Posted on

June 8, 2017 Newsletter

Dear Friends,

Tangents:
On June 8, 1968, authorities announced the capture in London of James Earl Ray, the suspected assassin of civil rights leader Martin Luther King Jr.

Go to article »

Frank Lloyd  Wright, architect, b. 1867
PHOTOS OF THE DAY

German Chancellor Angela Merkel speaks with U.S. President Barack Obama outside the Elmau Castle following a working session of the G-7 summit in southern Germany on Monday. MICHAEL KAPPELER/AGENCE FRANCE-PRESSE/GETTY IMAGES

View of the “Parthenon of Books” by Argentinian artist Marta Minujin, at the Documenta 14 art exhibition in Kassel.   The Parthenon of books, a full-scale replica of the temple on the Acropolis, is made up with some 100,000 copies of banned books donated from the public as well as publishers and institutions.
CREDIT: John Macdougall/AFP
Market Closes for June 8th, 2017

Market

Index

 Close Change
Dow

Jones

 21182.53 +8.84

 

+0.04%
 
S&P 500 2433.79 +0.65

 

+0.03%
 
NASDAQ 6321.766 +24.386

 

+0.39%
 
TSX 15423.09 +50.95

 
+0.33%

International Markets

Market

Index

 Close Change
NIKKEI 19909.26 -75.36
-0.38%
HANG

SENG

 26063.06 +88.90
+0.34%
SENSEX 31213.36 -57.92
-0.19%
FTSE 100* 7449.48 -28.64
-0.38%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.417 1.140
CND.

30 Year

Bond

 2.032 2.020
U.S.   

10 Year Bond

 2.1902 2.1729
U.S.

30 Year Bond

 2.8510 2.8350

Currencies

BOC Close Today Previous  
Canadian $ 0.74066 0.74032
US

$

 1.35015 1.35076
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.51413 0.66044
US

$

 1.12145 0.89170

Commodities

Gold Close Previous
London Gold

Fix

 1273.10 1291.00
     
Oil Close Previous
WTI Crude Future 45.64 45.72

Market Commentary:
Number of the Day
2.3%
GDP growth in the European Union came in at an annualized 2.3% rate in the first quarter, the best since 2015, which may if maintained accelerate the ECB’s plans to wind down its stimulus measures.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks gained as financials rose the most in more than six weeks and health-care shares jumped on a nearly $1-billion deal.
     The S&P/TSX Composite Index added 51 points or 0.3 percent to close at 15,423.09. Financial stocks added 1 percent, rallying along with U.S. banks after former FBI Director James Comey said Donald Trump was never under investigation by the bureau, potentially easing concerns about the president’s stalled agenda.
     The health-care index jumped 4 percent after Valeant Pharmaceuticals International Inc. said it will sell its iNova unit to two private equity firms for $930 million. Valeant accounts for 42 percent of the index.
     In other moves:
* Home Capital Group Inc. jumped 13 percent following a report that the company has received preliminary takeover offers
* Sierra Wireless Inc. added 11 percent to the highest level in more than two years. Sierra is the best-performing stock on the Canadian benchmark year-to-date
* Hudbay Minerals Inc. rose 11 percent as copper futures posted the biggest advance in nine weeks.
US
By Cecile Gutscher and Jeremy Herron
     (Bloomberg) — U.S. stocks ended an up-and-down session little changed, while Treasuries fell and the dollar advanced as the European Central Bank decision and testimony from former FBI Director James Comey did little to impact financial markets.
     The S&P 500 Index edged higher, with markets weighing his testimony for clues on the fate of the Trump administration’s policy agenda. Banks advanced as the 10-year Treasury yield climbed to 2.20 percent. U.K. assets were weighed down by risks of shock outcomes as British voters head to polls in a general election. The euro weakened after Mario Draghi signaled that inflation in the region remains tepid, overshadowing improved prospects for the economy. Crude closed at a five-week low.
     The ousted FBI director called Trump’s explanations for firing him “lies,” though his comments had little implications for financial markets. The ECB’s earlier decision failed to have any lasting impact on assets as investors now turn to the results of the U.K. election, due at 5 p.m. in New York.
     At a press conference after the ECB rates decision, President Draghi said risks to the euro-area economy were “broadly balanced,” while revising inflation forecasts weaker. Until they see stronger evidence of a recovery and a pickup in prices, policy makers will hesitate to shut off stimulus taps, Aberdeen Asset Management Senior Investment Manager Patrick O’Donnell, said before Draghi’s briefing.
Here are some of the key upcoming events:
* Investors are awaiting results from the U.K. elections. The polls close at 10 p.m. Thursday night in the U.K.
     Here are the main moves in markets:
     Stocks
* The S&P 500 rose less than one point to 2,433.78 at 4 p.m. in New York, for a second day of gains. It briefly rose above its closing record during Comey’s testimony but faded in afternoon trading.
* Banks led gains for a second day, while energy shares slid. Rate-sensitive shares fell the most.
* Small caps rallied 1.4 percent to the highest since April 27. It closed 0.2 percent below a record.
* The Stoxx Europe 600 Index edged lower, while the FTSE 100 dropped 0.4 percent.
* The MSCI Emerging Market Index added 0.4 percent.
     Currencies
* The Bloomberg Dollar Spot Index added 0.2 percent.
* The euro fell 0.4 percent to $1.12108, while the pound weakened 0.2 percent to $1.294.
     Bonds
* The yield on 10-year Treasuries rose two basis points to 2.19 percent.
* Benchmark U.K. gilt yields rose three basis points to 1.03 percent, underperforming European peers.
* German bund yields fell one basis point to 0.26 percent.
     Commodities
* Oil fell to the lowest level in five weeks in New York after an unexpected increase in U.S. crude stockpiles cast doubt on OPEC’s ability to rebalance world crude markets.
* Futures settled lower by 0.2 percent to $45.72. The contract fell as much as 0.9 percent in New York after sinking 5.1 percent Wednesday.
* Gold futures fell 1.1 percent to settle at $1,279.50 an ounce in New York.
* Rubber capped its longest run of losses in at least 42 years, dropping to a seven-month low on concern that a shaky Chinese economy may slow demand just as supply picks up.

 

Have a wonderful evening everyone.

 

Be magnificent!

Thought is crooked
because it can  invent anything
and see things that are not there.
It can perform the most extraordinary tricks,
therefore it cannot be depended upon.
Krishnamurti

As ever,

Carolann

 

No amount of skillful invention can replace the essential element of imagination.
                                                                   -Edward Hopper, 1882-1967

 

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

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

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

Posted on

June 6, 2017 Newsletter

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

This striking image of a giant man made of lightening shocked onlookers as it dominated the skyline in a thunderstorm at Knowlton Church in Dorset, UK.
CREDIT: MARTIN DOLAN/SWNS.COM
Bathers cool off at a fountain Tuesday in New Delhi. ALTAF QADRI/ASSOCIATED PRESS

Four long-eared owl chicks sit on a tree branch at a wildlife sanctuary near the village of Vygonoshchi in Belarus. SERGEI GAPON/AGENCE FRANCE-PRESSE/GETTY IMAGES
Market Closes for June 6th, 2017

Market

Index

 Close Change
Dow

Jones

 21136.23 -47.81

 

-0.23%
 
S&P 500 2429.33 -6.77

 

-0.28%
 
NASDAQ 6275.058 -20.626

 

-0.33%
 
TSX 15464.56 +54.78

 
+0.36%

International Markets

Market

Index

 Close Change
NIKKEI 19979.90 -190.92
-0.95%
HANG

SENG

 25997.14 +134.15
+0.52%
SENSEX 31190.56 -118.93
-0.38%
FTSE 100* 7524.95 -0.81
-0.01%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.393 1.412
CND.

30 Year

Bond

 1.999 2.025
U.S.   

10 Year Bond

 2.1451 2.1817
U.S.

30 Year Bond

 2.8115 2.8396

Currencies

BOC Close Today Previous  
Canadian $ 0.74366 0.74217
US

$

 1.34470 1.34740
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.51678 0.65929
US

$

 1.12796 0.88655

Commodities

Gold Close Previous
London Gold

Fix

 1293.50 1279.95
     
Oil Close Previous
WTI Crude Future 48.19 47.40

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks were relatively unchanged as a risk-off trade boosted gold miners, offsetting declines in other sectors.
     The S&P/TSX Composite Index added 3 points or less than 0.1 percent to 15,410 at 10:02 a.m. Financial stocks lost 0.4 percent as bond yields fell. Genworth MI Canada Inc. lost 1.9 percent and Element Fleet Management Corp. fell 1.4 percent.
     Raw-materials stocks were the biggest gainer as gold prices jumped 1.1 percent. Investors piled into safe havens ahead of several potentially market-moving events on Thursday, including a British election and Congressional testimony from former FBI Director James Comey. Iamgold Corp. jumped 6.9 percent and B2Gold Corp. added 4.9 percent.
     In other moves:
* Valeant Pharmaceuticals International Inc. gained 3.1 percent. The company is in talks to sell its eye-surgery assets to Germany company Carl Zeiss Meditec AG, according to people familiar with the matter
* AutoCanada Inc. added 3.1 percent after the car-dealership owner said it will buy back up to 1.37 million shares
* Major Drilling Group International Inc. gained 2.6 percent. The company’s fourth-quarter loss was in line with estimates
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks fell a second day, the dollar weakened to an eight-month low and Treasuries advanced as caution prevailed before testimony Thursday from former FBI Director James Comey, the ECB’s policy decision and the U.K. election.
     The S&P 500 Index fell the most since mid-May as consumer and industrial shares slumped. Equities briefly pared declines on reports Comey would stop short of saying the president sought to obstruct justice. Europe’s equity benchmark slid the most in a week. Gold headed for a seven-month high and the yen rose to the strongest since April, while 10-year Treasury yields fell to the lowest since November.
     Thursday is shaping up to be a pivotal day for capital markets as Comey’s testimony may give clues on how politically effective the Trump administration will be in refocusing attention on its policy agenda. Investors had already taken a defensive stance this week following a diplomatic spat among energy producing nations in the Middle East and the weekend’s terror attack in London.
     “There is not much scheduled today that could potentially inspire the markets as the main focus this week is on ‘Super Thursday,”’ Piotr Matys, a London-based currency strategist at Rabobank, wrote in a client note. “Essentially, we brace for a volatile session on Thursday and Friday as at least one of those crucial events could trigger sharp moves in the markets.”
     Here are details on some of the important coming events:
* The European Central Bank’s policy decision probably won’t surprise, but the bank may drop the reference to “downside” risks to growth, while reiterating a weak inflation outlook. As a bonus, you get Mario Draghi speaking afterwards.
* Will she, won’t she? Voters will decide on Thursday whether U.K. Prime Minister Theresa May will extend her majority. Or lose it completely.
* Comey’s testimony will be parsed for clues to how the probe into the Trump campaign’s contact with Russian officials could impact the administration.
     Here are the main moves in markets:
     Stocks
* The S&P 500 Index dropped 0.3 percent to 2,429.34 as of 4 p.m. in New York.
* The Stoxx Europe 600 Index declined 0.7 percent. Swiss pharmaceutical company Roche Holding AG slid after one of its drug studies disappointed.
* Emerging-market shares lost 0.2 percent. Qatari stocks fell another 1.6 percent after plunging the most since 2009 on Monday when Saudi Arabia and three other Arab countries severed most diplomatic and economic ties to the country.
     Currencies
* The yen rose 1 percent to 109.409 per dollar, the strongest level since April 21 on a closing basis.
* The Bloomberg Dollar Spot Index fell 0.3 percent and was trading at the lowest since October.
* The euro strengthened 0.2 percent to $1.1277 and the British pound was unchanged at $1.2904.
* South Africa’s rand weakened 0.9 percent after a report showed the economy contracted for a second successive quarter in the first three months of the year.
     Commodities
* Gold climbed futures added 1.2 percent to end at $1,297.50 an ounce, advancing for a third day to the highest since Nov. 9. The sagging dollar and concern over U.K. elections boosted demand for the metal as store of value.
* WTI crude climbed 1.7 percent to settle at $48.19 a barrel in New York. The gains came as U.S. crude stockpiles are seen falling for a ninth week, ahead of the release of industry- funded data on inventories.
* Copper declined as hedge funds pulled back amid concerns about slowing global demand for the metal used in pipes and wires.
     Bonds
* The yield on 10-year Treasuries declined four basis points to 2.14 percent, after climbing two basis points in the previous session.
* Ten-year yields in France fell five basis points to 0.669. Similar maturity U.K. bond yields lost six basis points.

 

Have a wonderful evening everyone.

 

Be magnificent!

As ever,

“Strength and growth come only through continuous effort and struggle.” Napoleon Hill

 

Karen

 

“Happiness lies in the joy of achievement and the thrill of creative effort”. Franklin D. Roosevelt

 

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

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

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

Posted on

June 5, 2017 Newsletter

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

Picture shows the sun rising over the Southworld Pier, Suffolk at the start of a sunny day. The Met office forecast stated that the UK would see sunny spells and showers across Scotland, some heavy and possibly thundery. Cloudier with showings moving across southwest England during the morning, these will move east into central and southern England through the afternoon and evening. CREDIT: ANDREW SHARPE/GEOFF ROBINSON PHOTOGRAPHY

Rowers take part at the 43rd Venice Vogalonga in Venice, Italy. 43 years ago a group of Venetians, both amateur and professional rowers, came up with an idea of non-competitive race in which any kind of rowing boat can take part. The first Vogalonga began with the message to protest against the growing use of powerboats in Venice and the swell damage they do to the historic city.
CREDIT: AWAKENING/GETTY
Market Closes for June 5th, 2017

Market

Index

 Close Change
Dow

Jones

 21184.04 -22.25

 

-0.10%
 
S&P 500 2436.10 -2.97

 

-0.12%
 
NASDAQ 6295.684 -10.112

 

-0.16%
 
TSX 15409.78 -32.97

 
-0.21%

International Markets

Market

Index

 Close Change
NIKKEI 20170.82 -6.46
-0.03%
HANG

SENG

 25862.99 -61.06
-0.24%
SENSEX 31309.49 +36.20
+0.12%
FTSE 100* 7525.76 -21.87
-0.29%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.412 1.396
CND.

30 Year

Bond

 2.025 2.009
U.S.   

10 Year Bond

 2.1817 2.1522
U.S.

30 Year Bond

 2.8396 2.8040

Currencies

BOC Close Today Previous  
Canadian $ 0.74217 0.74254
US

$

 1.34740 1.34673
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.51669 0.65933
US

$

 1.12565 0.88838

Commodities

Gold Close Previous
London Gold

Fix

 1279.95 1274.95
     
Oil Close Previous
WTI Crude Future 47.40 47.66

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks pared earlier losses but still closed in the red, with every sector but one declining.
     The S&P/TSX Composite Index fell 33 points or 0.2 percent to 15,409.78 after earlier declining as much as 0.6 percent. The biggest underperformers were financial, energy, technology and gold miners.
     The consumer discretionary index fell 0.6 percent while materials lost 0.5 percent. Energy stocks closed virtually unchanged despite a 0.6 percent drop in the price of crude. Oil prices swung between gains and losses after four Arab allies of the U.S. moved to isolate Qatar over its ties to Iran.
     In other moves:
* Osisko Gold Royalties Ltd. jumped a record 14 percent after it announced a deal to buy mining assets from Orion Mine Finance Group for about C$1.13 billion
* Element Fleet Management Corp. gained 5.1 percent. The company, which plunged 13% last week on incorrect rumors that it was the target of a short-seller, will buy back up to 10 percent of its shares
* Granite Real Estate Investment Trust added 1.4 percent. Institutional Shareholder Services recommended investors vote for an activist-nominated slate of directors
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks slipped from all-time highs, while the dollar slumped with crude as a caution prevailed at the start of a week full of events that could set the tone on financial markets.The S&P 500 Index swung between gains and losses before closing lower as gains in banks failed to offset weakness in defensive shares. Miners weighed on European equities, as zinc and tin led base metals lower. Some European markets were closed for a public holiday. Mexico’s peso traded at the strongest level in seven months. Oil erased gains sparked by a political spat between several energy-producing nations in the Middle East.
     Markets showed little reaction to the diplomatic tensions in the Middle East and the latest terror attack in London, though a slew of events lie ahead, including the U.K. vote Thursday. The European Central Bank also meets this week and former FBI head James Comey will testify to Congress. The key for the assets may be how investors gauge the strength of global economic growth and its ability to withstand rising borrowing costs or an end to the era of easy central bank cash.
* Comey’s testimony may offer clues to how the probe into the Trump campaign’s contact with Russian officials will impact the administration’s ability to push through its policy agenda.
* Surveys of U.K. voters over the past few weeks have indicated a tightening race, increasing the chance that Prime Minister Theresa May might not bolster her majority.
* Mario Draghi holds forth after Thursday’s ECB meeting. Don’t expect policy changes, but the bank may drop the reference to “downside” risks to growth, while reiterating a weak inflation outlook, Bloomberg Intelligence said.
* Policy decisions from central banks in India and Australia are due during the week, as well as data on Chinese trade and inflation, European industrial output figures and GDP reports for Australia, Japan and the euro area.
     Here are the main moves in markets Monday:
     Stocks
* The S&P 500 fell 0.1 percent to 2,436.21 at 4 p.m. in New York, falling from a record set Friday. Utility and materials shares led losses.
* The Dow Jones Industrial Average and Nasdaq Composite Index also slipped from all-time highs. Apple Inc. lost 1 percent after unveiling new products and software.
* The Stoxx Europe 600 Index declined 0.1 percent with basic resources producers down 0.6 percent.
* MSCI’s emerging-market index added 0.2 percent. The measure is higher by 18 percent in 2017.
     Commodities
* West Texas Intermediate crude declined 0.6 percent to settle at $47.40 a barrel in New York, after dropping 1.5 percent on Friday. The Monday settlement was the lowest in more than three weeks.
* Gold rose 0.3 percent to $1,283.80 an ounce.
* Copper fell 0.5 percent to $5,636 a ton and zinc traded 1.4 percent lower at $2,492 a ton on the London Metal Exchange.  
     Currencies
* The Bloomberg Dollar Spot Index dropped 0.2 percent, adding to a 0.4 percent decline on Friday. The yen fell 0.1 percent to 110.485 per dollar. Japan’s currency climbed 0.9 percent Friday after the U.S. data.
* The Mexican peso jumped 1.9 percent. President Enrique Pena Nieto’s party forged ahead in the election for governor of Mexico’s largest state.
* The pound climbed 0.2 percent after erasing an earlier loss. The euro fell 0.2 percent to $1.1256.
     Bonds
* The yield on 10-year Treasury notes rose two basis points to 2.18 percent after dropping five basis points on Friday.
* U.K. benchmark yields climbed less than one basis point as investors moved past the terror incident in the capital.

 

Have a wonderful evening everyone.

 

Be magnificent!

As ever,

 “A man who dares to waste one hour of time has not discovered the value of life.” —Charles Darwin

 

Karen

  “It is always the simple that produces the marvelous.” —Amelia Barr

 

 

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

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

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

Posted on

June 2, 2017 Newsletter

Dear Friends,

Tangents:
On June 2, 1953, Queen Elizabeth II of Britain was crowned in Westminster Abbey, 16 months after the death of her father, King George VI.
Go to article »

PHOTOS OF THE DAY

A capsule carrying Russian astronauts from the international space station returns to earth near Dzhezkazgan, Kazakhstan. SHAMIL ZHUMATOV/ASSOCIATED PRESS

An artist’s impression of NASA’s solar Probe Plus spacecraft approaching the sun.  On Wednesday, NASA announced it will launch the probe in summer 2018 to explore the solar atmosphere.  I will be subjected to brutal heat and radiation like no other man-made structure before.
CREDIT: JOHN HOPKINS UNIVERSITY APPLIED PHYSICS LABORATORY.  VIA/AD
Market Closes for June 2nd, 2017

Market

Index

 Close Change
Dow

Jones

 21206.29 +62.11

 

+0.29%
 
S&P 500 2438.71 +8.65

 

+0.36%
 
NASDAQ 6305.797 +58.967

 

+0.94%
 
TSX 15440.74 -29.16

 
-0.19%

International Markets

Market

Index

 Close Change
NIKKEI 20177.28 +317.25
+1.60%
HANG

SENG

 25924.05 +114.83
+0.44%
SENSEX 31273.29 +135.70
+0.44%
FTSE 100* 7547.63 +3.86
+0.05%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.396 1.426
CND.

30 Year

Bond

 2.009 2.050
U.S.   

10 Year Bond

 2.1522 2.2114
U.S.

30 Year Bond

 2.8040 2.8626

Currencies

BOC Close Today Previous  
Canadian $ 0.74254 0.74000
US

$

 1.34673 1.35135
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.50585 0.66408
US

$

 1.11815 0.89434

Commodities

Gold Close Previous
London Gold

Fix

 1274.95 1264.85
     
Oil Close Previous
WTI Crude Future 47.66 48.36

Market Commentary:
On this day in 1985, R.J. Reynolds agrees to buy Nabisco Brands for $4.9 billion, making it at the time the largest takeover on record outside the oil industry.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed lower amid oil’s biggest weekly drop in a month as investors continue to question whether OPEC will successfully find a way to reduce a supply glut.
     The S&P/TSX Composite Index lost 27 points or 0.2 percent to 15,442.75 even as global stocks rallied. The benchmark gained 0.2 percent for the week. Energy shares tumbled 0.9 percent Friday as crude prices fell 1.5 percent to $47.66 a barrel. Cenovus Energy Inc. fell 5.3 percent and Bonterra Energy Corp. lost 5.7 percent.
     The raw-materials index lost 0.3 percent as a drop in copper prices more than offset a gain in gold. Semafo Inc. rose 9.4 percent.
     In other moves:
* Canada Goose Holdings Inc. jumped 16 percent after its first quarterly earnings report as a public company showed surprising strength in direct-to-consumer sales despite a tough retail environment
* Asanko Gold Inc. added 5 percent, its first gain in five trading days. The stock fell 22 percent on the week after it was targeted by short seller Muddy Waters LLC
* Saputo Inc. rose 2.9 percent, retracing some of Thursday’s 3.8 percent loss. The stock was upgraded to buy at Desjardins despite a fourth-quarter earnings miss
US
By Jeremy Herron
     (Bloomberg) — The dollar weakened and Treasuries advanced with gold after the latest jobs report offered mixed signals on the strength of the American labor market, while U.S. stocks pushed to fresh records as technology shares extended a rally.
     The Nasdaq 100 Index jumped more than 1 percent to an all- time high as Microsoft Corp. surged the most in six months to a record. Gains in rate-sensitive shares drove the S&P 500 Index to a new high after the 10-year Treasury yield slumped to the lowest level of the year following wage growth and hiring that was below forecasts. The Bloomberg dollar index fell to the lowest since November. Gold jumped and oil capped its worst week in a month.
     The latest jobs report likely won’t deter the Federal Reserve from increasing interest rates in two weeks as the economy continues to grind higher even as Washington shows few signs of moving forward with tax and spending reforms. Global equities have advanced more than 10 percent this year to set fresh records as data showed growth in the world’s largest economy is intact.
     “The unemployment number that came out was well below expectations, and we have a market that’s starting to rethink the Fed’s strategy. There’s a lot of stuff going on,” said Andrew Brenner, head of international fixed income for National Alliance Capital Markets.“But we’re still in a flows market. We’re getting closer to a correction every day, but I think you’re going to have a melt-up first.”
     Here are the main moves in markets:
     Stocks
* The S&P 500 climbed 0.3 percent to a record 2,438.38 as of 4 p.m. in New York.
* The measure rose 0.9 percent in the week, led by gains of at least 2 percent in phone and health-care share. Energy producers slumped 2.4 percent and banks lost 0.9 percent.
* The Dow Jones Industrial Average rose 0.2 percent to 21,190, and briefly climbed above 21,200 for the first time.
* The Nasdaq Composite Index extended its record. The technology-heavy index jumped 1.5 percent in the week.
* The Russell 2000 added 1.7 percent in the four days.
* The Stoxx Europe 600 Index increased 0.2 percent, to cap a 0.3 percent advance in the week.
* Emerging-market equities rose 0.6 percent, paring a loss in the five days to 0.2 percent. The MSCI index is up 18 percent so far in 2017.
     Currencies
* The Bloomberg Dollar Spot Index retreated 0.4 percent to the lowest level since November. It fell 0.5 percent in the week.
* The British pound was little changed at $1.2887, while the euro strengthened 0.6 percent to $1.1283.
* The yen gained 0.9 percent to 110.40 per dollar, after falling 0.5 percent on Thursday.
     Bonds
* The yield on 10-year Treasuries fell six basis points to 2.1487, the lowest level of the year.
* The data had only a marginal impact on the odds of the Fed tightening, with the likelihood for a June hike holding around 86 percent.
     Commodities
* West Texas Intermediate crude dropped 1.5 percent to settle at $47.66 a barrel. Prices fell 4.3 percent in the week, the most since May 5, as U.S. crude production expanded to the highest level since August 2015, countering a slide in stockpiles.
* Gold futures rallied as the jobs data weakened the case for the Fed to move aggressively. Bullion for delivery in three months added 0.8 percent to settle at $1,280.20 an ounce after falling as much as 0.7 percent earlier. The metal posted a fourth straight weekly gain.
     Asia
* The MSCI Asia Pacific Index climbed 0.9 percent to the highest since April 2015. The Nikkei 225 Stock Average rallied 1.6 percent and topped 20,000 for the first time since December 2015.
* China’s offshore yuan tumbled the most since February amid signs that a funding crunch is beginning to abate. The onshore currency slipped 0.2 percent, breaking a four-day rally.

Have a wonderful weekend everyone.

 

Be magnificent!

No one can understand the sound of a drum,
without understanding both the drum and the drummer.
No one can understand the sound of  a conch shell,
without understanding the shell and the one who blows it.
No one can understand the sound of a lute,
without understanding both the lute and the one who plays it.
As there can be no water without the sea, no touch without the skin,
no smell without the nose, no taste without the tongue, no sound without the ear,
no thought without the mind, no work without hands, and no walking without feet,
so there can be nothing without the soul.
Brihadaranyaka Upanishad

As ever,

 

Carolann

 

May you live every day of your life.
       -Jonathan Swift, 1667-1745

 

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

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

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

Posted on

June 1, 2017 Newsletter

Dear Friends,

Tangents:

On this day in 1980, the Cable News Network, the world’s first round-the-clock TV news service, makes its debut.
And also…
On June 1, 1968, author-lecturer Helen Keller, who earned a college degree despite being blind and deaf most of her life, died in Westport, Conn.

Go to article »

Be humble.  Be hungry.  And always be the hardest worker in the room. –Dwayne “The Rock” Johnson.
PHOTOS OF THE DAY

Fishing boats in Bali, Indonesia, are reflected in the calm sea at dawn.
Bertoni Siswanto/Solent News

Mount Sinabung in Indonesia continues to spew ash as it forms a new lava dome. SABIRIN MANURUNG/PACIFIC PRESS/ZUMA PRESS
Market Closes for June 1st, 2017

Market

Index

 Close Change
Dow

Jones

 21144.18 +135.53

 

+0.65%
 
S&P 500 2430.06 +18.26

 

+0.76%
 
NASDAQ 6246.828 +48.312

 

+0.78%
 
TSX 15469.91 +120.00

 
+0.78%

International Markets

Market

Index

 Close Change
NIKKEI 19860.03 +209.46
+1.07%
HANG

SENG

 25809.22 +148.57
+0.58%
SENSEX 31137.59 -8.21
-0.03%
FTSE 100* 7543.77 +23.82
+0.32%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.426 1.416
CND.

30 Year

Bond

 2.050 2.052
U.S.   

10 Year Bond

 2.2114 2.2028
U.S.

30 Year Bond

 2.8626 2.8634

Currencies

BOC Close Today Previous  
Canadian $ 0.74000 0.74094
US

$

 1.35135 1.34964
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.51571 0.65976
US

$

 1.12163 0.89156

Commodities

Gold Close Previous
London Gold

Fix

 1264.85 1266.20
     
Oil Close Previous
WTI Crude Future 48.36 48.32

Market Commentary:
Number of the Day
49.6
The Caixin China manufacturing purchasing managers index, a private gauge of Chinese factory activity, fell to 49.6 in May, the first time
in nearly a year it has been in contractionary territory.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed higher on a broad- based rally that brought the equity benchmark to its highest level in more than a week.
     The S&P/TSX Composite Index added 120 points or 0.8 percent to 15,469.91 as all but two sectors gained. The rebound followed a decline of 1.5 percent for May, the first monthly decline since June 2016.
     Energy shares rose 1.1 percent following U.S. data that showed oil stockpiles are starting to shrink. Bonterra Energy Corp. gained 7.2 percent. Financial stocks gained 0.7 percent as bond yields rose.
     In other moves:
* BRP Inc. jumped 13 percent to a record high after the company increased its fiscal 2018 guidance and initiated a quarterly dividend
* Element Fleet Management Corp. gained 12 percent, paring Wednesday’s 15 percent drop. The stock was upgraded to buy at Cormark following the selloff
* BlackBerry Ltd. added 8 percent to its highest price since 2013. Citron Research said the company is a likely target for a buyout at a high premium
* Asanko Gold Inc. fell 7.8 percent after it was targeted by short-seller Muddy Waters LLC
US
By Oliver Renick
     (Bloomberg) — U.S. stocks climbed after a slew of economic data that was mostly better than expected, an announcement by President Trump that the U.S. will exit the Paris climate accord and a rally in financial shares that was the best in more than a month.
* S&P 500 up 0.8% to 2,430.06
* Dow Industrials up 136 points to 21,144.18
* Russell 2000 index up 1.9%, the most in 3 months
* Financial stocks rallied in the final hour of trading to cap the biggest 1-day jump since April 24
* Materials shares up 1.1%; Bloomberg commodity index down 0.4%
* Health-care stocks advance for 8th day in 10, up 1.2%
* Real estate and tech lagged market
* 10-year Treasury yield up 1bp
* Volume in S&P 500 about at 30-day average; trading surged Wednesday
** Volume movers: Mead Johnson (MJN), Goodyear (GT), Patterson (PDCO), CenturyLink (CTL), Level 3 (LVLT) all trading on volume at least 3x 30-day average
* VIX down to 9.9
** Volatility movers: Alliance Data (ADS), Public Storage (PSA), Automatic Data Processing (ADP), Waters (WAT), Host Hotels (HST) have highest put-call volume ratio in S&P 500
* POLITICS:
** Trump announced plans to withdraw the U.S. from the landmark Paris climate accord on Thursday, injecting uncertainty into the worldwide effort to combat climate change
** Trump followed his three predecessors in signing a waiver that would keep the U.S. embassy in Tel Aviv for at least six more months, according to two White House officials
* ECONOMY:
** Private payrolls rose by 253k (est. 180k) after revised 174k gain in April
** Initial jobless filings increased by 13k to 248k (est. 238k)
** San Francisco Fed President John Williams said in Seoul that if the U.S. economy strengthens, the central bank can
raise interest rates four times in 2017
* EARNINGS:
** After-market Thursday: Broadcom Ltd (AVGO), Cooper Cos (COO)
** Pre-market Friday: none
* Europe Market: Stoxx 600 closes higher for first time in six sessions

 

Have a wonderful evening everyone.

 

Be magnificent!

The like and dislike is the result of my culture, my training, my associations,
my inclinations, my acquired and inherited characteristics.
It is from that center that I observe and make my judgments,
and the observer is separate from the thing he observes.
Krishnamurti

 

As ever,

 

Carolann

 

Thoughts lead to purposes; purposes go forth in action; actions form habits;
habits decide character; and character fixes our destiny.
                                                                     -Tyron Edwards, 1809-1894

 

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

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

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

 

Posted on

May 31, 2017 Newsletter

Dear Friends,

Tangents:
May 31, 1819: birthday of poet Walt Whitman.
SONG OF MYSELF
I celebrate myself, and sing myself,
And what I assume you shall assume,
For every atom belonging to me as good belongs to you.

I loafe and invite my soul,
I lean and loafe at my ease observing a spear of summer grass…
                       -from Song of Myself in Leaves of Grass
May 31, 1911 – Shipping Quebec-born shipbuilder Lord Pirrie launches his White Star liner RMS Titanic in Belfast; one of the largest vessels afloat, it will sink on its maiden voyage in April 1912. Belfast, Northern Ireland
May 31, 1997 – Premiers Pat Binns and Frank McKenna cut the ribbon opening the billion-dollar, 13 km long Confederation Bridge between Borden-Carlton, PEI and Jourimain Island, New Brunswick; the longest bridge in the world crossing ice-covered water
PHOTOS OF THE DAY

South African surfer Jake Kolnik rides a wave at Dungeons offshore reef in the Atlantic ocean outside Cape Town, South Africa.  The big wave surfing season during the southern hemisphere winter is driven by storms in the South Atlantic which generate powerful swells that break on the Cape’s outer reefs.
CREDIT: NIC BOTHMA/EPA

Greek choreographer and dancer Katerina Soldatou performs above the Corinth Canal as part of the Greece Has Soul progject.
CREDIT: VALERIE GACHE/AFP/GETTY IMAGES.
Market Closes for May 31st, 2017

Market

Index

 Close Change
Dow

Jones

 21008.65 -20.82

 

-0.10%
 
S&P 500 2411.80 -1.11

 

-0.05%
 
NASDAQ 6198.516 -4.674

 

-0.08%
 
TSX 15349.91 -22.44

 
-0.15%

International Markets

Market

Index

 Close Change
NIKKEI 19650.57 -27.28
-0.14%
HANG

SENG

 25660.65 -40.98
-0.16%
SENSEX 31145.80 -13.60
-0.04%
FTSE 100* 7519.95 -6.56
-0.09%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.416 1.414
CND.

30 Year

Bond

 2.052 2.060
U.S.   

10 Year Bond

 2.2028 2.2098
U.S.

30 Year Bond

 2.8634 2.8772

Currencies

BOC Close Today Previous
Canadian $ 0.74094 0.74257
US

$

 1.34964 1.34667
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.51748 0.65899
US

$

 1.12436 0.88940

Commodities

Gold Close Previous
London Gold

Fix

 1266.20 1262.70
     
Oil Close Previous
WTI Crude Future 48.32 49.66

Market Commentary:
On this day in 1919, the New York Stock Exchange closes its doors for the day so that its overworked clerks can clear the paperwork from a tumultuous month during which volume regularly exceeded 1.5 million shares a day.
Number of the Day
$11.7 million
The median pay for CEOs at the biggest U.S. companies was $11.7 million in 2016, up from $10.8 million the year before and a post-recession record, according to a Wall Street Journal analysis of S&P 500 firms.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed lower as energy shares dropped with the price of oil and financials fell amid a rumored short by a high-profile firm.
     The S&P/TSX Composite Index lost 22 points or 0.2 percent to 15,349.91, its lowest close in nearly two weeks. Energy shares fell 0.6 percent as West Texas Intermediate crude tumbled 2.7 percent to $48.28 a barrel.
     The financials index lost 0.3 percent as Element Fleet Management Corp. tumbled 15 percent. The stock declined as much as 39 percent on a rumor, later refuted, that it was a target of short seller Muddy Waters LLC.
     In other moves:
* Asanko Gold Inc. fell 13 percent before trading was halted. The miner is the target of short seller Muddy Waters LLC
* Ensign Energy Services Inc. gained 6.1 percent, making it the best performer in the energy index. Ensign had underperformed, with shares down 30 percent year-to-date before Wednesday
* ECN Capital Corp., spun off from Element Fleet in 2016, lost 2.4 percent. ECN said it wasn’t aware of any reason for the drop.
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks trimmed a monthly advance as a decline in trading revenue at JPMorgan Chase & Co. sent bank shares into a tailspin. Treasuries rose, while the dollar and oil retreated.
     The S&P 500 Index all but erased losses in the final hour of trading to finish May higher by 1.2 percent. Lenders slumped Wednesday after JPMorgan said the revenue metric is down 15 percent so far in the second quarter. Banks have been under pressure as 10-year Treasury yields slumped to 2.20 percent. Bloomberg’s dollar index retreated to cap a third straight monthly loss. Crude extended losses amid doubts prolonged output cuts will clear a global surplus. Gold climbed.
     Banks continued to weigh on U.S. equities as Trump administration promises to roll back regulations and boost growth have yet to stoke inflation expectations in the world’s largest economy. Instead, defensive and technology shares have kept markets within striking distance of all-time highs, while the dollar heads for a third straight monthly decline.
     The pound’s moves are a reminder of the potential risks surrounding a series of national elections in Europe this year. Meanwhile, with key central bank meetings next month on both sides of the Atlantic, investors remain focused on this week’s slew of economic data to gauge both the strength of the global economy and the path for interest rates.
     Here are some of the key events coming up:
* The EIA is due to release its monthly supply reports.
* The U.S. jobs report Friday may bolster the case for a rate hike, with a gain of 180,000 positions expected. Here are the main movers in markets:

      Stocks
* The S&P 500 fell 0.1 percent to 2,411.81 at 4 p.m. in New York, trimming its gain this month to 1.2 percent. It closed
Friday at a record and is down 0.2 percent since then.
* The Nasdaq 100 Index retreated 0.1 percent to halt an eight- day rally. It advanced 3.7 percent in the month.
* The Stoxx Europe 600 Index lost 0.1 percent.
* The MSCI Emerging Market Index slipped 0.6 percent, trimming its monthly rise to 2.9 percent, the most since February.

     Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent. The measure weakened 1.5 percent in May, the most since January.
* The pound added 0.2 percent to $1.2884. The euro jumped 0.4 percent to $1.1233.
* The yen strengthened 0.1 percent to 110.73 per dollar for a fourth straight day of advances.

     Commodities
* Gold futures rose 0.4 percent to $1,270.80 an ounce after a 0.4 percent loss Tuesday.
* West Texas Intermediate oil dropped 2.7 percent to settle at $48.32 a barrel.

      Bonds
* The yield on 10-year Treasuries fell one basis point to 2.20 percent after declining four basis points in the previous session.
* Benchmark yields in the U.K. rose one basis point after a drop of two basis points Tuesday.

 

Have a wonderful evening everyone.

 

Be magnificent!

Life is very real –
life is not an abstraction – our problems begin when we encounter it only through images.
Krishnamuriti

As ever,

Carolann

 

With self-discipline most anything is possible.
               -Theodore Roosevelt, 1858-1919

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

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

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

Posted on

May 30, 2017 Newsletter

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

People take a selfie on a paddle board in Lake Geneva.
CREDIT: LAURENT GILLIERON/EPA

Japan’s NTT DOCOMO demonstrates a spherical drone display, an unmanned aerial vehicle that displays LED images on an omnidirectional spherical screen while in flight, at the company’s research laboratories in Yokosuka.
CREDIT: KAZUHIRO NOGI/AFP/GETTY IMAGES
Market Closes for May 30th, 2017

Market

Index

 Close Change
Dow

Jones

 21029.47 -50.81

 

-0.24%
 
S&P 500 2412.91 -2.91

 

-0.12%
 
NASDAQ 6203.189 -7.004

 

-0.11%
 
TSX 15372.35 -49.56

 
-0.32%

International Markets

Market

Index

 Close Change
NIKKEI 19677.85 -4.72
-0.02%
HANG

SENG

 25701.63 +62.36
+0.24%
SENSEX 31159.40 +50.12
+0.16%
FTSE 100* 7526.51 -21.12
-0.28%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.414 1.411
CND.

30 Year

Bond

 2.060 2.047
U.S.   

10 Year Bond

 2.2098 2.2465
U.S.

30 Year Bond

 2.8772 2.9120

Currencies

BOC Close Today Previous  
Canadian $ 0.74257 0.74210
US

$

 1.34667 1.34753
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.50572 0.66736
US

$

 1.11810 0.89437

Commodities

Gold Close Previous
London Gold

Fix

 1262.70 1265.05
     
Oil Close Previous
WTI Crude Future 49.66 49.80

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed in the red as energy and financial shares fell amid a selloff in commodities.
     The S&P/TSX Composite Index lost 50 points or 0.3 percent to 15,372.35, its lowest level in almost two weeks. Energy shares fell 1.2 percent as the price of crude lost 0.3 percent. Investors are looking for more signs that OPEC’s production cuts are successfully reducing inventories. 
     The financials index slipped 0.3 percent. Bank of Nova Scotia bucked the trend, gaining 0.6 percent following second- quarter results that beat estimates.
     In other moves:
* Kinder Morgan Canada Ltd. fell 4.5 percent from IPO price of C$17 in its trading debut, which came a day after two political parties opposed to the company’s pipeline expansion joined forces in British Columbia
* Crew Energy Inc. lost 6 percent. It’s among the energy producers most exposed to B.C.
* Element Fleet Management Corp. lost 6.7 percent, hitting a 15- month low
US
By Jeremy Herron and Jeanna Smialek
     (Bloomberg) — U.S. stocks halted a seven-day advance as data showing a rebound in consumer spending offset a wider selloff in commodities. Treasuries advanced amid month-end buying.
     The S&P 500 Index edged lower from an all-time high banks paced gains while energy producers slumped amid a retreat in crude. Tech shares lifted the Nasdaq 100 Index to a fresh record. The 10-year Treasury note yield fell to 2.21 percent. The Stoxx Europe 600 Index declined a fourth day as data showed euro-area economic confidence fell for the first time this year.
     The pullback across many assets serves as a reminder that, while equity benchmarks across the world have posted repeated records this year, potential headwinds to the global growth story remain and investor concern lingers. Elections in the U.K., Germany and Italy are looming as Brexit negotiations begin, while U.S. President Donald Trump is ratcheting up a dispute with Germany and battling to implement spending and tax- cut plans.
     Fed Bank of St. Louis President James Bullard said on Tuesday the new administration will need to fulfill the expectations that have driven the stock market higher, while Fed Governor Lael Brainard said soft inflation could cause her to reassess the path forward for monetary policy should it linger. The Fed meets in two weeks. Data Tuesday showed American consumers on track for a second-quarter comeback after a weak stretch at the start of the year.
     Here are some of the key events coming up:
* The euro-area’s preliminary headline inflation rate will come on Wednesday.
* Fed speakers are out and about as the FOMC’s June 13-14 meeting approaches. Robert Kaplan will be in New York Wednesday.
* The U.S. jobs report Friday may bolster the case for a rate hike, with a gain of 185,000 positions expected.
* Brazil’s central-bank decision on Wednesday will probably see a cut of 75 to 100 basis points from the current 11.25 percent, according to economists.
* China’s May manufacturing PMIs on Wednesday might indicate that the nation’s 2017 growth has already peaked.
* The EIA is due to release its monthly supply reports Wednesday.
     Here are the main movers in markets:
     Stocks
* The S&P 500 slipped 0.1 percent to 2,412.93 at 4 p.m. in New York. The index retreated for the first time in eight days after the longest rally since February.
* The Nasdaq 100 Index advanced for an eighth day to an all-time high. Amazon.com Inc. briefly topped $1,000 a share for the first time before trading little changed.
* The Stoxx Europe 600 Index declined 0.2 percent and emerging- market shares slipped 0.4 percent.
     Currencies
* The Bloomberg Dollar Spot Index was little changed after initially rising data. It’s near the lowest level since November.
* The euro rose 0.2 percent to $1.1189. The shared currency swung between gains and losses as traders weighed Germany’s inflation miss against a Reuters report that the ECB will likely discuss removing its easing bias in June. It recovered early losses sparked by speculation Greece could forego its next bailout payment.
* The yen strengthened 0.5 percent to 110.767 per dollar.
     Commodities
* Gold futures fell for the first time in three days, losing 0.4 percent to settle at $1,265.70 an ounce.
* West Texas oil fell 14 cents to settle at $49.66 per barrel. OPEC and Russia’s deal last week to extend output limits through March was met with a sell-off as it didn’t include deeper cuts, a plan for the rest of 2018 or a new ally.
     Bonds
* The yield on 10-year Treasuries declined three basis points to 2.21 percent.
* Similar maturity German bunds rose a fifth day, sending the yield lower to 0.292 percent.

Have a wonderful evening everyone.

 

Be magnificent!

As ever,

 “There is no royal road to anything. One thing at a time, all things in succession. That which grows fast, withers as rapidly. That which grows slowly, endures.”– Josiah Gilbert Holland

Karen

“The biggest adventure you can take is to live the life of your dreams.” Oprah Winfrey

 

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

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

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

Posted on

May 29, 2017 Newsletter

Dear Friends,

Tangents:

On May 29, 1953, Mount Everest was conquered as Edmund Hillary of New Zealand and sherpa Tenzing Norgay of Nepal became the first climbers to reach the summit.
Go to article »

Points of Progress:

BRITAIN: Friday, April 21, marked the country’s first full day without coal in 135 years, according to National Grid.  It is thought to be Britain’s longest continuous energy period without coal since the world’s first centralized public coal-fired generator opened in 1882, beating out the record of 19 hours set in may 2016.  The achievement was a “watershed moment in how our energy system is changing,” said Cordi O’hara of national Grid.  The British government plans to close the nation’s last coal power plants by 2025.-BBC, The Guardian.

TOGO: More than 60 villages have banded together to protect the hippo population.  Since 2004, these villages and communities in the West African nation have been working to raise awareness of the need to protect biodiversity along the Mono River.  Ultimately, the initiative, which covers five lakes, aims to generate sustainable sources of income for the local population and promote eco-tourism in the area.  –Deutsche Welle.

SAUDI ARABIA: The world’s most prominent oil exporter has a  plan to boost renewable energy generation.  Saudi Arabia, which consumes nearly 3 million barrels of oil a day, will develop 30 new solar and wind projects over the next decade, with the goal of reaching 9,500 megawatts of renewable energy capacity by 2023.  Currently, the country has about 200 MW from renewable sources.  “We have the potential to become a global renewable energy powerhouse,” said Energy Minister Khalid al-Falih.  –Bloomberg, Grist.
PHOTOS OF THE DAY

The first ever hot air balloon festival to be held in Durham got underway this Bank Holiday weekend. “Balloons in Durham” saw a mass of hot air balloons taking to the skies rising over Durham Cathedral.
CREDIT: Paul Kingston/North news

People throw colored powder during the Holi festival in Santa Coloma de Gramenet near Barcelona.
CREDIT:ALBERT GEA/REUTERS.
Market Closes for May 29th, 2017

Market

Index

 Close Change
Dow

Jones

 21080.28 Closed

 
 
S&P 500 2415.82 Closed

 
 
NASDAQ 6210.195 Closed

 
 
TSX 15421.91 +4.98

 
+0.03%

International Markets

Market

Index

 Close Change
NIKKEI 19682.57 -4.27
-0.02%
HANG

SENG

 25701.63 +62.36
+0.24%
SENSEX 31109.28 +81.07
+0.26%
FTSE 100* 7547.63 +29.92
+0.40%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.411 1.445
CND.

30 Year

Bond

 2.047 2.079
U.S.   

10 Year Bond

 2.2465 2.2465
U.S.

30 Year Bond

 2.9120 2.9120

Currencies

BOC Close Today Previous  
Canadian $ 0.74210 0.74368
US

$

 1.34753 1.34467
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.50050 0.66644
US

$

 1.11351 0.89806

Commodities

Gold Close Previous
London Gold

Fix

 1265.05 1265.05
     
Oil Close Previous
WTI Crude Future 49.80 49.80

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed with a small gain as daily volume hit its lowest level of the year with markets in the U.S., U.K. and China all closed for public holidays.
     The S&P/TSX Composite Index added 5 points or less than 0.1 percent to 15,421.91. Volume fell to 58.8 million compared to the moving average of 204.5 million.
     Financial stocks gained 0.2 percent ahead of Bank of Nova Scotia’s fiscal second-quarter results, due out Tuesday morning. Industrials shares also added 0.2 percent as Boyd Group Income Fund jumped 9.8 percent. The owner of collision-repair shops is buying Assured Automotive Inc. for C$193.6 million.
     In other moves:
* Bombardier Inc. rose 3.6 percent and hit a six-week high. The stock was upgraded to outperform at BMO
* Husky Energy Inc. rose 1.9 percent after greenlighting a C$5.2-billion project off the coast of Newfoundland and Labrador
* Canopy Growth Corp. fell 2.4 percent. Health Canada is streamlining the application process for medical cannabis production licenses and allowing for increased production
US
US MARKETS ARE CLOSED TODAY FOR MEMORIAL DAY.
UK MARKETS  AND MARKETS IN CHINA ARE ALSO CLOSED.
Have a wonderful evening everyone.

 

Be magnificent!

Do you know that even when you look at a tree and say,
That is an oak, or that is a banyan tree,
the naming of the tree, which is botanical knowledge, has so conditioned your mind
that the word comes between you and actually seeing the tree?
To enter in contact with the tree you have to put your hand on it
and the word will not help you touch it.
Krishnamurti

As ever,

 

Carolann

 

The legacy of heroes is the memory of a great name and the inheritance of a great example.
–Benjamin Disraeli, 1804-1881

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

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

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

Posted on

May 26, 2017 Newsletter

Dear Friends,

Tangents:
On this day in 1896, The Dow Jones Industrial Average was first published.
Its 12 initial members are the great industrial giants of the time: American Cotton Oil, American Sugar, American Tobacco, Chicago Gas, Distilling & Cattle Feeding, General Electric, Laclede Gas, National Lead, North American, Tennessee Coal & Iron, U.S. Leather, and U.S. Rubber. The indexes value that day: 40.94.

This morning on CNBC’s Squawk Box, a “just released” study was cited, noting that 50 % of Americans do not take vacation from work and of those that do, ~80% “stay connected” to their work email and VM’s while on vacation.
To compare this to our ancestors’  work (i.e., management’s)  life a couple of centuries ago  when life was ostensibly “simpler”,  here is the  Revd Robert Robinson, Baptist pastor and farmer,  who, on May 26th, 1784, wrote this letter to an unknown friend:

Rose at three o’clock – crawled into the library – and met one who said, “Yet a little while is the light with you: walk while ye have the light – the night cometh, when no man can work – my father worketh hitherto, and I work.’
  Rang the great bell, and roused the girls to milking – went up to the farm, roused the horse-keeper – fed the horses while he was getting up – called the boy to suckle the calves, and clean out the cow-house – lighted the pipe, walked round the gardens to see what was wanting there – went up the paddock to see if weaning calves were well – went down to the ferry, to see whether the boy had scooped and cleaned the boats – returned to the farm – examined the shoulders, heels, traces, chaff, and corn of eight horses going to plough – mended the acre staff – cut some thongs, whipcorded the boys’ plough whips – pumped the troughs full – saw the hogs fed – examined the swill tubs, and then the cellar – ordered a quarter of malt, for the hogs want grains, and the men want beer – filled the pipe again, returned to the river, and bought a lighter of turf for dairy fires, and another of sedge for ovens – hunted up the wheelbarrows and set them a trundling – returned to the farm, called the men to breakfast, and cut the boys’ bread and cheese, and saw the wooden bottles filled – sent one plough to the three-roods, another to the three half-acres, and so on – shut the gates, and the clock struck five – breakfasted – set two men to ditch the five roods – two more to chop sads [heavy sods], and spread about the land = two more to throw up muck in the yard – and three men and six women to weed wheat – set on the carpenter to repair cow-cribs, and set them up till winter – the wheeler to men up the old carts, cart-ladders, rakes, etc., preparatory to hay-time and harvest – walked to the six-acres, found hogs in the grass – went back and sent a man to hedge and thorn – sold the butcher a fat calf, and the suckler a lean one – the clock strikes nine – walked into barley-field – barley fine, picked off a few tiles and stones, and cut a few thistles – and peas fine, but foul; the charlock must be topped – the tares doubtful; the fly seems to have taken them – prayed for rain, but could not see a cloud – came round to the wheat-field – wheats rather thin, but the finest colour in the world – set four women on to the shortest wheats – ordered one man to weed the ridge of the long wheats – and tow women to keep rank and file with him in the furrows – thistles many – bluebottles no end – traversed all the wheat-field – came to the fallow-field – the ditchers have run crooked – se them straight – the flag-sads cut too much, rush-sads too little, strength wasted, show the men how to three-corner them – laid out more work for the ditchers – went to the ploughs – set the foot a little higher; cut a wedge, set the coulter deeper, must go and get a new mould-board against tomorrow – went to the other plough – picked up some wool, and tied over the traces – mended a horse-tree, tied a thong to the plough-hammer – went to see which lands want ploughing first – sat down under a bush – wondered how any man could be so silly as to call me reverend – read two verses and thought of his loving-kindness in the midst of his temple – gave out, “Come all harmonious tongues,” and set Mount Ephraim tune – rose up = whistled – the dogs wagged  their tails, and on we went – got home – dinner ready –filled the pipe – drank some mild – and fell asleep –woke by the carpenter for some slats, which the sawyer must cut – the Reverend Messrs A. in a coat, B, in a gown of black, and C, in one of purple, came to drink tea, and to settle whether Gomer was a father of the Celts and Gauls and Britons, or only the uncle – proof sheet from Mr Archdeacon – corrected it – washed – dressed – went to meeting , and preached from, The end of all things is at hand, be ye sober and watch unto prayer – found dear brother reverence there, who went home with me, and edified us all out of Solomon’s Song, with a dish of tripe out of Leviticus, and a golden candlestick out of Exodus.
PHOTOS OF THE DAY

People in Paris wet their feet at the Fountain of Warsaw at the Trocadero Gardens. GEOFFROY VAN DER HASSELT/AGENCE FRANCE-PRESSE/GETTY IMAGES

A man dressed in traditional clothes tries to pull his opponent over the table during a finger-wrestling championship in Woernsmuehl, Germany, on Thursday. MATTHIAS SCHRADER/ASSOCIATED PRESS
Market Closes for May 26th, 2017

Market

Index

 Close Change
Dow

Jones

 21080.28 -2.67

 

-0.01%
 
S&P 500 2415.82 +0.75

 

+0.03%
 
NASDAQ 6210.195 +4.938

 

+0.08%
 
TSX 15416.93 +6.20

 
+0.04%

International Markets

Market

Index

 Close Change
NIKKEI 19686.84 -126.29
-0.64%
HANG

SENG

 25639.27 +8.49
+0.03%
SENSEX 31028.21 +278.18
+0.90%
FTSE 100* 7547.63 +29.92
+0.40%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.445 1.461
CND.

30 Year

Bond

 2.079 2.094
U.S.   

10 Year Bond

 2.2465 2.2536
U.S.

30 Year Bond

 2.9120 2.9198

Currencies

BOC Close Today Previous  
Canadian $ 0.74368 0.74155
US

$

 1.34467 1.34853
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.50353 0.66510
US

$

 1.11814 0.89434

Commodities

Gold Close Previous
London Gold

Fix

 1265.05 1256.95
     
Oil Close Previous
WTI Crude Future 49.80 48.65

Note to Self:
Don’t measure your progress using someone else’s ruler.
Market Commentary:
Number of the Day
2
The number of S&P 500 companies that have split their stock this year. That’s down sharply from 20 years ago, when 93 S&P 500 firms split their shares, a rate of close to two per week, according to Birinyi Associates.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed with a slight gain as increases in raw-materials stocks offset declines in energy and consumer staples.
     The S&P/TSX Composite Index added 6 points or less than 0.1 percent to 15,416.93 on lower-than-usual trading volume ahead of a long weekend south of the border. For the week, the benchmark fell 0.3 percent.
     Materials stocks added 0.5 percent amid higher precious- metal prices. MAG Silver Corp. added 3.3 percent following an upgrade at BMO Capital Markets. The energy index slipped 0.2 percent even as the price of crude rose, and industrials stocks also fell 0.2 percent.
     In other moves:
* Westshore Terminals Investment Corp. added 5.2 percent following Thursday’s 5.7 percent gain. British Columbia’s Liberals fell short of a majority in a final election count, raising questions about the party’s promise to ban shipments of thermal coal
* Bombardier Inc. gained 3.2 percent. The company delivered its first CS300 aircraft to Swiss International Air Lines AG.
*  Eldorado Gold Corp. fell 2.8 percent following a downgrade by S&P
US
By Robert Brand
     (Bloomberg) — U.S. stocks limped into the weekend on a sluggish final day of trading, while the dollar fluctuated with oil as investors assessed data showing the U.S. economy on firm footing.
     The S&P 500 Index fluctuated between gains and losses before closing higher by less than a point — good enough for a seventh straight gain and fresh record in trading 25 percent below the 30-day average. The dollar capped a weekly advance as a second reading on gross domestic product topped estimates. Crude headed for a weekly loss after OPEC’s move to prolong supply cuts for nine months disappointed investors hoping for more. The pound fell as a poll showed U.K. Prime Minister Theresa May losing ground to her main opponent ahead of next month’s election.
Action was subdued ahead of a three-day weekends in the U.S. and the U.K. A second straight month of stagnant orders for business equipment in April indicated investment in capital goods could slow in the second quarter, paring weekly gains in U.S. stocks. Crude languished below $50 a barrel, while U.K. investors awakened to election risk after a poll showed the Conservative party lead narrowed after the Manchester attack.
     “Markets ultimately found the renewed deal among OPEC and friends underwhelming,” Cole Akeson, a strategist at Sberbank CIB in Moscow, wrote in an emailed note. “Essentially, the market consensus seems to have come around to a view that regardless of what effect on global inventories the deal may have for now, OPEC and its partners have little insight as to what to do later on.”
     Here are the main moves in markets:
     Stocks
* The S&P 500 rose less than one point to 2,415.62 as of 4 p.m. in New York. The seven-day streak is the longest since February. The measure climbed 1.4 percent in the week, the most since April 28.
* The Stoxx Europe 600 Index dropped 0.2 percent, with oil and gas producers falling 1.1 percent. Automakers slid 0.5 percent.
* MSCI’s emerging-market index added 0.1 percent, pushing its gain in the five days to 2 percent.
     Currencies
* The Bloomberg Dollar Spot Index added 0.1 percent after falling as much as 0.2 percent. It’s up 0.1 percent on the week.
* The pound slid 1.2 percent to $1.2793. A YouGov poll for the Times late Thursday put the Conservatives at 43 percent with Labour at 38 percent — a dramatic narrowing of the gap that even this month has been as high as 24 points in some polls.
* The yen rose 0.6 percent to 111.198 per dollar, after dropping 0.3 percent on Thursday.
* The euro fell 0.3 percent to $1.1175.
     Commodities
* West Texas Intermediate crude rose 1.8 percent to settle at $49.80 a barrel. The contract plunged 4.8 percent in the previous session. Crude lost more than 1.5 percent in the week.
* Gold futures rose 0.8 percent to $1,270.10 an ounce.
* Copper dropped from a three-week high as traders turned bearish ahead of holidays and the dollar recovered.
     Bonds
* The yield on 10-year Treasury notes fell one basis point to 2.25 percent. U.S. bonds are on course for a fourth month of gains.
* Benchmark German and French yields dropped three basis points.
     Asia
* Japan’s Topix slipped 0.6 percent, trimming its weekly advance to 0.6 percent.
* Australia’s S&P/ASX 200 Index fell 0.7 percent, with BHP Billiton Ltd. dropping 2 percent.
* South Korea’s Kospi rose 0.5 percent to another record. The index is up 2.9 percent for the week, the biggest gain in two months.
* Hong Kong’s Hang Seng Index was flat, keeping its weekly gain at 1.8 percent, while the Shanghai Composite increased 0.1 percent.

Have a wonderful weekend everyone.

 

Be magnificent!

The sparrow is sorry for the peacock at the burden of his tail.
Rabindranath Tagore

As ever,

 

Carolann

 

Destiny is not a matter of chance, it is a matter of choice; it is not a thing
to be waited for, it is a thing to be achieved.
                                                      -William Jennings Bryan, 1860-1925

 

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

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

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

Posted on

May 25, 2017 Newsletter

Dear Friends,

Tangents:
Better than humans? Google’s (GOOG, GOOGL) artificial intelligence program, AlphaGo, has beaten the world’s best Go player Ke Jie for a second time, taking a 2-0 lead in a best of three series. The victory – which many thought would take decades to achieve – comes after the AI program bested South Korean Go professional Lee Sedol in a similar exhibition match last year.

Gary and I were in Seattle for the  opera  last weekend  ( Mozart’s Magic Flute – a fabulous production) and in addition, I wanted to see the Amazon store in University Village.   I marvel at the audacity of Jeff Bezos, who, after putting many booksellers out of business, is now opening book stores – (a new one opened yesterday in NYC).  Anyway, the Seattle store is amazing – the books are all displayed with front covers facing the customer.   Upon entering the store, a large sign points to one of the displays informing, “The One Hundred Books Every Person Should Read in their Lifetime.”  Perusing the display, I would have to agree – brilliant selection.  I asked one of the staff to demonstrate Alexa for us.  There are actually  three models of Echo – Alexa is the software.  First she said to the largest Echo unit, “Alexa, play some classic rock.”   Alexa immediately obeyed streaming music from Amazon (though I was informed that you can stream from any source).  The sound was excellent.  The salesgirl then led us to the medium – size version of Echo, and commanded, “Alexa, tell us a joke.”  Alexa told us a very funny joke.   We were both in awe.
PHOTOS OF THE DAY

A meadow of Campion wild flowers are seen under the impressive backdrop of Bamburg Castle on the north east coast of England.
CREDIT: PAUL KINGSTON/NNP

Queen Elizabeth and Prince Philip attend a service to mark the Centenary of the Order of the British Empire at St. Paul’s Cathedral in London.
CREDIT: TOBY MELVILLE/REUTES

Guilhem Fonseca of Portugal competes during the 2017 ISA World Surfing Games in France.
CREDIT: FRANICK FIFE/AFP/GETTY IMAGES.
The happiest people I know are always evaluating and improving themselves.  The unhappy people are usually evaluating and judging others.
Market Closes for May 25th, 2017

Market

Index

 Close Change
Dow

Jones

 21082.95 +70.53

 

+0.34%
 
S&P 500 2415.07 +10.68

 

+0.44%
 
NASDAQ 6205.258 +42.234

 

+0.69%
 
TSX 15410.73 -8.76

 
-0.06%

International Markets

Market

Index

 Close Change
NIKKEI 19813.13 +70.15
+0.36%
HANG

SENG

 25630.78 +202.28
+0.80%
SENSEX 30750.03 +448.39
+1.48%
FTSE 100* 7517.71 +2.81
+0.04%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.461 1.478
CND.

30 Year

Bond

 2.094 2.109
U.S.   

10 Year Bond

 2.2536 2.502
U.S.

30 Year Bond

 2.9198 2.9229

Currencies

BOC Close Today Previous  
Canadian $ 0.74155 0.74576
US

$

 1.34853 1.34092
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.51145 0.66161
US

$

 1.12085 0.89218

Commodities

Gold Close Previous
London Gold

Fix

 1256.95 1260.20
     
Oil Close Previous
WTI Crude Future 48.65 51.11

Market Commentary:
On this day in 1931, the New York Stock Exchange begins regularly reporting short sales.

Number of the Day
13.6%
With nearly all companies in the S&P 500 having reported results, aggregate earnings for the first quarter are on track to grow 13.6% from the year-earlier period, according to FactSet.

On May 25, 2006, Kenneth L. Lay and Jeffrey K. Skilling, the chief executives who guided Enron through its spectacular rise and even more stunning fall, were found guilty of fraud and conspiracy.

Go to article »
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed in the red as gains in industrials and financials were offset by a big drop in energy shares.
     The S&P/TSX Composite Index fell 9 points or 0.1 percent to 15,410.73. Energy shares dropped 1.6 percent as West Texas Intermediate crude prices plunged 5.3 percent, sinking from a five-week high after OPEC extended production cuts but didn’t deepen them.
     On the other side of the ledger, industrial shares gained 1.3 percent, led by a 5.7 percent jump in shares of Westshore Terminals Investment Corp., which were bolstered by confirmation of a minority government in British Columbia. The financials index added 0.3 percent on strong second-quarter results from Toronto-Dominion Bank and Royal Bank of Canada.
     In other moves:
* Tembec Inc. jumped 41 percent. The lumber and paper producer is being acquired by Rayonier Advanced Materials Inc. for about $300 million
* Aimia Inc. gained 18 percent after CEO David Johnston said the market has “overreacted” to Air Canada’s split with the loyalty- program operator. Shares are down 72 percent since the announcement earlier this month
* Manulife Financial Corp. added 0.6 percent. CEO Donald Guloien is retiring and will be replaced by head of Asia operations Roy Gori.
US
By Samuel Potter and Jeremy Herron
     (Bloomberg) — U.S. stocks rose to fresh records and the dollar strengthened as retailer results boosted confidence in the American consumers’ ability to jump start economic growth. Oil sank from a five-week high after OPEC extended plans to limit production without deepening the cuts.
     The S&P 500 Index pushed its longest rally since February to six days as Best Buy Co. and PVH Corp. results topped estimates and the Bloomberg Consumer Comfort Index signaled optimism among U.S. shoppers. The dollar steadied in the wake of Federal Reserve minutes showing officials unperturbed by recent signs of slower economic growth. U.S. crude lost more than 4 percent to slide below $50. China’s yuan strengthened the most in four months.    
     The latest earnings reports bolstered a retail group that’s been hit by struggles at mall-based stores and signs that wages haven’t been rising fast enough to spark a meaningful surge in spending. They added to risk appetite after Fed policy makers indicated recent weakness in growth is transitory. The bullish sentiment was limited among stock investors in Europe, where some markets were closed today for the Ascension holiday.
     And here are the main movers:
     Stocks
* The S&P 500 rose 0.4 percent to a record 2,415 at 4 p.m. in New York. It’s rallied more than 2.5 percent in the past six sessions.
* The Nasdaq Composite and Nasdaq 100 indexes also closed at records, while the Dow Jones Industrial Average added 0.4 percent to end 0.2 percent short of its March 1 high.
* Best Buy surged 22 percent, the most since 2001, and PVH jumped 4.9 percent to pace gains in retailers. Railroad operators also rallied, leading transportation shares higher.
* The Dow Jones Industrial Average climbed to 21,085 as it bears down on its March 1 closing record.
* The Stoxx Europe 600 ended little changed, while emerging- market equities rallied 0.7 percent.
     Commodities
* West Texas Intermediate crude sank 4.8 percent to settle at $48.90 a barrel in New York, after touching the highest level in more than a month.
* Gold futures rose 0.3 percent to $1,259.70 an ounce.
     Currencies
* The Bloomberg Dollar Spot Index edged higher after earlier touching the lowest level since November.
* The euro was virtually unchanged at $1.1218. The British pound fell 0.1 percent to $1.2960.
     Bonds
* The yield on 10-year Treasury notes was little changed at 2.25 percent after losing three basis points on Wednesday.
* German 10-year yields fell four basis points to 0.362 percent.
* Japan’s sovereign yield curve bear-steepened after the nation’s auction of 40-year bond sale met weaker-than-expected demand.

 

Have a wonderful evening everyone.

 

Be magnificent!

It is necessary that this be the aim of our entire life.
In all of our thoughts and actions,
we must be conscious of the infinite.
Rabindranath Tagore

As always,

 

Carolann

 

Some beautiful paths can’t be discovered without getting lost.
                                                                     -Erol Ozan

 

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

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

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