Category: Events

Dear Friends,

Tangents: Happy Friday.

1930 Photographic evidence of Pluto was discovered by Clyde W. Tombaugh at Lowell Observatory in Flagstaff, Ariz.  Go to article »

Yoko Ono, artist, b. 1933.

Astronomers discover massive radio galaxy 100 time larger than the Milky Way. 

There’s a downside to living in a happy country. (h/t Ellen Kominers)

PHOTOS OF THE DAY

Multiple lights and sound displays create an art installation entitled Space, the Universe and Everything, an artistic collaboration by Luxmuralis in Liverpool Cathedral
CREDIT: Paul Ellis/AFP/Getty Images

Surfer Eric Rebiere is airborne as he exits a wave during the Nazaré Tow Challenge big wave surfing competition at Praia do Norte
CREDIT: Armando Franca/AP

A great tit waits for its chance to pick up crumbs as a red squirrel feeds at RSPB Loch Leven nature reserve in Kinross, Scotland
CREDIT: Ken Jack/Getty Images

Market Closes for February 18^th, 2022

Market Index	Close	Change
Dow Jones	34079.18	-232.85
		-0.68%
S&P 500	4348.87	-31.39
		-0.72%
NASDAQ	13548.07	-168.65 -1.23%
TSX	21008.20	-168.13
		-0.79%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27122.07	-110.80
		-0.41%
HANG SENG	24327.71	-465.06
		-1.88%
SENSEX	57832.97	-59.04
		-0.10%
FTSE 100*	7513.62	-23.75 -0.32%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.877	1.918
CND. 30 Year Bond	2.156	2.180
U.S.    10 Year Bond	1.9286	1.9615
U.S. 30 Year Bond	2.2399	2.2941

Currencies

BOC Close	Today	Previous
Canadian $	0.7842	0.7869
US $	1.2752	1.2708
Euro Rate 1 Euro=		Inverse
Canadian $	1.4437	0.6927
US $	1.1322	0.8833

Commodities

Gold	Close	Previous
London Gold Fix	1893.45	1862.60
Oil
WTI Crude Future	91.07	91.76

Market Commentary:
On this day in 1688, the London Gazette published the earliest known reference to “Edward Lloyd’s coffee house,” the birthplace of Lloyd’s of London and the insurance industry.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.8%, or 168.13 to 21,008.20 in Toronto.
The index dropped to the lowest closing level since Jan. 28.
Canadian Natural Resources Ltd. contributed the most to the index decline, decreasing 3.4%.
Superior Plus Corp. had the largest drop, falling 13.5%.
Today, 198 of 240 shares fell, while 36 rose; all sectors were lower, led by energy stocks.
Insights
* So far this week, the index fell 2.5%
* The index advanced 15% in the past 52 weeks. The MSCI AC Americas Index gained 8.8% in the same period
* The S&P/TSX Composite is 3.6% below its 52-week high on Nov. 16, 2021 and 17.2% above its low on Feb. 26, 2021
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.5 on a trailing basis and 14.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.38t
* 30-day price volatility rose to 13.98% compared with 13.77% in the previous session and the average of 12.83% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | -48.0143| -1.5| 2/29
* Financials | -35.8537| -0.5| 3/24
* Materials | -30.2364| -1.1| 8/44
* Industrials | -24.7041| -1.0| 4/26
* Consumer Staples | -8.3246| -1.1| 3/7
* Information Technology | -5.3699| -0.4| 3/13
* Health Care | -5.0014| -3.3| 0/8
* Real Estate | -3.6419| -0.6| 5/18
* Utilities | -3.4833| -0.4| 3/13
* Consumer Discretionary | -2.0227| -0.3| 4/10
* Communication Services | -1.4786| -0.1| 1/6
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Canadian Natural Resources | -18.5800| -3.4| -27.6| 23.8
* Brookfield Asset Management | -14.2200| -2.1| -7.4| -11.1
* Couche-Tard | -6.5700| -2.2| -35.5| -6.3
* Telus | 1.9600| 0.7| -15.6| 7.9
* Waste Connections | 2.2870| 0.8| 82.3| -10.5
* National Bank of Canada | 2.2940| 1.0| -17.0| 5.4

US
By Rita Nazareth
(Bloomberg) — Stocks dropped, while bonds climbed at the end of a jittery week marked by tension between the West and Russia as well as worries about the Federal Reserve’s next policy steps.
Equity swings intensified ahead of the close, with Friday’s $2.2 trillion options expiration exacerbating moves.
The S&P 500 briefly turned positive before resuming its decline, with technology, energy and industrial shares dragging down the gauge.
Traders also took risk off the table ahead of a U.S. holiday on Monday.
Treasury 10-year yields approached 1.9%, while oil pared losses after sinking as much as 3% earlier in the day.
Bitcoin traded near its $40,000 key psychological level.
The U.S. said Russia has massed as many as 190,000 personnel in and around Ukraine, calling it the most-significant military mobilization since World War II.
Russia told the U.S. this week it has no plans to attack.
Citing escalations in the breakaway Donbas region of Ukraine, Russian President Vladimir Putin called on Kyiv to “sit down at the negotiating table” with separatist leaders “and agree on political, military, economic and humanitarian measures to end the conflict.”
The government in Kyiv refuses to negotiate with the Russia-backed separatists.
One of the Fed’s most-dovish officials called for a “substantial” policy shift — while playing down the need for aggressive tightening — as a second pushed back against a half-point hike next month.
The remarks on Friday from Chicago Fed President Charles Evans and his New York counterpart John Williams implicitly reinforced the message that the U.S. central bank will raise rates by a quarter point at its March meeting, even as core officials remain open-minded about how high they will ultimately need to go.
Comments:
* “Fear can be a good development for markets,” wrote Callie Cox, U.S. investment analyst at eToro. “When investors get nervous, they tend to add more cash and hedge their positions.
The worst market storms typically happen when investors least expect it. Right now, we’re hedged and ready for a big punch to the stomach, but it may not hurt as badly as we think.
It’s a good recipe for a relief rally when headlines calm down.”
* “The situation remains fluid and we believe markets will remain subject to bouts of risk-on, risk-off in the coming days,” wrote Win Thin, global head of currency strategy at Brown Brothers Harriman.
* “While there have been some reports of de-escalation in tensions, nothing has changed fundamentally to prevent investors from remaining fearful about a possible Russian invasion,” wrote Fawad Razaqzada, an analyst with ThinkMarkets. “Beyond this, investor sentiment is likely to remain downbeat anyway given concerns about surging inflationary pressures around the world and policy tightening from the Fed.”
After their worst start to a year in decades, Treasuries are reasserting their haven status and eclipsing the appeal of riskier assets — a troubling combination for Bank of America Corp. strategists. U.S. sovereign debt attracted $7.4 billion in inflows, the most since the coronavirus pandemic first struck, according to a BofA note citing EPFR Global data for the week through Wednesday.

Some corporate highlights:
* General Electric Co. warned that supply-chain snags, a labor shortage and material inflation will be a drag on its businesses at least until the middle of this year.
* DraftKings Inc. added fewer new customers in the fourth quarter than Wall Street had expected even after spending hundreds of millions of dollars to lure new bettors.
* Deere & Co., which raised it 2022 forecast on Thursday, injected a note of caution on the outlook as ongoing supply-chain bottlenecks weigh on the farm-machinery maker’s efforts to keep up with robust demand.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.7% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.1%
* The Dow Jones Industrial Average fell 0.7%
* The MSCI World index fell 0.9%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.3% to $1.1326
* The British pound fell 0.1% to $1.3599
* The Japanese yen fell 0.1% to 115.10 per dollar
Bonds
* The yield on 10-year Treasuries declined four basis points to 1.92%
* Germany’s 10-year yield declined four basis points to 0.19%
* Britain’s 10-year yield declined nine basis points to 1.38%
Commodities
* West Texas Intermediate crude fell 0.1% to $91.65 a barrel
* Gold futures fell 0.2% to $1,899 an ounce
–With assistance from Sunil Jagtiani, Abigail Moses, Cecile Gutscher, Sharon Cho, Alex Longley and Emily Graffeo.

Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann
​​​​​​​
All men should strive to learn before they die what they are running from, and to, and why. –James Thurber, 1894-1961.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

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

Dear Friends,

Tangents:
2009 President Barack Obama signed a $757 billion economic stimulus package into law.  Go to article »

DeepMind has trained an AI to control nuclear fusion. 

Disney plans to build residential neighborhoods across the US.  This sounds like a dream come true for Disney adults! 

NASA’s newest explorer shared its very first images.  This is what an exploding star looks like. So crazy.

Enjoy a quick virtual vacation! This short exploration of Indonesia takes you on a sightseeing adventure, minus the long flight! (Click here to view) 

PHOTOS OF THE DAY

A million lanterns are lit in homage to the Buddha as monks sit around the Dhammakaya Cetiya. Buddhist monks around the world jointly chant and meditate for world peace and safety at this time
CREDIT: Adirach Toumlamoon/Pacific Press/Rex/Shutterstock

A girl checks out ornamental fish displayed at a pet shop
CREDIT: Arun Sankar/AFP/Getty Images

‘King of the animals’ is the theme for this year’s Battle of the Flowers parade at Nice carnival
CREDIT: Xinhua/Rex/Shutterstock

Market Closes for February 17^th, 2022

Market Index	Close	Change
Dow Jones	34312.03	-622.24
		-1.78%
S&P 500	4380.26	-94.75
		-2.12%
NASDAQ	13716.72	-407.37 -2.88%
TSX	21176.33	-207.31
		-0.97%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27232.87	-227.53
		-0.83%
HANG SENG	24792.77	+73.87
		+0.30%
SENSEX	57892.01	-104.67
		-0.18%
FTSE 100*	7537.37	-66.41 -0.87%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.918	1.953
CND. 30 Year Bond	2.180	2.206
U.S.    10 Year Bond	1.9615	2.0382
U.S. 30 Year Bond	2.2941	2.3454

Currencies

BOC Close	Today	Previous
Canadian $	0.7869	0.7880
US $	1.2708	1.2691
Euro Rate 1 Euro=		Inverse
Canadian $	1.4441	0.6925
US $	1.1364	0.8800

Commodities

Gold	Close	Previous
London Gold Fix	1862.60	1848.55
Oil
WTI Crude Future	91.76	93.66

Market Commentary:
On this day in 2000, total trading volume for the day on Nasdaq topped two billion shares for the first time, as 2,008,438,100 shares changed hands and the Nasdaq Composite Index closed above 4500 for the first time, finishing the day at 4548.92.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1 percent, or 207.31 to 21,176.33 in Toronto.
The move was the biggest since falling 1.3 percent on Feb. 3.
Today, financials stocks led the market lower, as 8 of 11 sectors lost; 160 of 240 shares fell, while 75 rose.
Shopify Inc. contributed the most to the index decline, decreasing 10.8 percent.
Osisko Mining Inc. had the largest drop, falling 13.8 percent.
Insights
* In the past year, the index had a similar or greater loss 13 times. The next day, it advanced seven times for an average 0.9 percent and declined six times for an average 0.6 percent
* So far this week, the index fell 1.7 percent * The index advanced 15 percent in the past 52 weeks. The MSCI AC Americas Index gained 9.2 percent in the same period
* The S&P/TSX Composite is 2.8 percent below its 52-week high on Nov. 16, 2021 and 18.1 percent above its low on Feb. 26, 2021
* The S&P/TSX Composite is down 1.7 percent in the past 5 days and fell 1.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.8 on a trailing basis and 14.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.41t
* 30-day price volatility rose to 13.77 percent compared with 13.43 percent in the previous session and the average of 12.73 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -116.7398| -1.6| 3/25
* Information Technology| -103.8196| -6.7| 0/16
* Industrials | -23.8919| -1.0| 2/28
* Consumer Discretionary| -11.9261| -1.6| 1/13
* Real Estate | -6.2243| -1.0| 6/17
* Health Care | -6.1924| -3.9| 0/8
* Consumer Staples | -4.0868| -0.5| 2/9
* Energy | -1.2945| 0.0| 12/20
* Communication Services| 2.5907| 0.2| 3/4
* Utilities | 5.4786| 0.6| 12/2
* Materials | 58.7957| 2.3| 34/18
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -79.3500| -10.8| 20.5| -51.9
* Royal Bank of Canada | -33.3300| -2.4| -38.1| 5.4
* Brookfield Asset Management | -21.7300| -3.0| -11.5| -9.2
* Nutrien | 10.7700| 2.9| 31.4| 3.1
* Agnico Eagle Mines | 15.6900| 7.6| 105.6| 6.2
* Barrick Gold | 16.1000| 4.7| 83.9| 22.8

US
By Rita Nazareth
(Bloomberg) — Stocks slumped, while traders sought safety in bonds and other haven assets as heightened concern over geopolitical risks added to worries about the outlook for central bank policy.
About 85% of the companies in the S&P 500 fell on Thursday, while the technology-heavy Nasdaq 100 tumbled 3%.
Meanwhile, the market’s so-called fear gauge — the Cboe Volatility Index or VIX — soared.
Treasury 10-year yields dropped below 2%, while gold, the Japanese yen and the Swiss franc climbed.
Oil declined despite the threat of economic sanctions that could disrupt global supplies.
Bitcoin sank.
The U.S. ramped up warnings of a possible Russian attack on Ukraine, with President Joe Biden saying a “false-flag” event may be underway and a top diplomat describing Moscow as moving
toward an “imminent invasion.”
Russian officials said no invasion of Ukraine was underway and none was planned.
Meantime, Federal Reserve Bank of St. Louis President James Bullard said bringing down inflation may require the central bank to overshoot a neutral target interest-rate, which he sees as about 2%.
He repeated his view that the Fed should hike by 100 basis points by July 1, and start a balance-sheet runoff in the second quarter, in response to the fastest inflation in 40 years.
“Investors, wary of any bad news, have been unable to maintain positive momentum in equity markets across the globe as geopolitical risks dominate headlines,” said Peter Essele, head of portfolio management at Commonwealth Financial Network. “A further escalation of tensions in the near term could roil markets due to the potential impact on a tenuous global supply chain, particularly as the Fed prepares for its first-rate hike in years. A perfect storm may be on the horizon if calmer heads don’t prevail.”
American companies are grappling with a historically tight labor market, low unemployment and rising wage inflation putting pressure on profit margins, strategists at Goldman Sachs Group Inc. said.
Analysts have cut their margin expectations for 75% of industries and about half of the S&P 500 companies for the first and second quarters, data compiled by Bloomberg Intelligence show.
The Fed needs to deliver a Volcker-style shock to drive down asset prices if it wants to slow inflation without causing a recession, according to Credit Suisse Group AG strategist Zoltan Pozsar.
Policy makers should stoke volatility to set off corrections in assets including stocks, houses and Bitcoin, deterring early retirement and driving people into the workforce, he wrote.
His comments harked back to the way Paul Volcker broke the back of inflation as Fed chief in the 1980s with massive rate increases.
Corporate highlights:
* Giant chipmaker Nvidia Corp. tumbled after its latest forecast failed to impress investors, while electric-vehicle maker Tesla Inc. slipped after moving toward the bottom of Consumer Reports’
newest annual auto-brand rankings.
* Cisco Systems Inc., the biggest maker of computer networking equipment, climbed on a bullish forecast and after boosting its share buyback program.
* Walmart Inc. topped Wall Street’s quarterly profit expectations and unveiled an upbeat sales outlook, sending stocks higher.

Here are some key events this week:
* U.S. Monetary Policy Forum: speakers including Fed officials Charles Evans, Christopher Waller and Lael Brainard, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 2.1% as of 4 p.m. New York time
* The Nasdaq 100 fell 3%
* The Dow Jones Industrial Average fell 1.8%
* The MSCI World index fell 1.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.1% to $1.1361
* The British pound rose 0.2% to $1.3618
* The Japanese yen rose 0.5% to 114.93 per dollar
Bonds
* The yield on 10-year Treasuries declined eight basis points to 1.96%
* Germany’s 10-year yield declined five basis points to 0.23%
* Britain’s 10-year yield declined six basis points to 1.46%
Commodities
* West Texas Intermediate crude fell 2.2% to $91.56 a barrel
* Gold futures rose 1.5% to $1,900.50 an ounce
–With assistance from Andreea Papuc, Abigail Moses, Cecile Gutscher, Emily Graffeo and Peyton Forte.

Have a lovely evening.

Be magnificent!

As ever,

Carolann

It is not true that people stop pursuing dreams because they grow old; they grow old because they stop pursuing dreams. –Gabriel Garcia Marquez, 1927-2014.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

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

Dear Friends,

Tangents: Full Moon tonight.  February’s full moon is called the Snow Moon.

On this day in 1959, Fidel Castro became prime minister of Cuba after overthrowing dictator Fulgencio Batista.
1932: First patent issue for a tree to James Markham for a peach tree.
1937: Wallace H. Carothers, a research chemist for Du Pont, received a patent for nylon.  Go to article »
2005: The Kyoto Protocol an international treaty aimed at reducing the emission of gases that contributes to global warming comes into effect, following its ratification by Russia. Russia’s ratification was necessary for Kyoto to go into force because the treaty stipulated that not only a majority of countries approve it, but that the signatory nations constituter 55 per cent of the world’s emissions.

New York Fashion Week show staged with 7-foot-tall holographic models.  Because, why not? Fashion has no boundaries!

Exercise helps your brain feel better, a study has shown.

PHOTOS OF THE DAY

Traffic signs on a closed road
CREDIT: Nacho Doce/Reuters

Reaching Out artwork by the British artist Thomas J Price at the Chillida Leku museum
CREDIT: Ander Gillenea/AFP/Getty Images

Mia Hansson works in the Cambridgeshire town on her full-size replica of the Bayeux tapestry, which has so far taken her almost six years to stitch
CREDIT: Joe Giddens/PA

Monarch butterflies at El Rosario sanctuary, the winter home of Monarch butterflies
CREDIT: Claudio Cruz/AFP/Getty Images

Market Closes for February 16^th, 2022

Market Index	Close	Change
Dow Jones	34934.27	-54.57
		-0.16%
S&P 500	4475.01	+3.94
		+0.09%
NASDAQ	14124.09	-15.67 -0.11%
TSX	21383.64	-118.91
		-0.55%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27460.40	+595.21
		+2.22%
HANG SENG	24718.90	+363.19
		+1.49%
SENSEX	57996.68	-145.37
		-0.25%
FTSE 100*	7603.78	-5.14 -0.07%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.953	1.971
CND. 30 Year Bond	2.206	2.229
U.S.    10 Year Bond	2.0382	2.0434
U.S. 30 Year Bond	2.3454	2.3572

Currencies

BOC Close	Today	Previous
Canadian $	0.7880	0.7860
US $	1.2691	1.2722
Euro Rate 1 Euro=		Inverse
Canadian $	1.4438	0.6926
US $	1.1377	0.8790

Commodities

Gold	Close	Previous
London Gold Fix	1848.55	1866.15
Oil
WTI Crude Future	93.66	92.07

Market Commentary:
On this day in 1822, Francis Galton was born near Sparkbrook, England. After studying medicine, exploring Africa and obsessively measuring everything he could find, he developed the statistical concept of “reversion to the mean,” or the inevitable tendency of above-average results to be followed by below-average results (and vice versa).
Canada
By Geoffrey Morgan
(Bloomberg) — A drop in Canadian tech stocks weighed on the S&P/TSX Composite Index, which fell 0.6% to 21,383.64 in Toronto.
Shopify Inc., until recently the country’s most valuable company, fell 17% for its worst ever trading day after guiding toward lower future revenue growth.
The cloud-based commerce company contributed the most to the index decline and had the largest percentage move on the index.
Today, 8 of 11 sectors lost; 125 of 240 shares fell, while 110 rose.
Insights
* The index advanced 16% in the past 52 weeks. The MSCI AC Americas Index gained 11% in the same period
* The S&P/TSX Composite is 1.9% below its 52-week high on Nov. 16, 2021 and 19.3% above its low on Feb. 26, 2021
* The S&P/TSX Composite is down 1% in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19 on a trailing basis and 14.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.43t
* 30-day price volatility rose to 13.43% compared with 13.30% in the previous session and the average of 12.68% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology| -160.0382| -9.4| 2/14
* Consumer Staples | -6.3043| -0.8| 3/8
* Financials | -5.6146| -0.1| 11/17
* Utilities | -3.4391| -0.4| 4/11
* Communication Services| -0.8053| -0.1| 1/6
* Consumer Discretionary| -0.7462| -0.1| 5/9
* Industrials | -0.6420| 0.0| 8/22
* Health Care | -0.1955| -0.1| 4/3
* Real Estate | 2.5609| 0.4| 15/9
* Energy | 9.6190| 0.3| 13/16
* Materials | 46.6953| 1.8| 44/10
================================================================
| | |Volume VS| YTD
| Index Points | | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Shopify | -151.0000| -17.1| 135.7| -46.1
* TC Energy | -4.5000| -1.0| 50.9| 13.0
* Brookfield Asset Management | -4.4060| -0.6| 1.4| -6.4
* TD Bank | 10.6300| 0.8| -16.1| 11.1
* Canadian Natural Resources | 11.0700| 2.0| 0.2| 28.0
* Barrick Gold | 22.9300| 7.1| 98.5| 17.3

US
By Rita Nazareth
(Bloomberg) — Stocks closed higher as the latest Federal Reserve meeting minutes brought some relief to traders already pricing in aggressive monetary tightening.
The equity market rebounded after the central bank document came out at 2 p.m. in Washington, with the S&P 500 erasing losses.
Commodity, industrial and retail companies outperformed the cohort of technology shares that has thrived during the era of near-zero interest rates.
Two-year Treasury yields – which are more sensitive to imminent Fed moves — retreated with the dollar.
Fed officials concluded at their January gathering that inflation was running too high, warranting a rate hike soon and potentially justifying a faster pace of tightening.
“A number of participants commented that conditions would likely warrant beginning to reduce the size of the balance sheet sometime later this year,” they said.
A rate increase in March is fully priced into markets, and there’s been some betting that the central bank could hike by as much as 50 basis points.
Comments
* “No real surprises from the last Fed meeting, which is typically a good thing as the market tends to respond well to certainty,”  said Mike Loewengart, managing director of Investment Strategy
at E*TRADE Financial.
* “On balance, there was nothing in the minutes that suggested the Fed would be more aggressive than what the market has already priced in,” said Charlie Ripley, senior investment strategist for
Allianz Investment Management.
* “The fear that investors had coming into the release of the minutes was a very aggressive conversation potentially around balance-sheet reduction or maybe more chatter about a 50 basis
point rate hike in March,” said Emily Roland, co-chief investment strategist at John Hancock Investment Management. “I don’t think that any of those fears of even more aggressive hawkish language came through in today’s minutes.”
Traders also kept a close eye on the latest geopolitical developments.
High-level diplomacy continues in a bid to defuse the situation around Ukraine.
Western officials voiced reservations about Russian announcements that some of its forces are being drawn down.
North Atlantic Treaty Organization Secretary General Jens Stoltenberg said there’s no proof of de-escalation and it appears Russia is continuing its military build-up.
The Kremlin denied the claim.
The great rotation on Wall Street into stock funds and out of bonds risks falling apart.
Defying the worst January for the S&P 500 since 2009, investors have sunk $152 billion into equities this year, after a gangbusters 2021 for both stock returns and flows, according to JPMorgan Chase & Co.
But strategist Nikolaos Panigirtzoglou warns stock managers are set to join their outflow-lashed peers in the bond world as upcoming Fed rate hikes spur volatility just like in 2018.
Some corporate highlights:
* Shopify Inc., which provides software and other services that underpin the websites of many small businesses, gave a weaker outlook for growth this year.
* Video-game platform Roblox Corp. reported bookings that missed estimates, reflecting a retreat from the pandemic-inspired boost over the last two years.
* ViacomCBS Inc., which is changing its name to Paramount Global, reported disappointing earnings and sparked concerns about the cost of its foray into streaming.
* Las Vegas Sands Corp. was cut to junk by S&P Global Ratings, which cited a slower recovery in the Macau gaming market due to omicron cases.
* Airbnb Inc. beat revenue and profit estimates, bucking a resurgent wave of Covid-19 infections and heading into this year even stronger than before the pandemic.
* Kraft Heinz Co.’s earnings topped estimates as price hikes helped the maker of Philadelphia cream cheese offset higher costs.

Elsewhere, the European Central Bank is “quite likely” to lift interest rates in 2022 to combat an unprecedented surge in euro-area prices but mustn’t “rock the boat” as it tightens monetary policy, according to Governing Council member Martins Kazaks.
Meantime, global financial regulators said digital assets could soon threaten financial stability due to their scale, structural vulnerabilities and increasing interconnectedness with the traditional financial system. Areas of concern include the use of leverage, technological fragilities and liquidity shortages, according to a report Wednesday by the Financial Stability Board.
Here are some key events this week:
* G-20 finance ministers, central bank governors meet, Thursday through Feb. 18
* Cleveland Fed President Loretta Mester, St. Louis Fed President James Bullard speak, Thursday
* U.S. Monetary Policy Forum: speakers including Fed officials Charles Evans, Christopher Waller and Lael Brainard, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 fell 0.1%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.2% to $1.1379
* The British pound rose 0.4% to $1.3592
* The Japanese yen rose 0.2% to 115.43 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 2.02%
* Germany’s 10-year yield declined three basis points to 0.28%
* Britain’s 10-year yield declined six basis points to 1.52%
Commodities
* West Texas Intermediate crude fell 1.9% to $90.32 a barrel
* Gold futures rose 0.9% to $1,872.20 an ounce
–With assistance from Andreea Papuc, Sunil Jagtiani, Abigail
Moses, Cecile Gutscher, Peyton Forte, Emily Graffeo and Elaine Chen.
Have lovely evening.

Be magnificent!
As ever,

Carolann

Life is the sum of all your choices. –Albert Camus,  1913-1960.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

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

Dear Friends,

Tangents: Lupercalia – Roman Fertility Festival.
Feb. 15, 1972: Sound recordings are granted copyright protection for the first time.  Before February 15, 1972, sound recordings  were not protected by federal  copyright law but rather by individual state laws.
Feb. 15^th, 1989:The Soviet Union announced that the last of its troops had left Afghanistan after more than nine years of military intervention.  Go to article »
Gallileo Gallilei, astronomer, b.1564.

Netflix releases ‘Bridgerton’ Season 2 teaser trailer.  Oh, the suspense! The internet is raging about this spicy and regal drama.

A rocket is on course to slam into the moon in about 2 weeks.  That doesn’t sound very good… scientists say the impact won’t be visible from Earth, but will certainly create a crater.

Rare notebook with handwritten lyrics by The Beatles to go on display.  Music buffs! Check out some of the group’s legendary doodles, including Paul McCartney’s draft lyrics for the song “Hey Jude.” 

AirAsia flight gets rerouted after snake found on board plane.  Nope… can you handle a real-life ‘Snakes on a Plane’ moment? I can’t!

PHOTOS OF THE DAY

Tourists take photographs at the Upside Down House
CREDIT: Kim Ludbrook/EPA

Boats pass through a path cleared by fishers on the frozen Lake Beyşehir
CREDIT: Anadolu Agency/Getty Images

A free-diver swims near a huge jellyfish
CREDIT:  Ibrahim Chalhoub/AFP/Getty Images

Market Closes for February 15^th, 2022

Market Index	Close	Change
Dow Jones	34988.84	+422.67
		+1.22%
S&P 500	4471.07	+69.40
		+1.58%
NASDAQ	14139.76	+348.84 +2.53%
TSX	21502.55	+150.04
		+0.70%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26865.19	-214.40
		-0.79%
HANG SENG	24355.71	-200.86
		-0.82%
SENSEX	58142.05	+1736.21
		+3.08%
FTSE 100*	7608.92	+77.33 +1.03%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.971	1.907
CND. 30 Year Bond	2.229	2.186
U.S.    10 Year Bond	2.0434	1.9858
U.S. 30 Year Bond	2.3572	2.2854

Currencies

BOC Close	Today	Previous
Canadian $	0.7860	0.7859
US $	1.2722	1.2729
Euro Rate 1 Euro=		Inverse
Canadian $	1.4450	0.6921
US $	1.1358	0.8804

Commodities

Gold	Close	Previous
London Gold Fix	1866.15	1831.15
Oil
WTI Crude Future	92.07	95.46

Market Commentary:
On this day in 1985, the U.S. government began allowing Treasury securities to be carved up, creating “STRIPS,” or Separate Trading of Registered Interest and Principal of Securities. It let investors hedge more easily against changes in interest rates by trading either the interest or the principal portion of a given bond, vastly increasing the liquidity of the government bond market.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.7 percent at 21,502.55 in Toronto.
The move follows the previous session’s decrease of 0.9 percent.
Shopify Inc. contributed the most to the index gain, increasing 5.0 percent.
Ballard Power Systems Inc. had the largest increase, rising 10.8 percent.
Today, 169 of 240 shares rose, while 66 fell; 7 of 11 sectors were higher, led by information technology stocks.
Insights
* The index advanced 16 percent in the past 52 weeks. The MSCI AC Americas Index gained 11 percent in the same period
* The S&P/TSX Composite is 1.3 percent below its 52-week high on Nov. 16, 2021 and 19.9 percent above its low on Feb. 26, 2021
* The S&P/TSX Composite is up 0.6 percent in the past 5 days and rose 0.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 on a trailing basis and 14.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.41t
* 30-day price volatility fell to 13.30 percent compared with 13.48 percent in the previous session and the average of 12.65 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 51.3434| 3.1| 15/1
* Industrials | 44.0217| 1.8| 26/4
* Financials | 36.5670| 0.5| 21/6
* Consumer Discretionary | 17.2259| 2.3| 13/1
* Health Care | 5.2812| 3.5| 7/1
* Real Estate | 4.8949| 0.8| 20/3
* Communication Services | 4.3359| 0.4| 6/1
* Energy | -0.1818| 0.0| 22/9
* Consumer Staples | -1.5541| -0.2| 6/5
* Utilities | -2.4924| -0.3| 7/8
* Materials | -9.4135| -0.4| 26/27
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 41.8300| 5.0| -38.3| -35.0
* Canadian Pacific | 13.6400| 2.3| -12.1| 3.0
* Canadian National | 13.5900| 2.1| -20.3| 2.8
* Agnico Eagle Mines | -3.0200| -1.5| -23.6| -2.1
* Suncor Energy | -5.9890| -1.6| 9.0| 17.7
* Barrick Gold | -6.3420| -1.9| 9.5| 9.5

US
By Rita Nazareth
(Bloomberg) — Stocks climbed, while bonds fell with the dollar as speculation that geopolitical tensions could be easing overshadowed data showing U.S. inflation is still running hot.
The equity market halted a three-day drop as Russian President Vladimir Putin said he hopes for a diplomatic solution to tensions with the U.S. and its allies and announced a partial pullback of thousands of troops massed near the Ukrainian border. President Joe Biden noted that a Russian attack on
Ukraine is “still very much a possibility,” but said diplomacy should continue.
The tech-heavy Nasdaq 100 outperformed major benchmarks, while energy producers joined a slump in oil.
Treasury 10-year yields topped 2%. Haven assets like gold, the Japanese yen and the Swiss franc fell.

Markets have whipsawed as the Ukraine crisis added to existing concerns over inflationary pressures and the withdrawal of stimulus by the Federal Reserve.
The U.S. producer price index jumped in January by more than forecast as companies contend with supply-chain and labor constraints.
“Speculation around the Fed’s action plan, which goes hand-in-hand with inflation, has no doubt been driving market volatility, but so have geopolitics,” said Mike Loewengart, managing director of investment strategy at E*Trade from Morgan Stanley. “And with tension between Russia and Ukraine seemingly cooling, at least for now, the market could welcome some certainty. So while the PPI read is hotter than expected, heightened inflation may already be priced into the market.”
Some corporate highlights:
* Cryptocurrency-exposed stocks joined a rally in Bitcoin.
* Boeing Co.’s 787 Dreamliner suffered a new blow as U.S. regulators on Tuesday said they would retain authority for inspecting the jets before delivery.
* Marriott International Inc. reported earnings that beat expectations as demand for leisure travel powered the hotel recovery.
* Space-tourism company Virgin Galactic Holdings Inc. said it would open commercial-ticket sales.
* Intel Corp. agreed to acquire Tower Semiconductor Ltd. for about $5.4 billion, part of a push into the outsourced chip-manufacturing business.

Here are some key events this week:
* EIA crude oil inventory report, Wednesday
* FOMC minutes, Wednesday
* China CPI, PPI, Wednesday
* G-20 finance ministers, central bank governors meet, Thursday through Feb. 18
* Cleveland Fed President Loretta Mester, St. Louis Fed President James Bullard speak, Thursday
* U.S. Monetary Policy Forum: speakers including Fed officials Charles Evans, Christopher Waller and Lael Brainard, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.5%
* The Dow Jones Industrial Average rose 1.2%
* The MSCI World index rose 1.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.5% to $1.1358
* The British pound was little changed at $1.3537
* The Japanese yen was little changed at 115.63 per dollar
Bonds
* The yield on 10-year Treasuries advanced six basis points to 2.05%
* Germany’s 10-year yield advanced two basis points to 0.31%
* Britain’s 10-year yield was little changed at 1.58%
Commodities
* West Texas Intermediate crude fell 3.6% to $92.01 a barrel
* Gold futures fell 0.8% to $1,854.50 an ounce
–With assistance from Andreea Papuc, Abigail Moses, Peyton Forte and Emily Graffeo.
Have  a lovely evening.

Be magnificent!
As ever,

Carolann

There are some things one can only achieve by a deliberate leap in the opposite direction. 
One has to go abroad in order to find the home one has lost. –1883-1924.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

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

Dear Friends,

Tangents: Happy Valentine’s Day.
On Feb. 14, 1929, the St. Valentine’s Day Massacre took place in a Chicago garage as seven rivals of Al Capone’s gang were gunned down. Go to article »

February 14, 1945: Allied planes begin bombing Dresden, Germany; a firestorm results and over 22,000 die.

Distant galaxies and the true nature of dark matter. 

British zoo hopes that music by Marvin Gaye will put monkeys in the mood.  If all else fails, a little spritz of potato perfume should do the trick. 

Megadrought plaguing the western U.S. is worst in 1,200 years.

PHOTOS OF THE DAY

Raina Kuan and Levi Swanky kiss by a lit-up love sign at Capilano Suspension Bridge Park
CREDIT: Andrew Chin/Getty Images

A member of staff poses next to the Nebra sky disc, which dates from about 1600BC. The disc is on display as part of the World of Stonehenge exhibition at the British Museum
CREDIT: Alastair Grant/AP

Artist Gregory Orekhov created this red carpet installation called Nowhere in the forest of Malevich Park
CREDIT: Anadolu Agency/Getty Images

Market Closes for February 14^th, 2022

Market Index	Close	Change
Dow Jones	34566.17	-171.89
		-0.49%
S&P 500	4401.67	-16.97
		-0.38%
NASDAQ	13790.92	-0.23 –%
TSX	21352.51	-196.33
		-0.91%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27079.59	-616.49
		-2.23%
HANG SENG	24556.57	-350.09
		-1.41%
SENSEX	56405.84	-1747.08
		-3.00%
FTSE 100*	7531.59	-129.43 -1.69%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.907	1.853
CND. 30 Year Bond	2.186	2.137
U.S.    10 Year Bond	1.9858	1.9371
U.S. 30 Year Bond	2.2854	2.2385

Currencies

BOC Close	Today	Previous
Canadian $	0.7859	0.7851
US $	1.2729	1.2738
Euro Rate 1 Euro=		Inverse
Canadian $	1.4393	0.6948
US $	1.1307	0.8844

Commodities

Gold	Close	Previous
London Gold Fix	1831.15	1835.35
Oil
WTI Crude Future	95.46	93.10

Market Commentary:
On this day in 1934, the New York Stock Exchange prohibited its members from participating in “stock pools,” or organized groups of brokers who gang together to drive the price of a stock up or down regardless of demand from the general investing public. It was one of the few reforms the NYSE adopted voluntarily after the Great Crash.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.9 percent at 21,352.51 in Toronto. The move was the biggest since falling 1.3 percent on Feb. 3 and follows the previous session’s increase of0.1 percent.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 1.4 percent.
Canopy Growth Corp. had the largest drop, falling 8.5 percent.
Today, 173 of 240 shares fell, while 61 rose; 9 of 11 sectors were lower, led by financials stocks.
Insights
* In the past year, the index had a similar or greater loss 16 times.   The next day, it advanced 10 times for an average 1 percent and declined six times for an average 0.6 percent
* The index advanced 16 percent in the past 52 weeks. The MSCI AC Americas Index gained 9.6 percent in the same period
* The S&P/TSX Composite is 2 percent below its 52-week high on Nov. 16, 2021 and 19.1 percent above its low on Feb. 26, 2021
* The S&P/TSX Composite is up 0.6 percent in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.3 on a trailing basis and 14.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.44t
* 30-day price volatility rose to 13.48 percent compared with 13.16 percent in the previous session and the average of 12.58 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -92.6550| -1.3| 1/27
* Energy | -62.9584| -1.9| 2/30
* Information Technology | -11.9224| -0.7| 4/12
* Utilities | -8.0553| -0.9| 6/10
* Consumer Staples | -7.4514| -0.9| 3/8
* Industrials | -5.8494| -0.2| 7/23
* Health Care | -5.5141| -3.5| 0/8
* Real Estate | -3.7245| -0.6| 1/22
* Consumer Discretionary | -1.4642| -0.2| 4/9
* Communication Services | 1.0351| 0.1| 4/3
* Materials | 2.2374| 0.1| 29/21
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* TD Bank | -19.2500| -1.4| -17.9| 9.6
* Brookfield Asset Management | -18.9200| -2.6| -10.4| -5.6
* Nutrien | -14.8100| -3.9| 11.9| -1.7
* Canadian National | 5.0870| 0.8| -0.8| 0.7
* Barrick Gold | 5.7330| 1.8| 42.6| 11.6
* Agnico Eagle Mines | 10.3100| 5.2| 24.7| -0.6

US
By Rita Nazareth
(Bloomberg) — Stocks faced another session of wild swings as traders assessed the latest geopolitical developments amid worries about a Federal Reserve policy mistake.
The S&P 500 notched its third straight drop, while Treasury yields climbed — with shorter maturities leading the increase.
The move kicked in a resumption of curve flattening, with the gap between two- and 10-year rates narrowing.
West Texas Intermediate crude topped $95 a barrel for the first time since 2014.
Ukrainian President Volodymyr Zelenskiy briefly spooked markets with what his office later said was meant to be a sarcastic comment about the rest of the world predicting a date for an attack by Russia. Zelenskiy said it should be a day of unity instead.
Vladimir Putin’s top diplomat, meanwhile, urged the Russian president to continue talks with the West, with negotiation options “far from exhausted.”
“If an armed conflict between Russia and Ukraine is somehow avoided, a short-lived relief rally is likely, but there are still too many worries on the horizon for any type of longer lasting upward move higher in stocks,” said George Ball, chairman of Sanders Morris Harris in Houston. “It is time for investors to raise cash. Cash is the ultimate king when markets are volatile.”
Investors have been on edge, with bets on the pace of rate hikes since the January Fed meeting shifting to six or seven this year — versus the three that officials forecast in December.
JPMorgan Chase & Co. strategists led by Marko Kolanovic said global markets are pricing in an aggressive wave of monetary tightening this year that’s unlikely to materialize in full — reinforcing
the allure of stocks tied to the economic cycle.
Meantime, Fed Bank of St. Louis President James Bullard said Monday that the central bank needs to move forward the plans to raise rates to underline its inflation-fighting credibility.
“I do think we need to front-load more of our planned removal of accommodation than we would have previously,” he told CNBC.
It’s “hard to see a happy ending” for bonds in a scenario of rising interest rates, Oksana Aronov, a strategist at JPMorgan Asset Management, told Bloomberg Television.
“We are in somewhat of a hot mess. We’re in the middle of the Fed’s last policy mistake and concerned about their next policy mistake.  Right now, caution is the name of the game.”
Here are some key events this week:
* U.S. PPI, Tuesday
* EIA crude oil inventory report, Wednesday
* FOMC minutes, Wednesday
* China CPI, PPI, Wednesday
* G-20 finance ministers, central bank governors meet, Thursday through Feb. 18
* Cleveland Fed President Loretta Mester, St. Louis Fed President James Bullard speak, Thursday
* U.S. Monetary Policy Forum: speakers including Fed officials Charles Evans, Christopher Waller and Lael Brainard, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.1%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World index fell 1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.5% to $1.1295
* The British pound fell 0.3% to $1.3524
* The Japanese yen fell 0.2% to 115.61 per dollar
Bonds
* The yield on 10-year Treasuries advanced seven basis points to2.00%
* Germany’s 10-year yield declined one basis point to 0.28%
* Britain’s 10-year yield advanced four basis points to 1.59%
Commodities
* West Texas Intermediate crude rose 2.1% to $95.03 a barrel
* Gold futures rose 1.7% to $1,873.10 an ounce
–With assistance from Andreea Papuc, Abigail Moses, Emily Graffeo, Peyton Forte and Sophie Caronello.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Omnia vincit Amor: et nos cedamus Amori.
Love conquers all things: let us too  give in to Love. –Virgil, 70-19 BC.
Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

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

Dear Friends,

Tangents: Happy Friday.

1990: South African black activist Nelson Mandela was freed after 27 years in captivity. Go to article »

There is no easy road to freedom.  None of us acting alone can achieve success.  We must therefore act together as a united people, for reconciliation, for nation building,
for the birth of a new world. -Nelson Mandela, 1918-2013.

Thomas Edison, inventor, b. 1847.

Beijing’s cute Olympic mascot was a crowd favorite in China — until it started talking.  A cute panda should never sound like a middle-aged man …

Third potential planet discovered around star closest to our sun.  Greetings! It appears Earth has a new neighbor. 

‘Marry Me’ shines the spotlight on Jennifer Lopez.  Calling all hopeless romantics! This new rom-com is perfect to celebrate Valentine’s Day. 

Why Eileen Gu is luxury fashion’s dream model.  The Olympic gold medalist is stunning on the slopes — and on the catwalk. 

There are some people who can just never catch Covid. 

PHOTOS OF THE DAY

Antoine Gerard of Team France competes during the men’s Nordic combined at the Beijing 2022 Winter Olympics in Zhangjiakou.
CREDIT: Michel Cottin/Agence Zoom/Getty Images

Smoke billows from the Mount Etna volcano, photographed from Nicolosi in Sicily.
CREDIT: Salvatore Allegra/AP

Young novice monks sweep a sidewalk along a road outside the Buddhist monastery in Godavari.
CREDIT: Skanda Gautam/Zuma/Rex/Shutterstock

Market Closes for February 11^th, 2022

Market Index	Close	Change
Dow Jones	34738.06	-503.53
		-1.43%
S&P 500	4418.64	-85.44
		-1.90%
NASDAQ	13791.16	-394.48 -2.78%
TSX	21548.84	+17.13
		+0.08%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27696.08	+116.21
		+0.42%
HANG SENG	24906.66	-17.69
		-0.07%
SENSEX	58152.92	-773.11
		-1.31%
FTSE 100*	7661.02	-11.38 -0.15%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.853	1.942
CND. 30 Year Bond	2.137	2.196
U.S.    10 Year Bond	1.9371	2.0294
U.S. 30 Year Bond	2.2385	2.3163

Currencies

BOC Close	Today	Previous
Canadian $	0.7851	0.7862
US $	1.2738	1.2720
Euro Rate 1 Euro=		Inverse
Canadian $	1.4447	0.6922
US $	1.1342	0.8817

Commodities

Gold	Close	Previous
London Gold Fix	1835.35	1827.80
Oil
WTI Crude Future	93.10	89.88

Market Commentary:
On this day in 1956, the Korean Stock Exchange was established in Seoul, South Korea.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian materials and energy equities helped lead the S&P/TSX Composite Index higher on Friday, thanks to surging gold, silver and oil prices.
The Composite advanced slightly to 21,548.84 in Toronto.
Gold and silver miners dominated the list of the top 10 performers on the Composite Index, occupying 9 of the top spots.
Barrick Gold Corp. contributed the most to the index gain, increasing 7.4%.
Iamgold Corp. had the largest percentage increase, rising 9.9%.
Insights
* This week, the index rose 1.3%
* The index advanced 17% in the past 52 weeks. The MSCI AC Americas Index gained ~12% in the same period
* The S&P/TSX Composite is 1.1% below its 52-week high on Nov. 12, 2021 and ~20% above its low on Feb. 26, 2021
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.7 on a trailing basis and 15 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.44t
* 30-day price volatility fell to 13.16% compared with 13.22% in the previous session and the average of 12.67% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 83.4309| 3.4| 43/10
* Energy | 81.8523| 2.6| 29/3
* Communication Services | 2.7409| 0.3| 4/3
* Consumer Staples | 1.6083| 0.2| 8/3
* Health Care | 0.0682| 0.0| 3/5
* Utilities | -3.3302| -0.4| 3/13
* Real Estate | -5.5506| -0.9| 3/19
* Consumer Discretionary | -24.3432| -3.2| 0/13
* Financials | -29.4622| -0.4| 8/20
* Industrials | -33.3604| -1.3| 4/26
* Information Technology | -56.5266| -3.3| 0/16
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Barrick Gold | 22.0800| 7.4| 93.7| 9.7
* Suncor Energy | 16.6700| 4.6| 35.2| 21.3
* Canadian Natural Resources | 15.5100| 2.9| -20.8| 26.5
* Magna International | -12.5500| -6.4| 174.0| -5.7
* Brookfield Asset Management | -19.6200| -2.6| 25.1| -3.1
* Shopify | -35.5300| -4.0| -28.8| -37.4

US
By Stephen Kirkland, Vildana Hajric and Peyton Forte
(Bloomberg) — Stocks dropped, while investors sought safety in Treasuries as the U.S. warned Russia could take offensive military action against Ukraine as early as next week.
Risk assets added to weekly losses as the U.K. and U.S. advised citizens to leave Ukraine as tensions with Russia rise.
Oil spiked higher as a Russian attack could lead to harsh sanctions from the U.S. Russia has repeatedly rejected charges it plans to invade Ukraine.
The S&P 500 fell 1.9% and the Nasdaq 100 dropped more than 3%, following Thursday’s steep declines amid bets on faster Federal Reserve tightening.
Treasuries caught bids, with the 10-year yield sinking 11 basis points to about 1.92%.
Oil climbed, with brent crude hitting $95 a barrel for the first time since 2014.
For months, the U.S. has been warning European allies that Russia may be preparing to invade Ukraine, massing almost 130,000 troops near the border and staging the largest joint
military drills in years in neighboring Belarus.
The U.S. has warned of debilitating economic sanctions if Russia attacks, while the Kremlin says NATO expanding further east or deploying weapons in Ukraine are red lines.
A potential Russian invasion of Ukraine could not only disrupt crude supplies but also may spark retaliatory sanctions by the U.S.
Oil prices have soared in recent weeks on speculation that demand will outpace supply as the global economy rebounds from the pandemic.
“The Russia/Ukraine news delivered another body-blow to markets, which were already reeling from stubborn inflation numbers and uber hawkish comments from Fed officials,”  Cliff Hodge, chief investment officer for Cornerstone Wealth, wrote in a note. “We may have more downside risk over the coming weeks as markets react to headlines”
Friday’s selloff comes a day after a strong inflation reading and comments from a Federal Reserve official sparked a rout in equities and bonds.
Odds increased for faster rate increases, with some traders speculating a hike may come even before the next regularly scheduled meeting in March.
Those worries were effectively ended Friday when the Fed signaled it would go ahead with the last of its bond purchases before the program ends next month.
The central bank has said it won’t raise until after the buys are over.
Inflation concerns weighed on U.S. consumer sentiment, which declined further in early February to a fresh decade low as views about personal finances deteriorated.
The University of Michigan’s sentiment index dropped to 61.7, the lowest since October 2011, from 67.2 in January.
Consumers expect an inflation rate of 5% over the next year, up from last month’s reading of 4.9% and the highest since 2008.
“Investors are worried that the economy is also slowing just at the worst time, just as the Fed is about to raise interest rates, which could threaten the health of this expansion and bull market,” said Sam Stovall, chief investment strategist at CFRA Research. “Add to it the geopolitical tensions and I think it’s very good reasons why we now have the volatility that we do.”
Here are the main market moves:
Stocks
* The S&P 500 fell 1.9% as of 4 p.m. New York time
* The Nasdaq 100 fell 3.1%
* The Dow Jones Industrial Average fell 1.4%
* The MSCI World index fell 1.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.8% to $1.1341
* The British pound was little changed at $1.3551
* The Japanese yen rose 0.6% to 115.31 per dollar
Bonds
* The yield on 10-year Treasuries declined 11 basis points to 1.92%
* Germany’s 10-year yield advanced one basis point to 0.30%
* Britain’s 10-year yield advanced two basis points to 1.54%
Commodities
* West Texas Intermediate crude rose 4.3% to $93.78 a barrel
* Gold futures rose 1.5% to $1,864.60 an ounce
–With assistance from Sunil Jagtiani, Akshay Chinchalkar and Robert Brand.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

The greater the ignorance, the greater the dogmatism. –Sir William Osler, 1849-1919.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

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

Dear Friends,

Tangents: Happy Friday Eve.
1763 France ceded Canada to England under the Treaty of Paris, which ended the French and Indian War. Go to article »
1906: British battleship HMS Dreadnought launches after only 100 days, renders all other capital ships obsolete with its revolutionary design.

Here’s where you can stream Oscar-nominated movies.  Good news! There’s plenty of time to binge the major contenders before the Oscars in March.

40 SpaceX satellites are falling out of orbit due to a solar storm.  Elon Musk is heading back to the drawing board.

Disney+ announces ‘Obi-Wan Kenobi’ series premiere date.  Hey Star Wars fans! May the force be with you. 

PHOTOS OF THE DAY

Women and girls wearing kimonos walk through the Asakusa district during heavy snowfall. At leasts four highway sections are closed in the Tokyo area to prevent vehicles from becoming stranded
CREDIT: Yuichi Yamazaki/Getty Images

A vintage American car drives past a huge wave in Malecon during strong winds
CREDIT: AFP/Getty Images                      

Two visitors look at Amedeo Modigliani’s painting Woman With Blue Eyes, at the exhibition From Fauvism to Surrealism
CREDIT: Luis Tejido/EPA

Market Closes for February 10^th, 2022

Market Index	Close	Change
Dow Jones	35241.59	-526.47
		-1.47%
S&P 500	4504.08	-83.10
		-1.81%
NASDAQ	14185.64	-304.73 -2.10%
TSX	21531.72	-72.47
		-0.34%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27696.08	+116.21
		+0.42%
HANG SENG	24924.35	+94.36
		+0.38%
SENSEX	58926.03	+460.06
		+0.79%
FTSE 100*	7672.40	+28.98 +0.38%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.942	1.846
CND. 30 Year Bond	2.196	2.138
U.S.    10 Year Bond	2.0294	1.9415
U.S. 30 Year Bond	2.3163	2.2446

Currencies

BOC Close	Today	Previous
Canadian $	0.7862	0.7892
US $	1.2720	1.2671
Euro Rate 1 Euro=		Inverse
Canadian $	1.4536	0.6879
US $	1.1428	0.8750

Commodities

Gold	Close	Previous
London Gold Fix	1827.80	1822.60
Oil
WTI Crude Future	89.88	89.66

Market Commentary:
On this day in 1938, “Fannie Mae” was born, as the National Mortgage Association of Washington (later the Federal National Mortgage Association) was created as a subsidiary of the Reconstruction Finance Corp. Its mission: to buy and sell home mortgages insured by the Federal Housing Administration, in order to create a liquid market for mortgage debt that would encourage lenders to continue making home loans.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities reversed gains from earlier in the session — when the S&P TSX Composite Index flirted with a fresh record high — and closed lower as rising inflation in the U.S. weighed on technology and consumer stocks.
The S&P/TSX fell 0.3 percent at 21,531.72 in Toronto.
The move follows the previous session’s increase of 1.1%.
Shopify Inc. contributed the most to the index decline, decreasing 3%.
Canada Goose Holdings Inc. had the largest drop, falling 16%.
During the trading day, 162 of 240 shares fell, while 78 rose; 8 of 11 sectors were lower, led by information technology stocks.
Insights
* So far this week, the index rose 1.2 percent
* The index advanced 17 percent in the past 52 weeks. The MSCI AC Americas Index gained 13 percent in the same period
* The S&P/TSX Composite is 1.2 percent below its 52-week high on Nov. 16, 2021 and 20.1 percent above its low on Feb. 26, 2021
* The S&P/TSX Composite is up 2.1 percent in the past 5 days and rose 2.2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.2 on a trailing basis and 15 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.44t
* 30-day price volatility rose to 13.22 percent compared with 13.19 percent in the previous session and the average of 12.76 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -37.2158| -2.1| 5/11
* Materials | -22.6438| -0.9| 12/42
* Industrials | -15.0084| -0.6| 8/22
* Consumer Discretionary | -11.7218| -1.5| 2/12
* Consumer Staples | -9.7118| -1.2| 4/7
* Utilities | -5.5394| -0.6| 3/13
* Real Estate | -0.5822| -0.1| 11/13
* Health Care | -0.5008| -0.3| 3/5
* Communication Services | 0.2416| 0.0| 4/3
* Energy | 10.0254| 0.3| 19/13
* Financials | 20.1874| 0.3| 7/21
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -27.3200| -3.0| -30.9| -34.8
* Sun Life Financial | -16.4300| -5.5| 196.3| -1.0
* Agnico Eagle Mines | -8.1570| -4.2| 54.4| -10.7
* TD Bank | 7.3750| 0.6| 12.4| 11.2
* Manulife Financial | 13.1900| 3.7| 580.3| 15.7
* Brookfield Asset Management | 39.9500| 5.5| 190.0| -0.5
US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — U.S. stocks sank and Treasury yields spike higher after the hottest inflation reading in four decades prompted a Federal Reserve official to call for accelerating rate hikes.
The two-year bond rate surged as much as 26 basis points in one of the fastest moves in a decade after data showed consumer prices surged more than 7% last month.
St. Louis Fed Chair James Bullard said the central bank should raise rates by 100 basis points over the next three meetings.
That sent risk assets tumbling, with the S&P 500 sliding 1.8% and the tech-heavy Nasdaq 100 dropping 2.3%.
Bullard’s plan involves spreading the increases over three meetings, shrinking the Fed’s balance sheet starting in the second quarter and then deciding on the path of rates in the second half based on updated data.
He said he was undecided on whether the March meeting should begin with 50 basis points and raised the possibility of the Fed at some point considering a move between scheduled meetings.
“There is a difference between what any one FOMC participant says and what the committee does,” said Chris Low, chief economist at FHN Financial. “But the odds of a 50bp hike in March or May are higher if the market expects it. Bullard is well aware of this and likely intended to push the fed funds futures market to reprice in support of the urgency he feels after this morning’s CPI report. If he can make us think it, the Fed is much more likely to do it.”
Overnight index swaps priced about 80% odds of a 50 basis-point liftoff in March, with an additional 25 basis points priced for May and June. Just under six-and-a-half quarter-point moves were priced into the December Fed meeting.
The Fed slashed the upper band of its target funds rate to 0.25% at the onset of the pandemic in 2020, matching the lowest level on record, and has kept it there since to foster an economic recovery.
The sea of liquidity helped boost stocks, propelling the S&P 500 to successive records through 2021 and into the first days of January.
But fears of monetary tightening has sent stocks lower this year, leaving the S&P 500 down about 5% year to date. 
Here’s what others said about the inflation data Thursday:
“Right now, investors are not only worried about what the Fed does on interest rates, but then what impact that will have on growth.”
Inflation’s hot, but “investors will move toward looking at cash flows and what companies are going to be doing, and I think that’s supportive of the markets.” — Chris Gaffney, president of world markets at TIAA Bank.  “All else equal, more fuel to the inflation fire should harden the Fed’s resolve to begin raising interest rates at its next meeting in March and introduce quantitative tightening in the months thereafter.” — Jason Pride, chief investment officer of private wealth at Glenmede.
“High energy prices and supply issues are stoking inflation but these issues should eventually fade. Of greater concern is that wage pressures are building and the central bank will not want to risk a wage price spiral. Looking ahead though, real consumer spending on discretionary goods and services is likely to cool naturally, as higher energy costs begin to bite.” – Jai Malhi, global market strategist at JPMorgan Asset Management.
“Overall, we remain constructive on equities over bonds with a preference for cyclical and value stocks, commodities and commodity-linked equities. One theme that ticks all those boxes is dividend-paying European and U.K. equities which have lagged their U.S. peers and offer the potential for catch-up gains on a total return basis.” — John Leiper, chief investment officer at Titan Asset Management
Here are the main market moves:
Stocks
* The S&P 500 fell 1.8% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.3%
* The Dow Jones Industrial Average fell 1.5%
* The MSCI World index fell 1.1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro was little changed at $1.1431
* The British pound rose 0.1% to $1.3554
* The Japanese yen fell 0.5% to 116.05 per dollar
Bonds
* The yield on 10-year Treasuries advanced 11 basis points to 2.05%
* Germany’s 10-year yield advanced seven basis points to 0.28%
* Britain’s 10-year yield advanced nine basis points to 1.52%
Commodities
* West Texas Intermediate crude rose 0.5% to $90.12 a barrel
* Gold futures fell 0.5% to $1,827.70 an ounce
–With assistance from Andreea Papuc, Robert Brand and Jennifer Bissell-Linsk.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Right is right, even if everyone is against it; and wrong is wrong, even if everyone is for it. -William Penn, 1644-1718.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

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

Dear Friends,

Tangents:
On Feb. 9, 1943, the World War II battle of Guadalcanal in the southwest Pacific ended with an American victory over Japanese forces.  Go to article »

Boeing flies its 747 model in 1969 for the first time, taking off from Everett’s Paine Field. Pilot Jack Waddell calls the jet’s performance in the two-hour test flight “a pilot’s dream.” In order to build the 747, Boeing constructs the largest building in the world in Everett. The FAA certifies the 747 on Dec. 30, 1969, ushering in the era of jumbo jets. (Compiled from HistoryLink.org).

Feb. 9, 1997: Fox cartoon series “The Simpsons” airs its 167^th episode “The Itchy & Scratchy Show” surpassing the former record holder The Flintstones as the longest-running animated series in cartoon history.

Feb. 9, 1942: Carol King, songwriter, b.

2022 Oscar nominations announced.  Looking for a great movie to watch? Check out this list of Oscar contenders.

Winners announced at the 2022 Brit Awards.  Yesterday was a big day in entertainment news across the pond too! 

This is the wildlife photo of the year, as chosen by the public.  The enchanting image of a frozen lake seriously could have been pulled from a scene in “Game of Thrones.”

More Revolutionary War-era cannons have been found in Georgia.  Ahoy! After this remarkable find, divers are searching the depths of the Savannah River for more historic treasure.

With Covid in retreat, it’s time to end mask mandates in schools. They’re doing more harm than good. — Bloomberg’s editorial board.

Charles Dickens’s coded notes have finally been decoded. (h/t Ellen Kominers)

A Mediterranean diet could add 10 years to your life, a study has shown.

PHOTOS OF THE DAY

A giant panda plays with its cub in the snow at the China Conservation and Research Centre
CREDIT: Xinhua/REX/Shutterstock

Tianyi Zhang of Team China falls during the men’s 1500m quarter finals of the short-track speed skating event, on day five of the 2022 Winter Olympic Games
CREDIT: Dean Mouhtaropoulos/Getty Images

Adele poses for a photo as she attends The Brit awards 2022 at the O2 Arena, where she won three awards for best artist, album and song of the year
CREDIT: Samir Hussein/WireImage/Getty Images

Market Closes for February 9^th, 2022

Market Index	Close	Change
Dow Jones	35768.06	+305.28
		+0.86%
S&P 500	4587.18	+65.64
		+1.45%
NASDAQ	14490.38	+295.92 +2.08%
TSX	21604.19	+227.01
		+1.06%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27579.87	+295.35
		+1.08%
HANG SENG	24829.99	+500.50
		+2.06%
SENSEX	58465.97	+657.39
		+1.14%
FTSE 100*	7643.42	+76.35 +1.01%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.846	1.857
CND. 30 Year Bond	2.138	2.138
U.S.    10 Year Bond	1.9415	1.9614
U.S. 30 Year Bond	2.2446	2.2556

Currencies

BOC Close	Today	Previous
Canadian $	0.7892	0.7871
US $	1.2671	1.2705
Euro Rate 1 Euro=		Inverse
Canadian $	1.4476	0.6908
US $	1.1424	0.8753

Commodities

Gold	Close	Previous
London Gold Fix	1822.60	1813.55
Oil
WTI Crude Future	89.66	89.36

Market Commentary:
On this day in 1966, the Vietnam-era bull market peaked, buoyed by defense spending and rising inflation, as the Dow Jones Industrial Average closed the day at 995.15—a level it would not reach again until October 11, 1982. 
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities rose to the highest point in more than two months as companies in the technology and industrials sectors surged.
The S&P/TSX Composite rose for the second day, climbing 1.1%, or 227.01 to 21,604.19 in Toronto.
The move was the biggest since rising 1.7% on Jan. 31.
Today, information technology stocks led the market higher, as all sectors gained; 190 of 240 shares rose, while 49 fell.
Shopify Inc. contributed the most to the index gain, increasing 4.9%. Canopy Growth Corp. had the largest increase, rising 14.8%.
Insights
* In the past year, the index had a similar or greater gain 13 times. The next day, it advanced nine times for an average 0.7% and declined four times for an average 0.5%
* The index advanced 17% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is 0.9% below its 52-week high on Nov. 16, 2021 and 20.5% above its low on Feb. 26, 2021
* The S&P/TSX Composite is up 1.1% in the past 5 days and rose 2.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.3 on a trailing basis and 15 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.41t
* 30-day price volatility rose to 13.19% compared with 12.91% in the previous session and the average of 12.74% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 62.8743| 3.7| 16/0
* Industrials | 50.3151| 2.0| 28/2
* Energy | 49.3140| 1.6| 29/3
* Materials | 13.5729| 0.5| 26/27
* Consumer Discretionary | 12.7446| 1.7| 13/1
* Utilities | 9.3437| 1.0| 16/0
* Health Care | 9.1778| 6.1| 8/0
* Consumer Staples | 6.0836| 0.8| 7/4
* Real Estate | 5.4232| 0.9| 22/2
* Communication Services | 4.4007| 0.4| 4/3
* Financials | 3.7581| 0.1| 21/7
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Shopify | 42.5700| 4.9| -29.0| -32.8
* Canadian Pacific | 14.8500| 2.6| -30.9| 2.1
* Cameco | 9.8210| 14.3| 55.9| 4.6
* Franco-Nevada | -4.4190| -1.9| 28.7| -0.6
* CIBC | -4.6020| -0.9| -35.9| 11.9
* Royal Bank of Canada | -10.7500| -0.8| -55.2| 9.1
US
By Stephen Kirkland
(Bloomberg) — The advance in U.S. stocks gathered pace as an easing in a Treasury selloff provided respite to markets whipsawed in recent weeks by concerns about tightening monetary policy.
The S&P 500 extended Tuesday’s broad-based rally, with tech stocks recovering about half of their losses this year.
Mega caps led the Nasdaq 100 higher, with dip-buying in Facebook-parent Meta Platforms Inc. after a four-day slide wiped about a third off its market value.
Both the S&P 500 and Nasdaq 100 posted their biggest daily gains this month.
The 10-year U.S. Treasury yield retreated from levels last seen in 2019 and hit session lows around 1.91% after strong demand at auction of similar-maturity notes.
Rates across Europe also fell after France’s central banker said markets may be getting ahead of themselves in pricing rate hikes for this year.
A dollar gauge fell.
Investors are weighing still-robust earnings against worries about a rapid withdrawal of pandemic-era stimulus.
About 76% of the 317 S&P 500 firms that have reported results beat earnings estimates, with profits coming nearly 6% above projected levels.
But data this week is expected to show U.S. inflation continues to overheat, potentially stoking bets on a more aggressive Federal Reserve liftoff in March.
“Improving economic data will support risk assets unless the Fed needs to reset the outlook for financial conditions lower,” Dennis DeBusschere, founder of 22V Research, wrote in a note.
Until it is clear financial conditions need to tighten further, he said he favors cyclicals relative to defensives, especially as the economic headwinds of omicron fade and demand growth firms.
Bets on the pace of rate hikes have increased since the January Fed meeting, shifting to roughly five this year versus the three that officials forecast in December.
Fed Bank of Cleveland President Loretta Mester said Wednesday she anticipated it will be appropriate for policy makers to raise rates at a faster pace, reiterating a January comment that she supported a first hike in March. Atlanta Fed President Raphael Bostic said earlier “every option is on the table.”
“Investors certainly appear encouraged by the fact that the falling-knife period looks to be in the rear-view mirror and we’re now seeing signs of stabilization,” Craig Erlam, a senior  markets analyst at Oanda, said in a note. “Of course, that could change quickly if the inflation outlook worsens, and we won’t have to wait long for the next hurdle on that front, with the U.S. CPI data being keenly anticipated.”
The euro briefly rose to session highs versus the dollar after Bloomberg reported, citing officials with knowledge of the matter, that a growing number of European Central Bank policy makers were losing faith in the institution’s current inflation forecasting, emboldening their shift toward hiking rates later this year. 
Some earnings and market-related news:
* CVS Health Corp. said demand for Covid-19 tests and vaccines is expected to fade this year, eroding a source of growth that helped insulate it from other pressures on its business.
* Chipotle Mexican Grill Inc. reported sales that topped estimates as smoked brisket, strong delivery orders and higher prices helped results in the fourth quarter.
* Billions of dollars earmarked for takeovers by blank-check companies have piled up unused as the hot-then-not mania fades for speculative stocks.
* A.P. Moller-Maersk A/S  said it expects to report a 2022 profit of about $24 billion, less than average analyst estimate of $28 billion. It also said shipping backlogs that have persisted for most of the Covid-19 pandemic will begin to let up in the second half.
* Amundi SA, Europe’s largest asset manager, climbed the most in more than a year after raking in more client cash than analysts’ expectations.

Here are some events to watch this week:
* Earnings: AstraZeneca, Twitter, Uber, Walt Disney
* U.K. Bank of England Governor Andrew Bailey speaks Thursday
* U.S. consumer price index, initial jobless claims Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.1%
* The Dow Jones Industrial Average rose 0.9%
* The MSCI World index rose 1.6%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro was little changed at $1.1424
* The British pound was little changed at $1.3537
* The Japanese yen was little changed at 115.52 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 1.94%
* Germany’s 10-year yield declined five basis points to 0.21%
* Britain’s 10-year yield declined six basis points to 1.43%
Commodities
* West Texas Intermediate crude rose 0.7% to $90 a barrel
* Gold futures rose 0.3% to $1,833.50 an ounce
–With assistance from Michael Msika, Andreea Papuc, Joanna Ossinger, Sunil Jagtiani, Robert Brand, Peyton Forte and Vildana Hajric.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

It is always the false that makes you suffer, the false desires and fears, the false values and ideas,
the false relationships between people.  Abandon the false and you are free of pain;
truth makes happy, truth liberates. –Sri Nisargadatta Maharaj, 1897-1981.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

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

Dear Friends,

Tangents:

Fe. 8, 1910: Boy Scouts of America established.

On Feb. 8, 1996, in a ceremony at the Library of Congress, President Clinton signed legislation revamping the telecommunications industry, saying it would “bring the future to our doorstep.”  Go to article »

Capital punishment: The first state execution in the USA by gas chamber takes place in Nevada.  Most countries, including almost all First World nations, have abolished capital punishment either in law or in practice; notable exceptions are the USA, Japan, Taiwan, and Singapore.  Additionally, capital punishment is also carried out in China, India, and most Islamic states.

Jennifer Garner says she was dumped the day after her first kiss.  There are always more fish in the sea!

Chimps seen applying ‘medicine’ to one another for first time.  Did you know humans and chimps share 98.8% of the same DNA? Prepare to be wowed by this animal intelligence study.

Musk blasts media for “relentless hate stream” of bad news.

What really happened at our universe’s birth?

Photos of the Day

Starlings fly over the city at dusk
CREDIT: Javier Belver/EPA

The House speaker, Nancy Pelosi, leads other lawmakers outside the US capitol building in a moment of silence for the 900,000 Americans who lost their lives to Covid
CREDIT: Jim Lo Scalzo/EPA

Kyle Soderman, Christian Winchell and Travis Brewer jump off a pole for a social media video at the Original Muscle Beach in Santa Monica
CREDIT: Alexi Rosenfeld/Getty Images

Market Closes for February 8^th, 2022

Market Index	Close	Change
Dow Jones	35462.78	+371.65
		+1.06%
S&P 500	4521.54	+37.67
		+0.84%
NASDAQ	14194.46	+178.79 +1.28%
TSX	21377.18	+141.68
		+0.67%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27284.52	+35.65
		+0.13%
HANG SENG	24329.49	-250.06
		-1.02
SENSEX	57808.58	+187.39
		+0.33%
FTSE 100*	7567.07	-6.40 -0.08%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.857	1.838
CND. 30 Year Bond	2.138	2.104
U.S.    10 Year Bond	1.9614	1.9159
U.S. 30 Year Bond	2.2556	2.2169

Currencies

BOC Close	Today	Previous
Canadian $	0.7871	0.7893
US $	1.2705	1.2669
Euro Rate 1 Euro=		Inverse
Canadian $	1.4508	0.6893
US $	1.1418	0.8758

Commodities

Gold	Close	Previous
London Gold Fix	1813.55	1804.70
Oil
WTI Crude Future	89.36	91.32

Market Commentary:
On this day in 1971, after nearly a decade of preparation, the Nasdaq market opened for stock trading, as the National Association of Securities Dealers Automated Quotation system first displayed the median price for more than 2,500 “over-the-counter” securities. The Nasdaq Composite Index was set at an initial value of 100.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.7 percent at 21,377.18 in Toronto.
The index advanced to the highest closing level since Jan. 17 after the previous session’s decrease of 0.2 percent.
Toronto-Dominion Bank contributed the most to the index gain, increasing 1.3 percent.
TFI International Inc. had the largest increase, rising 8.1 percent.
Today, 173 of 241 shares rose, while 63 fell; 9 of 11 sectors were higher, led by financials stocks.
Insights
* The index advanced 17 percent in the past 52 weeks. The MSCI AC Americas Index gained 13 percent in the same period
* The S&P/TSX Composite is 1.9 percent below its 52-week high on Nov. 16, 2021 and 19.2 percent above its low on Feb. 26, 2021
* The S&P/TSX Composite is up 0.3 percent in the past 5 days and rose 1.4 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.1 on a trailing basis and 14.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.39t
* 30-day price volatility rose to 12.91 percent compared with 12.76 percent in the previous session and the average of 12.72 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 89.4709| 1.2| 28/0
* Materials | 48.2546| 2.0| 49/6
* Industrials | 36.0276| 1.5| 25/5
* Information Technology | 19.3879| 1.2| 11/5
* Consumer Discretionary | 9.9234| 1.3| 11/3
* Consumer Staples | 7.1856| 0.9| 10/1
* Health Care | 2.2576| 1.5| 6/2
* Real Estate | 2.1099| 0.3| 12/9
* Utilities | 0.9198| 0.1| 10/4
* Communication Services | -0.3110| 0.0| 5/2
* Energy | -73.5307| -2.3| 6/26
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* TD Bank | 17.2500| 1.3| -12.2| 10.9
* Royal Bank of Canada | 17.2000| 1.2| -48.9| 9.9
* Shopify | 14.9200| 1.8| -30.4| -35.9
* Enbridge | -9.1700| -1.2| 78.2| 10.0
* Cenovus Energy | -10.9800| -6.4| 108.8| 18.0
* Canadian Natural Resources | -26.9900| -4.9| 13.7| 20.2

US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — U.S. stocks rose in a broad-based rally, with gains in cyclicals and small-caps signaling improving investor confidence in the growth outlook amid monetary tightening.
The S&P 500 closed near session highs, recovering ground lost in Monday’s late-day slide, amid gains in financials and materials sectors.
Dip-buying in some big tech names like Apple Inc. and Microsoft Corp. helped lift the Nasdaq 100.
Meanwhile, the Russell 2000 of small-caps outperformed, jumping more than 1.5% and suggesting confidence about economic re-openings as the pandemic fades.
The 10-year Treasury yield climbed to 1.96%, levels last seen in 2019 with some investors betting it’s heading for 3% this year as the Federal Reserve battles red-hot inflation.
The dollar edged higher against a basket of peers.
“The primary market trend appears higher aided by an economy on solid footing and resilient earnings,” Keith Lerner, co-chief investment officer and chief market strategist at Truist Advisory Services, wrote in a note. “We are also encouraged that the market is already pricing in a great deal of rate hikes, that investor sentiment has reset sharply, and that valuations have pulled back.”
Investors are awaiting data Thursday expected to show stubbornly high U.S. inflation.
That could inject further volatility into markets bracing a Fed hiking cycle and eventual balance-sheet reduction.
But the rise in yields could also support some equities, like banks and value stocks, according to Goldman Sachs Group Inc., amid generally solid earnings.
Of the 299 companies in the S&P 500 that have reported results, 76% have beaten earnings estimates, with profits coming in more than 6% above projected levels.
“We had modest expectations for returns for stocks coming into the year — I don’t think that’s changed, but I think from here, we could certainly see a constructive recovery,” Brian Nick, chief investment strategist at Nuveen, said by phone.  “Every market, not just the equity market, is digesting a relatively rapid pivot from the Fed. I’d say it’s gone relatively well, all things considered.”
Oil fell sharply as traders weighed ongoing tensions in Eastern Europe and the resumption of Iran nuclear talks.
Bitcoin declined for the first time in six days, falling below $44,000.
In earnings and financial market news:
* Microsoft Corp. is considering making a bid for cybersecurity-research and incident response company Mandiant Inc., according to a person familiar with the discussions
* Pfizer Inc. declined after its 2022 revenue forecast missed estimates.
* Harley-Davidson Inc. reported a surprise profit in the fourth quarter as strong demand in its home market and higher motorcycle prices padded earnings and shipping delays eased.
* Coty Inc.’s earnings report was a mixed bag for investors with an upbeat forecast and quarterly revenue that missed expectations.
* Cathie Wood stepped up selling of social media platform Twitter Inc. shares days before its earnings.
* KKR & Co.’s distributable earnings surged 158% in the fourth quarter, beating Wall Street estimates, as the private equity giant took advantage of swelling asset prices to cash out of investments.
* Peloton Interactive Inc. Chief Executive Officer John Foley will step down and become executive chairman, marking a victory for activist investor Blackwells Capital LLC.

Here are some events to watch this week:
* Earnings: AstraZeneca, Commonwealth Bank of Australia, GlaxoSmithKline, Toyota Motor, Twitter, Uber, Walt Disney
* Federal Reserve Bank of Cleveland President Loretta Mester speaks Wednesday
* U.K. Bank of England Governor Andrew Bailey speaks Thursday
* U.S. consumer price index, initial jobless claims Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.2%
* The Dow Jones Industrial Average rose 1.1%
* The MSCI World index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro fell 0.2% to $1.1418
* The British pound rose 0.1% to $1.3551
* The Japanese yen fell 0.4% to 115.54 per dollar
Bonds
* The yield on 10-year Treasuries advanced four basis points to 1.96%
* Germany’s 10-year yield advanced four basis points to 0.26%
* Britain’s 10-year yield advanced eight basis points to 1.49%
Commodities
* West Texas Intermediate crude fell 1.8% to $89.68 a barrel
* Gold futures rose 0.3% to $1,827.90 an ounce
–With assistance from Andreea Papuc, Giulia Morpurgo and Robert Brand.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

The older I get the less I listen to what people say and the more I look at what they do. –Andrew Carnegie, 1835-1919.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

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

Dear Friends,

Tangents:
On Feb. 7, 1964, the Beatles arrived in the United States for the first time, giving rise to Beatlemania.   Their performance on the Ed Sullivan Show was watched by 73 million viewers. Go to article »

Feb. 7, 1974: Independence Day, Grenada.
Charles Dickens, writer, b. 1812
Chris Rock, comedian, b. 1966
Ashton Kutcher, actor, b. 1978

First ever free-floating black hole found roaming through interstellar space. 

Spinal-cord implant helps paralyzed patients walk again.

RIP, Hotel Pennsylvania. (h/t Scott Kominers)

Earliest ball-lightning sighting traced to 1195.

Mother chimp makes an insect poultice for her baby. 

PHOTOS OF THE DAY

A man prepares for his morning swim in the Yangtze River
CREDIT: Wang He/Getty Images

Dog walkers enjoy the sunrise at Tynemouth beach
CREDIT: Owen Humphreys/PA

Two birds sit together on a chilly morning
CREDIT: Ben Birchall/PA

Market Closes for February 7^th, 2022

Market Index	Close	Change
Dow Jones	35091.13	+1.39
		+0.00%
S&P 500	4483.87	-16.66
		-0.37%
NASDAQ	14015.67	-82.34 -0.58%
TSX	21235.50	-36.35
		-0.17%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27248.87	-191.12
		-0.70%
HANG SENG	24579.55	+6.26
		+0.03
SENSEX	57621.19	-1023.63
		-1.75%
FTSE 100*	7573.47	+57.07 +0.76%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.838	1.855
CND. 30 Year Bond	2.104	2.101
U.S.    10 Year Bond	1.9159	1.9121
U.S. 30 Year Bond	2.2169	2.2108

Currencies

BOC Close	Today	Previous
Canadian $	0.7893	0.7834
US $	1.2669	1.2766
Euro Rate 1 Euro=		Inverse
Canadian $	1.4495	0.6899
US $	1.1441	0.8741

Commodities

Gold	Close	Previous
London Gold Fix	1804.70	1792.70
Oil
WTI Crude Future	91.32	92.31

Market Commentary:
On this day in 1804, John Deere was born in Rutland, VT. In 1837, he threw the American frontier wide open by inventing the world’s first self-cleaning steel plow, making it possible for pioneers to work the rich, vast farmlands of the midwestern and western United States.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.2 percent at 21,235.50 in Toronto.
The move follows the previous session’s increase of 0.8 percent.
Shopify Inc. contributed the most to the index decline, decreasing 2.0 percent.
Ballard Power Systems Inc. had the largest drop, falling 5.1 percent.
Today, 128 of 241 shares fell, while 110 rose; 8 of 11 sectors were lower, led by industrials stocks.
Insights
* The index advanced 17 percent in the past 52 weeks. The MSCI AC Americas Index gained 13 percent in the same period
* The S&P/TSX Composite is 2.6 percent below its 52-week high on Nov. 16, 2021 and 18.4 percent above its low on Feb. 26, 2021
* The S&P/TSX Composite is up 0.7 percent in the past 5 days and rose 0.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.9 on a trailing basis and 14.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.4t
* 30-day price volatility fell to 12.76 percent compared with 12.92 percent in the previous session and the average of 12.84 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Industrials | -29.6846| -1.2| 8/21
* Information Technology | -24.3124| -1.4| 4/11
* Energy | -8.1180| -0.3| 9/23
* Communication Services | -6.8799| -0.7| 3/4
* Consumer Discretionary | -4.6467| -0.6| 5/9
* Real Estate | -2.6340| -0.4| 8/16
* Consumer Staples | -0.8712| -0.1| 3/8
* Health Care | -0.3222| -0.2| 4/4
* Utilities | 1.4657| 0.2| 7/8
* Financials | 8.4062| 0.1| 13/15
* Materials | 31.2330| 1.3| 46/9
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -16.9900| -2.0| -36.4| -37.0
* Royal Bank of Canada | -10.7500| -0.8| -34.7| 8.6
* Canadian National | -10.5900| -1.6| 63.5| -1.2
* Barrick Gold | 4.0250| 1.4| 93.2| 3.1
* TD Bank | 6.3760| 0.5| 0.6| 9.4
* Brookfield Asset Management | 9.4130| 1.4| -10.2| -7.5

US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — U.S. stocks fell late in the Monday session amid renewed declines in big tech names.
Benchmark Treasury yields were little changed as investors assessed the outlook for monetary policy ahead of key inflation data later this week.
The S&P 500 declined, falling from session highs in the last hour of trading.
The tech-heavy Nasdaq 100 ended near the day’s low, led lower by declines in Meta Platforms Inc., Microsoft Corp. and Alphabet Inc.
Peloton Interactive Inc. soared after reports that it’s exploring takeover options.
The Treasury curve steepened, though moves were subdued, and the dollar was little changed.
Investors are grappling with the prospect of the steepest monetary tightening cycle since the 1990s, with markets pricing in more than five quarter-point Federal Reserve interest-rate hikes in 2022 following a strong U.S. jobs report.
The U.S. inflation report this week could lead to more market volatility.
A reading north of 7%, the highest since the early 1980s, is expected.
“The market is in transition,” Chuck Cumello, president and chief executive officer of Essex Financial Services, said by phone. “You’re going from an accommodative Fed to one that’s going to tighten, you’re going from a scenario last year where the federal government was literally putting money in people’s pockets to spend and that’s not happening, and you have these big geopolitical events. It’s a very challenging environment for high P/E stocks.”
Greek debt led a selloff in European peripheral bonds after European Central Bank Governing Council Member Klaas Knot said he expects a rate increase as early as in the fourth quarter.
The ECB last week made a hawkish pivot, with President Christine Lagarde no longer excluding a rate hike this year.  
In an address to lawmakers in the European Parliament Monday, Lagarde said any adjustment to monetary policy will be “gradual.”
U.S. stocks ended higher last week, but trading was volatile amid weak numbers at U.S. tech giants including Facebook-owner Meta Platforms and positive earnings from Amazon.com Inc.
A strong jobs report on Friday while good for the economy also backed the case for a hawkish Fed stance.
“We all know that global central banks are poised to have an inflection in interest rate policy; what we don’t know is how far each of them are going to go and how quickly they’re going to try to get there,” said Sarah Hunt, portfolio manager at Alpine Woods Capital Investors.
“It’s this unknowing about how fast and far the Fed is going to go right now that I think is part of why you’re getting these big zig zags of up and down.”
In corporate news:
* Meta Platforms Inc. again threatened to pull Facebook and Instagram from Europe if it is unable to keep transferring user
data back to the U.S.
* Frontier Group Holdings Inc.’s planned $2.9 billion purchase
of Spirit Airlines Inc., positions Bill Franke, the self-
proclaimed father of ultra-discounting, to expand his global
network of carriers.
* Amazon.com Inc. is more than doubling the maximum base salary
it pays employees to $350,000 from $160,000.

Meanwhile, Bitcoin rose for a fifth consecutive day, the longest winning streak since September, as investors re-embrace risk assets across global markets.
The rally in crude oil stalled at around $92 a barrel.
In the latest on Ukraine, President Joe Biden and his French counterpart Emmanuel Macron spoke about responding to Russia’s military buildup on the Ukrainian border.
Moscow has repeatedly denied that it plans an attack.

Here are some events to watch this week:
* Earnings: AstraZeneca, Commonwealth Bank of Australia, GlaxoSmithKline, Pfizer, SoftBank Group, Toyota Motor, Twitter, Uber, Walt Disney
* Federal Reserve Bank of Cleveland President Loretta Mester speaks Wednesday
* U.K. Bank of England Governor Andrew Bailey speaks Thursday
* U.S. consumer price index, initial jobless claims Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.8%
* The Dow Jones Industrial Average was little changed
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro was little changed at $1.1438
* The British pound was unchanged at $1.3531
* The Japanese yen rose 0.1% to 115.10 per dollar
Bonds
* The yield on 10-year Treasuries advanced one basis point to 1.92%
* Germany’s 10-year yield advanced two basis points to 0.23%
* Britain’s 10-year yield was little changed at 1.41%
Commodities
* West Texas Intermediate crude fell 1% to $91.40 a barrel
* Gold futures rose 0.8% to $1,822.60 an ounce
–With assistance from Michael Msika, Andreea Papuc, Robert Brand, Edward Bolingbroke and Elaine Chen.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Win without boasting.  Lose without excuses. –Vince Lombardi, 1913-1970.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

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