another week adding to long positions in the equity market and building up shorts against the CBOE Volatility Index that were already at a record, according to data from the Commodity Futures Trading Commission. Stocks languished for most of Tuesday before extending gains in the final minutes of trading, as the S&P 500 Index added 0.3 percent to 2,186.48 as of 4 p.m. in New York. The Nasdaq Composite Index advanced 0.5 percent to a fresh record.
     The positioning leaves the biggest speculators at odds with an increasingly skeptical analyst contingent on Wall Street, with the average strategist forecast sitting about 1.5 percent below the market’s closing level. It also puts them in the awkward position of betting on declines in a volatility gauge that in August posted one of its lowest average readings on record.
     “The market has gotten increasingly frustrating for hedge funds with a bearish bent,” said Michael James, managing director of equity trading at Wedbush Securities Inc. in Los Angeles. “You’re seeing them throw in the towel and subscribe more to the thesis of a further grind higher. There are diminished expectations of significant volatility or a market pullback.”
     Large speculators extended bullish contracts on the S&P 500 to the most since May 2013, CFTC data show. The measure has been above zero, which delineates bullish from bearish, since mid- April. At the same time, VIX positions showed an expectation for low volatility even though the so-called fear gauge averaged 12.4 in August, the lowest monthly average in more than two years.
     The ongoing hedge-fund bullishness conflicts with the views of Wall Street equity strategists, who see the S&P 500 slipping from its current level to end the year at 2,150, according to estimates compiled by Bloomberg. The biggest bear, Ben Laidler of HSBC Holdings Plc, foresees the benchmark losing 10 percent to 1,960 by year-end.
     Amid the underlying strategist pessimism, stock bulls received a boost on Friday when August payroll data signaled steady labor-market growth, although not enough to force the Federal Reserve to raise interest rates. The central bank’s reluctance to hike borrowing costs ahead of the November presidential election has been a boon for U.S. equities slogging higher, as mixed economic data has neither inspired the Fed to act, nor given investors cause to sell.
     Data on Tuesday showed services industries expanded in August at the weakest pace since February 2010, joining manufacturers in an abrupt slowdown that may signal waning optimism about the economy. That sent bond yields lower, dragging banks to their worst drop in almost four weeks. Wells Fargo & Co. and Bank of America Corp. lost at least 1.1 percent.
     Mergers dominated corporate news Tuesday, boosting energy and health-care companies. Spectra Energy Corp. rallied 13 percent to a two-year high after agreeing to a $28 billion stock-for-stock transaction with Enbridge Inc. Cepheid jumped 53 percent after Danaher Corp. agreed to buy the company in a deal valued at about $4 billion, including debt. The Dow Jones Industrial Average rose 46.16 points, or 0.3 percent, 18,538.12. About 6.6 billion shares traded hands on U.S. exchanges, in line with the three-month average.
     “We’re still dealing with the ramifications from the jobs number,” said Michael James, managing director of equity trading at Wedbush Securities Inc. in Los Angeles. “It was an exhale of relief that the number wasn’t too hot, diminishing the chance of a September rate hike. Price action will probably be dictated by the data we have forthcoming.”
     Investors are assessing the potential effects of a Fed hike while central banks across much of Europe and Asia are in the midst of easing cycles. Fed-funds futures currently reflect a 24 percent chance the Fed will increase borrowing costs at the September meeting, down from 36 percent before the services data. Odds had reached as high as 42 percent late last month. The first meeting with a better-than-even chance of a hike is in December.
     The S&P 500 has been treading water since reaching a fresh record in mid-August, amid monetary-policy speculation and lackluster data. The gauge has held in a band of 1.5 percent for 38 days, the narrowest ever for that length of time. It closed Tuesday less than 0.2 percent from its all-time high. The VIX rose 0.3 percent to 12.02, following its biggest one-day drop in two months.
     Among other shares moving on corporate news, Navistar International Corp. soared 41 percent, the most ever. Volkswagen AG is buying a stake in the company to gain a foothold in the U.S. heavy-truck market, as the German automaker still grapples with the fallout from the emissions-cheating scandal. Engine maker Cummins Inc., a supplier to both companies, lost 7.3 percent, its steepest in nine months.

 

Have a wonderful evening everyone.

 

Be magnificent.

One drop of the sea cannot claim to come from one river, and another drop of the sea from another river;
the sea is a single consistent whole.  In the same way all beings are one; there is no being
that does not come from the soul, and is not part of the soul.
Chandogya Upanishad

 

As ever,

 

Carolann

 

We don’t stop going to school when we graduate.
                               -Carol Burnett, b. 1933

 

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