Events – Page 231 – Carolann Steinhoff

May 4, 2016

May 4, 2016 Newsletter

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

Villarrica Volcano is seen at night in Pucon, Chile, on Tuesday. Cristobal Saavedra/Reuters

A trout splashes into Jamaica Pond in Boston during the annual spring fish stocking event on Wednesday. Elise Amendola/AP

Market Closes for May 4^th, 2016

Market Index	Close	Change
Dow Jones	17651.26	-99.65 -0.56%

S&P 500	2052.36	-11.01 -0.53%

NASDAQ	4725.641	-37.583 -0.79%

TSX	13635.20	-72.48
		-0.53%

International Markets

Market Index	Close	Change
NIKKEI	16147.38	-518.67
		-3.11%
HANG SENG	20525.83	-151.11
		-0.73%
SENSEX	25101.73	-127.97
		-0.51%
FTSE 100	6112.02	-73.57
		-1.19%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.402	1.460
CND. 30 Year Bond	2.032	2.072
U.S. 10 Year Bond	1.7717	1.7963
U.S. 30 Year Bond	2.6322	2.6593

Currencies

BOC Close	Today	Previous
Canadian $	0.77674	0.78630
US $	1.28744	1.27177

Euro Rate 1 Euro=		Inverse
Canadian $	1.47936	0.67597
US $	1.14907	0.87027

Commodities

Gold	Close	Previous
London Gold Fix	1283.00	1294.00

Oil	Close	Previous
WTI Crude Future	43.78	43.65

Market Commentary:

Canada

By Eric Lam

(Bloomberg) — Canadian stocks fell to a three-week low as data showing a record trade deficit in March fueled declines in commodity and industrial shares.

The benchmark S&P/TSX Composite Index dropped 0.6 percent to 13,632 at 4 p.m. in Toronto, capping a third day of losses. The gauge now trades at 20.8 times earnings, about 9.4 percent higher than the 19 times earnings valuation of the S&P 500 Index, data compiled by Bloomberg show.

Six of 10 main industries in the S&P/TSX declined, led by a 2.4 percent drop in raw-materials shares. Energy producers and industrials also retreated, while telecommunications providers and technology companies advanced to offset some losses.

The resource-dominant S&P/TSX has sputtered to start the month of May, as commodities producers slumped after a rally of more than 40 percent in the first four months of the year. Global equities have slowed amid the uncertain outlook for growth and speculation higher interest rates in the U.S. will boost the dollar’s value.

Canada’s trade gap unexpectedly widened to a record C$3.41 billion in March, according to a Statistics Canada report Wednesday, as exports to the U.S. fell 6.3 percent reviving concern a stalling American recovery will derail Canada’s recent rebound. The trade surplus with the U.S. shrank to its narrowest since December 1993, the data showed.

Materials producers slumped Wednesday as metals from copper to gold retreated. Crude ended the day little-changed, settling below $44 a barrel in New York, after declining 5.2 percent in the previous three sessions. Suncor Energy Inc. has reduced its crude output amid a raging wildfire in Fort McMurray in Alberta, prompting tens of thousands to flee. Suncor shares declined 2.2 percent to a two-month low.

Bank of Nova Scotia dropped 1.3 percent for a third straight decline, extending losses during that period to 4.9 percent after Canada’s third largest lender said it will post a C$275 million ($214 million) restructuring charge in the second quarter to cover the cost of job cuts and other productivity enhancements as it shifts to digital banking.

Maple Leaf Foods Inc. jumped 6.8 percent, to a record close, after posting first-quarter earnings ahead of analysts’ estimates as margins improved. Torstar Corp. lost 5.9 percent, the most since March 18, after posting a first-quarter loss amid the challenging print advertising environment.

Lucara Diamond Corp. surged 9.1 percent to a record after reporting first-quarter earnings ahead of analysts’ estimates Tuesday. The diamond producer may earn as much as 48 percent of the proceeds from the sale of the biggest diamond unearthed in more than a century. That could deliver about $35 million of the $70 million value estimated by Sotheby’s, Chief Executive Officer William Lamb said in an interview with Bloomberg News.

By Inyoung Hwang and Joseph Ciolli

(Bloomberg) — U.S. stocks slid to a three-week low as concern that global growth remains tepid sent equities lower from Europe to developing nations. Oil traded near $44 a barrel, while the dollar strengthened for a second day after falling to its lowest point in almost a year.

The S&P 500 Index fell for the fourth time in five days, with industrial shares slipping more than 1 percent as a rebound from lows reached in February faltered. Emerging-market equities sank, while the dollar rallied amid speculation on the timing of higher interest rates in the U.S. The Turkish lira plunged with the country’s prime minister said to plan to take the ruling party to an extraordinary congress, intensifying a power struggle within the government. U.S. oil erased declines in a late-in-the-day advance.

The rally in global equities stumbled into a second week as data from Europe to America failed to alleviate concern that economic growth is slowing and corporate profits will contract. At the same time, comments from Federal Reserve officials have raised the specter key rates will be increased even as economic reports paint a mixed picture on the state of the world’s largest economy. Friday’s monthly payrolls report will be key for investors seeking to determine the Fed’s potential policy path.

“Data has been a mixed bag today, starting with some disappointing employment figures that gave way slightly to some better-than-expected numbers,” said Chad Morganlander, a Florham Park, New Jersey-based money manager at Stifel, Nicolaus & Co., which oversees about $170 billion. “We expect the market to see some volatility going forward, with a downward bias as investors look for the next positive sign.”

U.S. reports on Wednesday showed service companies expanded last month at the fastest pace in four months, while fewer jobs were added than projected, according to private payrolls data. A report from Markit Economics indicated that European Central Bank policy is helping to sustain growth in the euro area economy, though the pace is “tepid” and inflation remains too slow.

The S&P 500 declined 0.6 percent to 2,051.12 as of 4 p.m. New York time to the lowest level since April 11. The U.S. benchmark fell in the last session amid an uninspiring corporate earnings season.

Bank shares fell a second day, while energy and raw- material producers — the two strongest groups as stocks rebounded from a February low — lagged for a third session. Priceline Group Inc. sank 7.5 percent after its profit forecast disappointed, with executives citing, in part, the “fragility” of the global economy. Investors stuck with a recent preference for defensive shares, as utilities, consumer-staples and phone companies advanced.

Stan Druckenmiller, the billionaire investor with one of the best long-term track records in money management, said the bull market has “exhausted itself.” Druckenmiller, speaking at the Sohn Investment Conference in New York, said while he’s been critical of Fed policy for the last three years he expected it would lead to higher asset prices.

“I now feel the weight of the evidence has shifted the other way; higher valuations, three more years of unproductive corporate behavior, limits to further easing and excessive borrowing from the future suggest that the bull market is exhausting itself,” said Druckenmiller.

Investors are also monitoring the U.S. presidential campaign, with Donald Trump becoming the presumptive Republican nominee after his final two challengers exited the race.

The Stoxx Europe 600 Index was down 1.1 percent, with all industry groups falling. Anheuser-Busch InBev NV — the world’s largest brewer — slid 1.6 percent after reporting sales and profit growth that missed estimates. BHP Billiton Ltd. tumbled after it was named in a $44 billion law suit over a dam rupture in Brazil that caused deaths and severe environmental damage.

The MSCI Emerging Markets Index of stocks fell 0.9 percent to the lowest level in almost a month.

The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major peers, added 0.5 percent as the currency climbed 0.4 percent to 107.01 yen and was little changed at $1.1487 per euro.

MSCI’s Emerging Markets Currency Index fell for a third day, sliding 0.6 percent to the lowest level since April 8. The lira extended declines, posting its steepest one-day drop versus the dollar since June, after a person familiar with the matter – – who asked not to be identified citing the sensitivity of the subject — said Prime Minister Ahmet Davutoglu will take the ruling party to an extraordinary congress amid a widening rift over leadership with President Recep Tayyip Erdogan.

Turkish assets have slumped on mounting signs of renewed political risk as Erdogan transforms the typically ceremonial role of president to the country’s power center. The Borsa Istanbul 100 Index of stocks dropped for a fourth day in its longest slump in four months.

Oil rebounded, even after a U.S. government report showed crude inventories rose by 2.78 million barrels. Analysts surveyed ahead of the data release had anticipated a stock build of 750,000 barrels in the week ended April 29. West Texas Intermediaterose 0.3 percent to settle at $43.78 a barrel.

Gold slid a third day as the dollar’s rebound dimmed the metal’s appeal as an alternative investment. Bullion for immediate delivery retreated 0.5 percent to $1,279.68 an ounce. Copper fell 1.1 percent to $4,867 a metric ton in London, while zinc dropped 0.5 percent.

U.S. government bonds rose after fluctuating earlier in the session. Yields on 10-year U.S. Treasuries fell two basis points, or 0.02 percentage point, to 1.78 percent. Treasuries have returned 3.2 percent this year as traders back away from bets on Fed monetary policy tightening.

German government bonds were little changed, with 10-year yields holding at 0.20 percent. Turkish notes fell with yields on debt due in a decade up 10 basis points to 9.33 percent.

Have a wonderful evening everyone.

Be magnificent!

“If your actions inspire others to dream more, learn more, do more and become more, you are a leader.” John Quincy Adams

As ever,

Karen

“Keep your face to the sunshine and you cannot see a shadow.” Helen Keller

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

May 3, 2016

May 3, 2016 Newsletter

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

A woman takes photographs of cherry blossoms in Sakura Park in Vilnius, Lithuania, Tuesday. The park opened in 2001 and was dedicated to Japanese diplomat Chiune Sugihara, who was ambassador to Lithuania during WWII. Mindaugas Kulbis/AP

People ride their bicycles by Arpoador beach, near the statue of Brazilian musician Tom Jobim, in Rio de Janeiro Tuesday. Sergio Moraes/Reuters

Market Closes for May 3^rd, 2016

Market Index	Close	Change
Dow Jones	17750.91	-140.25 -0.78%

S&P 500	2063.53	-17.90 -0.86%

NASDAQ	4763.223	-54.372 -1.13%

TSX	13705.55	-160.08
		-1.15%

International Markets

Market Index	Close	Change
NIKKEI	16147.38	-518.67
		-3.11%
HANG SENG	20676.94	-390.11
		-1.85%
SENSEX	25229.70	-207.27
		-0.81%
FTSE 100	6185.59	-56.30
		-0.90%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.460	1.531
CND. 30 Year Bond	2.072	2.118
U.S. 10 Year Bond	1.7963	1.8635
U.S. 30 Year Bond	2.6593	2.7190

Currencies

BOC Close	Today	Previous
Canadian $	0.78630	0.79809
US $	1.27177	1.25299

Euro Rate 1 Euro=		Inverse
Canadian $	1.46324	0.68342
US $	1.15055	0.86915

Commodities

Gold	Close	Previous
London Gold Fix	1294.00	1285.65

Oil	Close	Previous
WTI Crude Future	43.65	44.78

Market Commentary:

Canada

By Eric Lam

(Bloomberg) — Canadian stocks fell a second day for the biggest retreat in almost three months, joining a retreat in equities worldwide that was spurred by sluggish economic data.

The benchmark S&P/TSX Composite Index sank 1.1 percent to 13,707.68 at 4 p.m. in Toronto, posting the steepest drop since Feb. 9. The S&P/TSX advanced for a third consecutive week on April 29 and remains one of the best-performing developed markets in the world this year. The gauge now trades at 21.2 times earnings, about 11 percent higher than the 19.2 times earnings valuation of the Standard & Poor’s 500 Index, data compiled by Bloomberg show.

Canadian Western Bank, the Edmonton-based lender, sank 6.9 percent for the biggest slide since March 2015 after saying it would take about C$33 million ($26 million) in provisions for soured oil-and-gas loans in the second quarter, prompting one analyst to downgrade the stock. Financial shares contributed the most to the decline today out of 10 S&P/TSX groups.

Encana Corp. sank 10 percent after reporting a first- quarter loss that was wider than expected, as energy and raw- materials producers each posted a 2 percent drop. Eight of 10 industries in the S&P/TSX fell with trading volume 14 percent higher than the 30-day average.

Encana said its first-quarter operating loss was 15 cents a share compared with estimates for 12 cents, as cash flow sank 73 percent from the previous quarter. The company blamed the decline in energy prices, lower realized hedging gains, reduced liquids volumes and a one-time restructuring charge.

Commodities prices from copper to crude fell after data showed a private gauge of Chinese manufacturing slipped in April. A Markit gauge for U.K. manufacturing also showed contraction, unexpectedly shrinking for the first time in three years in April. Stocks fell in the U.S. and Europe, while the dollar rose from a one-year low as Federal Reserve Bank of Atlanta President Dennis Lockhart called a June interest-rate hike “a real option.”

Crude futures settled below $44 a barrel in New York ahead of weekly U.S. government data forecast to show rising stockpiles. Inventories are forecast to have increased by 750,000 barrels last week, according to the median estimate of a Bloomberg survey ahead of the report Wednesday.

The resource-dominant S&P/TSX has sputtered to start the month of May, with commodities producers giving back some gains amid the uncertain outlook for global growth and speculation higher interest rates at the Fed will boost the dollar’s value. Raw-materials and energy producers are still the two top- performing industries in Canada so far this year.

By Joseph Ciolli and Dani Burger

(Bloomberg) — U.S. stocks fell, with the S&P 500 sinking to a three-week low, amid rekindled angst over the sluggish pace of global growth and an uninspiring flow of corporate earnings.

Weaker-than-forecast factory data today in the U.K. and China reminded investors of the worldwide malaise that had a hand in sending equities to their worst-ever start to a year. Commodity shares tumbled, with energy producers falling the most in eight weeks as crude oil retreated, while banks posted the biggest slide since April 7. Apple Inc. snapped its longest losing streak since 1998, and Pfizer Inc. rallied 2.7 percent on earnings that beat estimates and a boosted outlook.

The S&P 500 declined 0.9 percent to 2,063.37 at 4 p.m. in New York, falling for the third time in four days. The index jumped 0.8 percent to begin the month on Monday in a recovery from the worst weekly drop since February. The Dow Jones Industrial Average lost 140.25 points, or 0.8 percent, to 17,750.91. The Nasdaq Composite Index fell 1.1 percent to seven- week low. About 7.9 billion shares traded hands on U.S. exchanges, in line with the three-month average.

“The continued narrative is that the global economy is not very strong, even if the U.S. is the best of the bunch,” said Joe Bell, a Cincinnati-based senior equity analyst at Schaeffer’s Investment Research Inc. “We ran into congestion near the 2,100 area. We’ve had such a strong run-up over the last few months that we’re in a bit of a consolidation phase here.”

A surge sparked by rising oil prices that helped the S&P 500 rebound as much as 15 percent from its February low faltered last week amid lackluster corporate results, scant signs of a pickup in economic growth and waning consumer confidence. The benchmark reached a four-month high on April 20, closing within 1.3 percent of the record set last May, and taking its valuation near a peak.

With the season past its halfway mark, corporate results have so far failed to suggest a speedy recovery from what’s on track to be a fourth straight quarterly decline. Apple Inc., Microsoft Corp. and Alphabet Inc. all forecast sales in coming periods below analyst estimates, sinking large-cap technology shares even as Facebook Inc. and Amazon surpassed forecasts. Banks, however, used cost cuts to top predictions, helping financial shares post the second-strongest performance behind energy producers since the reporting period began.

Analysts still project an 8.2 percent decline in first- quarter earnings for S&P 500 companies. Predictions call for a 4.8 percent drop in the current quarter, compared to forecasts for 3.7 percent growth when the year started.

Economic releases are also in focus after the Federal Reserve kept its benchmark rate unchanged last week, and manufacturing data disappointed yesterday. A report on employment due Friday will be closely watched, as investors seek assurances on the stability of job growth which has been a source of strength in an otherwise tepid environment.

Traders are now pricing in a 55 percent chance of higher borrowing costs in December, the first month with more than even odds for a boost. Fed Bank of Atlanta President Dennis Lockhart said today U.S. financial markets may be underestimating the odds of a central-bank rate increase in June, calling it “a real option.” Current bets show just a 12 percent chance the Fed will raise borrowing costs next month.

In Tuesday’s trading, all of the S&P 500’s 10 main industries declined, with energy, financial and raw-materials companies — the strongest performers during the market’s 10- week rebound to a 2016 high — sliding at least 1.3 percent. Consumer staples and utilities, the biggest laggards during the rally were little changed.

“Things had calmed down for the U.S. in March and April and now we’re in a mode where the market can’t make up its mind and is slipping back and forth,” said Peter Jankovskis, who helps oversee $1.9 billion as co-chief investment officer of Lisle, Illinois-based OakBrook Investments. “The weakening in energy is realistic. I’m not sure what’s supporting the price of crude at these levels, because it was driven up by rumors that the meeting at OPEC would lead to production quotas, and that fell apart.”

The CBOE Volatility Index climbed 6.3 percent to 15.60, trimming a jump of almost 12 percent. The measure of market turbulence known as the VIX rose 13 percent in April, the biggest monthly gain of 2016.

Energy companies in the benchmark decreased 2.2 percent, the worst since March 8, as the price of oil fell 2.5 percent before weekly data forecast to show rising crude stockpiles. Chesapeake Energy Corp. and Southwestern Energy Co. were the biggest losers, declining at least 6.8 percent, while Marathon Oil Corp. fell 5.6 percent. Halliburton Co. sank the most since February after reporting results that included charges related to the failed $28 billion merger with Baker Hughes Inc.

The S&P 500 Financials Index lost 1.3 percent, reversing a 1.1 percent rally on Monday. Asset managers Legg Mason Inc. and Affiliated Managers Group Inc. decreased at least 3.2 percent. The KBW Bank Index slid 2 percent, its third decline in four days and the biggest drop since April 7. All 24 companies in the gauge fell more than 1 percent. JPMorgan Chase & Co. dropped 1.9 percent, one of the biggest drags on the S&P 500.

General Motors Co. and Ford Motor Co. dropped more than 1.4 percent after their April sales missed estimates. The two pared earlier declines of more than 3 percent. Goodyear Tire & Rubber Co. lost 1.2 percent.

FMC Corp. was the biggest gainers in the S&P 500 and a bright spot in raw-materials, rising 8.5 percent after reporting profit and revenue that exceeded analyst expectations. The pesticide company also increased guidance for full-year earnings. Meanwhile, Freeport-McMoRan Inc. tumbled more than 11 percent, the steepest in eight weeks, as copper slumped on concern demand for metals is weakening following sluggish manufacturing data around the world. Alcoa Inc. fell 5.6 percent.

IMS Health Holdings Inc. announced that it will buy Quintiles Transnational Holdings Inc. in an all-stock transaction with an equity value of about $9 billion, bringing together two of the biggest providers of pharmaceutical industry data. IMS Health slipped 3.5 percent, while Quintiles fell 2.4 percent.

Among other shares moving on corporate news, Mallinckrodt Plc surged 6.8 percent, combining with Pfizer’s gain to help the health-care group mitigate its losses. The drugmaker lifted its 2016 profit outlook as quarterly results exceeded estimates.

Clorox Co. added 2 percent and briefly touched an all-time high after raising its full-year earnings and sales forecasts following results that beat analysts’ predictions. CVS Health Corp.’s quarterly profit also topped estimates, sending its shares up 2.4 percent, helped by higher prescription claims and the acquisition of a nursing-home pharmacy business.

Have a wonderful evening everyone.

Be magnificent!

“The best preparation for tomorrow is doing your best today.” H. Jackson Brown, Jr.

As ever,

Karen

“Try to be a rainbow in someone’s cloud.” Maya Angelou

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

May 2, 2016

May 2, 2016 Newsletter

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

A participant takes part in the annual Jack In The Green parade involving hundreds of costumed revellers joining a four hour procession culminating in the traditional ‘slaying’ of a Jack character to ‘unleash the spirit of summer’ on the May Day week end, in Hastings, southern Britain on Monday.Toby Melville/Reuters

A bus passes by a canola field in Sehnde near Hannover, northern Germany, on Monday morning. Julian Stratenschulte/AP

Market Closes for May 2^nd, 2016

Market Index	Close	Change
Dow Jones	17891.16	+117.52 +0.66%

S&P 500	2081.43	+16.13 +0.78%

NASDAQ	4817.594	+42.432 +0.88%

TSX	13869.49	-81.96
		-0.59%

International Markets

Market

Index

Close

Change

NIKKEI

16147.38

-518.67

-3.11%

HANG

SENG

21067.05

-320.98

-1.50%

SENSEX

25436.97

-169.65

-0.66%

FTSE 100

6241.89

-80.51

-1.27%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.531	1.513
CND. 30 Year Bond	2.118	2.084
U.S. 10 Year Bond	1.8635	1.8333
U.S. 30 Year Bond	2.7190	2.6781

Currencies

BOC Close	Today	Previous
Canadian $	0.79809	0.79656
US $	1.25299	1.25540

Euro Rate 1 Euro=		Inverse
Canadian $	1.44464	0.69222
US $	1.15295	0.86734

Commodities

Gold	Close	Previous
London Gold Fix	1285.65	1285.65

Oil	Close	Previous
WTI Crude Future	44.78	45.92

Market Commentary:

Canada

By Eric Lam

(Bloomberg) — Canadian stocks fell in the first trading session of May, after capping a third monthly gain, as commodities producers declined with oil and Bank of Nova Scotia slipped after reporting a C$275 million restructuring charge.

The benchmark S&P/TSX Composite Index sank 0.6 percent to 13,865.63 at 4 p.m. in Toronto. The gauge increased 3.4 percent in April, matching the longest monthly winning streak since August 2014. The S&P/TSX is one of the best-performing developed markets in the world this year, up 6.6 percent as it rebounds from last year’s worst annual decline since 2008.

Suncor Energy Inc. and Cenovus Energy Inc. fell at least 3.1 percent to lead energy producers lower as the group declined 2 percent. Four of 10 industries in the S&P/TSX retreated on trading volume in line with the 30-day average. Raw-materials, financial services and health-care companies also decreased, while consumer staples and utilities rose more than 0.8 percent.

Goldcorp Inc. dropped 3.2 percent as raw-materials producers tumbled 1.6 percent. Gold was little changed in New York while copper prices sagged for the first time in three sessions as growth in U.S. manufacturing cooled in April. A gauge of S&P/TSX gold producers slumped 1.9 percent to snap a four-day rally of 15 percent.

Crude futures settled below $45 a barrel in New York, extending a slide from Friday. Exports from Iraq approached a record in April, shipping 3.36 million barrels a day in the month to add to a worldwide supply glut, according to an oil ministry spokesman. The figures don’t include sales by the Kurdistan Regional Government.

The resource-dominant S&P/TSX remains closely linked to moves in commodities prices, with a 17 percent rally in the benchmark equity gauge from a Jan. 20 low aligning with a rebound in crude from the lowest levels since 2003. Raw- materials and energy producers are the two top-performing industries in Canada so far this year, up more than 11 percent.

The Canadian benchmark now trades at 21.5 times earnings, about 11 percent higher than the 19.3 times earnings valuation of the Standard & Poor’s 500 Index, according to data compiled by Bloomberg.

Scotiabank lost 1 percent after reporting it will take a charge of 22 cents a share in its fiscal second quarter, to cover the cost of job cuts and other productivity enhancements as it shifts toward digital banking. The lender is scheduled to report results May 31.

Manitoba Telecom Services Inc. climbed a record 15 percent to the highest since 2008, after agreeing to sell itself to BCE Inc. in a C$3.1 billion cash and stock deal. Manitoba Telecom traded at a lower value than the C$40 a share acquisition price. As a follow-on to the deal, BCE will also transfer one-third of Manitoba Telecom’s wireless subscribers to competitor Telus Corp. BCE fell 0.3 percent while Telus gained 0.2 percent.

Valeant Pharmaceuticals International Inc. lost 2.3 percent, paring earlier declines of as much as 13 percent, for a third drop in the last four sessions. Warren Buffett criticized Valeant at Berkshire Hathaway Inc.’s annual meeting, calling the drugmaker’s business model “enormously flawed.”

By Jeremy Herron and Joseph Ciolli

(Bloomberg) — U.S. shares rose the most in two weeks and the dollar weakened to the lowest in almost a year as traders lowered expectations for higher interest rates as manufacturing slowed last month. Emerging-market assets retreated with crude.

The S&P 500 advanced as consumer and financial shares paced gains amid corporate results. The euro topped $1.15 for the first time since August, while gold pared an advance after climbing above $1,300 an ounce for the first time since January 2015. Oil fell below $45 a barrel in New York, after a 20 percent surge in April. Brazil’s real led losses among its major peers. The Treasury 10-year yield rose to 1.85 percent.

Global equities advanced on the first day of May, following a week that saw risk assets fall from favor amid speculation central banks from Asia to Europe won’t rush to add to unprecedented stimulus. The Federal Reserve struck a more hawkish tone with its policy statement even as signs mount that the rate of U.S. growth continues to slow. A weakening dollar helped boost commodities prices to the best month since 2010.

“We can hold the strength, but there’s still a lack of conviction in the market,” said Bill Schultz, who oversees $1.2 billion as chief investment officer at McQueen, Ball & Associates Inc. in Bethlehem, Pennsylvania. “Earnings have been spotty at best, and outlooks have given investors some pause about the future. At the same time, there are no signs pointing to a dramatic pullback.”

U.S. manufacturing expanded at a slower pace than forecast in April as factories continued to grapple with lax global demand and fallout from a weakened energy industry. China released an official manufacturing gauge over the weekend that added to evidence its economy is stabilizing, while manufacturing in the euro zone expanded at a faster pace than initially estimated in April. Markets shut for holidays included those of China, Hong Kong and the U.K.

The S&P 500 advanced 0.8 percent at 4 p.m. in New York, for its best gain since April 13. Amazon.com Inc. rose to a four- month high after earnings last week led to its biggest one-day gain in nine months. Wells Fargo & Co. and JPMorgan Chase & Co. climbed at least 1.1 percent. Halliburton Co. rallied 3.3 percent and Baker Hughes Inc. fell 1.6 percent after ditching their $28 billion merger. Apple Inc. extended its longest losing streak since 1998.

A rebound that lifted S&P 500 as much as 15 percent from its February low faltered last week amid lackluster earnings and few signs of a pickup in economic growth. The gauge reached a four-month high on April 20, within 1.3 percent of the record set last May.

Corporate results so far haven’t convinced investors that profits will rebound from what’s shaping up to be a fourth straight quarterly decline. Apple, Microsoft Corp. and Alphabet Inc. all forecast sales in coming periods below analyst estimates, sinking large-cap technology shares even as Facebook Inc. and Amazon.com Inc. have surpassed forecasts. Not all has been bad, as banks used cost cuts to top predictions. Financial shares advanced 0.9 percent Monday.

The MSCI Emerging Markets Index fell 0.5 percent, following two weeks of losses that pared its April gains. South Korea’s Kospi Index dropped for a fourth day and Indonesia Jakarta Composite Index slid to a three-week low, tracking losses in Japanese equities.

The yen has strengthened 13 percent this year, the best performance among Group-of-10 currencies. The euro advanced 0.6 percent to $1.1517, the highest since Aug. 25.

The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major peers, headed for its lowest close in almost a year. It slumped 2 percent last week as the BOJ’s inaction coincided with Fed Chair Janet Yellen reiterating she’s in no rush to cool the U.S. economy by raising borrowing costs.

“So long as the Fed signals that they are being cautious in raising rates, real yields in the U.S. will decline, leading the dollar weaker,” said Hiromichi Shirakawa, the Swiss lender’s chief Japan economist and a former BOJ official. “The currency market is in a rather dangerous zone.”

Gold futures climbed as much as 1.1 percent to $1,304.30 an ounce, the highest since January 2015, before settling at $1,295.80.

Brent oil retreated 1.7 percent, following a 22 percent surge in April, as near-record Iraqi output added barrels to a worldwide supply glut. Gold climbed for a sixth day, the longest streak since March 2015. Brent crude fell to $46.53 a barrel.

The London Metal Exchange is shut Monday.

Treasury 10-year yields rose 2 basis points to 1.86 percent as trading resumed in New York after being closed for the London morning. The yield dropped five basis points last week. Puerto Rico, a U.S. territory, said Sunday that it will default on a $422 million bond payment for its Government Development Bank.

Canadian government bonds ended their worst month in a year as investors switched bets to central bank interest-rate increases from cuts on signs of economic strength and a crude- oil rally.

German’s 10-year bond yield fell one basis points to 0.27 percent, after three weeks of increases that pushed it to as high as 0.31 percent on April 27, the most in more than a month.

Have a wonderful evening everyone.

Be magnificent!

“Very little is needed to make a happy life; it is all within yourself, in your way of thinking.” Marcus Aurelius

As ever,

Karen

“The purpose of our lives is to be happy.” Dalai Lama

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

May 2, 2016

April 29, 2016 Newsletter

Dear Friends,

Tangents:

May:

The Anglo-Saxons called this month thrimilce, because then cows can be milked three times a day. The present name is the Latin Maius, probably from Maia, the goddess of growth and increase, connected with major. It was the fifth month in the Julian and Gregorian calendars. The old Dutch name was Bloumaand, “blossoming month.” The corresponding month in the French revolutionary calendar was Floréal, “floral”, with a period from modern April 21 to May 20^th.

May Day: Polydore Virgil says that the Roman youths used to go into the fields and spend the calends of May in dancing and singing in honor of Flora, goddess of fruits and flowers. The English celebrated May Day with games and sports, particularly archery and Morris Dances and the setting up of the Maypole. In due time, Robin Hood and Maid Marian came to preside as Lord and Lady of the May, and by the 16^th century May Day was Robin Hood’s day and Robin Hood plays became an integral part of the festivities.

May Day was also formerly the day of the London chimney-sweepers’ festival.

HAPPY MAY DAY EVERYONE!

FYI: I am off to Toronto to visit with clients on Monday and then on to an investment conference in NYC for a couple of days, but I shall be continuously in touch with the office. Therefore, you can leave a message with my assistants if you need anything; they will make sure I get the message so I can reply to you at the first opportunity.

PHOTOS OF THE DAY

Two women walk their dogs near a field of rape in Frankfurt, Germany on Friday. Michael Probst/AP

A man paddles on Lake Geneva on a warm spring afternoon in Lausanne, Switzerland, on Friday. Denis Balibouse/Reuters

Market Closes for April29^th, 2016

Market Index	Close	Change
Dow Jones	17773.64	-57.12 -0.32%

S&P 500	2065.30	-10.51 -0.51%

NASDAQ	4775.359	-29.931 -0.62%

TSX	13951.45	+65.02
		+0.47%

International Markets

Market Index	Close	Change
NIKKEI	16666.05	-624.44
		-3.61%
HANG SENG	21067.05	-320.98
		-1.50%
SENSEX	25606.62	+3.52
		+0.01%
FTSE 100	6241.89	-80.51
		-1.27%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.513	1.479
CND. 30 Year Bond	2.084	2.057
U.S. 10 Year Bond	1.8333	1.8260
U.S. 30 Year Bond	2.6781	2.6843

Currencies

BOC Close	Today	Previous
Canadian $	0.79656	0.79661
US $	1.25540	1.25533

Euro Rate 1 Euro=		Inverse
Canadian $	1.43772	0.69554
US $	1.14514	0.87326

Commodities

Gold	Close	Previous
London Gold Fix	1285.65	1256.00

Oil	Close	Previous
WTI Crude Future	45.92	46.03

Market Commentary:

Canada

By Eric Lam

(Bloomberg) — Canadian stocks advanced, capping a third straight monthly gain, as raw-materials rallied on First Quantum Minerals Ltd.’s earnings and the nation’s economy contracted less than expected in February.

The benchmark S&P/TSX Composite Index rose 0.5 percent to 13,951.45 at 4 p.m. in Toronto. The gauge increased 3.4 percent in April, matching the longest monthly winning streak since August 2014. It also added 0.6 percent in the last five days, to extend the longest stretch of weekly gains since the year began. The S&P/TSX is one of the best-performing developed markets in the world this year as it rebounds from last year’s worst annual decline since 2008.

Canada’s gross domestic product declined 0.1 percent in February, smaller than the median 0.2 percent estimate in a Bloomberg survey of economists. The decline is the first in five months, a rare setback in a quarter economists expect will actually show the best expansion in more than a year. Statistics Canada kept in place its January growth estimate of 0.6 percent, the fastest since 2013.

Raw-materials shares surged 5.4 percent to the highest level in more than a year, one of only three groups in the S&P/TSX to climb Friday. Trading volume was 37 percent higher than the 30-day average in April’s final trading session.

First Quantum jumped 17 percent, climbing to the highest close since July, after reporting first-quarter earnings and revenue ahead of analysts’ estimates. The results reflect higher copper, nickel and zinc output from continuing operations, including the new Sentinel mine, according to Eily Ong, a Bloomberg Intelligence analyst.

Enbridge Inc. and Crescent Point Energy Ltd. fell more than 0.8 percent as energy stocks slipped 0.1 percent, paring a second monthly advance. Oil dropped from a five-month high in New York as OPEC crude production surged by 484,000 barrels a day in April, the most in monthly data going back to 1989. Oil still rose 20 percent this month for the biggest such advance in a year as U.S. production slumped to the lowest level since October 2014.

The resource-dominant S&P/TSX remains closely linked to moves in commodities prices, with an 18 percent rally in the benchmark equity gauge from a Jan. 20 low aligning with a rebound in crude from the lowest levels since 2003. Raw- materials and energy producers are the two top-performing industries in Canada so far this year, up more than 14 percent.

The Canadian benchmark now trades at 21.7 times earnings, about 14 percent higher than the 19 times earnings valuation of the Standard & Poor’s 500 Index, according to data compiled by Bloomberg.

Air Canada soared 13 percent, the most in two years, as the airline reported an unexpected first-quarter profit, benefiting from falling fuel prices and rising traffic.

Valeant Pharmaceuticals International Inc. dropped 5.5 percent after filing its delayed 2015 annual report and saying it may make significant changes to its business strategy. Neither outgoing Chief Executive Officer Mike Pearson nor former Chief Financial Officer Howard Schiller will stand for re- election and five independent directors have also told the board they will not run again.

By Jeremy Herron and Joseph Ciolli

(Bloomberg) — The dollar fellto the lowest level in almost a year on speculation the Federal Reserve won’t rush to raise interest rates. U.S. stocks fell and commoditiesextended gains in their best month since 2010.

The Bloomberg Dollar Spot Index fell for third month, the longest since it started a two-year rally of 20 percent, while the yen had its biggest weekly jump since 2008. Declines in the greenback are proving a boon for raw materials, helping lift gold and silver to 15-month highs. Crude oiljumped 20 percent this month to $46 a barrel in New York. U.S. stocks staged an afternoon comeback to pare a decline and end April slightly higher.

The dollar’s drop comes as personal spending in the U.S. last month reinforced speculation on the pace of Fed tightening as the world’s largest economy struggles to gain traction. The rally in equities spurred by stabilization in the price of crude and the potential for central-bank support has stalled in recent weeks. Corporate results have been mixed, with profits at S&P 500 companies set for a fourth straight quarterly contraction.

“With the inactivity and ineffectiveness progressively for central bank policy, there’s still certainly a lot of hand- wringing to be done,” said Mike Moran, head of economic research for the Americas at Standard Chartered Bank. “It underscores the issue — we’re not in a very strong growth environment globally.”

The Bloomberg dollar gauge, which tracks the greenback against 10 major peers, slipped 0.6 percent as of 4 p.m. in New York, capping a 2 percent weekly loss and third straight monthly slide.

Consumer spending rose less than forecast in March, wrapping up the weakest quarter in a year for the biggest part of the U.S. economy even as incomes accelerated. A tempering of household purchases for the last three quarters has surprised economists given the favorable backdrop of low inflation, job gains and cheap borrowing costs.

The yen strengthened against all 16 major peers for the second day in a row, climbing as much as 1.1 percent to 106.91 a dollar, the strongest level since October 2014. It surged 5.1 percent this week as the Bank of Japan defied economists’ expectations that stimulus would be stepped up.

Emerging-market currencies rose for a third month advance as oil rallied. The MSCI Emerging Markets Currency Index touched the highest level since July on Friday. The ruble extended the best start to a year on record as Russia’s central bank left borrowing costs on hold. Colombia’s peso rose 0.7 percent, pushing its gain in April to 5.1 percent. South Africa’s rand advanced 0.4 percent, extending a monthly gain to 3.7 percent. The Brazilian real strengthened 4.4 percent in April.

The S&P 500 Index fell 0.6 percent to 2,065.50, the lowest in two weeks. It’s fallen 1.4 percent in two days, the most since Feb. 9. The gauge lost 1.3 percent in the week, paring a monthly gain to 0.3 percent. It’s now fallen 1.7 percent since April 20, when it closed at 2,102.40 and was within 1 percent of an all-time high.

“A lot of optimism came into the market last week as we crossed 2,100, which makes it vulnerable to a short-term pullback,” said Bruce Bittles, chief investment strategist at Milwaukee-based Robert W. Baird, which oversees $110 billion. “The market is being supported by very favorable monetary policy, but valuations are very stretched and earnings aren’t coming through.”

Amazon.com Inc. surged as it reported sales and profit that topped estimates. Chevron Corp. fell after reporting a wider- than-estimated loss. Gilead Sciences Inc. retreated as its profit missed estimates on lower-than-expected sales of its hepatitis C treatments.

The Stoxx Europe 600 Index fell 2.1 percent, for its biggest drop since Feb. 24 and paring its monthly increase to 1.2 percent. All its industry groups declined Friday.

The MSCI Emerging Markets Index dropped 0.6 percent, trimming this month’s advance to 0.3 percent. The gauge has climbed 5.7 percent this year, compared with a 1 percent gain in the MSCI World Index of developed markets.

The global gluts that have plagued markets from crude oil to zinc are finally starting to subside, sending commodities to their biggest monthly gain since December 2010. The Bloomberg Commodity Index, a measure of returns on 22 raw materials, rose 0.8 percent, extending this month’s gain to 8.5 percent.

Oil dropped Friday from a five-month high as surging OPEC crude production is seen swelling global stockpiles. Futures settled at $45.92 a barrel in New York. WTI is up 20 percent this month, the most in a year, rebounding after slumping to the lowest since 2003 earlier this year.

Base metals rallied, with aluminum set for its biggest monthly advance since 2012 amid signs of improved demand in China, the world’s biggest consumer. Raw materials have recovered as China’s property and construction industry rebounded after a slow start to the year. Copper, zinc, lead and nickel climbed at least 1 percent.

Gold and silver rose, both closing at the highest since January 2015.

The Bloomberg U.S. Treasury Index declined 0.3 percent in April, set for the first monthly loss of 2016. The 10-year yield was little changed at 1.83 percent on Friday, having started the month at 1.77 percent. Similar-maturity bonds in Japan yielded minus 0.085 percent at the end of their final trading session in April.

The 10-year break-even rate, which measures the difference between yields on 10-year notes and equivalent Treasury Inflation-Protected Securities, widened for a 10th day. The gauge of the expected annual inflation pace over the next decade climbed to 1.73 percentage points, the highest since July.

Government bonds from Germany to Spain and Italy capped monthly declines amid signs of optimism about the regional and global economy, with data Friday showing euro-zone economic growth quickened more than analysts predicted in the first quarter. German 10-year bund yields rose two basis points to 0.27 percent, leaving them 12 basis points higher in the month.

Have a wonderful weekend everyone.

Be magnificent!

The sum-total of the experience of the sages of the world is available to us

and would be for all time to come.

Moreover, there are not many fundamental truths,

but there is only one fundamental truth which is Truth itself,

otherwise known as nonviolence.

Mahatma Gandhi

As ever,

Carolann

Enthusiasm is the most important thing in life.

–Tennessee Williams, 1911-1983

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

April 28, 2016

April 28, 2016 Newsletter

Dear Friends,

Tangents:

TODAY IN HISTORY

The crew of the British ship Bounty mutineed, setting Captain William Bligh and 18 sailors adrift in a launch in the South Pacific.

Captain Bligh describes the mutiny on the Bounty, 1789, in his Journal, quoted by John Barrow, Second Secretary of the Admiralty:

Just before sun rising…while I was yet asleep, Mr. Christian, officer of the watch, Charles Churchill, ship’s corporal, John Mills, gunner’s mate, and Thomas Burkitt, seaman, came into my cabin, and seizing me, tied my hands with a cord behind my back, threatening me with instant death if I spoke or made the least noise. I called, however, as loud as I could in hopes of assistance; but they had already secured the officers who were not of their party, by placing sentinels at their doors. There were three men at my cabin door, besides the four within…The officers and men being in the boat, they only waited for me, of which the master-at-arms informed Christian; who then said – “Come, Captain Bligh, your officers and men are now in the boat, and you must go with them; if you attempt to make the least resistance, you will instantly be put to death”; and without further ceremony, with a tribe of armed ruffians about me, I was forced over the side, when they untied my hands. Being in the boat, we were veered astern by a rope, a few pieces of pork were thrown to us, and some clothes, also the cutlasses I have already mentioned; and it was then that the armourer and carpenters called out to me to remember that they had no hand in the transaction. After having undergone a great deal of ridicule, and been kept for some time to make sport for these unfeeling wretches, we were at length cast adrift in the open ocean.

PHOTOS OF THE DAY

A 23-day-old hamadryas baboon plays with a stuffed toy at Sri Chamarajendra Zoological Gardens in the southern Indian city of Mysuru on Thursday. According to a zoo doctor, the baboon was abandoned by its mother after its birth. Abhishek N. Chinnappa/Reuters

A woman looks at a dummy displayed in front of a fashion shop in Nice, southeastern France, Thursday. Lionel Cironneau/AP

Market Closes for April28^th, 2016

Market Index	Close	Change
Dow Jones	17830.76	-210.79 -1.17%

S&P 500	2073.01	-22.14 -1.06%

NASDAQ	4805.289	-57.852 -1.19%

TSX	13882.79	-4.87
		-0.04%

International Markets

Market

Index

Close

Change

NIKKEI

16666.05

-624.44

-3.61%

HANG

SENG

21388.03

+26.43

+0.12%

SENSEX

25603.10

-461.02

-1.77%

FTSE 100

6322.40

+2.49

+0.04%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.479	1.499
CND. 30 Year Bond	2.057	2.059
U.S. 10 Year Bond	1.8260	1.8472
U.S. 30 Year Bond	2.6843	2.7023

Currencies

BOC Close	Today	Previous
Canadian $	0.79661	0.79
US $	1.25533	1.2590

Euro Rate 1 Euro=		Inverse
Canadian $	1.42535	0.70158
US $	1.13544	0.88066

Commodities

Gold	Close	Previous
London Gold Fix	1256.00	1247.40

Oil	Close	Previous
WTI Crude Future	46.03	45.33

Market Commentary:

Canada

By Eric Lam

(Bloomberg) — Canadian stocks closed little changed as gold producers rallied, offset by disappointing earnings from Potash Corp. of Saskatchewan Inc. and Constellation Software Inc.

The benchmark Standard & Poor’s/TSX Composite Index fell less than 0.1 percent to 13,886.43 at 4 p.m. in Toronto, erasing a gain of as much as 0.6 percent in the final hour of trading. The gauge halted the longest losing streak in three weeks on Tuesday, and is one of the best-performing developed market in the world this year as it rebounds from last year’s worst annual decline since 2008.

Barrick Gold Corp. and Goldcorp Inc. rallied at least 4.6 percent as gold producers surged to a more than two-year high. Gold prices got a surprise lift after the Bank of Japan opted against boosting stimulus, weakening the dollar. Gold for June delivery climbed 1.3 percent to settle at $1,266.40 an ounce in New York.

Raw-materials producers jumped 2.2 percent, the most in the Canadian benchmark equity gauge as four of 10 industries in the S&P/TSX advanced. Constellation Software sank 5.1 percent to a two-month low after posting first-quarter adjusted earnings of $2.95 a share, short of consensus estimates of $4.45. Technology stocks slid 1.7 percent as a group, the steepest drop since March 4.

Bombardier added 1.5 percent, extending a July high, after landing a $5.6 billion deal based on list prices to sell at least 75 of its C Series jets to Delta Air Lines Inc. with an option to buy 50 more. Bombardier also reported a wider-than- estimated quarterly loss, while revenue was short of analysts’ forecasts.

Potash Corp. slipped 3.6 percent to a five-week low after cutting its full-year profit forecast as fertilizer prices declined and China delayed signing key supply contracts. The forecast for potash production at the world’s second-largest producer of the fertilizer was also reduced. First quarter sales and profit also slumped.

The Canadian benchmark now trades at 21.9 times earnings, about 15 percent higher than the 19.1 times earnings valuation of the Standard & Poor’s 500 Index, according to data compiled by Bloomberg.

By Anna-Louise Jackson and Joseph Ciolli

(Bloomberg) — U.S. stocks fell, with the Standard & Poor’s 500 Index capping the biggest drop in three weeks, as Apple Inc. led an afternoon selloff in technology shares, overshadowing corporate deals and strong results from Facebook Inc.

Sentiment was fragile heading into today’s session after the Bank of Japan refrained from adding more stimulus measures, and turned sour after Carl Icahn said he sold out of his stake in Apple Inc. That sent the iPhone maker’s shares to a two-month low with tech companies tumbling along with it, despite Facebook surging to a record. After the market closed, Amazon.com Inc. rallied on better-than-estimated results.

The S&P 500 Index fell 0.9 percent to 2,075.81 at 4 p.m. in New York, the most since April 7. The gauge is still up 0.8 percent for the month. The Dow Jones Industrial Average slid 210.79 points, or 1.2 percent, to 17,830.76, the biggest decline in more than two months. The Nasdaq Composite Index lost 1.2 percent to a one-month low, extending its longest retreat since January. About 8.1 billion shares traded hands on U.S. exchanges, 3 percent above the three-month average.

“When the news on Icahn’s Apple sale came out, that really got people worried,” said Matt Maley, an equity strategist at Miller Tabak & Co. LLC in New York. “It’s hard for the stock market to rally to new highs when Apple isn’t moving higher. Facebook seemed to offset the BOJ news, but as Apple moved to new lows, it got people more concerned. It overtook the positive news in the market.”

Equities had overcome an opening slide, with the S&P 500 erasing losses within the first hour of trading as Facebook helped carry tech shares higher. A $25 billion buyout of St. Jude Medical Inc. by Abbott Laboratories, and Comcast Corp.’s $3.8 billion deal to acquire DreamWorks Animation SKG Inc. also buoyed sentiment. The two companies soared more than 24 percent. Tech’s advance withered, however, amid weak earnings news that has dogged the group, and declines accelerated as Apple slumped.

The S&P 500 had rebounded as much as 15 percent from a 22- month low in February, taking its valuation to nearly 18 times estimated profits, near last year’s high. The benchmark has labored for six sessions to press beyond a four-month peak reached on April 20 amid mixed quarterly results from corporate America.

“I’ve certainly been surprised by the ability of the market to hang in there with as many mediocre earnings as we’ve seen so far and I think it was too many,” said Michael Antonelli, an institutional equity sales trader and managing director at Robert W. Baird & Co. in Milwaukee. “It shows people are looking to sell rallies. Late day price action like this is really, really bad for short-term sentiment.”

Among shares moving on earnings news Thursday, GNC Holdings Inc. plunged 29 percent the most in five years as a public company after earnings missed estimates. Cardinal Health Inc. saw its worst drop since 2009 after narrowing its full-year profit outlook below analysts’ predictions. That weighed on competing drug distributor McKesson Corp., which dropped 4.8 percent, the most in three months.

Cliffs Natural Resources Inc. jumped 25 percent, its best one-day gain in more than seven years after its revenue beat estimates and the miner lifted its spending outlook. Pilgrim’s Pride Corp. surged the most since 2013 after earnings exceeded predictions and the chicken producer declared a special dividend.

Amazon jumped 12 percent as of 4:33 p.m. after its sales and earnings topped estimates, adding to evidence that the company can make money even while investing heavily in endeavors like one-hour delivery and marketing new gadgets like the Echo voice-activated home assistant.

Stocks climbed for a second day on Wednesday after the Federal Reserve reassured investors by signaling interest-rate increases will be gradual. The Fed kept its benchmark rate unchanged, saying it will monitor economic developments amid slow but steady growth. Traders are now pricing in a nearly 60 percent chance of higher borrowing costs in December, the first month with better than even odds for a boost.

Monetary policy during the past seven years has been a strong support to a bull market that is now the second-longest ever at 2,607 days, matching a rally from 1949 to 1956. Only the dot-com bubble of the 1990s lasted longer at 3,452 days. Stocks are currently stuck in their longest period of stasis since the rally began, going 11 months without posting a 52-week high.

That may be due in part to an earnings season predicted to be the worst since the financial crisis, with analysts expecting a 9.2 percent decline in first-quarter profit for firms in the S&P 500. Of those that have released results so far, 78 percent beat profit projections and 59 percent topped sales estimates.

As policy makers and investors weigh data to discern the path for rates, a report today showed the economy expanded in the first quarter at the slowest pace in two years. A measure of inflation tied to personal spending and excluding volatile food and fuel costs climbed 2.1 percent, the most in four years and in line with policy makers’ target.

In Thursday’s trading, nine of the S&P 500’s 10 main industries fell, with technology, energy, consumer discretionary and financial shares losing more than 1.1 percent. The tech group marked a sixth straight drop, the lengthiest since Jan. 8, with Apple posting its longest losing streak in more than three years.

The Chicago Board Options Exchange Volatility Index jumped 10 percent to 15.14 to a two-week high. The measure of market turbulence known as the VIX erased losses for April, putting it on track for the fifth monthly gain in the last six.

Technology shares erased a morning gain of 0.6 percent, with the group continuing to struggle amid earnings news that was less impressive than Facebook’s. Xilinx Inc. fell 8.7 percent after its fiscal 2017 profit forecast trailed estimates. Symantec Corp. sank 6.7 percent as the world’s biggest maker of cyber-security software cut its earnings and sales forecasts for the fiscal fourth quarter and said Chief Executive Officer Michael Brown will step down.

International Business Machines Corp. lost 2.3 percent. The tech giant’s debt ratings outlook was revised to “negative” by S&P after the company posted its 16th consecutive quarter of declining revenue and reduced its forecast for second-quarter profits. Microsoft Corp. and Alphabet Inc. sank at least 2 percent, with both reaching two-month lows.

Energy producers fell from a five-month high, even as crude oil increased for a third session, up 1.5 percent. Marathon Oil Corp. and Apache Corp. slid more than 3.3 percent, while Southwestern Energy Co. dropped 6.4 percent after a two-day gain of 13 percent.

Other shares moving on corporate news included Hanesbrands Inc., which rallied 6.3 percent to an eight-week high after agreeing to acquire Australia’s Pacific Brands Ltd. that values the company at about $800 million. FirstEnergy Corp. tumbled 9.9 percent, the steepest since 2008, after regulators agreed to review its power contracts with American Electric Power Co. in Ohio.

Have a wonderful evening everyone.

Be magnificent!

To make a decision is an illusion.

Behind the decision

is the hidden belief

that everyone is the same.

Swami Prajnanpad

As ever,

Carolann

Oh wonder!

How many goodly creature are there here!

How beauteous mankind is! Oh, brave new world,

That has such people in’t!

-William Shakespeare, 1564-1616, The Tempest

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

April 28, 2016

April 27, 2016 Newsletter

Dear Friends,

Tangents:

THE SPARROWS

Catching winter in their carved nostrils
the traitor birds have deserted us,
leaving only the dullest brown sparrows
for spring negotiations.

I told you we were fools
to have them in our games,
but you replied:
They are only wind-up birds
who strut on scarlet feet
so hopelessly far
from our curled fingers.

I had moved to warn you,
but you only adjusted your hair
and ventured:
Their wings are made of glass and gold
and we are fortunate
not to hear them splintering
against the sun.

Now the hollow nests
sit like tumours or petrified blossoms
between the wire branches
and you, an innocent scientist,
question me on these brown sparrows:
whether we should plant our yards with breadcrumbs
or mark them with the black , persistent crows
whom we hate and stone.

But what shall I tell you of migrations
when in this empty sky
the precise ghosts of departed summer birds
still trace old signs;
or of desperate flights
when the dimmest flutter of a coloured wing
excites all our favourite streets
to delight in imaginary spring.

-Leonard Cohen, Let Us Compare Mythologies.

PHOTOS OF THE DAY

A cloud of insecticide is seen over Havana at dawn Wednesday after fumigation against the Aedes aegypti mosquito in the fight against the Zika virus. Enrique de la Osa/Reuters

Greek rowing World Champion Katerina Nicolaidou lights a cauldron with the Olympic Flame during the handover ceremony of the flame to the delegation of the 2016 Rio Olympics at Panathenaic Stadium in Athens on Wednesday. Alkis Konstantinidis/Reuters

Market Closes for April27^th, 2016

Market Index	Close	Change
Dow Jones	18041.55	+51.23 +0.28%

S&P 500	2095.15	+3.45 +0.16%

NASDAQ	4863.14	-25.143 -0.51%

TSX	13887.66	+78.22
		+0.57%

International Markets

Market Index	Close	Change
NIKKEI	16666.05	-624..44
		-3.61%
HANG SENG	21388.03	+263.43
		+0.12%
SENSEX	25603.10	-461.02
		-1.77%
FTSE 100	6319.91	+35.39
		+0.56%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.499	1.551
CND. 30 Year Bond	2.059	2.094
U.S. 10 Year Bond	1.8472	1.9307
U.S. 30 Year Bond	2.7023	2.7531

Currencies

BOC Close	Today	Previous
Canadian $	0.79	0.79315
US $	1.2590	1.2608

Euro Rate 1 Euro=		Inverse
Canadian $	1.42	0.70
US $	1.1311	0.88

Commodities

Gold	Close	Previous
London Gold Fix	1247.40	1241.70

Oil	Close	Previous
WTI Crude Future	45.33	44.04

Market Commentary:

Canada

By Eric Lam

(Bloomberg) — Canadian stocks climbed a second day, as energy and raw-materials producers advanced after oil closed at its highest level since November.

The benchmark Standard & Poor’s/TSX Composite Index rose 0.6 percent to 13,887.66 at 4 p.m. in Toronto. The gauge halted the longest losing streak in three weeks on Tuesday, and is neck-and-neck with New Zealand as the best-performing developed market in the world this year, with a 6.8 percent gain.

Six of the S&P/TSX’s 10 industries advanced, with utilities and raw-materials rising at least 1.3 percent. Bond yields tumbled after Federal Reserve policymakers signaled they will retain a “gradual” approach to raising interest rates even amid signs of improvement in the world’s largest economy.

Energy producers climbed 1 percent, after rallying as much as 1.8 percent. West Texas Intermediate crude futures rose 2.9 percent, settling at $45.33 a barrel in New York. The commodity briefly erased gains after data showed crude inventories rose 2 million barrels last week, ahead of a 1.75 million barrel advance projected by analysts surveyed by Bloomberg.

Cenovus Energy Inc. added 1.6 percent after reporting lower production and operating costs in the first quarter from year- ago levels, offsetting a wider operating loss than analysts expected. The oil and gas producer said the quarterly results are not indicative of potential performance for the rest of the year.

Potash Corp. of Saskatchewan Inc. added 1.9 percent before its earnings report on Thursday, while Goldcorp Inc. gained 1.8 percent as gold prices climbed for a third day.

Companies including BP Plc, Nabors Industries Ltd. and explorer Pioneer Natural Resources Co. have all said in the past 24 hours that prices above $50 will help drive a recovery in the oil industry, while The World Bank boosted its forecast for oil prices this year to an average of $41 a barrel, up from a January forecast of $37.

The Canadian benchmark now trades at 22.2 times earnings, about 15 percent higher than the 19.3 times earnings valuation of the Standard & Poor’s 500 Index, according to data compiled by Bloomberg.

By Anna-Louise Jackson and Oliver Renick

(Bloomberg) — U.S. stocks advanced after the Federal Reserve reassured investors by continuing to signal it will proceed gradually in raising interest rates amid slow but steady growth in the economy.

The Standard & Poor’s 500 Index climbed for a second day as energy producers rallied after oil surged above $45 a barrel in a whipsaw session. Those gains helped to offset losses among technology companies after Apple Inc. tumbled the most since January as its results disappointed. The Nasdaq 100 Index fell 0.8 percent to the lowest in nearly a month. Facebook Inc. jumped after the market closed as its results beat estimates.

The S&P 500rose 0.2 percent to 2,095.15 at 4 p.m. in New York, after erasing a decline of as much as 0.5 percent. The Dow Jones Industrial Average added 51.23 points, or 0.3 percent, to 18,041.55, even with a roughly 45-point negative drag from Apple. About 7.3 billion shares traded hands on U.S. exchanges, 8 percent below the three-month average.

In its statement, the Federal Open Market Committee today omitted previous language that “global economic and financial developments continue to pose risks,” tacitly nodding to improvement in financial markets, and instead said officials will “closely monitor” such developments. The Fed left its benchmark interest rate unchanged. The committee reiterated that it will probably raise rates at a “gradual” pace.

“They’ve reassured the market it’s going to be a slow and gradual pace and that they expect the economy to improve moderately,” said Michael Arone, the Boston-based chief investment strategist at State Street Global Advisors’ U.S. intermediary business. “It was about as expected and they made their comments as wide in scope as possible and as a result there’s not much you can grasp onto to say they’re going to change their path.”

The S&P 500 is up 3.4 percent since the Fed’s last meeting, when policy makers balked at lifting rates and signaled a slower pace for increases, citing risks from “global economic and financial developments” that could weigh on U.S. growth. Fed Chair Janet Yellen reiterated last month that the central bank will proceed cautiously.

“Looks as if we will continue with the ‘slower growth, lower rates for longer’ scenario,” said Chris Gaffney, president of EverBank World Markets in St. Louis. “Nothing here would indicate a June hike is any more likely than before the statement. Markets are still predicting a ‘hold’ in interest rates until the end of 2016.”

The recent equity rally had lost momentum following a four- month peak on April 20, as a batch of muted earnings reports failed to provide fresh impetus to send the S&P 500 higher. The benchmark index has rebounded 14 percent since a 22-month low in February, helped by surging oil prices and optimism the Fed will remain supportive of growth. It briefly climbed within 1 percent of its May record last week, before receding.

Gains of at least 3 percent today in EBay Inc., Boston Scientific Corp. and Mondelez International Inc. after better- than-forecast results helped boost equities. Meanwhile, Apple’s first sales drop in more than a decade sent the broader tech group to the lowest level in six weeks. Microsoft Corp. and Alphabet Inc. sank for the third time in four sessions, with each posting losses of at least 7.5 percent during the period.

Boeing Co. gained 2.9 percent to help boost the Dow, even as its quarterly profit was short of analysts’ forecasts as a charge for cost overruns on refueling tankers overshadowed improvements in cash flow and the company’s 787 Dreamliner production. United Technologies Corp. advanced 1 percent after its profit beat estimates as the company reined in costs to overcome sluggishness in China.

Earnings remain squarely in focus, with more than a third of S&P 500 companies reporting this week, including Amazon.com Inc., Ford Motor Co. and Altria Group Inc. Analysts are projecting a 9.2 percent decline in first-quarter profit for firms in the benchmark, the worst performance since the financial crisis. Of those that have released results, 81 percent beat profit projections, while 58 percent topped sales forecasts.

Facebook climbed 8.5 percent as of 4:36 p.m. after reporting sales and profit that beat analysts’ estimates on a boom in mobile advertising, boosted by newer ads on Instagram and video.

In Wednesday’s trading, nine of the S&P 500’s 10 main industries advanced, while technology shares lost 0.9 percent, cutting the day’s losses by more than half. Energy, utility and phone companies — the benchmark’s strongest performers this year — increased at least 1.4 percent.

Verizon Communications Inc. gained 2.5 percent, the most in three months, as the company and two labor unions representing 39,000 striking workers plan to resume negotiations on Thursday. Utility companies advanced for a fourth day, the longest streak since March 17.

The Chicago Board Options Exchange Volatility Index fell 1.4 percent to 13.77, erasing a 7 percent climb. The measure of market turbulence known as the VIX also wiped out a monthly increase.

Energy stocks rose for a second day to levels last seen in November, even as a report showed U.S. crude stockpiles climbed to the highest since 1929. FMC Technologies Inc. jumped 6.5 percent to a four-month peak even after reporting quarterly results that missed estimates. Hess Corp. slumped 3.1 percent its earnings report.

Among company’s moving on earnings news, Boston Scientific jumped to a nearly 10-year high after the maker of heart rhythm devices raised its 2016 profit forecast as four of its seven businesses posted double-digit sales growth in the first quarter. Similarly, Assurant Inc. surged 7.6 percent, the biggest gain in six years, on better-than-expected results.

Robert Half International Inc. tumbled 12 percent, the most in more than 15 years, after it missed earnings estimates and an analyst downgraded the stock. Goodyear Tire & Rubber Co. slipped 7.4 percent, the worst since July 2014, after disappointing sales results as losses in its Venezuelan unit overshadowed demand for its premium tires.

H&R Block Inc. slumped 14 percent to a three-year low, after the company forecast lower revenue for the current fiscal year and said it plans cost cuts and management changes. The stock has lost 39 percent this year. Chipotle Mexican Grill Inc. dropped 6.4 percent, the steepest in three months, as its latest results showed the company has yet to turn the page on the food- safety crisis that has dogged it for half a year.

Have a wonderful evening everyone.

Be magnificent!

We do not progress from error to truth, but from truth to truth.

Thus we must see that none can be blamed for what they are doing, because they are,

at this time, doing the best they can. We learn only from experience.

Swami Vivekananda

As ever,

Carolann

When you reach the top. That’s when the climb begins.

-Michael Caine, 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

April 26, 2016

April 26, 2016 Newsletter

Dear Friends,

Tangents:

1937: Massacre, Guernica, Spain.

1986: The worst nuclear power plant accident in history occurs at the Chernobyl nuclear plant.

QUOTE OF THE DAY

“By 2020, we’ll be able to live without oil.”

Deputy Crown Prince Mohammed bin Salman on Saudi Arabia’s plans, unveiled yesterday, to free the kingdom from its dependence on oil revenues, in part by selling a stake in its state-owned oil company and creating the world’s largest sovereign-wealth fund.

PHOTOS OF THE DAY

Syrian refugee Ibrahim Al-Hussein (c.), a freestyle swimmer, basketball player and former judo wrestler, receives the Olympic flame Tuesday from the head of Greece’s Olympic Committee, Spyros Capralos, at the Elaionas camp, home to about 1,500 refugees and other migrants, in Athens. The flame arrives in Brazil on May 3 and will be relayed across the vast country by about 12,000 torchbearers before the Aug. 5 opening ceremony in Rio de Janeiro’s Maracana Stadium. Thanassis Stavrakis/AP

Athletes present the official uniforms of Germany’s Olympic and Paralympic teams for the Rio 2016 Summer Olympic Games, in Duesseldorf, Germany, Tuesday. Wolfgang Rattay/Reuters

Market Closes for April26^th, 2016

Market Index	Close	Change
Dow Jones	17990.32	+13.08 +0.07%

S&P 500	2091.70	+3.91 +0.19%

NASDAQ	4888.309	-7.477 -0.15%

TSX	13809.44	+13.45
		+0.10%

International Markets

Market Index	Close	Change
NIKKEI	17353.28	-86.02
		-0.49%
HANG SENG	21407.27	+102.83
		+0.48%
SENSEX	26007.30	+328.37
		+1.28%
FTSE 100	6284.52	+23.60
		+0.38%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.551	1.548
CND. 30 Year Bond	2.094	2.102
U.S. 10 Year Bond	1.9307	1.9092
U.S. 30 Year Bond	2.7531	2.7324

Currencies

BOC Close	Today	Previous
Canadian $	0.79315	0.78902
US $	1.26080	1.26740

Euro Rate 1 Euro=		Inverse
Canadian $	1.42445	0.70202
US $	1.12980	0.88511

Commodities

Gold	Close	Previous
London Gold Fix	1241.70	1238.90

Oil	Close	Previous
WTI Crude Future	44.04	42.68

Market Commentary:

Tweet of the Day

From Dec. 31, 1990 thru April 22, 2016, the S&P 500 posted a 9.9% CAGR, including dividends reinvested, and rose in 21 or 25 years.

— Sam Stovall @StovallSPGlobal

Canada

By Eric Lam

(Bloomberg) — Canadian stocks rose for the first time in four days as energy producers advanced with crude oil.

The benchmark Standard & Poor’s/TSX Composite Index rose 0.1 percent to 13,809.44 at 4 p.m. in Toronto, paring gains in the final hour of trading. The equity gauge managed to snap the longest losing streak in three weeks after fluctuating in morning trading. The gauge is one of the best-performing developed markets in the world this year with a 6.2 percent gain.

Teck Resources Ltd. added 4.8 percent after reporting a surprise first-quarter adjusted profit to lead raw-materials producers higher as five of 10 industries increased. Industrial stocks sank 2.2 percent to offset some gains, led by a 1 percent decline in Canadian National Railway Co.

Canadian National slid to the lowest since March 3 after the country’s largest railroad operator cut its full-year profit target for the first time in eight years amid weaker-than- expected demand for commodities including coal and crude. Adjusted earnings for 2016 will be in line with 2015’s C$4.44 a share, down from earlier forecasts of a mid to single-digit increase for the year, the Montreal-based company said in a statement Monday.

Encana Corp. and Crescent Point Energy Corp. climbed at least 2.1 percent as energy stocks advanced 0.4 percent. Crude futures gained 3.3 percent in New York, trading above $44 a barrel to a five-month high amid signs that a global surplus is gradually diminishing, even as markets remain oversupplied.

The Canadian benchmark now trades at 22 times earnings, about 14 percent higher than the 19.2 times earnings valuation of the Standard & Poor’s 500 Index, according to data compiled by Bloomberg.

Bombardier Inc. rallied 8.9 percent, for the highest close since July, after the aircraft manufacturer signed a firm order with Chorus Aviation Inc. valued at $229 million for five aircraft with an option for five more.

Husky Energy Inc. sank 9.2 percent, the most since October, after the energy company raised C$1.7 billion in relief for some of its Canadian pipelines from Li Ka-Shing, Hong Kong’s richest man, who controls the company. A couple of Li’s other units bought 65 percent of Husky’s midstream operations, which will continue to be run by Husky. The energy producer also posted a C$458 million loss in the first quarter, compared with a profit a year ago.

By Anna-Louise Jackson

(Bloomberg) — The Standard & Poor’s 500 Index edged higher amid mixed corporate earnings results, while crude oil rallied to lift commodity producers and investors awaited tomorrow’s Federal Reserve policy update.

Equities have had difficulty making further headway after reaching multi-month highs last week, holding in a tight range as the flow of financial results accelerates. Better-than- forecast profits at Procter & Gamble Co. and 3M Co. were greeted with ambivalence today as shares in the two companies retreated more than 1.3 percent. DuPont Co. added 2.4 percent after raising its 2016 earnings outlook. After markets closed, Apple Inc. sank and Twitter Inc. tumbled as their results disappointed.

The S&P 500 rose 0.2 percent to 2,091.70 at 4 p.m. in New York, the fourth daily move of 0.2 percent or less since closing last Wednesday at the highest since Dec. 1. The Dow Jones Industrial Average added 13.08 points, or 0.1 percent, to 17,990.32. The Russell 2000 Index advanced 1.1 percent to the highest since Dec. 29 as crude boosted energy shares in the gauge. The Nasdaq Composite Index slipped 0.2 percent. About 6.5 billion shares traded hands on U.S. exchanges, 18 percent below the three-month average.

“The S&P 500 is at what I consider to be a key resistance area in that 2,090 range, so it’s going to take some good news to push through that,” said Alan Gayle, a senior strategist at Atlanta-based RidgeWorth Investments, which has about $37 billion in assets. “The FOMC starts its deliberations now and so it would appear at this critical positioning in the market near resistance that traders may be just waiting on the sidelines until the FOMC is done before making any real bets.”

A two-month rally has sputtered as a mix of uninspiring corporate results have given investors little incentive to push the S&P 500 higher after it reached a four-month peak. The U.S. benchmark index has rebounded 14 percent since a 22-month low in February, helped by a rise in oil prices and optimism the Fed will remain supportive of growth. The gauge last week briefly climbed within 1 percent of a record set in May.

As the earnings season picks up pace, analysts are projecting a 9.2 percent decline in first-quarter profit for S&P 500 companies, compared with forecasts for flat growth at the start of the year. More than a third of the companies in the main U.S. equity index report this week. Of those that have released results so far, 80 percent beat profit projections, while 59 percent topped sales forecasts.

Apple fell 6 percent as of 4:46 p.m. after it posted its first quarterly revenue drop in more than a decade and forecast another decline in the current period, dragged down by waning demand for the iPhone. The company boosted its dividend and stock-buyback program. Twitter tumbled 11 percent after forecasting current-quarter revenue that will fall short of analysts’ estimates, signaling the struggle to add users have dented advertising sales for the social network.

Among the companies that reported today, Corning Inc. and Whirlpool Corp. sank more than 3.5 percent after their results missed estimates. Ryder System Inc. and truck maker Paccar Inc. gained at least 5.1 percent after exceeding forecasts. Coach Inc. climbed 4.2 percent, the best day since January after topping profit expectations amid signs its turnaround is progressing.

With policy makers and investors assessing data to judge the strength of the economy, a report today showed orders for U.S. durable goods climbed less than forecast in March as demand for capital equipment remained weak. A separate reading on home prices in 20 U.S. cities rose less than forecast in February from a year earlier. Another gauge showed consumer confidence decreased more than forecast in April.

While traders are pricing in zero chance of the Fed increasing interest rates tomorrow, investors will be looking for any clues on potential shifts in the trajectory of borrowing costs. September is now the first month with at least even odds for a rate boost.

“We are looking for some direction in terms of, is this the low for earnings this year, and can we expect an improvement going into year end,” said Daniel Murray, the London-based head of research at EFG Asset Management, which oversees about $12 billion. “Clearly what the Fed says will be important from that perspective.”

Six of the S&P 500’s 10 main industries advanced Tuesday, with energy and raw-materials shares rising more than 1.1 percent. Technology, health-care, consumer staples and phone companies lost at least 0.3 percent.

Energy stocks rebounded 1.4 percent to erase a 1.1 percent slide on Monday. West Texas Intermediate crude rose 3.3 percent, above $44 a barrel amid signs that a global surplus is gradually diminishing. Pioneer Natural Resources Co. gained 7.7 percent, the most in two months after the company lifted its 2016 production growth target. ConocoPhillips increased 3.9 percent.

DuPont’s advance, along with a 2.2 percent gain in merger partner Dow Chemical Co. boosted raw-materials shares back to a nine-month high. Alcoa Inc. jumped 4.9 percent, the most in five weeks, and Newmont Mining Corp. added 2.8 percent after RBC Capital Markets LLC upgraded the shares to the equivalent of buy.

Hershey Co. and Procter & Gamble declined more than 1.9 percent to lead consumer staples shares lower following their results. Hershey missed quarterly sales estimates and cut its 2016 net sales view. P&G beat forecasts, though its cost cuts helped cushion the blow of tepid sales.

Drug companies dragged on the health-care group for a second day. Eli Lilly & Co slipped 2.1 percent after its profit missed analysts estimates. The company raised its 2016 earnings forecast after a tax benefit. Biotechnology shares sank, led by Sarepta Therapeutics Inc. which plunged 26 percent after a regulatory panel failed to back the company’s experimental drug to treat a form of muscular dystrophy. The Nasdaq Biotech Index slid 1.5 percent.

Corning’s biggest drop since July 2014 and a 7.7 percent slide in Flir Systems Inc. weighed on the tech group, which extended the longest losing streak in more than three months. Google parent Alphabet Inc. and Microsoft Corp. both erased yesterday’s bounces, declining at least 1.2 percent. Meanwhile, semiconductors rose, led by Micron Technology Inc.’s steepest climb since January amid optimism on pricing for dynamic random- access memory chips. Qorvo Inc. increased 2.8 percent.

Have a wonderful evening everyone.

Be magnificent!

Do not destroy. Iconoclastic reformers do no good to the world.

Help, if you can; if you cannot, fold your hands, stand by and see things go on.

Therefore say not a word against any man’s convictions, so far as they are sincerer.

Secondly, take man where he stands, and from thence give him a lift.

Swami Vivekananda

As ever,

Carolann

I never lose sight of the fact that just being is fun.

-Katherine Hepburn, 1907-2003

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

April 25, 2016

April 25, 2016 Newsletter

Dear Friends,

Tangents:

Poem: Selected by Matthew Zapruder

Bernadette Mayer is associated with the so-called New York School – poets whose work tends to explicitly explore the interactions between mundane daily life and the imagination. Mayer’s poems are often informal and diaristic, and maintain a tensile balance between what Wallace Stevens called “the pressure of the real” and the possibility of an inner life. Here the poet fails, tragically,, to create a space for herself free of our global worries. – NY Times, April 24, 2016.

Waiting for Dave, Megan and Issa

By Bernadette Mayer

Where am I
It’s supposed to be hot and sunny
But it’s cool and threatening
Threatening to be changeable
There’s a crisis in the banking system
Of Afghanistan, some people think the president
Of Syria is dead and in Japan old people will
Take over the work at the threatened nuclear power
Plants so the jeopardizing of their health
Will matter less, in years I guess, nobody
Has figured out what to do with nuclear waste
In Denmark it’s to be buried and so nobody
In future times will unearth it, the whole
Area will be covered with faux thorns
Now it is overcast
There’s an ominous wind blowing
Wait, everything’s looking a little brighter
Oh no, it’s darkening.

Matthew Zapruder is the author of four poetry collections, includeing most recently “Sun Bear,” He teaches poetry at Saint Mary’s College of California and is editor at large at Wave Books. Bernadette Mayer is a poet whose most recent collection, “Works and Days,” will be published by New Directions in June.

PHOTOS OF THE DAY

Solar Impulse 2 flies over San Francisco, Saturday. The solar-powered airplane, which is attempting to circumnavigate the globe to promote clean energy and the spirit of innovation, arrived from Hawaii after a three-day journey across the Pacific Ocean. Noah Berger/AP

A member of the Gruppo Storico Romano (Roman Historical Group) dressed as a centurion performs at Circus Maximus as they mark the 2769th anniversary of the founding of Rome, Italy, Sunday. Alessandro Bianchi/Reuters

Market Closes for April25^th, 2016

Market Index	Close	Change
Dow Jones	17977.24	-26.51 -0.15%

S&P 500	2085.08	-6.50 -0.31%

NASDAQ	4895.785	-10.443 -0.21%

TSX	13789.99	-84.01
		-0.61%

International Markets

Market Index	Close	Change
NIKKEI	17439.30	-133.19
		-0.76%
HANG SENG	21304.44	-162.60
		-0.76%
SENSEX	25678.93	-159.21
		-0.62%
FTSE 100	6260.92	-49.52
		-0.78%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.548	1.516
CND. 30 Year Bond	2.102	2.080
U.S. 10 Year Bond	1.9092	1.8860
U.S. 30 Year Bond	2.7324	2.7055

Currencies

BOC Close	Today	Previous
Canadian $	0.78902	0.78927
US $	1.26740	1.26700

Euro Rate 1 Euro=		Inverse
Canadian $	1.42844	0.70007
US $	1.12706	0.88726

Commodities

Gold	Close	Previous
London Gold Fix	1238.90	1243.25

Oil	Close	Previous
WTI Crude Future	41.24	42.68

Market Commentary:

Canada

By Eric Lam

(Bloomberg) — Canadian stocks fell a third day, the longest slump in three weeks, as energy producers retreated after crude tumbled from a five-month high amid signs a global glut will persist.

The benchmark Standard & Poor’s/TSX Composite Index lost 0.6 percent to 13,795.99 at 4 p.m. in Toronto, extending losses during a three-session slide to 0.8 percent. The gauge remains one of the best-performing developed markets in the world this year with a 6 percent gain. Trading volume was 15 percent lower than the 30-day average.

Encana Corp. and Crescent Point Energy Corp. fell more than 3.1 percent as energy producers retreated 1.4 percent as a group, the most in the S&P/TSX. All but two of the group’s 50 members retreated. Eight of 10 industries in the benchmark Canadian equity gauge declined. Precision Drilling Corp. fell 5.5 percent, the most in a month, after reporting a first- quarter loss.

Nevsun Resources Ltd. sank 9.8 percent, the most in three years, after agreeing Sunday to buy Reservoir Minerals Inc. in a $365 million cash and stock deal that secures ownership of the Timok copper project in Serbia. Nevsun CEO Cliff Davis said in an interview with Bloomberg he has no intention to sell the Timok project.

The resource-dominant S&P/TSX remains closely linked to moves in commodities prices, as a rebound in producers has fueled a 17 percent recovery for the S&P/TSX from a low on Jan. 20, after tumbling into a bear market earlier in the month. Raw- materials and energy producers are the two top-performing industries in Canada so far this year, up more than 13 percent.

The Canadian benchmark now trades at 22 times earnings, about 15 percent higher than the 19.1 times earnings valuation of the Standard & Poor’s 500 Index, according to data compiled by Bloomberg.

Oil declined 2.5 percent in New York from the highest close in five months. Saudi Arabian Oil Co. will complete an expansion at its Shaybah oil field by the end of May, allowing the world’s largest crude exporter to maintain total capacity at 12 million barrels a day, according to two people with knowledge of the plan. Iran has also increased output by 1 million barrels a day since sanctions were lifted in January, Shana reported.

Valeant Pharmaceuticals International Inc. lost 1.6 percent, halting a five-day rally. Valeant named Perrigo Co.’s former Chief Executive Officer Joseph Papa as its new CEO and chairman, set to start in early May. He replaces Michael Pearson, who presided over a steep climb and faster fall as the drugmaker has come under scrutiny by lawmakers and regulators over its business practices.

Bombardier Inc. rose 5.3 percent, to a September high, with the planemaker in negotiations about a deal with a prospective new airline serving the tourist island of Qeshm in southern Iran.

By Joseph Ciolli

(Bloomberg) — U.S. stocks slipped, with the Standard & Poor’s 500 Index continuing a retreat from a four-month high, before central-bank meetings this week in the U.S. and Japan and as investors awaited earnings reports to gauge corporate health.

Equities trimmed losses in afternoon trading as consumer shares extended gains. Energy producers in the benchmark — which have led a two-month rally — sank with oil prices after closing Friday at the highest since Dec. 1. Banks declined after reaching a three-month high, and Caterpillar Inc., which was the strongest performer in the Dow Jones Industrial Average this year, dropped 2 percent.

The S&P 500 fell 0.2 percent to 2,087.79 at 4 p.m. in New York, after losing as much as 0.7 percent. The Dow declined 26.51 points, or 0.2 percent, to 17,977.24, erasing most of an early 150-point drop. The Nasdaq 100 Stock Index was little changed after its steepest drop in two weeks Friday following disappointing results from Microsoft Corp. and Alphabet Inc. About 6 billion shares traded hands on U.S. exchanges, 24 percent below the three-month average.

“The market is at an important juncture — this is the third time in the last 15 to 18 months that we’ve been near record levels in major indexes,” said Matt Maley, an equity strategist at Miller Tabak & Co. LLC. “Earnings are going to be the big focus this week. Nobody’s really looking for anything surprising out of the Fed. People will be closely watching the BOJ meeting on Thursday.”

More than a third of the companies in the main U.S. equity index report results this week, including Apple Inc., Amazon.com Inc. and Boeing Co. Investors will also be on the lookout for shifts in rate guidance after the Federal Reserve’s policy decision Wednesday, while most economists predict monetary stimulus will be stepped up by the Bank of Japan.

Equities have lost momentum in the last four sessions as corporate results failed to provide fresh impetus for investors to send the S&P 500 higher. The benchmark rallied as much as 15 percent from a 22-month low in February, boosted by a recovery in oil prices and signs of improvement in China. The gauge last week briefly climbed within 1 percent of a record set in May, before closing today 2 percent away from that level.

Still, analysts have lowered first-quarter earnings estimates since the start of the year, when they forecast flat growth for S&P 500 companies. They now call for a profit decline of 9.2 percent. More than 130 companies have reported results so far, of which 81 percent beat earnings projections and 60 percent topped sales predictions.

As policy makers assess data to inform their decisions on rates, a report today showed purchases of new homes unexpectedly declined in March for a third month, reflecting the weakest pace of demand in the West since July 2014. Traders are pricing in zero chance the Fed will raise rates at its meeting on Wednesday, with November now the first month with at least even odds for a boost.

“We’re seeing a bit of an improvement in tone as the day goes along,” said Richard Sichel, chief investment officer at Philadelphia Trust Co., which oversees $2 billion. “A good outlook is the most important part of any company announcement, and it’s what keeps the market moving higher. The likes of Apple and Amazon are set to announce, and their earnings will be very telling.”

Six of the S&P 500’s 10 main industries declined Monday, with energy, raw-material and industrial companies falling more than 0.6 percent, paring declines after losing at least 1 percent. Financial firms sank 0.3 percent, cutting losses by more than half. Consumer staples shares rose for a second day, increasing 0.7 percent.

The Chicago Board Options Exchange Volatility Index climbed 6.5 percent to 14.08. The measure of market turbulence known as the VIX erased an April decline, putting it on track for a fifth monthly advance in six after holding near the lowest since August last week.

Energy companies in the S&P 500 decreased 1.1 percent, after falling as much as 1.8 percent. Cabot Oil & Gas Corp. and Transocean Ltd. losing at least 4.1 percent. The price of crude oil declined 2.5 percent. The resource has surged 65 percent since falling to an almost 13-year low on Feb. 11. The S&P 500 Energy Index has rallied almost 22 percent since then.

The S&P 500 Financials Index slipped 0.3 percent as 15 of 17 companies in an index of bank stocks fell. Bank of America Corp. slid 1 percent, while Citigroup Inc. and JPMorgan Chase & Co. decreased 0.6 percent. In the broader financials group, asset managers Affiliated Managers Group Inc. and Legg Mason Inc. slumped at least 1.4 percent.

Transportation companies paced declines among the industrials group in the benchmark. Union Pacific Corp. and Kansas City Southern lost at least 1.3 percent, falling from their highest levels since October. American Airlines Group Inc. and United Continental Holdings Inc. fell more than 2.7 percent. The Dow Jones Transportation Average lost 1.2 percent.

Drug companies dragged down the health-care group as Perrigo Co. plunged 18 percent, the most in seven years, after cutting its earnings outlook. Chief Executive Officer Joseph Papa is also leaving to take the helm at Valeant Pharmaceuticals International Inc. Endo International Plc lost 12 percent, after a 29 percent surge last week. Mylan NV sank 6.8 percent. The Nasdaq Biotechnology Index retreated 0.9 percent, down for the first time in four sessions.

Technology shares fell for a third day, equaling the longest losing streak since Feb. 9 amid Xerox Corp.’s largest drop since 2009. The stock tumbled 13 percent after earnings missed estimates and the company cut some full-year forecasts, underlining the challenges it faces ahead of a planned company split. Visa Inc. extended losses in a three-day decline to 3.7 percent. Apple sank for the sixth time in seven sessions, losing 6.3 percent during the span before its earnings report after markets close tomorrow.

Grocer Kroger Co. added 3.3 percent, the strongest climb in two months, and meat producer Tyson Foods Inc. gained 1.6 percent to boost consumer staples stocks. The group is rebounding from the biggest back-to-back drop this year, sparked by an underwhelming quarterly report from Coca-Cola Co.

Among shares moving on corporate news, Gannett Co., publisher of USA Today, added 6.5 percent after making an $815 million unsolicited bid for Tribune Publishing Co., seeking to add the Los Angeles Times and the Chicago Tribune to its newspaper portfolio. Tribune surged 53 percent, as Gannett offered a 63 percent premium to the company’s closing price on April 22.

Time Warner Cable Inc. increased 4.1 percent, the most in 11 months, after its takeover by Charter Communications Inc. won antitrust approval. The deal would create the No. 2 U.S. cable provider, after agreeing to measures intended to protect distribution of online video. Consumer discretionary shares were little changed as Netflix Inc. retreated 2.4 percent to an almost two-month low.

Have a wonderful evening everyone.

Be magnificent!

We know now that toleration is not sufficient toward another religion; we must accept it.

Thus it is not a question of subtraction, it is a question of addition.

The truth is the result of all these different sides added together.

Each religion represents on side, the fullness being the addition of all these.

Swami Vivekananda

As ever,

Carolann

The best way to pay for a lovely moment is to enjoy it.

-Richard Bach, b. 1936

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

April 22, 2016

April 22, 2016 Newsletter

Dear Friends,

Tangents:

The Jewish holiday of Passover begins.

Earth Day is celebrated. A global climate-change treaty is set to be signed at the U.N.

“Dearly beloved, we are gathered here today to get through this thing called life.”

-Prince, 1958-2016

PHOTOS OF THE DAY: NEPAL QUAKE ANNIVERSARY

Shanta Basnet pours water from the family tap outside their temporary shelter in Amppipal, Nepal. Reconstruction after the earthquake in April 2015 is slow as the government has stalled in distributing aid to both Kathmandu and the villages damaged near the epicenter. ANN HERMES/STAFF

Goma Basnet and her son Samir Jung Basnet watch their goats on the hillside in Amppipal. ANN HERMES/STAFF

View of construction is underway on damaged homes in the capital Kathmandul. ANN HERMES/STAFF

Market Closes for April22^nd, 2016

Market Index	Close	Change
Dow Jones	18003.75	+21.23 +0.12%

S&P 500	2091.58	+0.10 —

NASDAQ	4906.227	-39.659 -0.80%

TSX	13873.98	-7.22
		-0.05%

International Markets

Market Index	Close	Change
NIKKEI	17572.49	+208.87
		+1.20%
HANG SENG	21467.04	-155.21
		-0.72%
SENSEX	25838.14	-42.24
		-0.16%
FTSE 100	6310.44	-71.00
		-1.11%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.516	1.457
CND. 30 Year Bond	2.080	2.052
U.S. 10 Year Bond	1.8860	1.8628
U.S. 30 Year Bond	2.7055	2.6850

Currencies

BOC Close	Today	Previous
Canadian $	0.78927	0.78523
US $	1.26700	1.27352

Euro Rate 1 Euro=		Inverse
Canadian $	1.42217	0.70315
US $	1.12247	0.89089

Commodities

Gold	Close	Previous
London Gold Fix	1243.25	1249.25

Oil	Close	Previous
WTI Crude Future	42.68	42.23

Market Commentary:

Canada

By Dani Burger

(Bloomberg) — Canadian equities were little changed as lower metals prices weighed on commodity producers, offsetting gains in energy and in health-care companies as takeover speculation increased.

The Standard & Poor’s/TSX Composite Index closed less than 0.1 percent lower at 13,873.98 at 4 p.m. in Toronto. The benchmark gauge capped its second straight weekly increase of at least 1.7 percent. The Canadian stock market remains the second best-performing developed market in the world this year, with the S&P/TSX up 6.6 percent.

Investors also assessed mixed economic data. A report today showed Canada’s annual inflation rate slowed for a second month in March to 1.3 percent, led by cheaper gasoline and smaller mark-ups at auto dealers. In separate data, Canadian retail sales had a surprise gain in February, led by motor vehicle dealers.

The resource-dominate S&P/TSX remains closely linked to moves in commodity prices, as a rebound in producers has fueled a 17 percent recovery since the Jan. 20 low. Oil futures added 1.3 percent in New York, bringing this week’s gain to 8.3 percent. The International Energy Agency reiterated on Thursday it expects non-OPEC output to decline by about 700,000 barrels a day this year, which would be the sharpest drop in a quarter century.

Energy producers increased amid the group’s best five-day stretch in seven weeks. Cenovus Energy Inc. and Encana Corp. both rallied more than 3.6 percent on Friday. Health-care companies jumped 5.3 percent, the most out of 10 groups in the S&P/TSX. Concordia Healthcare Corp. rose 6 percent after reports that Blackstone Group LP is considering a takeover of the Toronto- based company.

Among the biggest winners on Friday, Valeant Pharmaceuticals International Inc. advanced 7.3 percent for a fifth day of gains, the longest since July. The company is said to be in talks to hire Perrigo Co.’s chief executive officer to replace outgoing CEO Michael Pearson. Valeant said in March that Pearson would leave once a replacement was found, part of a broader overhaul that included adding activist investor Bill Ackman to its board.

Material companies sank 1.8 percent, as gold in the spot market retreated 1.6 percent to $1,230 an ounce. Semafo Inc. declined 4.4 percent, while Barrick Gold Corp. slipped 1.4 percent. Miner HudBay Mineral Inc. rallied the most in the S&P/TSX today, up 6.7 percent as prices for copper and zinc advanced.

Six of the ten groups in the S&P/TSX fell, with raw- materials posting the steepest declines, followed by technology and consumer staples companies.

By Joseph Ciolli

(Bloomberg) — Disappointment with earnings pummeled shares of Microsoft Corp. and Google parent Alphabet Inc., sending the Nasdaq 100 Stock Index to the steepest drop in two weeks.

While the tech-heavy Nasdaq slid, gains in crude oil boosted energy producers, curbing the Standard & Poor’s 500 Index’s decline. Technology shares in the benchmark index capped the biggest slide since Feb. 5, with Microsoft and Alphabet down at least 5 percent. Banks rebounded to a three-month high, and Norfolk Southern Corp. jumped the most since November as earnings beat estimates and the railroad increased its cost- cutting goal.

The Nasdaq 100 dropped 1.5 percent to 4,474.19 at 4 p.m. in New York, paring a 2.2 percent retreat, with Microsoft falling the most in almost 15 months. The S&P 500 was little changed at 2,091.58, wiping out a 0.5 percent decline. The gauge gained 0.5 percent for the week. The Dow Jones Industrial Average added 21.23 points to 18,003.75, erasing a 72-point slide. The Russell 2000 Index climbed 1 percent as energy shares jumped 3 percent.

“The big tech names that have reported in the last day are having a negative influence on major index returns,” said Mark Luschini, chief investment strategist at Philadelphia-based Janney Montgomery Scott LLC, which manages $54 billion. “Valuations in the U.S. equity market are full, so market participants are becoming more demanding about what they’re expecting for future gains. The news on the economic front has been steady, if not unspectacular, and the earnings picture has been mixed at best.”

With the flow of corporate earnings picking up, equities have lost momentum in the last three sessions as results failed to inspire investors to fatten a rally that’s lifted the S&P 500 more than 14 percent from a 22-month low in February. A recovery in oil prices, optimism that central banks will continue their efforts to boost growth and signs of improvement in China had bolstered the rebound, with the gauge this week briefly coming within 1 percent of a record set last May.

The advance has come even as profits are forecast to slide at the steepest pace since the financial crisis. Analysts project first-quarter income shrank 9.3 percent at S&P 500 firms, compared with predictions for flat growth at the start of the year. With 130 index members having reported, roughly 82 percent have beaten profit estimates, while 59 percent have exceeded sales predictions.

Coca-Cola Co. and Travelers Cos. rebounded Friday from selloffs this week following their results, with both advancing more than 1.8 percent to help the Dow and S&P 500 wipe out earlier losses. Wells Fargo & Co. and Bank of America Corp. climbed at least 1.1 percent to lead banks to a fourth gain in five days.

Along with earnings, investors’ attention will also turn to the Federal Reserve’s looming two-day meeting, with an interest- rate decision due on Wednesday. Traders are pricing in zero chance the Fed will raise rates next week, pegging November as the first month with at least even odds for a boost.

Meanwhile, the Bank of Japan may offer a negative interest rate on some loans to spur lending, according to people familiar with talks at the central bank, duplicating a policy the European Central Bank adopted in March. The ECB yesterday left its rates at record lows and kept the size of its bond-buying program unchanged.

In Friday’s trading, eight of the S&P 500’s 10 main industries rose, while technology shares lost 1.9 percent and consumer discretionary companies slipped. Energy producers added 1.3 percent. The Chicago Board Options Exchange Volatility Index fell 5.2 percent to 13.22. The measure of market turbulence known as the VIX is down 5.2 percent for the month, holding near the lowest levels since August. About 7.4 billion shares traded hands on U.S. exchanges, 8 percent below the three-month average.

Facebook Inc. amplified the rout in technology sparked by Alphabet and Microsoft, with the social network’s shares losing 2.5 percent, after falling as much as 3.9 percent. Visa Inc. sank 2.1 percent after agreeing to amend the terms of its planned acquisition of Visa Europe Ltd, while quarterly results at the world’s largest payments network exceeded analysts’ forecasts.

Software companies in the S&P 500 slumped along with Microsoft, falling 3.1 percent to a four-week low after the group just reached an all-time high on Monday. Adobe Systems Inc. and Red Hat Inc. lost at least 1.6 percent.

American Airlines Group Inc. was the biggest decliner in the Dow Jones Transportation Average, slipping 4.5 percent. The world’s largest airline carrier said today it was disappointed with its first-quarter revenue and cautioned that passenger revenue for each seat flown a mile, a benchmark gauge for airlines, will continue falling all year.

Hawaiian Airlines parent Hawaiian Holdings Inc. plunged 11 percent after its quarterly revenue was short of estimates and the company provided an outlook. The shares had rallied 58 percent from a February low to an all-time high on Tuesday. A Bloomberg index of U.S. airlines lost 2.4 percent Friday to finish the worst week since February.

Energy companies in the S&P 500 closed at the highest level since Dec. 1 as West Texas Intermediate crude futures added 1.3 percent, a third weekly advance as declining U.S. production provided more evidence that the market is rebalancing.

Southwestern Energy Co. surged 15 percent to a five-month high after reporting profit and sales that exceeded consensus analyst estimates. Anadarko Petroleum Corp. and Chesapeake Energy Corp. climbed at least 5 percent.

The S&P 500 Financials Index increased 1 percent, its ninth gain in the last 11 trading days. SunTrust Banks Inc. rallied 5.2 percent to a 2016 high after reporting earnings and revenue that beat forecasts. Comerica Inc. and E*Trade Financial Corp. added more than 3.1 percent.

Consumer discretionary stocks fell as Starbucks Corp. lost 4.9 percent, its steepest selloff in more than two months, after posting quarterly sales that trailed estimates as growth in the coffee giant’s Americas region slowed. Royal Caribbean Cruises Ltd. and Marriott International Inc. decreased more than 2.4 percent, while Amazon.com Inc. lost 1.7 percent, slipping for the third time in four days.

Advanced Micro Devices Inc. was one of the bright spots in tech, soaring 52 percent, the most on record, after saying it’s licensing technology to a Chinese, state-backed joint venture that will produce server processors for that country’s market.

Have a wonderful weekend everyone.

Be magnificent!

Better than a thousand hollow words,

is one word that brings peace.

Buddha

As ever,

Carolann

Pessimism is a luxury that a Jew can never allow himself.

-Golda Meir, 1898-1978

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

April 21, 2016

April 21, 2016 Newsletter

Dear Friends,

Tangents:

Full moon tonight!

First kindergarten was established on this day in 1837.

Memrise: You can now practice a new language on the way to work. The app Memrise lets you practice your language skills with various tools, including audio and images that give you memory tricks. You can also take courses on topics like modern art and constellations. The free app is available on iOS and Android.

Traditional Irish music meets jazz: The Gloaming, an Irish-American supergroup whose album The Gloaming 2 is already the year’s most talked about album. Since their debut in 2014, The Gloaming have become an international phenomenon with their blend of traditional influences, jazz and fabulous vocals of larla Ó Lionáird.

PHOTO OF THE DAY

Market Closes for April21^st, 2016

Market Index	Close	Change
Dow Jones	17982.52	-113.75 -0.63%

S&P 500	2091.48	-10.92 -0.52%

NASDAQ	4945.887	-2.243 -0.05%

TSX	13881.20	-30.09
		-0.22%

International Markets

Market Index	Close	Change
NIKKEI	17363.62	+457.08
		+2.70%
HANG SENG	21622.25	+385.94
		+1.82%
SENSEX	25880.38	+36.20
		+0.14%
FTSE 100	6381.44	-28.82
		-0.45%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.457	1.335
CND. 30 Year Bond	2.052	2.032
U.S. 10 Year Bond	1.8628	1.8450
U.S. 30 Year Bond	2.6850	2.6545

Currencies

BOC Close	Today	Previous
Canadian $	0.78523	0.79027
US $	1.27352	1.26539

Euro Rate 1 Euro=		Inverse
Canadian $	1.43739	0.69570
US $	1.12868	0.88599

Commodities

Gold	Close	Previous
London Gold Fix	1249.25	1252.00

Oil	Close	Previous
WTI Crude Future	42.23	42.63

Market Commentary:

113,000: Tax havens set up in the British Virgin Islands – by far the most popular venue – by Panama-based law firm Mossack Fonseca.

Canada

By Eric Lam

(Bloomberg) — Canadian stocks fell, halting a three-day gain, as global equities halted an advance amid growing concern that central-bank stimulus is failing to achieve results. Consumer staples producers and phone companies led declines, while Concordia Healthcare Corp. boosted health-care shares.

The benchmark Standard & Poor’s/TSX Composite Index equity gauge lost 0.2 percent to 13,881.20 at 4 p.m. in Toronto, after closing yesterday at a six-month high. The benchmark gauge is one of the best-performing developed markets in the world this year with a 6.7 percent gain. Trading of shares was 11 percent higher than the 30-day average.

The European Central Bank left its interest rates unchanged at record lows while maintaining asset purchases of 80 billion euros a month. ECB President Mario Draghi asked for more time to allow the unprecedented stimulus measures to work, while calling on governments to do more.

Royal Bank of Canada, the nation’s largest lender, retreated 1.5 percent to lead financial services stocks lower. Alimentation Couche-Tard Inc. dropped 3.8 percent as consumer staples stocks slid.

Crude in New York fell 2.3 percent, retreating from the highest level in almost five months. Crude inventories climbed to 538.6 million barrels last week, the highest level since 1930, U.S. data showed. OPEC members and other producers plan to meet in Russia, possibly in May, to again discuss a potential production cap after talks Sunday in Doha failed to produce a deal.

Meanwhile, Kinross Gold Corp. and Barrick Gold Corp. posted among the biggest advances in raw-materials producers in the S&P/TSX, rallying more than 3.6 percent. Concordia jumped 25 percent, the most since March 2015, to push health-care stocks higher. Blackstone Group LP is considering a takeover of Concordia, according to people familiar with the matter.

The resource-dominant S&P/TSX remains closely linked to moves in commodities prices, as a rebound in producers has fueled a 17 percent recovery for the S&P/TSX from a low on Jan. 20. The Canadian benchmark now trades at 22.1 times earnings, about 15 percent higher than the 19.1 times earnings valuation of the Standard & Poor’s 500 Index, according to data compiled by Bloomberg.

Bombardier Inc. dropped 1.2 percent after TD Securities equity analyst Timothy James lowered his rating for the stock. The struggling aircraft manufacturer’s negotiations with the Canadian government over aid include seeking assurances on jobs, research spending and its head office, according to the cabinet minister leading the review.

By Oliver Renick

(Bloomberg) — The Standard & Poor’s 500 Index fell the most in two weeks, sliding from a four-month high amid a mix of corporate earnings that provided little incentive for investors to send U.S. stocks higher.

Equities failed to extend a climb toward fresh records as earnings season picked up, dispensing enough disappointment to overshadow gains in shares of companies that beat expectations. Verizon Communications Inc. and Travelers Cos. dropped more than 3.3 percent after reporting results, while Biogen Inc. rallied and Union Pacific Corp. jumped to the highest since November as their earnings exceeded forecasts. After the markets closed, Google parent Alphabet and Microsoft Corp. fell as their results missed predictions.

The S&P 500 retreated 0.5 percent to 2,091.48 at 4 p.m. in New York, declining from the highest level since Dec. 1. The Dow Jones Industrial Average lost 113.75 points, or 0.6 percent, to 17,982.52 after reaching a nine-month high. The Nasdaq Composite Index decreased less than 0.1 percent. About 7.4 billion shares traded hands on U.S. exchanges, 8 percent below the three-month average.

“We’ve gone up 15 percent in two months so pauses here are not unexpected,” said Steve Chiavarone, a portfolio manager with Federated Investors in New York. “Earnings are obviously very much in the news right now. We came through the financials part pretty well — expectations were set low and there were no events that weren’t expected — but that was just the first test of the season.”

The S&P 500 has climbed 14 percent since its February low, bolstered by a rebound in oil prices, easing of concerns over China’s slowdown and optimism Federal Reserve policies will remain supportive of growth. The benchmark is less than 2 percent away from a record reached last May, after erasing 2016 losses of as much as 11 percent.

Energy shares in the benchmark have led the two-month rebound on crude’s recovery, mimicking a similar rally late last year that followed the S&P 500’s first correction in four years. That surge eventually withered in early November after the index came within 1 percent of its record, a level the gauge briefly reached on Wednesday. In today’s selling, the two groups with the best performance this year — phone companies and utilities — were the hardest hit.

The earnings season is well under way, with more than 100 of S&P 500 companies through with reporting. Analysts are projecting a 9.5 percent decline in first-quarter profit for index members, compared with forecasts for flat growth at the start of the year.

Alphabet dropped 4.6 percent as of 4:44 p.m. as quarterly sales and profit missed analysts’ estimates. The world’s largest Internet search provider is grappling with a slowdown in advertising. Microsoft sank 4.2 percent after its earnings missed, with a weak personal-computer market pulling down results.

Mattel Inc. fell 5.8 percent after the world’s largest toymaker reported a bigger-than-forecast quarterly loss. Qualcomm Inc. declined 0.8 percent after executives indicated the maker of smartphone chips is bracing for the loss of some orders from Apple Inc. That sent Apple 1 percent lower. Under Armour Inc. added 6.8 percent after profit topped predictions and its raised its annual forecast. American Express Co. gained 0.9 percent after its earnings beat estimates.

“Earnings for the most part are not as bad as feared,” said Jasper Lawler, a London-based market analyst at CMC Markets Plc. “Just the Fed by itself at this point is not enough to really catalyze the next big move in the market. You have to have earnings move alongside that. We expect the present move in the market to peter out as we get closer to the older highs because we just don’t have the earnings to justify the next leg.”

The European Central Bank today left its interest rates at record lows and kept the size of its bond-buying program unchanged. President Mario Draghi said during a press conference the ECB remains ready to step up stimulus if the outlook for the euro area worsens, while adding that risks to the euro-area outlook are tilted to the downside.

As U.S. policy makers weigh data to decide on the path for rates, a report today showed jobless claims unexpectedly decreased to the lowest level since 1973 as the labor market remains a pillar of support in the world’s largest economy. A separate report showed an index of leading economic indicators rose less than forecast in March and the prior month was revised lower.

Fed officials will hold a two-day meeting next week, with the rate decision on April 27. Traders are pricing in zero chance of higher borrowing costs next week, with November now the first month with at least even odds of a boost.

Amid Thursday’s trading, the Chicago Board Options Exchange Volatility Index rose 5.1 percent to 13.95. The measure of market turbulence known as the VIX yesterday snapped a six- session streak of declines, the longest in almost two months.

Among the S&P 500’s 10 main industries, phone companies fell 2.7 percent under Verizon’s drag, while utilities sank 2.2 percent to mark the worst two-day slide since August. Consumer staples, which reached a record earlier this month, sank 1.7 percent for the steepest back-to-back drop since December. Health-care shares were the only group to gain as Biogen led a rally in drug developers.

Verizon lost 3.3 percent, the most since December 2014 to reach a two-month low. The company warned that its standoff with about 39,000 striking workers will put pressure on second- quarter earnings, overshadowing an otherwise positive earnings report.

Coca-Cola Co. slid 1.6 percent, weighing on consumer staples for a second day following an underwhelming quarterly report on Wednesday. The beverage maker had the worst back-to- back drop in seven years. PepsiCo. Inc. lost 1.4 percent on top of a 1.8 percent decline yesterday. Whole Foods Market Inc. retreated 4 percent, the most in nearly three months.

Financial companies fell for the first time in four days after reaching a 2016 high, with Travelers capping its biggest drop since 2011. The property-casualty insurer said first- quarter profit slipped 17 percent as catastrophe costs climbed and investment income dropped on lower hedge fund returns. Chubb Ltd. and Hartford Financial Services Group Inc. lost at least 3.6 percent.

United Continental Holdings Inc. declined the most in 11 months after a weak revenue forecast sparked concern that the airline is struggling to catch up with its rivals’ financial performance. A Bloomberg index of U.S. airlines tumbled 3 percent, the steepest since February, with Delta Air Lines Inc. and American Airlines Group Inc. losing more than 3 percent.

The Nasdaq Biotechnology Index jumped 2.8 percent to a three-month high, boosted by Biogen’s climb and gains of more than 2.4 percent in Celgene Corp. and Regeneron Pharmaceuticals Inc. The S&P 500’s health-care group rose for a fourth session, the longest winning streak this year.

General Motors Co. increased 1.5 percent to a three-month high as first-quarter earnings and sales exceeded estimates amid record results in North America, and it stepped toward a 15-year goal of ending losses in Europe.

Among other companies moving on corporate news, Viacom Inc. rallied almost 14 percent, the biggest jump in more than seven years, after reaching new programming deal with Dish Network Corp. that averts the blackout of channels such as Comedy Central and MTV.

Have a wonderful evening everyone.

Be magnificent!

That which is immoral is imperfectly moral,

just as that which is false is true to an inadequate degree.

Rabindranath Tagore

As ever,

Carolann

It is not because things are difficult that we do not dare.

It is because we do not dare that they are difficult.

-Seneca, 5 BC-65AD

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