Events – Page 252 – Carolann Steinhoff

June 18, 2015

June 18, 2015 Newsletter

Dear Friends,

Tangents:

Some other interesting stuff…

Many years ago in Scotland, a new game was invented. It was ruled “Gentlemen Only- Ladies Forbidden” thus the word GOLF entered into the English language.
——————————————-
The first couple to be shown in bed together on prime time TV were Fred and Wilma Flintstone.
——————————————-
Every day more money is printed for Monopoly than the U.S. Treasury.
——————————————-
Men can read smaller print than women can; women can hear better.
——————————————-
Coca-Cola was originally green.
——————————————-
It is impossible to lick your elbow.
——————————————-
The State with the highest percentage of people who walk to work:
Alaska
——————————————
The percentage of Africa that is wilderness: 28% (now get this…)
The percentage of North America that is wilderness: 38%
———————————————————-
The cost of raising a medium-size dog to the age of eleven: $ 16,400
———————————————————–
The average number of people airborne over the U.S. in any given hour:
61,000
————————————————
Intelligent people have more zinc and copper in their hair.
————————————————
The first novel ever written on a typewriter: Tom Sawyer.
————————————————
The San Francisco Cable cars are the only mobile National Monuments.
———————————————————–
Each king in a deck of playing cards represents a great king from history:
Spades – King David
Hearts – Charlemagne
Clubs -Alexander, the Great
Diamonds – Julius Caesar
____________________________________________________________
111,111,111 x 111,111,111 = 12,345,678,987,654,321

And…On this day in 1812, the War of 1812 between the U.S. and Great Britain began.

PHOTOS OF THE DAY

This image provided by the Laboratory of Neuro Imaging in June 2015 shows pathways of signals in the brain from the Connectome Scanner dataset. The fibers are color-coded by direction: red is left-right, green is front-back and blue is up-down. Laboratory of Neuro Imaging/AP

Race goers arrive on Ladies Day at Royal Ascot, just south of London, Britain, Thursday. Toby Melville/Reuters

Market Closes for June 18^th, 2015

Market Index	Close	Change
Dow Jones	18115.84	+180.10 +1.00%

S&P 500	2120.97	+20.53 +0.98%

NASDAQ	5132.949	+68.068 +1.34%

TSX	14771.37	+38.39
		+0.26%

International Markets

Market Index	Close	Change
NIKKEI	19990.82	-228.45
		-1.13%
HANG SENG	26694.66	-59.13
		-0.22%
SENSEX	27115.83	+283.17
		+1.06%
FTSE 100	6707.88	+27.33
		+0.41%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.790	1.757
CND. 30 Year Bond	2.390	2.360
U.S. 10 Year Bond	2.3327	2.3165
U.S. 30 Year Bond	3.1284	3.0949

Currencies

BOC Close	Today	Previous
Canadian $	0.81793	0.81758
US $	1.22259	1.22312

Euro Rate 1 Euro=		Inverse
Canadian $	1.38991	0.71947
US $	1.13685	0.87962

Commodities

Gold	Close	Previous
London Gold Fix	1201.85	1178.00

Oil	Close	Previous
WTI Crude Future	60.45	59.92

There’s a certain part of the contented majority who love anybody who is worth a billion dollars. –John Kenneth Galbraith

Market Commentary:

Canada

By Eric Lam

(Bloomberg) — Canadian stocks rebounded from a three-month low as gold producers rallied after the price of the metal jumped the most in five weeks.

Torex Gold Resources Inc. climbed 5.6 percent as gold rose above $1,200 an ounce after the Federal Reserve signaled interest-rate hikes will be gradual. Trilogy Energy Corp. and Birchcliff Energy Ltd. lost at least 3.3 percent to pace declines among energy companies. Bombardier Inc. increased 2.5 percent to rebound from two days of losses.

The Standard & Poor’s/TSX Composite Index rose 37.66 points, or 0.3 percent, to 14,770.64 at 4 p.m. in Toronto. The gauge has advanced 0.9 percent this year, among the worst- performers in developed markets in the world.

Eight of 10 industries in the benchmark index advanced on trading volume 6.5 percent below the 30-day average. BlackBerry Ltd. led technology shares lower, while TransCanada Corp. lost 0.4 percent and Suncor Energy Inc. slipped 1.3 percent as energy producers declined.

Bombardier paced gains in industrial shares, rebounding 2.5 percent after a two-day slide of 8 percent. The aircraft manufacturer signed a five-year heavy maintenance pact with Mesa Air Group Inc. after being shut out of order at the Paris Air Show on the second day of the event.

Goldcorp Inc. increased 1.8 percent and Agnico Eagle Mines Ltd. gained 3 percent as gold increased. The Bloomberg Dollar Spot Index slipped to a one-month low after the Fed on Wednesday cut its longer-term projections for U.S. borrowing costs.

Investors are also watching developments in Europe. Euro- area leaders will hold an emergency summit in Brussels on Monday to discuss Greece after finance ministers failed to reach an agreement today.

Eurogroup chief Jeroen Dijsselbloem said it’s “unthinkable” Greece will receive any financial aid before June 30, when its bailout agreement expires and the country has to pay about 1.5 billion euros ($1.7 billion) to the International Monetary Fund.

By Jennifer Kaplan and Annelise Alexander

(Bloomberg) — U.S. stocks rallied, with the Nasdaq Composite Index closing at a record, as the Federal Reserve signaled it will continue to support the economy even as growth picks up.

Health-care and consumer shares in the Standard & Poor’s 500 Index gained more than 1.1 percent. The Nasdaq Biotechnology Index jumped to an all-time high. Harley-Davidson Inc. climbed 4.2 percent amid positive analyst comments and an upgrade. Oracle Corp. fell 4.8 percent as quarterly revenue and profit missed analysts’ forecasts.

The Nasdaq climbed 1.3 percent to 5,132.95 at 4 p.m. in New York, topping its record in May. The S&P 500 Index added 1 percent to 2,121.24, rising for a third straight day. The Dow Jones Industrial Average rose 180.10 points, or 1 percent, to 18,115.84. The Russell 2000 Index advanced 1.3 percent to an all-time high. About 6.8 billion shares changed hands on U.S. exchanges, 8.3 percent above the three-month average.

“It’s a pretty rosy scenario here,” said Tom Mangan, who helps oversee about $6.4 billion as money manager at James Investment Research in Xenia, Ohio. “The market has discounted a lot of bad things and in fact there are some really good things happening. As long as the Fed is dragging their feet in terms of going back to what might be called a normal level of liquidity, then they are providing momentum for the economy.”

Three rounds of Fed bond purchases and borrowing costs near zero have propelled the S&P 500 up by more than 200 percent during the six-year bull market. The index is down 0.5 percent from an all-time high reached in May.

While the median forecast of Fed policy makers published Wednesday still calls for two interest-rate increases by year- end, more officials say just one would be enough in 2015. Still more advocate a go-slow approach to further tightening in 2016. Yellen yesterday stressed that the Fed has no set course for raising rates, and will continue to evaluate incoming data to decide when to move.

Equity futures earlier extended gains after a report showed the cost of living in the U.S. excluding food and fuel rose less than forecast in May, a sign inflation may take time to meet the Fed’s goal. The so-called core measure increased 0.1 percent, the smallest gain this year. The overall consumer-price index advanced 0.4 percent, as fuel costs rebounded.

A separate report showed fewer Americans than forecast filed for unemployment benefits last week, a sign labor market momentum continues to strengthen. Another gauge indicated manufacturing activity in the Philadelphia region rose more than forecast this month.

Euro-area finance ministers failed to reach a deal on Greece after meetings in Luxembourg, European Commission Vice President Valdis Dombrovskis said. Euro-area leaders will hold an emergency summit Monday in Brussels with Greece set to reach the end of its bailout agreement without receiving more aid.

The Chicago Board Options Exchange Volatility Index fell 9 percent Thursday to 13.19. The gauge, known as the VIX, dropped for a third day on its way to the first weekly decline in three weeks. All 10 of the S&P 500’s main industries rallied, with health-care companies and utilities rising the most.

Amgen Inc., Celgene Inc and Biogen Inc. each gained more than 2.7 percent to pace the health-care rally. The Nasdaq Biotech Index jumped 2.9 percent, the most since Jan. 16, to a record. BioMarin Pharmaceutical Inc. soared 12 percent to an all-time high after the company said its experimental drug for dwarfism helped children in a mid-stage trial. Johnson & Johnson rose 1.7 percent, the most in six weeks.

Consumer staples companies climbed for a third day amid the dollar’s slump. Altria Group Inc., Philip Morris International Inc. and Kraft Foods Group Inc. all increased more than 1.5 percent. The weaker U.S. currency makes their products more competitive abroad, and can help boost revenue when overseas sales are converted back into dollars.

“We’re likely to see a bit of rotation on the equity market,” said Robert Sinche, a strategist at Amherst Pierpont Securities LLC in Stamford, Connecticut. “Equities that were sold because of their foreign exposure may begin to reverse a little bit as we see signs of the dollar’s upward momentum breaking.”

Harley-Davidson Inc. added 4.2 percent, the most since October, to reach a two-month high. Shares rose 3.6 percent Wednesday as the company boosted its stock-buyback plan. UBS AG today raised its rating on the shares to buy from neutral.

Ralph Lauren Corp. rose 3.6 percent, its biggest gain since November, after Credit Suisse reiterated its outperform rating, saying the company’s progress on its restructuring initiatives is “encouraging.” Amazon.com Inc. increased 2.7 percent to an eight-week high.

General Motors Co. increased 1.1 percent, the most in three weeks. Fitch raised the automaker’s credit rating to investment grade.

Semiconductors climbed for a fourth day to lead the technology group. Microchip Technology Inc. and Texas Instruments Inc. added more than 1.7 percent, while Intel Corp. increased 1.4 percent.

Among other tech shares, Juniper Networks Inc. rose 1.7 percent after Wedbush Securities Inc. raised the shares to outperform from neutral. Microsoft Corp. advanced 1.6 percent, up for a third day after going 21 sessions without back-to-back gains.

Energy shares in the benchmark had the smallest advance amid mixed trading. Phillips 66 and Marathon Petroleum Corp. added more than 1.2 percent, while Ensco Plc, Noble Corp. and Transocean Ltd. lost at least 2.9 percent. Oil States International Inc. fell 5.5 percent, the most since January, after trimming its second-quarter sales forecasts, citing a downturn in its well site services segment.

Jabil Circuit Inc. lost 7.4 percent, the most in 18 months, as its fiscal fourth-quarter forecast trailed analysts’ estimates.

Rite Aid Corp. dropped 3.6 percent after the drugstore chain said earnings for the fiscal year would be lower than an earlier forecast, reflecting the results of an acquisition.

Have a wonderful evening everyone.

Be magnificent!

Death is extraordinarily like life,

when we know how to live.

You cannot live without dying.

You cannot live if you do not die

psychologically every minute.

Krishnamurti

As ever,

Carolann

There is one art of which every man should be a master: the art of reflection.

If you are not a thinking man, to what purpose are you a man at all?

–Samuel Taylor Coleridge, 1772-1834

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

Senior Portfolio Manager &

Senior Vice-President

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

June 18, 2015

June 17, 2015 Newsletter

Dear Friends,

Tangents:

On June 17^th, 1578, Sir Francis Drake, sailing off the coast of north-western California, arrives at Nova Albion and wrote this in his journal on that day:

In this bay we anchored….The people of the country, having their houses close by the water’s side, showed themselves unto us and sent a present to our general. When they came unto us they greatly wondered at the things which we brought. Our general (according to his natural and accustomed humanity) courteously entreated them, and liberally bestowed on them necessary things to cover their nakedness. Whereupon they supposed us to be gods, and would not be persuaded to the contrary. The presents which they sent unto our general were feathers, and cauls of net work.

Their houses are digged round about with earth, and have from the uttermost brims of the circle clefts of wood set upon them, joining close together at the top like a spire steeple, which by reason of that closeness are very warm, Their bed is the ground with rushes strewed on it and lying about the house; they have the fire in the midst. The men go naked; the women take bulrushes and comb them after the manner of hemp, and thereof make their loose garments; which, being knit about their middles, hang down about their hips, having also about their shoulders a skin of deer, with the hair upon it. These women are very obedient and serviceable to their husbands.

And also on this day in 1885, the Statue of Liberty, a gift from the French, arrived in New York Harbor after being shipped across the Atlantic Ocean in 350 pieces packed in more than 200 cases.

PHOTOS OF THE DAY

Racegoers wear top hats during the Royal Ascot horse races on Wednesday in Ascot, England. Eddie Keogh/Livepic/Reuters

Frenchman Frank Samson, who is taking part in an re-enactment of the Battle of Waterloo, poses in front of the Lion’s Mound of Waterloo in Belgium Wednesday. The commemorations for the 200th anniversary of the Battle of Waterloo will take place in Belgium on June 19 and 20. Yves Herman/Reuters

Market Closes for June 17^th, 2015

Market Index	Close	Change
Dow Jones	17935.74	+31.26 +0.17%

S&P 500	2100.44	+4.15 +0.20%

NASDAQ	5064.883	+9.330 +0.18%

TSX	14732.98	-20.07
		-0.14%

International Markets

Market

Index

Close

Change

NIKKEI

20219.27

-38.67

-0.19%

HANG

SENG

26753.79

+187.09

+0.70%

SENSEX

26832.66

+146.15

+0.55%

FTSE 100

6680.55

-29.55

-0.44%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.757	1.807
CND. 30 Year Bond	2.360	2.396
U.S. 10 Year Bond	2.3165	2.3918
U.S. 30 Year Bond	3.0949	3.1030

Currencies

BOC Close	Today	Previous
Canadian $	0.81758	0.81194
US $	1.22312	1.23161

Euro Rate 1 Euro=		Inverse
Canadian $	1.38679	0.72109
US $	1.13381	0.88198

Commodities

Gold	Close	Previous
London Gold Fix	1178.00	1182.80

Oil	Close	Previous
WTI Crude Future	59.92	59.96

Six words that spell business success: create concept, communicate concept, sustain momentum. –Yale Hirsch.

Market Commentary:

Canada

By Eric Lam

(Bloomberg) — Canadian stocks fell to a two-month low as the nation’s largest lenders tumbled to offset a rebound in gold prices after the U.S. Federal Reserve indicated that the pace of interest-rate increases will be gradual.

Toronto-Dominion Bank dropped 0.8 percent to pace declines among financial services firms. Alacer Gold Corp. rallied 8.4 percent as gold climbed. Bombardier Inc. extended its two-day slide to 8 percent as the aircraft maker has been shut out of the Paris Air Show so far.

The Standard & Poor’s/TSX Composite Index fell 20.07 points, or 0.1 percent, to 14,732.98 at 4 p.m. in Toronto. The gauge has advanced 0.7 percent this year, among the worst- performers in developed markets in the world.

Seven of 10 industries in the S&P/TSX advanced on trading volume 5.7 percent lower than the 30-day average. Royal Bank of Canada, the nation’s largest lender, slipped 0.6 percent as financial services firms decreased 0.5 percent as a group, the most in the S&P/TSX.

Barrick Gold Corp. climbed 2.6 percent, the most in a month, and Teck Resources Ltd. added 1.5 percent as raw- materials producers rallied 0.8 percent as a group.

Gold for immediate delivery rose 0.5 percent to $1,188.18 an ounce in New York, erasing an earlier loss.

Fed policy makers signaled a pickup in the economy is keeping it on track to raise interest rates this year, though subsequent increases are likely to be more gradual than anticipated earlier.

The Federal Open Market Committee voted to keep the main rate at zero, where it has been since late 2008. New forecasts issued by the committee implied two quarter-point rate rises this year and a shallower pace of increases in 2016.

Investors are also watching developments in Europe, where Greek Prime Minister Alexis Tsipras said he was ready to take responsibility for rejecting a deal with creditors if the terms are unacceptable. Negotiations are close to a breakdown ahead of a June 18 meeting of euro-area finance ministers in Luxembourg as the next deadline in a saga that opened in 2009.

By Jennifer Kaplan and Annelise Alexander

(Bloomberg) — U.S. stocks climbed after the Federal Reserve said the pace of any interest-rate increases will be gradual as Chair Janet Yellen wants to see more decisive evidence of economic growth.

TripAdvisor Inc. soared 15 percent on a room-booking deal with Marriott International Inc. Procter & Gamble Co. added 1.2 percent to pace gains in consumer staples companies, while Harley-Davidson Inc. rose 3.6 percent on an expanded stock- buyback plan. FedEx Corp. fell the most in five months after its fourth-quarter profit trailed analysts’ estimates, and energy shares retreated.

The Standard & Poor’s 500 Index rose 0.2 percent to 2,100.44 at 4 p.m. in New York, after rising as much as 0.5 percent. The Dow Jones Industrial Average added 31.26 points, or 0.2 percent, to 17,935.74. The Nasdaq Composite Index advanced 0.2 percent. About 6.2 billion shares changed hands on U.S. exchanges, 1.6 percent below the three-month average.

“It looks like there’s a shallower rate hike path for 2016 and 2017,” said John Canally, chief economic strategist at LPL Financial Corp. “That should be supportive of risk assets.”

Fed officials maintained their forecast for the benchmark interest rate at the end of 2015, while lowering it for next year. Policy makers predicted the rate will rise to 0.625 percent this year, according to their median estimate. That implies two quarter-point increases. Next year, they expect the rate to climb to 1.625 percent, lower than a March forecast of 1.875 percent.

A rebound in job growth is giving Fed officials reason to look beyond a first-quarter economic slowdown as they consider when to tighten policy. At the same time, inflation remains below their target, and central bankers say the timing of a rate increase depends on how economic data unfold.

Recent data from retail sales to wage growth have been improving, though a report Tuesday indicated builders began work on fewer houses in May following a surge the prior month. That followed a disappointing factory report on Monday that pushed stocks lower.

“We are sort of in a Goldilocks economy where we don’t have to rush to make any drastic moves,” said Myles Clouston, senior director of Nasdaq Advisory Services. “The Fed has the luxury to take their time and be thoughtful given that the economy is showing signs of improvement on multiple fronts. Things seem to be moving smoothly.”

The S&P 500 has more than tripled from its March 2009 low, buoyed by three rounds of stimulus from the Fed. The index is down 1.4 percent from an all-time high reached last month.

During her post-statement press conference, Yellen said Greece and its creditors are faced with difficult decisions, and turmoil from a failure to reach a deal could have spillover effects on the U.S.

Greece remains deadlocked in talks with creditors and needs to seal a deal before the euro area’s bailout expires on June 30, or risk missing payments on its debt of about 313 billion euros ($352 billion). Negotiations between Greece and its creditors are close to breakdown as finance ministers prepare to meet in Luxembourg on Thursday.

The Chicago Board Options Exchange Volatility Index fell 2.1 percent Wednesday to 14.50. The gauge, known as the VIX, fell 3.8 percent yesterday, retreating from an 11-week high.

Eight of the S&P 500’s 10 main groups rose, led by utility companies, which posted their best gain in a month, and consumer shares. Gas and electricity provider NiSource Inc. jumped 3.7 percent to an all-time high as shares of its pipeline spinoff started preliminary trading. Sempra Energy and CenterPoint Energy Inc. climbed more than 1.5 percent.

TripAdvisor shares soared 15 percent, the most in four months, to lead consumer discretionary shares higher. The company announced a partnership with Marriott International that will let users of the travel-planning website book rooms at the chain’s hotels.

Harley-Davidson rallied 3.8 percent, the most since January, after boosting its share-buyback authorization by 15 million shares. Nordstrom Inc. gained 2.4 percent, its biggest climb in four months.

Reynolds American Inc. and Procter & Gamble climbed more than 1.2 percent, leading an advance among consumer staples companies as a Bloomberg gauge on the dollar fell to a one-month low. A weaker dollar helps make their products more competitive overseas.

AbbVie Inc. climbed 1.5 percent after Piper Jaffray Ltd. rated the shares overweight. Kythera Biopharmaceuticals Inc. soared 22 percent to a record after Botox maker Allergan Plc agreed to buy the company for $2.1 billion. The Nasdaq Biotechnology Index added 0.6 percent.

FedEx fell 3 percent to weigh on the transportation group. The operator of the world’s largest cargo airline posted a fourth-quarter profit that trailed analysts’ estimates, crimped by currency fluctuations and lower fuel surcharges. The Dow Jones Transportation Average slipped 0.4 percent, down for a fourth consecutive day, the longest stretch in two months.

Energy companies reversed early gains, falling with oil after a government report showed crude stockpiles at Cushing, Oklahoma, the delivery point for West Texas Intermediate crude traded in New York, rose for the first time since April and U.S. refineries unexpectedly cut operating rates. Chesapeake Energy Corp. lost 3.5 percent, while Pioneer Natural Resources Co. and Apache Corp. slid more than 2.3 percent.

Have a wonderful evening everyone.

Be magnificent!

We would rather cling to the known than face the unknown-

the known being our house, our furniture, our family,

our character, our work, our knowledge, our fame, our loneliness, our gods –

that little thing that moves around incessantly within itself,

with its own limited embittered existence.

Krishnamurti

As ever,

Carolann

Age does not matter if the matter does not age.

-Carlos Pena Romulo, 1898-1985

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

Senior Portfolio Manager &

Senior Vice-President

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

June 18, 2015

June 16, 2015 Newsletter

Dear Friends,

Tangents:

Interesting stuff…

If a statue in the park of a person on a horse has both front legs in the air, the person died in battle. If the horse has one front leg in the air the person died as a result of wounds received in battle. If the horse has all four legs on the ground, the person died of natural causes.

———————————————

Q. Half of all Americans live within 50 miles of what? A. Their birthplace

———————————————

Q. Most boat owners name their boats. What is the most popular boat name requested?

A. Obsession

——————————————————————-

Q. If you were to spell out numbers, how far would you have to go until you would find the letter “A”? A. One thousand

——————————————————————-

Q. What do bulletproof vests, fire escapes, windshield wipers, and laser printers all have in common? A. All were invented by women.

————————————

Q. What is the only food that doesn’t spoil? A. Honey

———————————————————

Q. Which day are there more collect calls than any other day of the year?

A. Father’s Day

————————————————————

In Shakespeare’s time, mattresses were secured on bed frames by ropes.

When you pulled on the ropes the mattress tightened, making the bed firmer to sleep on. Hence the phrase……… “goodnight, sleep tight.”

——————————————————————

It was the accepted practice in Babylon 4,000 years ago that for a month after the wedding, the bride’s father would supply his son-in-law with all the mead he could drink. Mead is a honey beer and because their calendar was lunar based, this period was called the honey month, which we know today as the honeymoon.

——————————————————————–

In English pubs, ale is ordered by pints and quarts… So in old England, when customers got unruly, the bartender would yell at them “Mind your pints and quarts, and settle down.”

It’s where we get the phrase “mind your P’s and Q’s

——————————————————————-

Many years ago in England, pub frequenters had a whistle baked into the rim, or handle, of their ceramic cups. When they needed a refill, they used the whistle to get some service. “Wet your whistle” is the phrase inspired by this practice.

——————————————————

And…on this day in 1884, America’s first roller coaster opened at Coney Island in Brooklyn, New York. It traveled at about six miles per hour and cost a nickel to ride.

PHOTOS OF THE DAY

Muslim children carry torches during a parade marking Ramadan in Jakarta, Indonesia, Tuesday. Ramadan, the holy fasting month, is expected to begin on Thursday. Indonesia is the world’s most populous Muslim nation. Achmad Ibrahim/AP

People walk away as huge waves hit the Arabian Sea shore marking the arrival of monsoon season in Mumbai, India, Tuesday. The annual monsoon rains, which usually hit India from Juneto September, are crucial for farmers whose crops feed hundreds of millions of people. Rajanish Kakade/AP

Market Closes for June 16^th, 2015

Market Index	Close	Change
Dow Jones	17904.48	+113.31 +0.64%

S&P 500	2096.29	+11.86 +0.57%

NASDAQ	5055.555	+25.582 +0.51%

TSX	14753.05	-3.00
		-0.2%

International Markets

Market Index	Close	Change
NIKKEI	20257.94	-129.85
		-0.64%
HANG SENG	26566.70	-295.11
		-1.10%
SENSEX	26686.51	+99.96
		+0.38%
FTSE 100	6710.10	-0.42
		-0.01%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.740	1.769
CND. 30 Year Bond	2.337	2.360
U.S. 10 Year Bond	2.3075	2.3559
U.S. 30 Year Bond	3.0399	3.0867

Currencies

BOC Close	Today	Previous
Canadian $	0.81354	0.81150
US $	1.22908	1.23228

Euro Rate 1 Euro=		Inverse
Canadian $	1.38254	0.72331
US $	1.12484	0.88901

Commodities

Gold	Close	Previous
London Gold Fix	1177.75	1181.40

Oil	Close	Previous
WTI Crude Future	59.97	59.52

As for it being different this time, it is different every time. The question is in what way, and to what extent. –Tom McClennan (The McClennan Market Report)

Market Commentary:

Canada

By Eric Lam

(Bloomberg) — Canadian stocks were little changed, with the benchmark gauge trading near the lowest level in three months, as raw-materials producers retreated with the price of gold to offset a gain among oil shares as crude rebounded.

Tahoe Resources Inc. sank 9.3 percent after Goldcorp Inc. sold its stake in the company. Goldcorp slipped 1.9 percent. Bombardier Inc. sank 6.5 percent as its CSeries jet failed to garner any new orders at the Paris Air Show. Hudson’s Bay Co. climbed 9 percent after announcing a deal to acquire a German retailer yesterday.

The Standard & Poor’s/TSX Composite Index fell 3 points, or less than 0.1 percent, to 14,753.05 at 4 p.m. in Toronto. The benchmark slid as much as 0.5 percent in early trading before nearly erasing the slide over the course of the afternoon. The gauge has advanced 0.8 percent this year, among the worst- performers in developed markets in the world.

Barrick Gold Corp. declined 2.5 percent and Agnico Eagle Mines Ltd. lost 2.7 percent as raw-materials producers dropped 1 percent as a group, the most in the S&P/TSX. Seven of 10 industries retreated on trading volume 3.1 percent lower than the 30-day average.

Tahoe Resources tumbled 9.3 percent. Goldcorp, the world’s largest gold producer by market value, sold its 26 percent stake in the company for C$998.5 million in a secondary share sale to increase its near-term liquidity.

Gold for August delivery slipped 0.4 percent to $1,180.90 an ounce in New York. The Fed meets in Washington on Tuesday and Wednesday to plot monetary strategy and update economic forecasts as investors speculate when it will raise interest rates.

Crescent Point Energy Corp. rose 2.3 percent and Cenovus Energy Inc. added 2.8 percent as energy producers increased 0.5 percent. Oil advanced for the first time in four days.

Greek Prime Minister Alexis Tsipras gave no sign of backing down in the standoff over the country’s bailout. He hurled criticism at Greece’s creditors in a speech to lawmakers in Athens, accusing the International Monetary Fund of “criminal” responsibility for his country’s predicament.

Attention now shifts to a June 18 meeting of euro-area finance ministers in Luxembourg as the next deadline in a saga that opened in 2009. Officials have focused on that as a make- or-break session for Greece’s ability to avert default and stay in the currency union.

By Jennifer Kaplan and Joseph Ciolli

(Bloomberg) — U.S. stocks advanced, with the Standard & Poor’s 500 Index rising above its average price during the past 100 days, as investors speculate the Federal Reserve won’t rush to raise rates amid uncertainty over Greece’s future in the euro.

Aetna Inc. and UnitedHealth Group Inc. rose more than 2.1 percent amid bets that the health-insurance industry is headed for a round of mergers. Monster Beverage Corp. jumped 4.2 percent to lead consumer staples higher. Oracle Corp. and Adobe Systems Inc. gained more than 1.3 percent. United Rentals Inc.fell 2.6 percent after an analyst downgrade, and airline shares declined for a second day.

The S&P 500 Index climbed 0.6 percent to 2,096.29 at the close in New York, erasing Monday’s slide. The Dow Jones Industrial Average added 113.31 points, or 0.6 percent, to 17,904.48. The Nasdaq Composite Index gained 0.5 percent. About 5.5 billion shares changed hands on U.S. exchanges Tuesday, 13 percent below the three-month average.

“We had a selloff the last few days, and we’re seeing a bounce back from an oversold condition,” said Matt Maley, an equity strategist at Miller Tabak & Co. in Newton, Massachusetts. “I don’t think anyone wanted to be caught short ahead of the Fed meeting. The situation in Greece is still up in the air and will be for a little while, but it doesn’t look like that’s holding investors back today.”

The Federal Reserve concludes its two-day meeting Wednesday, and officials are expected to leave interest rates unchanged after the economy contracted in the first quarter amid harsh winter weather. Policy makers anticipate growth will rebound enough to potentially allow for a rate increase this year.

Recent data from retail sales to wage growth have been improving, though disappointing factory data Monday increased investor uncertainty as to whether the rebound is strong enough to withstand a rate increase.

A report Monday showed May housing starts totaled 1.04 million at an annualized rate following April’s revised 1.17 million pace, capping the best back-to-back readings since the last two months of 2007. The median estimate of economists surveyed by Bloomberg called for 1.09 million. Permits for future projects climbed to the highest level in almost eight years.

Investors continue to look for indications of progress in Greece’s debt talks after the Mediterranean nation signaled it won’t make further concessions to unlock bailout funds needed to avoid default. German Chancellor Angela Merkel struck a more conciliatory tone, saying she’ll “do everything possible to keep Greece in the euro zone.”

“The market correctly realizes that Greece is less of a risk than it was a few years back,” said Anthony Valeri, a market strategist with LPL Financial Corp. in San Diego. “Any kind of financial disruption is limited. Investors are correctly viewing this as more of an isolated incident that has far greater ramifications for Greece than it does for the global economy and financial markets.”

The Chicago Board Options Exchange Volatility Index slipped 3.8 percent to 14.81 Tuesday, as equities gained for the first time in three sessions. The gauge, known as the VIX, reached an 11-week high yesterday.

Consumer staples shares rose the most in the S&P 500, the group’s first climb in four sessions, as all of the benchmark’s 10 main industries advanced. Staples are down 3.5 percent in the past month, worse than the S&P 500’s 1.3 percent retreat.

Coty Inc. jumped 19 percent to a record after a report that the Calvin Klein and Adidas fragrance maker won the auction for Procter & Gamble Co.’s haircare unit and two beauty lines in deals which could reach a combined $12 billion. P&G added 1.3 percent.

Monster Beverage rallied 4.2 percent after Citigroup Inc. analysts added the company to the firm’s U.S. Focus List. Campbell Soup Co. rose 2.6 percent, its biggest gain in five months, while Whole Foods Inc. had its biggest advance since April, up 1.7 percent. Coca-Cola Co. and PepsiCo Inc. added at least 1 percent, with Coke posting its best increase in almost two months.

The health-care group climbed for the fifth time in six sessions. Perrigo Co. advanced 4.3 percent, the most in the S&P 500, after Abbott Laboratories said it would vote its 14.5 percent stake in favor of Mylan NV’s $33 billion bid for Perrigo at a shareholder meeting on a potential deal in July or August.

Mylan lost 2.1 percent, the most in a month.

UnitedHealth, Aetna and Anthem Inc. added at least 1.4 percent amid a drumbeat for consolidation in the health- insurance industry. Aerie Pharmaceuticals Inc. soared 50 percent, the most ever, after U.S. regulators let the company favorably alter the design of a trial for its glaucoma drug.

Energy companies rallied as oil rose for the first time in four days. Hess Corp. and Chesapeake Energy Corp. gained more than 2.6 percent.

SunEdison Inc. increased 2.3 percent after raising $402.5 million to help buy renewable energy plants in emerging markets.It also purchased more than 2 gigawatts of wind and solar projects in Central America and Asia.

Industrial shares were little changed as declines in airline shares weighed. American Airlines Group Inc. and United Continental Holdings Inc. dropped more than 1.4 percent. A Bloomberg index of U.S. carriers fell 0.9 percent.

Oshkosh Corp. slumped 7.1 percent, the biggest drop in almost 11 months. The maker of combat vehicles, heavy-duty trucks and other equipment cut its third-quarter and 2015 profit view, citing severe weather and potential rental industry consolidation. United Rentals lost 2.6 percent after it was downgraded to underperform from neutral at Macquarie Research.

Avalanche Biotechnologies Inc. shares tumbled 56 percent, the most since it went public last July, after some patients in a safety study of its gene therapy for an age-related chronic eye disease still required injections from another drug.

Have a wonderful evening everyone.

Be magnificent!

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

Krishnamurti

As ever,

Carolann

He knows not his own strength that hath not met adversity.

-Ben Jonson, 1572-1637

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

Senior Portfolio Manager &

Senior Vice-President

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

June 18, 2015

June 15, 2015 Newsletter

Dear Friends,

Tangents:

Poem

The colloquialism of the title, which means “and them” = as in “Tell your mama ’n’em I said hello” – encompasses a host of people made familiar by the world of the poem. Most of us have known them: elders, and distant ancestors whose way of being was rooted in the wisdom of folk knowledge, a generation now all but gone. –Natasha Tretheway, NY Times, 4/19/15.

’N’em

By Jericho Brown

They said to say goodnight

And not goodbye, unplugged

The TV when it rained. They hid

Money in mattresses

So to sleep on decisions.

Some of their children

Were not their children. Some

Of their parents had no birthdates.

They could sweat a cold out

Of you. They’d wake without

An alarm telling them to.

Even the short ones reached

Certain shelves. Even the skinny

Cooked animals too quick

To catch. And I don’t care

How ugly one of them arrived,

That one got married

To somebody fine. They fed

Families with change and wiped

Their kitchens clean.

Then another century came.

People like me forgot their names.

PHOTOS OF THE DAY

Britain’s Queen Elizabeth walks in a procession at the annual Order of the Garter service at St. George’s Chapel at Windsor Castle in Windsor, England, Monday. Peter Nicholls/Reuters

Hot lava flows from the crater of Mount Sinabung as seen from Tiga Serangkai, North Sumatra, Indonesia, early Monday morning. Authorities have been closely monitoring the 8,070 foot-high volcano since June 2, when its status was raised to the highest alert level due to the growing size of its lava dome. Binsar Bakkara/AP

Market Closes for June 15^th, 2015

Market Index	Close	Change
Dow Jones	17791.17	-107.67 -0.60%

S&P 500	2084.43	-9.68 -0.46%

NASDAQ	5029.973	-21.129 -0.42%

TSX	14756.05	+14.90
		+0.10%

International Markets

Market Index	Close	Change
NIKKEI	20387.79	-19.29
		-0.09%
HANG SENG	26861.81	-418.73
		-1.53%
SENSEX	26586.55	+161.25
		+0.61%
FTSE 100	6710.52	-74.40
		-1.10%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.769	1.807
CND. 30 Year Bond	2.360	2.396
U.S. 10 Year Bond	2.3559	2.3918
U.S. 30 Year Bond	3.0867	3.1030

Currencies

BOC Close	Today	Previous
Canadian $	0.81150	0.81194
US $	1.23228	1.23161

Euro Rate 1 Euro=		Inverse
Canadian $	1.39025	0.71930
US $	1.12824	0.88634

Commodities

Gold	Close	Previous
London Gold Fix	1181.40	1182.80

Oil	Close	Previous
WTI Crude Future	59.52	59.96

You have to trust in something – your gut, destiny, life, karma, whatever. –Steve Jobs

Market Commentary:

Canada
By Eric Lam

(Bloomberg) — Canadian stocks were little-changed after two days of losses, as a retail rally overshadowed a global equities selloff amid concern that Greece won’t reach a deal with creditors to avert a default.

Hudson’s Bay Co. soared 7.9 percent after agreeing to buy German retailer Galeria Kaufhof from Metro AG. Bombardier Inc. climbed 3.2 percent after its long-delayed CSeries jet took to the sky at the Paris Air Show for the first time. RMP Energy Inc. and Surge Energy Inc. retreated more than 4.3 percent as oil declined a third day, leading energy shares lower.

The Standard & Poor’s/TSX Composite Index rose 14.90 points, or 0.1 percent, to 14,756.05 at 4 p.m. in Toronto. The gauge declined 1.4 percent last week for a third straight decline.

Six of 10 industries in the S&P/TSX advanced on trading volume 11 percent below the 30-day average. Producers of consumer staples rallied 1.2 percent to lead gains. Financial stocks, which account for about one-third of the index, added 0.3 percent.

Hudson’s Bay, Canada’s oldest company, surged the most since February. The company will pay 2.83 billion euros ($3.2 billion) for Kaufhof, putting one of Germany’s longest-standing and best-known retailers under the same ownership as Saks Fifth Avenue.

Suncor Energy Inc. lost 1.7 percent and Canadian Natural Resources Ltd. declined 1.3 percent as energy producers decreased 0.4 percent as a group.

Developed equity markets tumbled around the world, with the S&P 500 losing 0.5 percent in New York and the Stoxx Europe 600 falling 1.6 percent after Greece failed to reach an agreement with creditors in talks on the weekend.

Canadian factory sales slumped 2.1 percent in April, quadrupling forecasts on lower receipts of food, aerospace and energy. It is the third monthly drop this year for the measure, as manufacturers have struggled to recapture orders lost in the 2008-2009 recession.

By Jennifer Kaplan and Callie Bost

(Bloomberg) — U.S. stocks retreated, with the Standard & Poor’s 500 Index slipping below its average price during the past 100 days, after weekend negotiations between Greece and its creditors broke down and factory data were weaker than forecast.

Industrial shares led declines as United Technologies Corp. dropped 2.5 percent after lowering its 2015 profit target amid weakness at the Sikorsky helicopter unit being targeted for divestiture. Micron Technology Inc. lost 3.5 percent after an analyst downgrade. Microsoft Corp. fell 1.1 percent, down for a third day. Cigna Corp. jumped 12 percent after a report that it was a takeover target.

The S&P 500 slid 0.5 percent to 2,084.43 at 4 p.m. in New York, after earlier losing as much as 1 percent. The Dow Jones Industrial Average fell 107.67 points, or 0.6 percent, to 17,791.17, and the Nasdaq Composite Index dropped 0.4 percent. About 5.9 billion shares changed hands on U.S. exchanges Monday, 7.6 percent below the three-month average.

“All eyes are on the tumultuous Greek negotiations which have moved the risk markets not only here in the United States, but across the globe,” said Chad Morganlander, a money manager in Florham Park, New Jersey, for Stifel, Nicolaus & Co., which oversees about $170 billion. “That as well as the weekly thematic will be the message from central banks, in particular the Federal Reserve.”

The latest round of bailout talks between Greece and its creditors ended in acrimony after leaders met for just 45 minutes in Brussels on Sunday. European policy makers raised pressure on Greece to return to the negotiating table and make further concessions to unlock aid, as each side laid out its demands to rally support for its respective position.

The Federal Reserve begins a two-day meeting Tuesday, at which officials are expected to leave interest rates unchanged. Improving economic reports since the central bank’s last session have pushed the probability for a September increase to 53 percent, data compiled by Bloomberg show. Chair Janet Yellen may provide further clues at a press conference on June 17.

Manufacturing data today showed improvement from early year weakness remains uneven. Factory production unexpectedly declined in May as the slump in energy output deepened. The sluggish data signal that a stronger dollar and decrease in fuel prices are still holding back American factories. An earlier report showed manufacturing activity in the New York region unexpectedly worsened this month amid a drop in new orders.

Another report showed confidence among homebuilders rebounded in June to a nine-month high as warmer weather and a brighter economic outlook drew prospective buyers back to the market.

The specter of higher borrowing costs is also keeping U.S. equities in check, even after data last week signaled a pickup in consumer spending. The S&P 500 Friday finished its seventh straight week with a move of less than 1 percent.

The Chicago Board Options Exchange Volatility Index jumped 12 percent Monday to 15.38, an 11-week high. The gauge, know as the VIX, slipped 3 percent last week.

Industrial and consumer staple companies fell the most of 10 main groups in the S&P 500 Index. United Technologies had its biggest drop in three months, weighing on the industrials group along with the weaker-than-forecast factory data. Rockwell Automation Inc. and Raytheon Company lost more than 1.4 percent to pace a retreat among capital goods companies. 3M Co. decreased 1.4 percent to a seven-month low.

Micron Technology declined the most in the benchmark gauge, down 3.5 percent to the lowest in more than a year after being cut to the equivalent of sell by Morgan Stanley. Microsoft lost 1.1 percent for its ninth drop in 10 sessions, while Teradata Corp. declined 2.8 percent to its lowest since 2010 after JMP Securities LLC downgraded the stock. SanDisk Corp. fell 2.9 percent to a two-month low.

Netflix Inc. declined 1.1 percent. Alibaba Group Holding Ltd. is planning to build China’s version of Netflix and HBO via a new service called Tmall Box Office, as it tries to service 600 million families craving more entertainment content.

Fiat Chrysler Automobiles NV slumped 2.6 percent. Morgan Stanley restricted coverage of General Motors Co. and Fiat Chrysler by analyst Adam Jonas because GM, a longstanding advisory client, disclosed that FCA approached it about a merger, said two people familiar with the matter.

Coal miner Peabody Energy Corp. slid 5.5 percent to an all- time low. Shares dropped for a fourth consecutive session and have lost 27 percent over the period.

Cigna surged 12 percent to a record. A person with knowledge of the matter said Anthem Inc. has explored takeovers of smaller health-insurance rivals Cigna and Humana Inc. Anthem gained 2.3 percent.

Cigna’s rally helped to push health-care companies in the S&P 500 higher. Aetna Inc. rose 4.4 percent, the most in more than a year, to an all-time high. UnitedHealth Group Inc.advanced 1.1 percent.

Standard Pacific Corp. and Ryland Group Inc. added at least 5.2 percent after the homebuilders agreed to merge. The combined entity, which will build entry-level to luxury homes, will be in 41 metropolitan areas and 17 states. The deal, coupled with a jump in monthly builders’ sentiment, lifted an S&P index of builders 0.7 percent to a three-week high.

Dealertrack Technologies Inc. soared 58 percent after Cox Enterprises’ automotive unit agreed to buy the supplier of software services for vehicle retailers for $4 billion to expand from used-car services and data.

CVS Health Corp. will pay $1.9 billion to buy Target Corp.’s pharmacies and clinics, expanding its reach by adding stores bearing its name inside the U.S. retail chain. Target gained 1.2 percent, while CVS added 0.4 percent after earlier rising as much as 1.1 percent.

Have a wonderful evening everyone.

Be magnificent!

Life is like a garden. Quite naturally, leaves wither and flowers fade.

Only if we clear the decay of the past

then and there can we really enjoy the beauty of the new leaves and flowers.

Likewise, we must clear the murkiness of past bad experiences from our minds.

Life is remembrance in forgetfulness.

Forgive what ought to be forgiven; forget what ought to be forgotten.

Let us embrace life with renewed vigor…

We should be able to face every moment of life with renewed expectation, like a freshly blossomed flower.

Mata Amritanandamayi

As ever,

Carolann

Not everyone can see his dreams come true in the same way.

-Paulo Coelho, 1947-

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

Senior Portfolio Manager &

Senior Vice-President

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

June 12, 2015

June 12, 2015 Newsletter

Dear Friends,

Tangents:

Poem Selected by Natasha Trethewey (in the NY Times, 5/24/16)

Long after my mother died, I found photographs of her with my father that I’d never seen, taken when she was only 21. Though I recognized her, there was something in her face unfamiliar to me. Looking at the pictures, I felt as I do reading this poem; the melancholy of knowing, as they could not have known then, all that was to come in their lives, each photograph and elegy for their past selves.

The Blue Dress

by Jehanne Dubrow

That day, tired of playing dollies and Let’s
Pretend, I found folded silk in the bottom
drawer, pushed to the back behind sheets and
pillowcases, blue silk like skin near drowning,
each button a drooping pearl. There were
albums I pulled from other drawers, faces
behind plastic film, the young couple framed
with black corners. In each photograph, my
mother’s face was water just before a stone
drops in, surface-smooth, opaque. That our
parents have lives before us is a secret we
close in a dark compartment, the blue dress
a body dragged from a lake.

Natasha Trethewey served as the poet laureate of the United States from 2012-2014. She is a professor at Emory University. Jehanne Dubrow is the author of two poetry collections, including most recently, “The Arranged Marriage,” published by the University of New Mexico Press in March.

Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. –Steve Jobs, 1955-2011.

PHOTOS OF THE DAY

Dresses and skirts hang on clotheslines inside a stadium, in an art exhibition titled ‘Thinking of You’ by Kosovo-born, London-based artist Alketa Xhafa-Mripa, in Pristina, Kosovo, on Friday. Clothes donated by British barrister Cherie Blair and singer Rita Ora were among 5,000 garments in the art installation, drawing attention to the stigmas surrounding victims of wartime sexual violence. Hazir Reka/Reuters

Sanyu (l.), a five-day old Rothschild’s giraffe, runs with another member of the herd in their enclosure at Chester Zoo, in Chester, Britain, on Friday. Phil Noble/Reuters

Market Closes for June 12^th, 2015

Market Index	Close	Change
Dow Jones	17898.84	-140.53 -0.78%

S&P 500	2094.11	-14.75 -0.70%

NASDAQ	5051.102	-31.407 -0.62%

TSX	14741.15	-89.73
		-0.61%

International Markets

Market Index	Close	Change
NIKKEI	20407.08	+24.11
		+0.12%
HANG SENG	27280.54	+372.69
		+1.39%
SENSEX	26425.30	+54.32
		+0.21%
FTSE 100	6784.92	-61.82
		-0.90%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.807	1.815
CND. 30 Year Bond	2.396	2.407
U.S. 10 Year Bond	2.3918	2.3754
U.S. 30 Year Bond	3.1030	3.0940

Currencies

BOC Close	Today	Previous
Canadian $	0.81194	0.81413
US $	1.23161	1.22830

Euro Rate 1 Euro=		Inverse
Canadian $	1.38685	0.72106
US $	1.12604	0.88806

Commodities

Gold	Close	Previous
London Gold Fix	1182.80	1178.50

Oil	Close	Previous
WTI Crude Future	59.96	60.77

The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man. –George Bernard Shaw, 1856-1950.

Market Commentary:

Canada

By Eric Lam

(Bloomberg) — Canadian stocks fell a second day, capping a third weekly loss, as global markets retreated amid growing concern negotiators will fail to avoid a Greek default.

Toronto-Dominion Bank slipped 1 percent to pace declines among lenders. Bankers Petroleum Ltd. and Canadian Natural Resources Ltd. retreated more than 3.8 percent as crude fell a second day to pare a weekly gain. Dominion Diamond Corp. slumped 7.3 percent, dropping for a second straight day after reporting earnings.

The Standard & Poor’s/TSX Composite Index lost 89.73 points, or 0.6 percent, to 14,741.15 at 4 p.m. in Toronto. The gauge declined 1.4 percent this week.

Canaccord Genuity Group Inc. dropped 3.9 percent and AGF Management Ltd. retreated 3 percent as financial-services companies declined 0.5 percent. Eight of 10 industries in the benchmark Canadian equity gauge retreated on trading volume 22 percent lower than the 30-day average.

The S&P/TSX joined declines in developed equity markets around the world, with the S&P 500 losing 0.7 percent in New York and the Stoxx Europe 600 falling 0.9 percent.

European officials are preparing for the worst after an International Monetary Fund team left Brussels earlier this week, despairing of Greek Prime Minister Alexis Tsipras’s tactics. Tsipras is sending a delegation to Brussels with a new set of proposals for creditors with a goal to narrow differences before a meeting of finance ministers in Luxembourg on Thursday.

Canadian households kept debt at near-record levels in the first quarter, at 163.3 percent of disposable income, compared with a revised 163.6 in the prior quarter, Statistics Canada said Friday in Ottawa. Household net worth rose 3.4 percent to C$8.65 trillion.

By Jennifer Kaplan and Oliver Renick

(Bloomberg) — The return of the U.S. consumer wasn’t enough to drive equities out of their weekly doldrums — not with a Federal Reserve meeting looming and European leaders still wrangling over Greece’s debt.

Stocks tracked by the Standard & Poor’s 500 Index finished the five days little changed. The gauge’s seventh straight week with a move of less than 1 percent wasn’t without drama, as equities began the period with the biggest three-day slide since March, only to rebound with the best gain in a month.

While higher retail sales and a surge in confidence indicated American consumers got their mojo back and bolstered optimism in the economy, the specter of higher interest rates and the threat of Greek default kept equities in check. The run of weekly calm could end as Fed officials prepare to issue new forecasts for the economy and the path of rates, while Greece has less than a week to accept the conditions for aid.

“There are some overriding currents with Greece and the Fed next week that could change the direction of the market,” said Walter Todd, who oversees about $1 billion as chief investment officer for Greenwood Capital. “The economic data has been better than expected here. We view that obviously as a positive for the economy and the market overall.”

While the S&P 500 is trading in the smallest range since at least 1995, with the 2015 low only 6.5 percent below its year- to-date high, options traders are speculating equity swings will return, with many bracing for disturbances in the next six days, judging by the most popular hedges against S&P 500 volatility. That period includes the two-day Fed gathering.

The Fed is not expected to raise rates, though economic reports since the central bank’s last meeting have pushed the probability for tightening in September to 53 percent, according to data compiled by Bloomberg.

The yield on 10-year Treasury notes touched the highest level since October in the week in anticipation of higher borrowing costs this year. Chair Janet Yellen may provide clues on the pace of tightening when she holds a press conference following the Fed meeting on June 17.

“We could see some jaw-boning by the Fed to prepare the markets for an eventual rate increase,” Chris Gaffney, president of EverBank World Markets Inc. in St. Louis, said in a telephone interview. “The data this week has all been pretty good.”

The University of Michigan’s preliminary consumer sentiment index for June topped all estimates in a Bloomberg survey of economists, while retail sales surged 1.2 percent in May. The gains bolstered speculation the economy is strong enough to withstand higher borrowing costs.

However, the data weren’t enough to push the S&P 500 back to record levels, as the gauge finished the week 1.7 percent below its May 21 high. The index has gone 15 trading days without a record, the second-longest drought since it topped its 2007 high in 2013. It has averaged about 5 days between records in that period.

After four months of negotiations, Greece and its creditors ended the week at a renewed impasse with the euro area due to withdraw its financial safety net at the end of the month. German Chancellor Angela Merkel urged the country to accept the framework for financial aid, while International Monetary Fund negotiators left talks earlier in the week.

“There’s a lot of noise along the way, certainly it looks negative that the IMF pulled their negotiators out of there, but at the end we believe the Greek crisis will work itself out,” Gaffney said.

Seven of the 10 main S&P 500 groups advanced in the week. Financial stocks got a boost from higher interest rates, rising 1 percent to lead gains. Utility shares, sought by some investors for their high dividend yields, slumped 0.5 percent.

Citrix Systems Inc. climbed 8.5 percent after an investor called for an overhaul to the software company. Jesse Cohn of Elliot Management Corp. said the company should consider selling two of its units, expand its share buyback and recruit more talented managers.

Energy producers dropped 0.9 percent. Transocean Ltd. lost 7.3 percent to lead a slump among offshore drillers after Barclays Plc’s investment-banking unit initiated coverage of the group with a negative outlook, in part citing low oil prices and an oversupplied rig market. Shares in energy companies also slipped amid concerns about a record pace of production from OPEC’s biggest members.

Airlines slumped 3.6 percent in the week after American Airlines Group Inc. joined Delta Air Lines Inc. in saying its benchmark revenue gauge will decline more than forecast as domestic demand decreases. Southwest Airlines Co. slid 5.8 percent and Delta lost 4.1 percent.

Have a wonderful weekend everyone.

Be magnificent!

You are never alone because you are full of all the memories, all the conditioning,

all the mutterings of yesterday; your mind is never clear of all the rubbish it has accumulated.

To be alone, you must die to the past.

When you are alone, totally alone, not belonging to any family, any nation, any culture,

any particular continent, there is that sense of being an outsider.

The man who is completely alone in this way is innocent and it is this innocence that frees the mind from sorrow.

Krishnamurti

As ever,

Carolann

The only place where success comes before work is in the dictionary.

-Vidal Sassoon, 1928-2012

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

Senior Portfolio Manager &

Senior Vice-President

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

June 11, 2015

June 11, 2015 Newsletter

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

Britain’s Prime Minister David Cameron (l.) welcomes Prince Harry as he arrives to attend the Service of Dedication to inaugurate the Bastion Memorial at the National Memorial Arboretum in Alrewas, England on Thursday. Eddie Keogh/Reuters

Women walk near the glass floor area on the 37th floor of the China Central Television (CCTV) tower on Thursday, next to construction sites in Beijing’s central business district. Jason Lee/Reuters

Market Closes for June 11^th, 2015

Market Index	Close	Change
Dow Jones	18039.37	+38.97 +0.22%

S&P 500	2109.06	+3.86 +0.18%

NASDAQ	5082.508	+5.818 +0.11%

TSX	14827.72	-61.32
		-0.41%

International Markets

Market Index	Close	Change
NIKKEI	20382.97	+336.61
		+1.68%
HANG SENG	26907.85	+220.21
		+0.83%
SENSEX	26370.98	-469.52
		-1.75%
FTSE 100	6846.74	+16.47
		+0.24%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.815	1.901
CND. 30 Year Bond	2.407	2.478
U.S. 10 Year Bond	2.3754	2.4802
U.S. 30 Year Bond	3.0940	3.2105

Currencies

BOC Close	Today	Previous
Canadian $	0.81413	0.81557
US $	1.22830	1.22614

Euro Rate 1 Euro=		Inverse
Canadian $	1.38348	0.72281
US $	1.12634	0.88783

Commodities

Gold	Close	Previous
London Gold Fix	1178.50	1188.50

Oil	Close	Previous
WTI Crude Future	60.77	61.43

Market Commentary:

Canada

By Eric Lam

(Bloomberg) — Canadian stocks fell, after two days of gains, as commodities producers retreated with the price of crude and metals.

Teck Resources Ltd. lost 1.9 percent as copper fell the most since January. Athabasca Oil Corp. slid 4.3 percent as oil declined in New York. Valeant Pharmaceuticals International Inc. increased 2.2 percent after the drugmaker said it will appoint a new chief financial officer.

The Standard & Poor’s/TSX Composite Index lost 58.16 points, or 0.4 percent, to 14,830.88 at 4 p.m. in Toronto. The loss halted a two-day rally of 1 percent and cut the S&P/TSX’s advance this year to 1.4 percent.

Seven of 10 industries in the benchmark index TSX retreated on trading volume 16 percent lower than the 30-day average.

Yamana Gold Inc. lost 4.8 percent and Silver Wheaton Corp. retreated 0.9 percent as raw-materials producers declined 1.5 percent as a group. First Quantum Minerals fell 3.5 percent and Lundin Mining Corp. lost 3.6 percent.

Trinidad Drilling fell 9.7 percent, the most since 2011, and Suncor Energy Inc. lost 2 percent. Oil fell 1.1 percent in New York after the International Energy Agency said this year’s price rally is under threat as OPEC’s biggest members pump record amounts of crude.

Trinidad Drilling agreed to acquire CanElson Drilling Inc. in a deal valued at about $505 million, including the assumption of $36 million in CanElson debt. BMO Capital Markets analyst Michael Mazar said he was “struggling” to see the rationale behind the deal as he downgraded the stock to market perform, the equivalent of a hold.

U.S. retail sales increased 1.2 percent in May, matching the median forecast of economists surveyed by Bloomberg and following a 0.2 percent gain in April. The data show American consumers are ready to spend on more than just automobiles, unlocking months of savings from cheap gasoline. The U.S. is Canada’s largest trading partner.

By Oliver Renick

(Bloomberg) — U.S. stocks rose after data on retail sales and jobs bolstered confidence in the strength of the economy, while investors watched for progress in Greece’s debt negotiations.

Transportation companies, led by railroads, rallied for a second day. Citrix Systems Inc. climbed 6.7 percent after an activist investor called for an overhaul to the software company. Energy shares retreated as offshore drillers slumped on negative analyst comments. Twitter Inc. jumped as much as 13 percent in late trading after the company said Chief Executive Dick Costolo is stepping down.

The Standard & Poor’s 500 Index advanced 0.2 percent to 2,108.86 at 4 p.m. in New York, after earlier rising as much as 0.5 percent. The Dow Jones Industrial Average rose 38.97, or 0.2 percent, to 18,039.37. The Nasdaq Composite Index added 0.1 percent.

“It’s a contest right now between the improving economy and fears about Greece,” said Brad McMillan, chief investment officer of Waltham, Massachusetts-based Commonwealth Financial Network, which oversees $97 billion. “The economy really is improving and the first quarter was not the end of the world, but Greece is the big thing people are watching in the short- term.”

The International Monetary Fund said its team negotiating with Greece left Brussels after failing to make progress on a debt deal. Meanwhile, European Union President Donald Tusk told Greece Prime Minister Alexis Tsipras to stop maneuvering and decide whether to accept the conditions on financial aid. The S&P 500 jumped 1.2 percent on Wednesday, the most in a month, amid optimism that progress was being made in the talks.

Greece’s Tsipras has promised Germany and France that he will step up efforts to find a package of reforms and budget fixes before the country’s bailout agreement expires at the end of the month.

Data earlier showed sales at retailers picked up in May, a sign households are finally willing to put the gains from continued job growth and lower fuel prices to work. Sales increases were broad-based, with auto dealers, clothing and building material stores among the best performers. A separate report showed applications for unemployment benefits remained below 300,000 for a 14th straight week, a sign of labor market strength.

The S&P 500 had tumbled 2.4 percent from its May record to a two-month low amid concern the Federal Reserve will raise benchmark rates as early as September. The equity gauge this year has traded in its tightest weekly range since the mid-’90s, signaling investor uncertainty as to whether the economic recovery is strong enough to withstand a rate increase.

“For the markets to do better we need good news about the economy,” said Krishna Memani, the New York-based chief investment officer at Oppenheimer Funds Inc. “If the retail sales data was weak, we would have had a problem, but it isn’t. While the data isn’t knocking the cover off the ball, it’s reasonable and a solid recovery.”

The Chicago Board Options Exchange Volatility Index fell 2.8 percent Thursday to 12.85, a three-week low. The gauge, known as the VIX, is down 9.6 percent since Friday, on track for the biggest weekly drop since April.

Twitter rose 5.8 percent as of 4:50 p.m. after announcing the management change. Jack Dorsey, a Twitter co-founder, will take Costolo’s place in the interim until the company can find a replacement, Twitter said in a regulatory filing.

Seven of the S&P 500’s 10 main industries gained for a second day, led by health-care, utility and phone company shares. About 5.8 billion shares traded hands Thursday, 9 percent below the three-month average.

Railroads led transportation and industrial companies higher, as the Dow Jones Transportation Average climbed for a second day, up 1.1 percent. CSX Corp. rose 2.9 percent, the most in a month, as speculation of a merger with a Canadian railroad continues to swirl. Kansas City Southern gained 2 percent. Among airlines, Hawaiian Holdings Inc. and Alaska Air Group Inc. increased at least 1.7 percent.

Biogen Inc. and Amgen Inc. advanced more than 1.3 percent to pace a climb in health-care shares. Baxter International climbed 3.4 percent, the drug maker’s biggest increase since November.

Eli Lilly & Co. added 4.1 percent to a 14-year high, leading the group as it rose for a fifth day. The company has said it plans to release more clinical trial data next month on an experimental Alzheimer’s drug, raising optimism among investors that the details will be encouraging.

Utilities were up for a second day and posted their biggest move higher in almost a month. Duke Energy Corp., Xcel Energy Inc. and Eversource Energy each added at least 1 percent.

Citrix Systems Inc. jumped 6.7 percent, the most in the S&P 500 and to an eight-month high. Activist investor Jesse Cohn of Elliot Management Corp. said the company should consider selling two of its units, expand its share buyback and recruit more talented managers.

Chipmaker Integrated Silicon Solution, Inc. rose 5.4 percent to its highest level since 2000 after Uphill Investment Co. raised its takeover offer.

An S&P index of homebuilders climbed amid signs consumers are more willing to spend. Toll Brothers Inc. and KB Home gained at least 1 percent. Apparel retailer Gap Inc. added 1.9 percent. Ford Motor Co. rose 1.7 percent, the most in three months, amid strong May auto sales.

Energy companies slipped as crude prices fell amid concerns about a record pace of production from OPEC’s biggest members. Chesapeake Energy Corp. lost 4.3 percent to its lowest level in more than six years after Oppenheimer & Co. downgraded the shares.

Transocean Ltd. dropped 5 percent, the most in the S&P 500. Barclays Capital Inc. initiated coverage of offshore drillers with a negative outlook, in part citing low oil prices and an oversupplied rig market. Diamond Offshore Drilling Inc. and Noble Corp. slid more than 3.9 percent.

Have a wonderful evening everyone!

Be magnificent!

“You can’t use up creativity. The more you use, the more you have.” –Maya Angelou

As ever,

Karen

“It’s not the years in your life that count. It’s the life in your years.” –Abraham Lincoln

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

June 10, 2015

June 10, 2015 Newsletter

Dear Friends,

Tangents:

This has been around for awhile, but with politics in high gear around the world and election rhetoric starting to heat up, worth another read 🙂

How to understand the world through “Cow POLITICS”

DEMOCRATIC
You have two cows.
Your neighbor has none
You feel guilty for being successful.
Barbara Streisand sings for you.

REPUBLICANISM
You have two cows.
Your neighbor has none. So?

SOCIALIST
You have two cows.
The government takes one and gives it to your neighbor.
You form a cooperative to tell him how to manage his cow.

COMMUNIST
You have two cows.
The government seizes both and provides you with milk.
You wait in line for hours to get it. It is expensive and sour.

CAPITALISM, AMERICAN STYLE
You have two cows.
You sell one, buy a bull, and build a herd of cows.

BUREAUCRACY, AMERICAN STYLE
You have two cows.
Under the new farm program the government pays you to shoot one, milk the other, and then pours the milk down the drain.

AMERICAN CORPORATION
You have two cows.
You sell one, lease it back to yourself and do an IPO on the 2nd one.
You force the two cows to produce the milk of four cows. You are surprised when one cow drops dead. You spin an announcement to the analysts stating you have downsized and are reducing expenses.
Your stock goes up.

FRENCH CORPORATION
You have two cows.
You go on strike because you want three cows.
You go to lunch and drink wine.
Life is good.

JAPANESE CORPORATION
You have two cows.
You redesign them so they are one-tenth the size of an ordinary cow and produce twenty times the milk.
They learn to travel on unbelievably crowded trains.
Most are at the top of their class at cow school.

GERMAN CORPORATION
You have two cows.
You engineer them so they are all blond, drink lots of beer, give excellent quality milk, and run a hundred miles an hour.
Unfortunately they also demand 13 weeks of vacation per year.

ITALIAN CORPORATION
You have two cows but you don’t know where they are.
While ambling around, you see a beautiful woman.
You break for lunch.
Life is good.

RUSSIAN CORPORATION
You have two cows.
You have some vodka.
You count them and learn you have five cows.
You have some more vodka.
You count them again and learn you have 42 cows.
The Mafia shows up and takes over however many cows you really have.

TALIBAN CORPORATION
You have all the cows in Afghanistan, which are two.
You don’t milk them because you cannot touch any creature’ private parts.
You get a $40 million grant from the US government to find alternatives to milk production but use the money to buy weapons.

IRAQI CORPORATION
You have two cows.
They go into hiding.
They send radio tapes of their mooing.

POLISH CORPORATION
You have two bulls.
Employees are regularly maimed and killed attempting to milk them.

BELGIAN CORPORATION
You have one cow.
The cow is schizophrenic.
Sometimes the cow thinks he’s French, other times he’s Flemish.
The Flemish cow won’t share with the French cow.
The French cow wants control of the Flemish cow’s milk.
The cow asks permission to be cut in half
The cow dies happy.

FLORIDA CORPORATION
You have a black cow and a brown cow.
Everyone votes for the best looking one.
Some of the people who actually like the brown one best accidentally vote for the black one.
Some people vote for both.
Some people vote for neither.
Some people can’t figure out how to vote at all.
Finally, a bunch of guys from out-of-state tell you which one you think is the best-looking cow.

PHOTOS OF THE DAY

Students perform a dance as they attend a demonstration march to demand changes in the education system in Santiago, Chile.Catherine Allen/Reuters

A women sells bananas from her bicycle on a road along Hoan Kiem Lake in Hanoi, Vietnam. Ted Anthony/AP

Market Closes for June 10^th, 2015

Market Index	Close	Change
Dow Jones	18000.40	+236.36 +1.33%

S&P 500	2105.20	+25.05 +1.20%

NASDAQ	5076.691	+62.826 +1.25%

TSX	14889.04	+71.33
		+0.48%

International Markets

Market Index	Close	Change
NIKKEI	20046.36	-49.94
		-0.25%
HANG SENG	26687.64	-301.88
		-1.12%
SENSEX	26840.50	+359.25
		+1.36%
FTSE 100	6830.27	+76.47
		+1.13%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.901	1.880
CND. 30 Year Bond	2.478	2.444
U.S. 10 Year Bond	2.4802	2.4384
U.S. 30 Year Bond	3.2105	3.1663

Currencies

BOC Close	Today	Previous
Canadian $	0.81557	0.81046
US $	1.22614	1.23386

Euro Rate 1 Euro=		Inverse
Canadian $	1.38869	0.72010
US $	1.13257	0.88295

Commodities

Gold	Close	Previous
London Gold Fix	1188.50	1177.40

Oil	Close	Previous
WTI Crude Future	61.43	60.14

An economist is someone who sees something happen, and then wonders if it would work in theory. –Ronald Reagan.

Market Commentary:

Canada

By Eric Lam

(Bloomberg) — Canadian stocks rose a second day as commodities producers rallied after the price of oil climbed to the highest level this year while gold and copper led metals higher.

Trican Well Service Ltd. and Enerplus Corp. increased more than 7 percent to pace gains among energy stocks. Dollarama Inc. jumped 2.7 percent after revenue and earnings topped analysts’ estimates. Hudson’s Bay Co. lost 2.1 percent after reporting a first-quarter loss. Teck Resources Ltd. added 0.4 percent as copper rose the most in five weeks. Sun Life Financial Inc. gained 2.6 percent after analysts at RBC Capital Markets upgraded the stock’s rating.

The Standard & Poor’s/TSX Composite Index climbed 71.33 points, or 0.5 percent, to 14,889.04 at 4 p.m. in Toronto. The S&P/TSX had fallen 2.7 percent in three days before its current run.

Eight of 10 industries in the benchmark equity gauge advanced on trading volume 3.8 percent lower than the 30-day average.

The S&P/TSX Energy Index jumped 1.2 percent, extending its two-day gain to 2.7 percent. West Texas Intermediate crude climbed 2.1 percent in New York after rising 3.4 percent on Tuesday. Suncor Energy Inc. added 1 percent and Cenovus Energy Inc. gained 3 percent.

HudBay Minerals Inc. advanced 2.9 percent. Aluminum, nickel and tin gained in London.

Semafo Inc. added 2.6 percent and Torex Gold Resources Inc. rose 3.7 percent as gold futures posted the biggest advance in four weeks.

By Oliver Renick

(Bloomberg) — U.S. stocks rose, with technology and financial shares leading a rebound from the biggest drop in two months, amid optimism that progress is being made in Greece’s debt talks.

All 10 of the Standard & Poor’s 500 Index’s main industries climbed, with tech and financial companies up more than 1.4 percent. Intel Corp. and Microsoft Corp. added at least 1.8 percent. Citigroup Inc. and JPMorgan Chase & Co. gained more than 1.6 percent as financial shares hit a 2015 high. Energy and health-care advanced more than 1.1 percent.

The Standard & Poor’s 500 Index added 1.2 percent to 2,105.20 at 4:00 p.m. in New York, the biggest jump in a month. The gauge rose above its average prices for both the past 50 and 100 days. The Dow Jones Industrial Average advanced 236.36 points, or 1.3 percent, to 18,000.40 as all 30 members gained. The Nasdaq Composite Index climbed 1.3 percent.

“The Germans have officially blinked and off we go,” said Michael Block, chief equity strategist at Rhino Trading Partners LLC in New York. “U.S. data has been better in general, but more people are coming around to the fact the Fed is seeing all this volatility in the bond market and is afraid to raise rates, there isn’t too much tumult, oil has stabilized and so we move on.”

Optimism toward a potential Greek deal with its creditors rose as people familiar with Germany’s position said Chancellor Angela Merkel’s government may be satisfied with Greece committing to at least one economic reform sought by creditors to open the door to bailout funds. The European Central Bank was also said to have raised the level of emergency cash available to Greek banks.

The S&P 500 fell on Monday to a two-month low before edging higher yesterday. The index had tumbled 2.4 percent from its May record amid concern the Federal Reserve will raise interest rates as early as September.

The benchmark this year has traded in its tightest weekly range since the mid-’90s, signaling investor uncertainty as to whether the economic recovery is strong enough to withstand a rate increase. Reports on retail sales and jobless claims Thursday may offer further clues.

“Incoming data will provide more evidence week by week that the world economy is not in a fragile state as some suspected in the first quarter,” said William Hobbs, head of investment strategy at Barclays Plc’s wealth-management unit in London. “Data seems to be pointing a bit upwards and that may be suggesting to some that revenue prospects for the U.S. corporate sector may get better than what was priced in.”

Economists see an almost 40 percent chance the Fed will delay raising rates beyond September if labor gains weaken or inflation fails to move higher, a Bloomberg News survey showed.

The Chicago Board Options Exchange Volatility Index fell 8.6 percent Wednesday to 13.22. The gauge, known as the VIX, posted its biggest two-day drop since May 8 after losing 5.4 percent Tuesday. About 6.5 billion shares traded hands on U.S. exchanges, 1.3 percent above the three-month average.

Intel jumped 1.8 percent to pace gains among chipmakers, rising for the first time in the eight sessions since announcing its acquisition of Altera Corp. Integrated Silicon Solutions Inc. agreed to merger terms with Cypress Semiconductor Corp., which rose 4.3 percent.

Analog Devices Inc. and Skyworks Solutions Inc. climbed at least 3 percent. Qorvo Inc. added 3.1 percent as it is set to join the S&P 500 after Thursday’s close. Also bolstering the tech sector Wednesday, Apple Inc. increased 1.2 percent, while Facebook Inc. and International Business Machines Corp. climbed more than 1.8 percent.

Banks added to Tuesday’s gains as the yield on the U.S. 10- Year Treasury hit its highest since September. Higher yields help banks’ profitability in lending. Citigroup and Bank of America Corp. climbed more than 1.6 percent, with Citi closing at its highest level in more than six years.

Insurance companies rose the most among 24 industry groups in the S&P 500, as they also benefit from higher bond yields. Insurers’ 2.2 percent gain was the strongest in four months, and sent the group to its highest in seven years. Prudential Financial Inc., American International Group Inc. and MetLife Inc. all added at least 2.8 percent. AIG hit its highest level since Oct. 2008.

Energy shares had their strongest increase in a month, up 1.2 percent as oil futures hit a 2015 high. Chevron Corp. rallied 1.4 percent, while Halliburton Co. and Devon Energy Corp. gained at least 2.1 percent.

Amazon.com Inc. and Walt Disney Co. rose more than 1.2 percent, while Netflix Inc. climbed 3.7 percent to lead the rally in consumer discretionary shares. Netflix reached a fresh record after investors approved a proposal that paves the way for a stock split, and a deal was announced offering the video service in Marriott Hotels.

Sears Holdings Corp. lost 12 percent, extending a four-day slide to a four-month low. Shares have fallen 26 percent since June 3, hurt by concerns that selling a chunk of its stores will leave less value for investors.

H&R Block Inc. fell 5.2 percent, the most in the S&P 500 and the shares’ biggest drop in eight months. Credit Suisse downgraded the biggest U.S. tax preparer to neutral from outperform. The shares rose 2.3 percent yesterday after the company posted a third-straight year of higher revenue.

Have a wonderful evening everyone.

Be magnificent!

What is change?

One form appears, and another disappears.

Can we say that the butterfly used to be a caterpillar?

A substance in the caterpillar takes on the form of the butterfly.

Swami Prajnanpad

As ever,

Carolann

No one can make you feel inferior without your consent.

-Eleanor Roosevelt, 1884-1962

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

Senior Portfolio Manager &

Senior Vice-President

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

June 9, 2015

June 9, 2015 Newsletter

Dear Friends,

Tangents:

This is something we should all read at least once a week!

1. Life isn’t fair, but it’s still good.

2. When in doubt, just take the next small step.

3. Life is too short to waste time hating anyone.

4. Don’t take yourself so seriously. No one else does.

5. Pay off your credit cards every month.

6. You don’t have to win every argument. Agree to disagree.

7. Cry with someone. It’s more healing than crying alone.

8. It’s OK to get angry with God. He can take it.

9. Save for retirement starting with your first paycheck.

10. When it comes to chocolate, resistance is futile.

11. Make peace with your past so it won’t screw up the present.

12. It’s OK to let your children see you cry.

13. Don’t compare your life to others’. You have no idea what their journey is all about.

14. If a relationship has to be a secret, you shouldn’t be in it.

15. Everything can change in the blink of an eye. But don’t worry; God never blinks.

16. Life is too short for long pity parties. Get busy living, or get busy dying.

17. You can get through anything if you stay put in today.

18. A writer writes. If you want to be a writer, write.

19. It’s never too late to have a happy childhood, the second one is up to you and no one else.

20. When it comes to going after what you love in life, don’t take no for an answer.

21. Burn the candles, use the nice sheets and wear the fancy lingerie. Don’t save it for a special occasion. Today is special.

22. Over prepare, then go with the flow.

23. Be eccentric now. Don’t wait for old age to wear purple.

24. The most important sex organ is the brain.

25. No one is in charge of your happiness except you.

26. Frame every so-called disaster with these words: “In five years, will this matter?”

27. Always choose life.

28. Forgive everyone everything.

29. What other people think of you is none of your business.

30. Time heals almost everything. Given time.

31. However good or bad a situation is, it will change.

32. Your job won’t take care of you when you are sick. Your friends will. Stay in touch.

33. Believe in miracles.

34. God loves you because of who God is, not because of anything you did or didn’t do.

35. Whatever doesn’t kill you really does make you stronger.

36. Growing old beats the alternative – dying young.

37. Your children get only one childhood. Make it memorable.

38. Read the Psalms. They cover every human emotion.

39. Get outside every day. Miracles are waiting everywhere.

40. If we all threw our problems in a pile and saw everyone else’s, we’d grab ours back.

41. Don’t audit life. Show up and make the most of it now.

42. Get rid of anything that isn’t useful, beautiful or joyful.

43. All that truly matters in the end is that you loved.

44. Envy is a waste of time. You already have all you need.

45. The best is yet to come.

46. No matter how you feel, get up, dress up and show up.

47. Take a deep breath. It calms the mind.

48. If you don’t ask, you don’t get.

49. Yield.

50. Life isn’t tied with a bow, but it’s still a gift.

PHOTOS OF THE DAY

Ingeborg Syllm-Rapoport holds up her doctoral certificate during a ceremony at the University Clinic Hamburg-Eppendorf in Hamburg, Germany. Syllm-Rapoport wasn’t allowed to defend her doctoral thesis in 1938 under the Nazis because she was part Jewish. Now, 77 years later, she’s completed all the requirements and is becoming Germany’s oldest recipient of a doctorate at age 102. Bodo Marks/AP

A visitor walks at a path lined with small shrine arches, or ‘torii’ gates, at the entrance of a shrine in Tokyo. Eugene Hoshiko/AP

Market Closes for June 9^th, 2015

Market Index	Close	Change
Dow Jones	17764.04	-2.51 -0.01%

S&P 500	2080.15	+0.87 +0.04%

NASDAQ	5013.867	-7.760 -0.15%

TSX	14817.71	+74.38
		+0.50%

International Markets

Market

Index

Close

Change

NIKKEI

20096.30

-360.89

-1.76%

HANG

SENG

26989.52

-326.76

-1.20%

SENSEX

26481.25

-41.84

-0.16%

FTSE 100

6753.80

-36.24

-0.53%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.880	1.814
CND. 30 Year Bond	2.444	2.389
U.S. 10 Year Bond	2.4384	2.3824
U.S. 30 Year Bond	3.1663	3.1144

Currencies

BOC Close	Today	Previous
Canadian $	0.81046	0.80596
US $	1.23386	1.24076

Euro Rate 1 Euro=		Inverse
Canadian $	1.39141	0.71870
US $	1.12768	0.88678

Commodities

Gold	Close	Previous
London Gold Fix	1177.40	1172.80

Oil	Close	Previous
WTI Crude Future	60.14	58.14

Money amplifies our tendency to overreact, to swing from exuberance when things are going well to deep depression when they go wrong. –Niall Ferguson.

Market Commentary:

Canada

By Eric Lam

(Bloomberg) — Canadian stocks rose, snapping a three-day decline, as energy producers rebounded with the price of crude amid signs U.S. shale producers will reduce their output.

Pengrowth Energy Corp. soared 9.7 percent after the stock’s rating was upgraded by analysts at National Bank Financial. Bankers Petroleum Ltd. and Husky Energy Inc. increased at least 2.4 percent as energy producers advanced the most in the benchmark Canadian equity gauge. Canaccord Genuity Group Inc. jumped 7.6 percent to lead financial-services companies higher.

The Standard & Poor’s/TSX Composite Index rose 74.38 points, or 0.5 percent, to 14,817.71 at 4 p.m. in Toronto, rebounding from a March low yesterday. The gauge had tumbled 2.7 percent in the past three days.

Suncor Energy Inc. increased 2.3 percent and Canadian Natural Resources Ltd. rose 1.2 percent as energy producers rallied 1.5 percent as a group. Five of 10 industries increased on trading volume 6.6 percent lower than the 30-day average.

West Texas Intermediate crude surged 3.4 percent to settle at $60.14 a barrel in New York. Output from U.S. shale producers will shrink through July to the lowest level since January, the Energy Information Administration reported Monday.

First Quantum Minerals Ltd. climbed 5.6 percent and Teck Resources Ltd. added 2.6 percent as copper futures capped the longest rally in five weeks with a third straight gain.

By Oliver Renick

(Bloomberg) — U.S. stocks were little changed, after equities reached a two-month low, as banks rallied amid higher bond yields while airlines weighed on transportation shares and technology companies slipped.

Bank of America Corp. and Wells Fargo & Co. rose at least 1 percent. Procter & Gamble Co. gained 1.5 percent to lead consumer staples higher. Southwest Airlines Co. slumped amid concern that the domestic travel market is weakening. Technology shares fell for a fourth day, the longest stretch in three months.

The Standard & Poor’s 500 Index rose less than 0.1 percent to 2,080.15 at 4 p.m. in New York, and snapped a three-day losing streak. The index is down 2.4 percent since it last closed at a record on May 21. The Dow Jones Industrial Average slipped 2.51 points, or less than 0.1 percent, to 17,764.04. The Nasdaq Composite Index fell 0.2 percent.

“Equities are struggling to maintain their swagger, and it appears we’re transitioning to a wait-and-see mode as investors look forward to the dog days of summer, second-quarter earnings and the Fed raising rates,” said Terry Sandven, who helps oversee $126 billion as chief equity strategist at U.S. Bank Wealth Management in Minneapolis. “We’re likely to trend sideways based on complacency and uncertainty.”

Reports on consumer sentiment and retail sales are due this week, both of which are forecast to show an improving economy. Jobs data last week showed the strongest hiring in five months and the biggest wage gains in two years, bolstering bets the Federal Reserve will raise interest rates this year.

Investors are also looking for signs of progress in Greece’s debt talks. The country submitted fresh proposals to its creditors in a bid to unlock bailout funds with just three weeks to go before its financial safety net expires. Greece last week rejected a set of policy measures hammered out by creditor institutions, while creditors rebuffed a separate plan put forward by Greece.

A gauge of stock volatility has been steadily rising, closing at the highest level in more than two months on Monday. The Chicago Board Options Exchange Volatility Index had jumped 26 percent through Monday since this year’s low in May, and is trading above its average level for the past 12 months. The gauge, known as the VIX, fell 5.4 percent Tuesday to 14.47.

Just as U.S. stocks threaten to give up their gains for the year, an indicator measuring how many companies are keeping the stock market aloft fell to its lowest level in eight months. So few shares have been left behind in the bull market that chart analysts view any sign that breadth is breaking down with concern.

“It’s like we’re all waiting for a catalyst but we don’t really know where to look,” said Richard Hunter, head of equities at Hargreaves Lansdown Plc in London. “Everyone’s trying to double guess when the Fed’s interest-rate hike will be and mixed data has not really made it too clear. You could buy on dips given the recent selloff, but you can also come up with a bunch of reasons not to invest.”

Five of the S&P 500’s 10 main groups advanced, led by consumer staples, financial and raw-material companies. Technology and phone companies fell the most. About 5.9 billion shares traded hands on U.S. exchanges, 7.4 percent below the three-month average.

Procter & Gamble rallied 1.5 percent, the most since March, to boost consumer staples. Walgreens Boots Alliance Inc. and Colgate-Palmolive Co. climbed more than 1 percent.

The KBW Bank Index added 0.9 percent, with KeyCorp and SunTrust Banks Inc. rising more than 1.3 percent. KeyCorp gained for a third day to its highest since June 2008. Insurers joined banks in advancing with Treasury yields. Lincoln National Corp. and American International Group Inc. gained 0.8 percent.

Netflix Inc. increased 3.2 percent to an all-time high, amid speculation that the company may announce a stock split at its annual meeting tonight.

H&R Block Inc., the biggest U.S. tax preparer, rose 2.3 percent as revenue climbed for a third straight year in fiscal 2015 driven by price increases and stronger sales of do-it- yourself tax-preparation products.

A Bloomberg index of U.S. airlines retreated 0.7 percent, after paring an earlier 4.2 percent slide. It was the group’s sixth consecutive drop, the longest losing streak since October.

Southwest Airlines and Alaska Air Group Inc. tumbled more than 3 percent. JetBlue Airways Corp. slid 0.7 percent to a two-month low.

The Dow Jones Transportation Average briefly fell more than 10 percent Monday from its most recent high, temporarily meeting the common definition of a correction, before trimming its drop.

Akamai Technologies Inc. fell 2.7 percent, its biggest retreat in more than two months, after Macquarie Securities USA Inc. downgraded the shares to neutral from outperform. Micron Technology Inc. lost 2.8 percent, while Apple Inc. slipped 0.3 percent after erasing an earlier 1.7 percent drop.

Have a wonderful evening everyone.

Be magnificent!

Life is an aspiration. Its mission is to strive after perfection, which is self-fulfillment.

The ideal must not be lowered because of our weaknesses or imperfections.

-Mahatma Gandhi

As ever,

Carolann

We turn not older with years, but newer every day.

-Emily Dickinson, 1830-1886

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

Senior Portfolio Manager &

Senior Vice-President

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

June 8, 2015

June 8, 2015 Newsletter

Dear Friends,

Tangents:

Just back from a fascinating trip through Croatia, Bosnia and Slovenia. One of the most surprising discoveries is the excellent quality of Croatian wines, especially the reds, especially from Istria, sometimes called the “new Tsuscany”. It is gratifying to see how prosperous things appear to be. I asked one young man with whom I spoke in Slovenia who was a young boy during the war, if there were concerns that things could go awry again, especially with the rumblings in Macedonia these days. He told me most Slavs are more worried about Putin than anything else….understandably I guess.

On this day in 1949, George Orwell published his classic 1984.

PHOTOS OF THE DAY

More than 173,000 pots of plants and herbs form a flower carpet in front of the city hall in Antwerp, Belgium. To celebrate the 450th anniversary of the Antwerp City Hall, artist Anne-Mie Van Kerckhoven selected 31 different species to create a design of large geometric figures in bright colors. Van Kerckhoven found inspiration in the Renaissance floor of the Plantin-Moretus museum and in a map of the city by the river Scheldt, which dates from 1575, and includes the river bend. The carpet measures 196 by 98 feet. Geert Vanden Wijngaert/AP

Kunekune piglets breastfeed from their mother in Strasswalchen, Salzburg, Austria. The kunekune pig, originally kept by Maori people in New Zealand, is a friendly hairy pig born in a variety of colors. It is one of the smallest domesticated breeds of pig in the world. Kerstin Joensson/AP

Market Closes for June 8^th, 2015

Market Index	Close	Change
Dow Jones	17766.55	-82.91 -0.46%

S&P 500	2079.28	-13.55 -0.65%

NASDAQ	5021.629	-46.829 -0.92%

TSX	14743.33	-213.83
		-1.43%

International Markets

Market Index	Close	Change
NIKKEI	20457.19	-3.71
		-0.02%
HANG SENG	27316.28	+56.12
		+0.21%
SENSEX	26523.09	-245.40
		-0.92%
FTSE 100	6790.04	-14.56
		-0.21%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.814	1.827
CND. 30 Year Bond	2.389	2.391
U.S. 10 Year Bond	2.3824	2.4076
U.S. 30 Year Bond	3.1144	3.1136

Currencies

BOC Close	Today	Previous
Canadian $	0.80596	0.80415
US $	1.24076	1.24355

Euro Rate 1 Euro=		Inverse
Canadian $	1.40004	0.71426
US $	1.12837	0.88623

Commodities

Gold	Close	Previous
London Gold Fix	1172.80	1164.60

Oil	Close	Previous
WTI Crude Future	58.14	59.13

Market Commentary:

Canada

By Eric Lam

(Bloomberg) — Canadian stocks fell a third day, reaching the lowest level since March, as energy producers retreated with the price of crude amid speculation a global surplus will persist.

Sherritt International Corp. lost 2.1 percent as workers at its nickel project in Madagascar may go on strike. Sandvine Corp. plunged 9.1 percent after providing a second-quarter revenue forecast short of analysts’ estimates. Enbridge Inc. and Suncor Energy Inc. slipped at least 2.6 percent to pace declines among energy shares.

The Standard & Poor’s/TSX Composite Index lost 213.83 points, or 1.4 percent, to 14,743.33 at 4 p.m. in Toronto, the lowest since March 13. The benchmark Canadian equity gauge has tumbled 2.7 percent in three days, paring Canada’s advance for the year to 0.8 percent.

“There’s some fear of when the Fed will raise rates, after the numbers from the jobs report on Friday,” said Ian Nakamoto, director of research at MacDougall MacDougall & MacTier Inc. His firm manages about C$5.3 billion ($4.27 billion). “The Europe situation, that will be to the last minute. And there seems to be a knock-on effect with the banks, people are wondering how much exposure they have to the energy sector.”

Toronto-Dominion Bank tumbled 1.6 percent and Royal Bank of Canada dropped 1.2 percent as financial-services companies retreated 1.2 percent as a group. All 10 industries in the S&P/TSX retreated.

Potash Corp. of Saskatchewan Inc., the fertilizer producer, lost 2 percent and First Quantum Minerals Ltd. retreated 2.1 percent as raw-materials producers retreated 0.8 percent.

China imports plunged 18 percent in May, the most in three months, while exports fell for a third straight month, underscoring weakening growth in the Chinese economy. The country is Canada’s second-largest trading partner after the U.S.

Canadian National Railway Co. and Canadian Pacific Railway Ltd. lost at least 2.2 percent to send industrial shares lower.

Enbridge retreated 3.6 percent and TransCanada Corp. lost 1.9 percent as energy producers declined 2.5 percent. West Texas Intermediate oil retreated 1.7 percent to $58.14 a barrel in New York, after posting the first weekly decline since March last week.

Investors are turning their attention to the risk of Iranian shipments adding to global supply after the Organization of Petroleum Exporting Countries decided to maintain its output target.

By Oliver Renick

(Bloomberg) — The Standard & Poor’s 500 Index fell to a two-month low amid declines in airline and semiconductor shares, as investors considered the timing of an interest-rate increase and the outlook for Greece’s debt talks.

Airlines retreated on concerns about capacity growth, while chipmakers slid for a sixth straight day. Intel Corp. decreased 1.7 percent. EBay Inc. sank after its PayPal unit trimmed its 2015 free-cash flow view. Wynn Resorts Ltd. lost 6.2 percent to weigh on consumer discretionary shares. Sealed Air Corp. added 1.2 percent after Jefferies LLC said the company may buy back more than $1 billion in shares.

The S&P 500 Index dropped 0.7 percent to 2,079.28 at 4 p.m. in New York, the lowest since April 7, and below its average price during the last 100 days. The Dow Jones Industrial Average lost 82.91 points, or 0.5 percent, to 17,766.55. The Dow also closed at a two-month low and erased its 2015 gain. The Nasdaq Composite Index declined 0.9 percent.

“Investors want to see stronger growth and they are still trying to figure out when the Fed is likely to move and that’s a good three months away,” said Peter Dixon, an economist at Commerzbank AG in London. “Equities have had such a good run until recently that people are taking a bit of risk off the table and standing on the sidelines deciding how to play this.”

Reports on consumer sentiment and retail sales are due this week, both of which are forecast to show an improving economy. Jobs data Friday showed the strongest hiring in five months and the biggest wage gains in two years, bolstering bets the Federal Reserve will raise interest rates this year.

Investors are also looking for signs of progress in negotiations between Greece and its international creditors. With talks resuming in Brussels on Monday, Prime Minister Alexis Tsipras faced a united front from Group of Seven leaders calling for movement to end the impasse and avert the risk of wider economic reverberations.

The S&P 500 posted back-to-back weekly declines for the first time since March as investors weigh equity valuations amid the potential Fed rate increase this year.

Consumer expectations for inflation rebounded in May, according to a Fed Bank of New York survey, as officials look for evidence that price pressures are firming.

In the quarter after the last 12 tightening cycles began, price-earnings ratios on the benchmark index contracted by an average of 7.2 percent. It’s something else to worry about as the Fed prepares to lift rates in an economy that is still far from booming.

Should policy makers move before January, they would be doing so in a year when U.S. profits are forecast by analysts to increase 1.4 percent. That represents the weakest growth at the start of a tightening cycle since 1980.

“People talk about how equities have done well six months after tightening but the Fed has never been at zero for this long,” said Andrew Brenner, the head of international fixed income for National Alliance Capital Markets. “It’s inevitable an equity correction is coming.”

The Chicago Board Options Exchange Volatility Index gained 7.6 percent to 15.29, its highest close in more than two months. The gauge, known as the VIX, marked a second consecutive weekly advance Friday. About 5.6 billion shares traded hands on U.S.exchanges Monday, about 13 percent below the three-month average.

Nine of the S&P 500’s 10 main groups declined, with technology, industrial and consumer discretionary companies leading the drop. Phone companies climbed as Verizon Communications Inc. bounced 0.4 percent after sliding 1.8 percent Friday. Frontier Communications Corp. rose 1.3 percent.

Semiconductors in the S&P 500 fell as Avago Technologies Ltd. and Micron Technology Inc. sank at least 2.5 percent. Avago’s buyout target Broadcom Corp. decreased 2 percent. Intel extended its losing streak to six days, the longest since January 2014. Shares lost 1.7 percent and are down more than 9 percent since announcing on June 1 its $16.7 billion deal to buy Altera Corp.

Also dragging down the tech group, Apple Inc. slumped 0.7 percent, earlier down as much as 1.4 percent, and Facebook Inc. fell 1.8 percent. International Business Machines Corp. declined 1.2 percent to a seven-week low.

A Bloomberg gauge of U.S. airlines tumbled 4.4 percent to its lowest since November. JetBlue Airways Corp. retreated 7.2 percent, and American Airlines Group Inc. dropped 4.5 percent as Raymond James Financial Inc. downgraded its shares. The firm also cut Delta Air Lines Inc. and United Continental Holdings Inc., which slid more than 4.3 percent. The Dow Jones Transportation Average lost 2.1 percent.

Wynn Resorts fell 6.2 percent, the most in more than a month after several analysts said gambling revenue this month in Macau will be below their initial estimates. Las Vegas Sands Corp. and MGM Resorts International declined at least 5 percent.

Energy shares erased an early gain to fall along with oil prices. Devon Energy Corp. and Apache Corp. lost more than 1.9 percent. Chevron Corp. dropped 1.2 percent to an almost three- year low.

Have a wonderful evening everyone.

Be magnificent!

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

-Swami Prajnanpad

As ever,

Carolann

Genius without education is like silver in the mine.

-Benjamin Franklin, 1706-1790

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

Senior Portfolio Manager &

Senior Vice-President

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

June 5, 2015

June 5, 2015 Newsletter

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

Tourists admire Indian-born British artist Anish Kapoor’s ‘C-Curve,’ a 2007 stainless steel creation, which is now located in the gardens of the Chateau de Versailles, in France. The ‘Kapoor Versailles’ exhibition, which includes ‘C-Curve’ and other sculptures, runs from June 9 to Nov. 1. Kamil Zihnioglu/AP

Cuban crocodiles crawl around at a hatchery at Zapata Swamp National Park in Cuba. Ten baby crocodiles have been delivered to the hatchery in hopes of strengthening the species and extending the bloodlines of a pair of Cuban crocodiles that former President Fidel Castro had given to a Soviet cosmonaut as a gift in the 1970s. Alexandre Meneghini/Reuters

Market Closes for June 5^th, 2015

Market Index	Close	Change
Dow Jones	17849.46	-56.12 -0.31%

S&P 500	2092.83	-3.01 -0.14%

NASDAQ	5068.458	+9.333 +0.18%

TSX	14957.16	-62.23
		-0.41%

International Markets

Market

Index

Close

Change

NIKKEI

20460.90

-27.29

-0.13%

HANG

SENG

27260.16

-291.73

-1.06%

SENSEX

26768.49

-44.93

-0.17%

FTSE 100

6804.60

-54.64

-0.80%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.827	1.741
CND. 30 Year Bond	2.391	2.335
U.S. 10 Year Bond	2.4076	2.3070
U.S. 30 Year Bond	3.1136	3.0423

Currencies

BOC Close	Today	Previous
Canadian $	0.80415	0.79980
US $	1.24355	1.25031

Euro Rate 1 Euro=		Inverse
Canadian $	1.38221	0.72348
US $	1.11150	0.89968

Commodities

Gold	Close	Previous
London Gold Fix	1164.60	1176.00

Oil	Close	Previous
WTI Crude Future	59.13	58.00

Market Commentary:

Canada

By Eric Lam

(Bloomberg) — Canadian stocks fell for a second day, ending at a two-month low, after gold miners slumped as the dollar surged amid better-than-forecast hiring gains in the U.S. and Canada.

Goldcorp Inc. and Barrick Gold Corp. each dropped 2.7 percent as gold plunged to an 11-week low amid speculation the Federal Reserve will raise interest rates this year. Saputo Inc. sank 2.6 percent to a November low for a second day of losses after reporting fourth-quarter earnings that missed estimates.

The Standard & Poor’s/TSX Composite Index slipped 62.23 points, or 0.4 percent, to 14,957.16 at 4 p.m. in Toronto. The gauge dropped 0.4 percent for the week.

“The market is deciding these numbers are good enough to even satisfy the Fed,” said David Cockfield, a fund manager at Northland Wealth Management in Toronto. His firm manages about C$325 million ($259 million). “The employment side is improving and September looks a lot more certain. The dollar’s anticipating this.”

Treasuries tumbled and the U.S. dollar rose, while U.S. equities were little changed American payrolls jumped the most in five months in May, bolstering the case that a slowdown in growth was temporary and clearing the way for a possible rate increase later this year.

Canada added six times as many jobs in May as economists predicted, with the job market proving robust even as the economy recovers from the effects of plunging crude-oil prices.

Nine of 10 industries in the S&P/TSX declined Friday on trading volume 10 percent lower than the 30-day average.

Gold producers led a drop in miners. Agnico Eagle Mines Ltd. stumbled 3.2 percent and Detour Gold Corp. dropped 1.7 percent.

Energy producers lost 0.3 percent, while health-care shares added 0.3 percent.

Oil capped a weekly loss as the Organization of Petroleum Exporting Countries agreed to maintain its production target at Friday’s meeting in Vienna, leaving the market oversupplied. West Texas Intermediate crude fell 1.9 percent this week, snapping a record 11-week rally.

By Joseph Ciolli

(Bloomberg) — U.S. stocks traded in their tightest weekly range in 21 years as investors sorted through data that kept them guessing about the economy’s resiliency.

Equities slipped in the five days after zigzagging between gains and losses, with the Standard & Poor’s 500 Index ending the period lower by 0.7 percent. That’s the sixth straight week with a move of less than 1 percent, the longest stretch of calm since May 1994.

Friday’s action was a microcosm of the week, as the index swung from green to red more than a dozen times. Jobs data that showed the strongest hiring in five months and the biggest wage gains in two years bolstered optimism in the economy and fueled bets the Federal Reserve will raise interest rates this year. Equities investors, already skittish amid a selloff in global bonds and signs Greece’s debt standoff could end in default, are weighing whether higher borrowing costs will snuff out a recovery struggling to gain traction.

“Economic strength is the long-term driver,” Kate Warne, an investment strategist at Edward Jones & Co. in St. Louis, said by phone. “The trend overall is modestly positive, but we’re likely to see this choppiness along the way. There’s a worry every day and there’s also a resolution for one of those worries every day, so we have this up and down pattern. There is still uncertainty about various issues.”

The S&P 500 finished the week 1.8 percent below its May 21 record. The gauge has not moved more than 1 percent in either direction in 14 of the past 15 sessions, and the spread between the highest and lowest close this year has been only 6.9 percent, the narrowest since 2006.

Investors digested a mixed batch of economic data, with growth in manufacturing offsetting reports that showed consumer spending stalled and factory orders slipped. Friday’s jobs data tipped the scales in favor of a rebound, as the 280,000 increase in non-farm payrolls in May further dispelled fears that a first-quarter slowdown would persist.

The hiring report sent 10-year Treasury yields surging to the highest level this year and pushed the dollar to a 13-year high versus the yen as investors speculated the Fed will boost rates in September. Traders of money-market derivatives lifted the chance of the Fed raising rates then to over 50 percent, according to CME Group data.

“The market was a little bit unsettled,” Greg Woodard, senior analyst and strategist at Fairport, New York-based Manning & Napier Inc., which oversees about $46 billion. “With some of the uncertainties out there and couple that with valuations that are as not attractive as they were a couple years ago, you’re seeing a little bit sideways trading in the market. People are certainly keeping an eye on Greece.”

Among the week’s worries were downgrades to economic forecasts. The Organization for Economic Cooperation and Development cut its global-growth prediction and the International Monetary Fund lowered its U.S. outlook. The IMF also urged the Fed to postpone a rate increase until 2016.

Fed Bank of New York President William C. Dudley said the central bank is still likely to start raising borrowing costs this year if the labor market improves further.

Investors are also seeking progress in Greek negotiations after the country deferred a loan payment. Greece said it will bundle a payment due Friday along with three others it owes the IMF by the end of the month. The country rejected demands for more austerity to receive bailout funds.

The Stoxx Europe 600 Index slipped 2.7 percent for the five-day period, extending its two-week decline to 4.6 percent. German 10-year bunds had their worst week since 1998, with yields surging 36 basis points.

Volatility in equities rose for a second straight week as the Chicago Board Options Exchange Volatility Index climbed 2.7 percent. The gauge known as the VIX fell to its lowest level this year on May 21.

Seven of the S&P 500’s main groups decreased for the week, led by losses of at least 2.5 percent for consumer-staple and utility stocks.

The group of power companies in the benchmark gauge fell as the yield on 10-year Treasuries rose 29 basis points, the biggest five-day gain since the first week of February.

The stronger dollar weighed on consumer-staples producers as Philip Morris International Inc. and General Mills Inc. slipped more than 3 percent.

The S&P 500 energy index lost 1 percent amid a 1.9 percent decline in crude oil prices, the resource’s first weekly drop since the five days ended March 13. Valero Energy Corp. and Marathon Petroleum Corp. fell more than 2.4 percent.

Have a wonderful weekend everyone!

Be magnificent!

“A person who never made a mistake never tried anything new.” – Albert Einstein

As ever,

Karen

“If you can dream it, you can achieve it.” –Zig Ziglar

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7