Category: Newsletters

Dear Friends,

Tangents:

PHOTOS OF THE DAY

A cat named La Madonna walks on the roof beam of a restaurant located inside the iconic Central Market of Santiago, Chile, Friday. Founded in 1872, the market is known for its restaurants and fresh seafood stands. Esteban Felix/AP

Bangladeshi female workers carry sand unloaded from a ferry at the river Buriganga in Dhaka, Bangladesh, on Friday. Mohammad Ponir Hossain/Reuters
Market Closes for May 9^th, 2017

Market Index	Close	Change
Dow Jones	20975.78	-36.50   -0.17%
S&P 500	2396.92	-2.46   -0.10%
NASDAQ	6120.586	+17.926   +0.29%
TSX	15569.20	-82.88
		-0.53%

International Markets

Market Index	Close	Change
NIKKEI	19843.00	-52.70
		-0.26%
HANG SENG	24889.03	+311.12
		+1.27%
SENSEX	29933.25	+7.10
		+0.02%
FTSE 100*	7342.21	+41.35
		+0.57%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.616		1.586
CND. 30 Year Bond		2.237		2.200
U.S.    10 Year Bond		2.3941		2.3868
U.S. 30 Year Bond		3.0230		3.0247

Currencies

BOC Close	Today	Previous
Canadian $	0.72904	0.73016
US $	1.37167	1.36957
Euro Rate 1 Euro=		Inverse
Canadian $	1.49158	0.67043
US $	1.08742	0.91961

Commodities

Gold	Close	Previous
London Gold Fix	1220.40	1229.80
Oil	Close	Previous
WTI Crude Future	45.88	46.43

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks opened lower as energy stocks fell and Valeant Pharmaceuticals International Inc. surged.
     The S&P/TSX Composite Index lost 39 points or 0.3 percent to 15,611. Health care stocks jumped 4.2 percent as Valeant gained 11 percent after boosting its cash pile and its full-year forecast.
     The energy index fell 0.5 percent as the price of crude lost 0.8 percent to $46.07 a barrel. Investors are weighing comments that Saudi Arabia and Russia could extend production cuts to offset rising U.S. shale output.
     In other moves:
* Home Capital Group Inc. jumped 18 percent. The struggling lender agreed to sell as much as C$1.5 billion worth of mortgages and loan renewals to an unidentified buyer
* Open Text Corp. fell 6.6 percent following third-quarter results that missed the lowest analyst estimate
* Hydro One Ltd. lost 4 percent. The Ontario government is selling C$2.79 billion worth of shares in the utility
* Ensign Energy Services Inc. fell 4.7 percent after the company was cut to underperform at Scotiabank
* Bombardier Inc. added 1.9 percent. The company’s biggest outside shareholder withdrew support for Chairman Pierre Beaudoin, while its Chinese joint venture won two contracts valued at $158 million
US
By Jeremy Herron
     (Bloomberg) — Most U.S. stocks fell as renewed selling in commodities from gold to crude sent materials producers lower. The dollar gained as bets increased for a hike in U.S. borrowing costs next month. Equity volatility remained near a 24-year low.
     The S&P 500 Index slipped from a record, while technology shares boosted the Nasdaq Composite Index to a fresh all-time high. Bloomberg’s Dollar Spot Index showed the greenback at the highest in a month in the wake of a hawkish comments from Federal Reserve officials. Treasuries were steady. Oil slipped toward $46 a barrel on glut concerns. Emerging-market assets proved resilient, with equities gaining a second day.
     Calm blanketed financial markets, with measures of equity and fixed-income volatility at multiyear lows after the dissipation of concerns over European populism in the wake of the French election. Impending central bank meetings, a potential unwind of the Fed balance sheet and more scheduled elections have so far failed to dent optimism. But with stocks at or near records, there is little impetus to place further bets on riskier assets.
     Key events this week:
* Earnings continue to be released, with Walt Disney Co., Mitsubishi Corp., Toyota Motor Corp. and Deutsche Telekom AG among the most notable.
* The Bank of England on Thursday publishes its interest-rate decision and quarterly Inflation Report.
     Here are the main moves in markets:
     Stocks
* The S&P 500 fell 0.1 percent to 2,396.83 as of 4 p.m. in New York.
* The CBOE Volatility Index edged higher after closing Monday at the lowest since December 1993.
* The Stoxx Europe 600 added 0.5 percent, the highest since August 2015. Miners rose 1.7 percent.
* Emerging-market shares climbed 0.3 percent for a second day of gains.
     Currencies
* The Bloomberg Dollar Spot Index advanced 0.5 percent after jumping 0.5 percent on Monday.
* The euro traded at $1.0875, down 0.4 percent. The currency fell 0.7 percent Monday following Macron’s victory as France’s next president, after trading at the highest level since November.
     Bonds
* The yield on 10-year Treasury notes rose one basis point to 2.40 percent after climbing four basis points on Monday.
* French 10-year yields increased two basis points to 0.86 percent. Similar maturity German yields increased one basis point, to 0.43 percent.
     Commodities
* Gold fell to the lowest in almost 2 months as investors turn their attention to the outlook for rising U.S. interest rates amid easing political uncertainty in Europe.
* Futures dropped 0.9 percent to settle at $1,216.10 an ounce, even after the China Gold Association said demand in the biggest consumer could jump to a four-year high.
* Crude fell as Libyan output rose to the highest in more than two years, getting in the way of OPEC’s efforts to drain a global glut.
* West Texas Intermediate oil slipped 1.2 percent to settle at $45.88 a barrel. Brent for July settlement slipped 61 cents, or 1.2 percent, to $48.73 a barrel
* Zinc and nickel pulled base metals higher as mining equities stage rebound.

 

Have a wonderful evening everyone.

 

Be magnificent!

“There is only one happiness in this life, to love and be loved.” George Sand

As ever,

 

Karen

 “My mission in life is not merely to survive, but to thrive; and to do so with some passion, some compassion, some humor, and some style.” Maya Angelou

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

Dear Friends,

Tangents:

PHOTOS OF THE DAY

Tourists takes photos of Russian jets flying over the Kremlin in Moscow on Thursday during a rehearsal for the Victory Day military parade, which will take place on May 9 to celebrate 72 years since the victory of World War II. Pavel Golovkin/AP

A group of tourists walk behind a window covered with raindrops on a rainy, windy day in the historic center of Berlin on Thursday. Markus Schreiber/AP
Market Closes for May 8^th, 2017

Market Index	Close	Change
Dow Jones	21012.28	+5.34   +0.03%
S&P 500	2399.38	+0.09   —
NASDAQ	6102.660	+1.902   +0.03%
TSX	15652.08	+70.04
		+0.45%

International Markets

Market Index	Close	Change
NIKKEI	19895.70	+450.00
		+2.31%
HANG SENG	24577.91	+101.56
		+0.41%
SENSEX	29926.15	+67.35
		+0.23%
FTSE 100*	7300.86	+3.43
		+0.05%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.586		1.543
CND. 30 Year Bond		2.200		2.151
U.S.    10 Year Bond		2.3868		2.3487
U.S. 30 Year Bond		3.0247		2.9887

Currencies

BOC Close	Today	Previous
Canadian $	0.73016	0.73270
US $	1.36957	1.36842
Euro Rate 1 Euro=		Inverse
Canadian $	1.49584	0.66852
US $	1.09220	0.91559

Commodities

Gold	Close	Previous
London Gold Fix	1229.80	1228.05
Oil	Close	Previous
WTI Crude Future	46.43	46.22

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed higher as energy companies hit their highest level in two weeks, bolstered by assurances from Saudi Arabia and Russia that they’re working to extend production cuts.
     The S&P/TSX Composite Index added 70 points or 0.5 percent to 15,652.08. Energy shares jumped 1.3 percent as the price of crude gained for a second day to $46.45 a barrel. The biggest gainers were Nexgen Energy Ltd., up 8.7 percent, and Bonavista Energy Corp., up 6.9 percent.
     The materials index rose 0.3 percent as miners backtracked some of last week’s losses, when they were pressured by falling metals prices. Eldorado Gold Corp. gained 4.5 percent.
     In other moves:
* Home Capital Group Inc. jumped 17 percent after earlier falling as much as 13 percent. The troubled mortgage lender suspended its dividend and added two former pension fund executives to its board
* Enerplus Corp. added 6.1 percent after gaining 11 percent Friday. The energy company’s price target was boosted to a Street high at Macquarie after its first-quarter results “smashed” expectations
* DHX Media Ltd. gained 4.6 percent. Fine Capital said it sees the shares rising to C$20 to C$30 as its children’s content is monetized
* AGT Food & Ingredients Inc. tumbled 13 percent after the pulse processor missed first-quarter earnings per share estimates by C$0.15
US
By Samuel Potter
     (Bloomberg) — U.S. stocks ended virtually unchanged near all-time highs, while the dollar rose with Treasury yields as volatility drained from financial markets after a convincing defeat of populism in France’s presidential election. 
     The CBOE Volatility Index slumped to its lowest closing price since 1993. The S&P 500 Index rose by less than one point to close at a fresh record. The euro weakened after climbing for five of the past six days, as the result of the French vote was largely priced into equity markets. That added to dollar gains, while declines in Treasuries sent the 10-year yield to 2.38 percent. Oil edged above $46 a barrel.
     Volatility faded from the U.S. equity and bond markets after Emmanuel Macron’s decisive triumph over the anti-euro Marine Le Pen dealt a blow to the populist wave that has roiled western democracies for the past year. But there was little room for a relief rally as the outcome was largely priced into markets. Investor focus now shifts to reading on the global economy for fresh signs that growth is accelerating after better-than-forecast data on American jobs.
     Here’s what investors will be watching this week:
* South Korea heads to the polls on Tuesday to elect a new president following the ouster of Park Geun-hye in a corruption scandal.
* Earnings this week include results from Walt Disney Co., Mitsubishi Corp., Toyota Motor Corp. and Deutsche Telekom AG.
     Here are the main moves in markets:
     Stocks
* The S&P 500 rose less than one point to 2,399.38 as of 4 p.m. in New York, a new record. It pushed 0.1 percent higher shortly after the open to a fresh intraday high of 2,401.36, before falling as much as 0.2 percent. * The Nasdaq 100 Index edged up 0.2 percent to claim another closing record, while small caps slumped 0.4 percent. 
* The Stoxx Europe 600 slipped 0.1 percent, dragged down by miners.
* Emerging-market shares jumped 0.6 percent.
     Currencies
* The euro fell 0.6 percent to $1.0931, after gaining as much as 0.2 percent earlier. The currency has been trading near the highest level since November.
* The Bloomberg Dollar Spot Index advanced 0.5 percent following four straight weeks of declines.
     Bonds
* The yield on 10-year Treasury notes rose three basis points to 2.38 percent.
* French benchmark yields ended virtually unchanged at 0.841 percent while German equivalents stayed at 0.418 percent.
     Commodities
* West Texas Intermediate fluctuated before settling 21 cents higher at $46.43 a barrel in New York.
* Copper, the most actively traded commodity on the London Metal Exchange, slumped to a four-month low on Monday, wiping out gains for the year. Refined imports by China fell 30 percent to 300,000 metric tons in April, the lowest since October, according to preliminary customs data.
* Gold futures were little changed at $1,227 an ounce.

 

Have a wonderful evening everyone.

 

Be magnificent!

 “The real opportunity for success lies within the person and not in the job.”– Zig Ziglar

As ever,

 

Karen

 

“The journey of a thousand miles begins with one step.”– Lao Tzu

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

Dear Friends,

Tangents:

PHOTOS OF THE DAY

A mother goose swims with her four gosling on the Main River in Frankfurt, Germany, on Wednesday. One gosling fell into the river with no chance to get out again. The mother jumped into the river to help followed by her other three goslings. In the end, the father decided to join as well. Michael Probst/AP

Tea garden workers carry sacks filled with tea leaves at Durgabari Tea Estate on the outskirts of Agartala, India, on Thursday. Jayanta Dey/Reuters
Market Closes for May 5th 2017

Market Index	Close	Change
Dow Jones	21006.94	+55.47   +0.26%
S&P 500	2399.29	+9.77   +0.41%
NASDAQ	6100.758	+25.421   +0.42%
TSX	15582.04	+185.34
		+1.20%

International Markets

Market Index	Close	Change
NIKKEI	19445.70	+135.18
		+0.70%
HANG SENG	24476.35	-207.53
		-0.84%
SENSEX	29858.80	-267.41
		-0.89%
FTSE 100*	7297.43	+49.33
		+0.68%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.543		1.537
CND. 30 Year Bond		2.151		2.145
U.S.    10 Year Bond		2.3487		2.3505
U.S. 30 Year Bond		2.9887		2.9967

Currencies

BOC Close	Today	Previous
Canadian $	0.73270	0.72720
US $	1.36842	1.37515
Euro Rate 1 Euro=		Inverse
Canadian $	1.50124	0.66612
US $	1.09995	0.90913

Commodities

Gold	Close	Previous
London Gold Fix	1228.05	1228.45
Oil	Close	Previous
WTI Crude Future	46.22	45.52

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks opened higher, boosted by financial and materials shares amid strong jobs growth in the U.S. and a rebound in commodity prices following three days of declines.
     The S&P/TSX Composite Index added 65 points or 0.4 percent to 15,461.97 at 9:50 a.m. Materials stocks rose 1.1 percent as beaten-down miners regained some ground.
     Financial shares gained 0.2 percent with Canada’s Big 5 banks leading the benchmark to the upside. The U.S. added more jobs than expected in April and the unemployment rate fell to a pre-crisis low of 4.4 percent. By contrast, Canada added fewer than expected jobs and the pace of annual wage increases fell to a record low.
     In other moves:
* Wood-product manufacturer Stella-Jones Inc. jumped 5.7 percent following strong earnings Thursday and an upgrade to buy at Laurentian Bank
* Home Capital Group Inc. rose 9 percent. The troubled mortgage lender is replacing founder Gerald Soloway, accused of misleading investors, with former banker Alan Hibben on its board
* Sierra Wireless Inc. jumped 14 percent after beating first- quarter expectations and forecasting second-quarter revenue ahead of analyst estimates
* Bonavista Energy Corp. gained 8.1 percent. The company reported an unexpected first-quarter profit
* Air Canada gained 5.7 percent. The airline reported a first- quarter adjusted loss that was narrower than analysts expected
US
By Oliver Renick
     (Bloomberg) — U.S. stocks climbed after jobs data showed a rebound in payrolls and energy shares recovered as oil prices remained volatile after dropping below $45 a barrel for the first time since November.
     The S&P 500 added 0.4 percent to 2,399 at 4 p.m. in New York. The benchmark has moved in a tight range this week, despite relatively strong corporate results. The Dow Jones Industrial Average rose 55 points to 21,007.
* Telecom shares up 1.5%; 10-year Treasury yield little changed
* Financial shares down 0.1%
* Energy shares up 1.6% as oil jumps 2%; materials stocks add 1.4%
** Oil earlier dropped 3.9%, below $45 a barrel for the first time since OPEC agreed to cut output in November as U.S. shale confounds the producer group’s attempts to prop up prices that have collapsed about 7.3% this week
* Volume in S&P 500 down 10% from 30-day average
* VIX up to 10.6
* U.S. equity funds saw net outflows of $9.3 billion in the week to May 3, the second-largest outflows in six weeks, BofAML strategists wrote in a note, citing EPFR Global data
* POLITICS:
** Passage of the House’s health-care bill gives the Obamacare repeal effort new life after months of wrangling, but key Republican senators are already pushing it aside to write their own bill with no clear timetable to act
** Trump’s Reciprocal Tax Faces Rough Ride Under World Trade Rules
* ECONOMY:
** U.S. payroll gains rebounded in April by more than forecast (+211,000) and the jobless rate unexpectedly fell to 4.4%, signaling that the labor market remains healthy and should support continued increases in consumer spending
** While the unemployment rate is now the lowest since May 2007, wages were a soft spot in the report, climbing 2.5% from a year earlier (+2.7% est.)
* EARNINGS:
** After-market Friday: Berkshire Hathaway (BRK/A)
** Pre-market Monday: Newell Brands Inc (NWL), Mallinckrodt PLC (MNK), Sysco Corp (SYY), Cimarex Energy Co (XEC), Tyson Foods Inc (TSN), AES Corp/VA (AES)

Have a wonderful weekend everyone.

 

Be magnificent!

“My mission in life is not merely to survive, but to thrive; and to do so with some passion, some compassion, some humor, and some style.” Maya Angelou

 

As ever,

 

Karen

 “Believe you can and you’re halfway there.” —T. 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

Dear Friends,

Tangents:

Carolann is away at an Investment Conference for a few days, I will be writing the newsletter of her behalf.

PHOTOS OF THE DAY

People watch a light display during activities to mark ‘May the 4th,’ Star Wars Day, at Gardens by the Bay in Singapore on Thursday. Edgar Su/Reuters

A bird feeds it’s chick at a park in Beijing on Thursday. Reuters
Market Closes for May 4th, 2017

Market Index	Close	Change
Dow Jones	20951.47	-6.43   -0.03%
S&P 500	2389.52	+1.39   +0.06%
NASDAQ	6075.336	+2.786   +0.05%
TSX	15396.70	-146.44
		-0.94%

International Markets

Market Index	Close	Change
NIKKEI	19445.70	+135.18
		+0.70%
HANG SENG	24683.88	-12.25
		-0.05%
SENSEX	30126.21	+231.41
		+0.77%
FTSE 100*	7248.10	+13.57
		+0.19%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.537		1.545
CND. 30 Year Bond		2.145		2.146
U.S.    10 Year Bond		2.3505		2.3198
U.S. 30 Year Bond		2.9967		2.9689

Currencies

BOC Close	Today	Previous
Canadian $	0.72720	0.72838
US $	1.37515	1.37292
Euro Rate 1 Euro=		Inverse
Canadian $	1.51001	0.66225
US $	1.09807	0.91069

Commodities

Gold	Close	Previous
London Gold Fix	1228.45	1250.30
Oil	Close	Previous
WTI Crude Future	45.52	47.82

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks posted a triple-digit decline as a widespread retreat in commodity prices weighed heavily on energy and materials stocks.
     The S&P/TSX Composite Index fell 146 points or 0.9 percent to 15,396.70, its lowest level in more than six weeks. Energy stocks lost 2.5 percent as West Texas Intermediate crude tumbled 5 percent to $45.44 a barrel amid growing signs that OPEC cuts have failed to eliminate a surplus of crude. Baytex Energy Corp. fell 6.5 percent and Enerplus Corp. lost 6 percent.
     The materials index fell 2.3 percent as weaker-than- forecast manufacturing data out of China weighed on base metal prices for a second day. Precious metal prices also fell, with Asanko Gold Inc., First Majestic Silver Corp., Silver Standard Resources Inc. and Yamana Gold Inc. all down 8 percent or more.
     In other moves:
* The volatility continued at Home Capital Group Inc. The alternative mortgage lender lost 12 percent as regulators began a series of hearings into allegations it misled investors about its mortgage book
* Uni-Select Inc. tumbled 11 percent after its first-quarter sales missed the lowest analyst estimate
* TransAlta Renewables Inc. fell 5.6 percent following a downgrade at TD Securities
* Empire Co. Ltd. gained 4.2 percent. The grocery retailer plans to deliver C$500 million in cost savings by the end of fiscal 2020
US
By Oliver Renick
     (Bloomberg) — U.S. stocks were little changed, with financial stocks offsetting losses in telecom and energy shares as the price of crude oil fell.
     The S&P 500 Index lost less than 0.1 percent to 2,389.52 at 4 p.m. in New York. The benchmark hasn’t posted gains or losses exceeding 0.2 percent for seven straight sessions, and has struggled to top a record last seen on March 1. The Dow Jones Industrial Average lost 6 points to 20,951.47 Thursday.
* Russell 2000 down 0.2% after opening higher
* Financial stocks end 0.2% higher after adding as much as 1% in early trading
* Energy shares lose 1.9% with oil down 5% for third loss this week
* Telecom shares down 1.1% as real estate stocks reverse earlier losses to edge higher; 10-year Treasury yield up 3 bps
* S&P 500 volume 12% higher than 30-day average
** Volume movers: Viacom, General Mills, Scripps, Willis Towers Watson and Kraft Heinz all trading with volume at least 5x 30- day average
* VIX up to 11
** Volatility movers: Kimco Realty, Vertex Pharma, Time Warner, Digital Realty and Rockwell Automation have highest put/call volume ratio in S&P 500
* Facebook down 0.6% after saying it expects revenue growth to slow “meaningfully” after it stops increasing the frequency of marketing spots in the news feed later this year
* POLITICS:
** House Republicans mustered just enough votes to pass their health-care bill Thursday, salvaging what at times appeared to be a doomed mission to repeal and partially replace Obamacare under intense pressure from President Donald Trump to produce legislative accomplishments
** The 217-213 vote sends the American Health Care Act to the Senate, where it has little chance of being passed in its current form
* ECONOMY:
** Bloomberg Consumer Comfort: consumer confidence last week held close to the highest level in more than 15 years as Americans felt a little better about their finances and whether it’s a good time to spend
** March durable goods orders rise 0.9%, compared with 0.7% estimate
** U.S. worker productivity declined in the first quarter by the most in a year as growth in the world’s largest economy weakened
** Filings for U.S. unemployment benefits dropped more than forecast last week, consistent with a robust labor market, a Labor Department report showed Thursday
* EARNINGS:
** Of the firms that have already reported, 78% beat profit forecasts and 63% topped sales projections, data compiled by Bloomberg show
** After-market Thursday: CBS Corp (CBS), PerkinElmer Inc (PKI), Marathon Oil Corp (MRO), Motorola Solutions Inc (MSI), Monster Beverage Corp (MNST), Consolidated Edison Inc (ED), Stericycle Inc (SRCL), Activision Blizzard Inc (ATVI)
** Pre-market Friday: Moody’s Corp (MCO), Welltower Inc (HCN), Cognizant Technology Solutions Corp (CTSH), CenterPoint Energy Inc (CNP), Cigna Corp (CI), Ameren Corp (AEE), Dentsply Sirona Inc (XRAY), Berkshire Hathaway Inc (BRK/A)

 

Have a wonderful evening everyone.

 

Be magnificent!

 “Keep your eyes on the stars and your feet on the ground.” —Theodore Roosevelt

 

As ever,

 

Karen

 

“When one door closes, another opens; but we often look so long and so regretfully upon the closed door that we do not see the one that has opened for us.” – Alexander Graham Bell

 

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

Dear Friends,

Tangents:
On this day in…
1469 – Niccolo Macchiavelli was born.
1936 – Baseball Hall of Famer Joe DiMaggio made his major league debut with the New York Yankees.
1937 – Margaret Mitchell won a Pulitzer Prize for her novel “Gone with the Wind.”
1948 – The Supreme Court ruled that covenants prohibiting the sale of real estate to blacks and other minorities were legally unenforceable.

And on May 3^rd, 1810, Lord Byron , on board the frigate Salsett, wrote to Henry Drury the following immortal words.  In the legend to which he refers, Leander swam the Hellespont every night to be with the priestess Hero; one night he drowned, whereupon Hero threw herself into the sea:

Now we are in the Dardanelles waiting for a wind to proceed to Constantinople.  This morning I swam from Sestos to Abydos, the immediate distance is not above a mile but the current renders it hazardous, so much so, that I doubt whether Leander’s conjugal powers must not have been exhausted in his passage to Paradise.  I attempted it a week ago and failed owing to the north wind and the wonderful rapidity of the tide, though I have been from my childhood a strong swimmer, but this morning being calmer I succeeded and crossed the “broad Hellespont” in an hour and ten minutes.
   The Troad is a fine field for conjecture and snipe-shooting, and a good sportsman and an ingenious scholar may exercise their feet and faculties to great advantage upon the spot, or if they prefer riding, lose their way (as I did) in a cursed quagmire of the Scamander [river].  The only vestige of Troy, or her destroyers, are the barrows supposed to contain the carcasses of Achilles, Antilochus, Ajax, etc., but Mt. Ida is still in high feather, though the shepherds are nowadays not much like Ganymede…
   I see not much difference between ourselves and the Turks, save that we have foreskins and they none, and they have long dresses and we short, and that we talk much and they little.  In England the vices in fashion are whoring and drinking, in Turkey, sodomy and smoking; we prefer a girl and a bottle, they a pipe and pathic [catamite]…I like the Greeks, who are plausible rascals, with all the Turkish vices without their courage.  However some are brave and all are beautiful, very much resembling the busts of Alcibiades, the women not quite so handsome.
   At Malta I fell in love with a married woman and challenged an aide-de-camp of General Oakes (a rude fellow who grinned at something, I never rightly knew what), but he explained and apologized, and the lady embarked for Cadiz, and so I escaped murder and adultery. –from The Book of Days.

Be careful with your words.  Once they are said, they can be only forgiven, not forgotten.
PHOTOS OF THE DAY

Britain’s Kate, Duchess of Cambridge, looks at lambs in a field with schoolchildren on Wednesday during a visit to the Farms for City Children charity in Gloucester, England. The charity gives young people from inner cities the chance to spend a week on a working farm. Richard Pohle/AP

A mother goose swims with her four gosling on the Main River in Frankfurt, Germany, on Wednesday. One gosling fell into the river with no chance to get out again. The mother jumped into the river to help followed by her other three goslings. In the end, the father decided to join as well. Michael Probst/AP

An honor guard marches during Constitution Day celebrations in the Old Town in Warsaw, Poland, on Wednesday. Constitution Day commemorates the adoption of the Polish constitution in 1791, which was Europe’s first and the world’s second written constitution. Kacper Pempel/Reuters
Market Closes for May 3^rd, 2017

Market Index	Close	Change
Dow Jones	20957.90	+8.01   +0.04%
S&P 500	2388.13	-3.04   -0.13%
NASDAQ	6072.551	-22.815   -0.37%
TSX	15543.41	-76.51
		-0.49%

International Markets

Market Index	Close	Change
NIKKEI	19445.70	+135.18
		+0.70%
HANG SENG	24696.13	+81.00
		+0.33%
SENSEX	29894.80	-26.38
		-0.09%
FTSE 100*	7234.53	-15.52
		-0.21%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.545		1.513
CND. 30 Year Bond		2.146		2.135
U.S.    10 Year Bond		2.3198		2.2892
U.S. 30 Year Bond		2.9689		2.9760

Currencies

BOC Close	Today	Previous
Canadian $	0.72838	0.72924
US $	1.37292	1.37130
Euro Rate 1 Euro=		Inverse
Canadian $	1.49430	0.66921
US $	1.08841	0.91877

Commodities

Gold	Close	Previous
London Gold Fix	1250.30	1255.45
Oil	Close	Previous
WTI Crude Future	47.82	47.66

Market Commentary:
On this day in 1933, President Franklin D. Roosevelt appoints Nellie Tayloe Ross as director of the U.S. Mint. She is the first woman to hold the position. She serves five terms, retiring in 1953.
NUMBER OF THE DAY
$100 million
The charge General Motors is taking to write off its operations in troubled Venezuela, where authorities last month unexpectedly seized its production plant on a court order.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed lower with all sectors in the red as a rout in copper prices weighed on materials producers.
     The S&P/TSX Composite Index lost 77 points or 0.5 percent to 15,543.14. Materials stocks fell 1.3 percent as the price of copper tumbled as much as 4.5 percent, its biggest drop since 2015, leading other base metals lower. Teck Resources Ltd. was the biggest drag on the benchmark, falling 5.8 percent.
     Energy stocks slipped 0.2 percent along with the price of oil after data from the U.S. Energy Information Administration showed crude stockpiles declined less than forecast.
     In other moves:
* Tahoe Resources Inc. jumped 15 percent after the company’s first-quarter earnings beat the highest analyst estimate
* Home Capital Group Inc. fell 12 percent. Canadian banks and financial firms are showing little interest in buying the company
* Kinross Gold Corp. gained 11 percent, the most in almost a year, as earnings per share and revenue beat estimates
* Cott Corp. fell 5 percent. The beverage maker said it expects2017 revenue of about $3.7 billion, below the average estimate.
US
By Oliver Renick
     (Bloomberg) — U.S. stocks ended little changed Wednesday after Federal Reserve officials held benchmark interest rates steady and continued to assert strength in the economy. Apple shares pared earlier losses after the company reported iPhone sales that missed analysts’ estimates.
     The S&P 500 lost 0.1 percent at 4 p.m. to 2,388 in New York. The benchmark rose 0.1% on Tuesday as investors assessed corporate earnings. The Dow Jones Industrial Average was little changed at 20,957 on Wednesday.
* Financial (+0.6%) and energy (+0.3%) stocks were the biggest gainers on day; financial shares reversed earlier drop of as much as 0.5%
* Real estate, materials and telecom shares down at least 0.6%
* Bonds decline, with 10-year U.S. Treasury yield up 4 bps
* Volume in S&P 500 16% above 30-day average
** Advanced Micro Devices trading 150% above 30-day average for 7% of S&P 500 volume
** Akamai Technologies, Delphi Automotive, Verisk Analytics and Molson Coors and Automatic Data Processing all trading with volume at least 5x 30-day average
* VIX up to 10.6
** Volatility movers: Kimco Realty, Sempra Energy, Host Hotels & Resorts, Hologic Inc. and Ball Corp have the highest put/call volume ratios in the S&P 500
* POLITICS:
** President Donald Trump hosted Palestinian Authority leader Mahmoud Abbas at the White House on Wednesday as he weighed how to approach the Middle East
** Russian President Vladimir Putin continued his diplomatic push for a plan to establish safe zones in Syria backed by peacekeepers as he began talks with Turkish leader Recep Tayyip Erdogan in the Black Sea resort of Sochi on Wednesday
* ECONOMY:
** Expectations for an interest rate hike in June jumped to more than 95%, according Fed funds futures trading, as Fed officials said economic growth wouldn’t derail the committee’s plan to raise rates twice more this year
** Apple sold 50.8 million iPhones in the quarter ended April 1, down from 51.2 million units in the same period a year earlier and less than the 51.4 million predicted in a Bloomberg survey of analysts
** About two-thirds into the U.S. earnings season, 74% of companies beat EPS estimates, versus 69% a year ago, according to data compiled by Bloomberg. In absolute terms, EPS are up 14% year over year, set to be the strongest quarterly profit growth since 2011
** Market’s reaction to the robust earnings season has been muted so far, and asymmetric to the downside, JPMorgan equity strategists Emmanuel Cau and Mislav Matejka wrote in a note
** After-market Wednesday: Pioneer Natural Resources Co (PXD), Lincoln National Corp (LNC), CenturyLink Inc (CTL), Concho Resources Inc (CXO), Prudential Financial Inc (PRU), CF Industries Holdings Inc (CF), Federal Realty Investment Trust (FRT), Qorvo Inc (QRVO), Facebook Inc (FB), Murphy Oil Corp (MUR), Albemarle Corp (ALB), MetLife Inc (MET), Williams Cos Inc/The (WMB), Kraft Heinz Co/The (KHC), American International Group Inc (AIG), Transocean Ltd (RIG), Alliant Energy Corp (LNT), American Water Works Co Inc (AWK), Level 3 Communications Inc (LVLT)
** Pre-market Thursday: Ball Corp (BLL), Fluor Corp (FLR), Scripps Networks Interactive Inc (SNI), Global Payments Inc (GPN), PPL Corp (PPL), Dominion Resources Inc/VA (D), Regeneron Pharmaceuticals Inc (REGN), Willis Towers Watson PLC (WLTW), Eversource Energy (ES), Quanta Services Inc (PWR), Gartner Inc (IT), Chesapeake Energy Corp (CHK), AmerisourceBergen Corp (ABC), Occidental Petroleum Corp (OXY), Viacom Inc (VIAB), Church & Dwight Co Inc (CHD), Incyte Corp (INCY), Zoetis Inc (ZTS), Apache Corp (APA), Kellogg Co (K)
* First Word Street Wraps:
** Sprint Falls as Future Hinges on T-Mobile M&A: Street Wrap
** New Etsy CEO Won’t Turn Things Around Any Time Soon: Street Wrap
** First Solar Soars on Series 6 View, Suniva Petition: Street Wrap

 

Have a wonderful evening everyone.

 

Be magnificent!

Guard your tongue, for it is highly dangerous;
unguarded words can cause terrible distress.
A single bad word can destroy a vast quantity of good.
A wound caused by fire will eventually heal;
but  a wound caused by the tongue leaves a scar that never heals.
Valluvar

 

As ever,

 

Carolann

 

Consider the postage stamp, my son.  It secures success through its ability to stick to one thing until it gets there.
                                                                                                        -Josh Billings, 1818-1885

 

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

Dear Friends,

Tangents:

On this day in…
1519, Leonardo da Vinci died.
1611, the King James bible was published.
1903, Benjamin Spock, pediatrician was born.
1932, Pearl S. Buck won the Pulitzer Prize.
1939, New York Yankees first baseman Lou Gehrig removes himself from the lineup, ending his streak of consecutive games played at 2,130.
1945, the Soviet Union announced the fall of Berlin and the Allies announced the surrender of Nazi troops in Italy and parts of Austria.
Go to article »

The Poem

1988

By Lachlan Mackinnon

In the last full year of the second Reagan
administration, all seemed setting fair
for freedom.  Noble dreams were coming true.

Zeks were trekking homeward from the camps
in their first fours and fives to find what faces
waited in villages now parts of cities.

From Petersburg to Vladivostok, troubled
small people were enjoying making trouble
for the brute, the berk and the bureaucrat.

They would soon learn about the insurance scams,
the speed with which poems give way to porn,
the greed that keeps the market cycle turning.

but this was spring in Europe, cleaning house
with windows open to the song of birds,
I’m grateful to have lived at such a time.

and sorry truth exacts that I add this:
eighty-eight was also the last full year
of the red threat that kept our bankers honest.

From “Doves” (Faber).

Yes, there are two paths you can go by
But in the long run
There’s still time to change the road you’re on
And it makes me wonder…
          -Led Zeppelin, Stairway to Heaven.

PHOTOS OF THE DAY

The Sydney Harbour Bridge and the Australian Academy of Tai Chi and Qigong hosts the first Tai Chi martial arts class over Australia’s largest city on Tuesday. BridgeClimb Sydney/Reuters

A piano is planted with flowers on a floating barge, which is planted with fruit trees, with the Manhattan skyline in the background, as part of the Swale project called a collaborative floating forest, in the East River in Brooklyn, on Tuesday. Carlo Allegri/Reuters

A woman under an umbrella is pictured behind rain drops as she walks along a meadow in Frankfurt, Germany, on a rainy Tuesday. Michael Probst/AP
Market Closes for May 2^nd, 2017

Market Index	Close	Change
Dow Jones	20949.89	+36.43   +0.17%
S&P 500	2390.17	+1.84   +0.08%
NASDAQ	6095.367	+3.766   +0.06%
TSX	15622.32	+46.69
		+0.30%

International Markets

Market Index	Close	Change
NIKKEI	19445.70	+135.18
		+0.70%
HANG SENG	24696.13	+81.00
		+0.33%
SENSEX	29921.18	+2.78
		+0.01%
FTSE 100*	7250.05	+46.11
		+0.64%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.513		1.574
CND. 30 Year Bond		2.135		2.187
U.S.    10 Year Bond		2.2892		2.3216
U.S. 30 Year Bond		2.9760		3.0054

Currencies

BOC Close	Today	Previous
Canadian $	0.72924	0.73110
US $	1.37130	1.36780
Euro Rate 1 Euro=		Inverse
Canadian $	1.49825	0.66745
US $	1.09257	0.91527

Commodities

Gold	Close	Previous
London Gold Fix	1255.45	1266.45
Oil	Close	Previous
WTI Crude Future	47.66	48.84

Market Commentary:
Number of the Day
10.11
The CBOE Volatility Index slumped 6.6% Monday to 10.11, its lowest level since February 2007.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed higher as strength in health care, industrial and energy companies offset a decline in the financial sector in the midst of a busy week for earnings.
     The S&P/TSX Composite Index rose 44 points or 0.3 percent to 15,619.65. Valeant Pharmaceuticals International Inc. jumped 6.7 percent, boosting the health care index to a 2.4 percent gain, after the CEO proposed a name change and said he wants to cut the company’s debt in half.
     The energy index gained 0.4 percent despite a 2.5 percent drop in the price of crude following Pembina Pipeline Corp.’s $4.3-billion acquisition of Veresen Inc., announced Monday. Financial stocks slipped 0.2 percent to their lowest level of the year.
     In other moves:
* Home Capital Group Inc. rose 11 percent, retracing much of Monday’s 13 percent decline, even as as Canadian banks show little interest in buying the troubled company
* Colliers International Group Inc. added 6.8 percent after the commercial real estate services provider reported a first- quarter profit
* Finning International Inc. rose 4.4 percent on an upgrade from Canaccord Genuity
* WestJet Airlines Ltd. lost 3.2 percent after its first-quarter earnings missed the lowest analyst estimate.
US
By Oliver Renick
     (Bloomberg) — U.S. stocks edged higher Tuesday with technology companies rallying for the fourth day as investors assessed corporate earnings.
     The S&P 500 added 0.1 percent to 2,391.17 at 4 p.m. in New York. The benchmark gained 0.2 percent on Monday, holding onto gains even after U.S. President Donald Trump said he is actively considering breaking up big Wall Street banks. The Dow Jones Industrial Average climbed 0.2 percent to 20,949.89.
* Small-cap stocks drop 0.6% for third loss in four sessions
* Industrial (+0.5%) and health-care shares (+0.3%) lead market as seven of 11 sectors advance
* Consumer staples and energy stocks end at least 0.5% lower
* S&P 500 trading with volume 40% above average at this time
** Volume movers: Cummins, AMD, Coach, Affiliated Managers and Mosaic all trading with at least 5x 30-day average volume
* VIX nudges up to 10.6
** “As VIX falls further, equity prices get boosted and financial conditions loosen, which will likely keep the Fed on track for hikes despite the hard data from the economy showing a soft trend,” writes Ben Emons of Intellectus Partners
** Volatility movers: Macerich, Stryker, Motorola Solutions and Clorox have highest put/call volume ratio in S&P 500
* POLITICS:
** President Donald Trump threatened Tuesday to force a government shutdown later this year after congressional Democrats and Republicans struck a budget deal that largely neglected his priorities.
** Buzz on Wall Street is that, financial considerations aside, the administration’s ambitious, pro-growth agenda could make ultra-long bonds a reality in the Treasury market
* ECONOMY:
** Wards Total Vehicle sales 16.81m vs 17.10m estimate
** Ford Motor Co., General Motors Co. and Toyota Motor Corp. posted deeper U.S. sales declines than analysts projected; average new-car price in the U.S. rose about 2 percent over the past year, according to data from TrueCar Inc.’s ALG
* EARNINGS:
** After-hours, Apple sees 3Q revenue below analyst estimates while boosting dividend
** So far in the earnings season, about 60% of S&P 500 companies have reported quarterly results, with profits up 16% year over year, data compiled by Bloomberg show; about 76% of companies have reported better-than-expected earnings, versus 69% in the same period a year ago
** After-market Tuesday: Newfield Exploration Co (NFX), Western Union Co/The (WU), Assurant Inc (AIZ), ONEOK Inc (OKE), FMC Corp (FMC), Akamai Technologies Inc (AKAM), Verisk Analytics Inc (VRSK), DaVita Inc (DVA), Gilead Sciences Inc (GILD), Envision Healthcare Corp (EVHC), Mondelez International Inc (MDLZ), Devon Energy Corp (DVN), Hanesbrands Inc (HBI), Anadarko Petroleum Corp (APC), Allstate Corp/The (ALL), Apple Inc (AAPL)
** Pre-market Wednesday: Time Warner Inc (TWX), Automatic Data Processing Inc (ADP), Exelon Corp (EXC), NiSource Inc (NI), Reynolds American Inc (RAI), Garmin Ltd (GRMN), Clorox Co/The (CLX), Humana Inc (HUM), Harris Corp (HRS), Estee Lauder Cos Inc/The (EL), Yum! Brands Inc (YUM), Southern Co/The (SO), Intercontinental Exchange Inc (ICE), Molson Coors Brewing Co (TAP), Delphi Automotive PLC (DLPH)
* First Word Street Wraps:
** Breaking Up Big Banks Has Low – But Not Zero – Odds: Street Wrap
** Automakers Lack Compelling Models to Lure Buyers: Street Wrap
** AMD Bears Pounce on Disappointing Gross Margin View: Street Wrap

 

Have a wonderful evening everyone.

 

Be magnificent!

Being human,
I feel profoundly the necessity of putting an end to violence,
and I will make sure to put an end to it in myself.
Krishnamurti

As ever,

 

Carolann

Don’t knock the weather.  If it didn’t change once in a while, nine out of ten
people couldn’t start a conversation.
                                        -Kin Hubbard, 1868-1930

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

Dear Friends,

Tangents:

MAY 1^ST –Beltane – the ancient Celtic union of goddess and god, water and light.  All fires are extinguished at sunset on Beltane Eve, the midpoint between the spring equinox and the summer solstice.  In blackness of night, bonfires are struck from standing stone or drilled from sacred oak.  At the height of spring Beltane begins, celebrating all that is powerful and sensual in nature.   At dawn the sun dances, dancers grasp ribbons, weaving, the ribbons intertwine;  the Lord and Lady of Misrule preside over all.  The ancient Celts saw joy and life as one with suffering, death, and rebirth.

We were there last night when the dark drew down:
we set the bonfires leaping.
Then we vanished in the heather and we couldn’t be found until
the dawn came creeping. –Celtic rock group Annwn

PHOTOS OF THE DAY

A man in fancy dress, representing ‘new growth,’ participates in May Day Beltane festivities on Monday at Chalice Well, Glastonbury, England. The ancient Celtic festival of Beltane heralds the first signs of spring. Ben Birchall/PA/AP

Leicester Morrismen dance during May Day celebrations at Bradgate Park in Newtown Linford, in Leicestershire, England, on Monday.Darren Staples/Reuters
Market Closes for May 1^st, 2017

MarketIndex	Close	Change
DowJones	20913.46	-27.05  -0.13%
S&P 500	2388.33	+4.13  +0.17%
NASDAQ	6091.602	+43.995  +0.73%
TSX	15577.50	-8.63
		-0.06%

International Markets

MarketIndex	Close	Change
NIKKEI	19310.52	+113.78
		+0.59%
HANGSENG	24615.13	-83.35
		-0.34%
SENSEX	29918.40	-111.34
		-0.37%
FTSE 100*	7203.94	-33.23
		-0.46%

Bonds

Bonds		% Yield		Previous  % Yield
CND.10 Year Bond		1.574		1.543
CND.30 Year Bond		2.187		2.158
U.S.   10 Year Bond		2.3216		2.2838
U.S.30 Year Bond		3.0054		2.9547

Currencies

BOC Close	Today	Previous
Canadian $	0.73110	0.73252
US$	1.36780	1.36515
Euro Rate1 Euro=		Inverse
Canadian $	1.49081	0.67078
US$	1.08993	0.91749

Commodities

Gold	Close	Previous
London GoldFix	1266.45	1266.45
Oil	Close	Previous
WTI Crude Future	48.84	49.33

Market Commentary:
Number of the Day
8
The number of consecutive quarters during which Amazon has reported a profit, the longest such streak since 2012
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks closed with a slight decline as lower crude and gold prices weighed on commodity producers, offsetting a big deal in the oil patch.
The S&P/TSX Composite Index slipped 11 points or 0.1 percent to 15,575.63. Materials shares lost 1.4 percent as the price of gold fell, with Eldorado Gold Corp. and Guyana Goldfields Inc. both down more than 6 percent. The energy index was flat as a 1.2 percent drop in the price of crude counteracted a takeover of Veresen Inc. by Pembina Pipeline Corp. Veresen’s shares jumped 19 percent while Pembina lost 3.3 percent.
The financials index was flat amid ongoing worries about Home Capital Group Inc.’s future. Home Capital fell another 13 percent while competitor Equitable Group Inc. jumped 30 percent after securing a loan to boost its liquidity.
In other moves:
* Martinrea International Inc. gained 5.4 percent after the auto supplier reported first-quarter results that beat estimates
* Natural gas player Keyera Corp. rose 4.9 percent on speculation that it could be a target following the Pembina- Veresen deal
* Valeant Pharmaceuticals International Inc. added 4.5 percent.
The company said it cut its debt by $220 million and is on track to repaying $5 billion of debt by early 2018
US
By Oliver Renick
(Bloomberg) — U.S. stocks held onto early gains, even amid headlines from President Trump on North Korea and the banking industry.
The S&P 500 added 0.2 percent to 2,388.33 at 4 p.m. in New York. The benchmark ended down 0.2 percent on Friday as losses in credit-card providers offset gains in technology stocks, trimming its weekly advance to 1.5 percent. The Dow Jones Industrial Average slid 27 points to 20,913.46.
* Tech stocks (+0.9%) and real estate (+0.6%) lead market higher
** Lam Research, Applied Materials up at least 2.7%
* Financial shares end higher after dropping on a Bloomberg News interview in which President Trump said he is actively considering breaking up big banks
** Volume in XLF ETF surged to almost 3x 30-day average between 12:30 and 1pm
** Earlier, Vice President Mike Pence says replacing the Dodd- Frank banking overhaul law is a top priority
* Utility, telecom and consumer staples shares down at least 0.5%; bond yields higher with 10-year up 4bps
* Volume in S&P 500 7% below the 30-day average; real estate and tech shares only groups trading on higher volume
** Volume movers: O’Reilly Automotive, Newell Brands, Affiliated Management, Harris Synchrony Financial all traded on volume at least 2x 30-day average
* VIX down to 10.1
** Volatility movers: LKQ Corp, JB Hunt Transport, Kellogg, Eastman Chemical and Scana Corp have highest put/call volume ratios in S&P 500
* Most equity markets in Europe and developing economies such as China, Russia, South Africa, and Turkey were closed on Monday for holidays
* POLITICS:
** U.S. House and Senate negotiators reached a bipartisan agreement Sunday night on a $1.1 trillion bill that would keep the government open through the end of September
** “The avoidance of a U.S. government shutdown helped markets shift from a neutral to more positive tone overnight in Asia,” said Jasper Lawler, senior market analyst at London Capital Group
* ECONOMY:
** Fed’s Cut in Bond Holdings May Be Messier Than Yellen Hopes
** U.S. March Personal Income rose 0.2%; est. Up 0.3%
** U.S. consumer spending stalled in March while inflation slowed to below the Federal Reserve’s target
* EARNINGS:
** After-market Monday: Advanced Micro Devices Inc (AMD), Alexandria Real Estate Equities Inc (ARE), Noble Energy Inc (NBL), Vornado Realty Trust (VNO), Flowserve Corp (FLS), FMC Corp (FMC)
** Pre-market Tuesday: Fidelity National Information Services Inc (FIS), Coach Inc (COH), HCA Holdings Inc (HCA), Martin Marietta Materials Inc (MLM), Becton Dickinson and Co (BDX), PG&E Corp (PCG), Aetna Inc (AET), AMETEK Inc (AME), HCP Inc (HCP), Emerson Electric Co (EMR), NRG Energy Inc (NRG), Pinnacle West Capital Corp (PNW), Ecolab Inc (ECL), Eaton Corp PLC (ETN), ConocoPhillips (COP), Merck & Co Inc (MRK), Pfizer Inc (PFE), CVS Health Corp (CVS), Xylem Inc/NY (XYL), Charter Communications Inc (CHTR), WEC Energy Group Inc (WEC), Altria Group Inc (MO), Mosaic Co/The (MOS), Archer-Daniels-Midland Co (ADM), Cummins Inc (CMI), Mastercard Inc (MA)
* Street Wraps:
** Fox May Play Defense to Thwart Sinclair Tribune Bid: Street Wrap
** Hess Midstream’s Stable Cash Flows Please Analysts: Street Wrap
** Schneider National ‘Secret Sauce’ Gets Analyst Love: Street Wrap

Have a wonderful evening everyone.

Be magnificent!

What is then worth having?
Mukti, freedom.
Swami Vivekananda

As ever,

Carolann

Thought is the wind, knowledge the sail, and mankind the vessel.
                                                    -Augustus Hare, 1834-1903

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

Dear Friends,

Tangents:
1789 – The crew of the British ship Bounty mutineed, setting Captain William Bligh and 18 sailors adrift in a launch in the South Pacific.
1937 – Iraqi dictator Saddam Hussein was born near the desert town of Tikrit.
1945 – Italian dictator Benito Mussolini and his mistress, Clara Petacci, were executed.
1996 – President Bill Clinton gave 4 1/2 hours of videotaped testimony as a defense witness in the criminal trial of his former Whitewater business partners.
2001 – A Russian rocket lifted off from Central Asia bearing the first space tourist, California businessman Dennis Tito.
2003 – Apple Computer Inc. launched the iTunes store.

Read more books.  Ask more questions.  Listen more closely.
PHOTOS OF THE DAY

Workers and wine growers light heaters early in the morning, to protect vineyards from frost damage outside Chablis, France, on Friday.Christian Hartmann/Reuters

Sergei Bobkov paints Siberian cedar nut oil onto a life-size sculpture of Pallas’s Cat, also known in Russia as Manul Cat, which he made from Siberian cedar wood shavings using more than 700 thousand pieces over four years, in the village of Kozhany, southwest of the Siberian city of Krasnoyarsk, Russia on Friday. Ilya Naymushin/Reuters
Market Closes for April 28^th, 2017

MarketIndex	Close	Change
DowJones	20940.51	-40.82  -0.19%
S&P 500	2384.19	-4.58  -0.19%
NASDAQ	6047.605	-1.332  -0.02%
TSX	15591.65	+85.19
		+0.55%

International Markets

MarketIndex	Close	Change
NIKKEI	19196.74	-55.13
		-0.29%
HANGSENG	24615.13	-83.35
		-0.34%
SENSEX	29918.40	-111.34
		-0.37%
FTSE 100*	7203.94	-33.23
		-0.46%

Bonds

Bonds		% Yield		Previous  % Yield
CND.10 Year Bond		1.543		1.576
CND.30 Year Bond		2.158		2.181
U.S.   10 Year Bond		2.2838		2.2946
U.S.30 Year Bond		2.9547		2.9642

Currencies

BOC Close	Today	Previous
Canadian $	0.73252	0.73376
US$	1.36515	1.36285
Euro Rate1 Euro=		Inverse
Canadian $	1.48747	0.67228
US$	1.08960	0.91777

Commodities

Gold	Close	Previous
London GoldFix	1266.45	1262.80
Oil	Close	Previous
WTI Crude Future	49.33	48.97

Market Commentary:
On this day in 2004, Comcast drops its $48.7 billion unsolicited bid for Walt Disney.

Number of the Day
$1.4 billion
Insiders at publicly traded commercial banks with a market value greater than $1 billion, but excluding the largest national banks, sold about $1.4 billion in their company stock between the election and the end of March, up 65% from the 10-plus months in 2016 before the election, according to an analysis by The Wall Street Journal.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed higher on strength in resource companies and banks, capping a 10th straight monthly gain for the benchmark.
     The S&P/TSX Composite Index added 80 points or 0.5 percent to 15,586.13. Materials stocks led the way with a 1.8 percent rise as Detour Gold Corp. and Agnico Eagle Mines Ltd. both posted double-digit gains following strong earnings.
     The energy index rose 0.4 percent along with the price of oil, while the financial index added 0.3 percent after nearing a 2017 low on Thursday amid fallout from a run on Home Capital Group Inc.’s deposits.
     In other moves:
* Cameco Corp. lost 8.3 percent. The miner reported a wider- than-expected first-quarter loss amid uranium market weakness
* Bombardier Inc. fell 4.1 percent. Boeing Co. accused the aerospace company of selling its C Series jets at unfairly low prices
* Thomson Reuters Corp. rose 4 percent on better-than-expected results due to higher subscription revenues and cost cuts
* Jean Coutu Group PJC Inc. fell 4.2 percent after being downgraded to sell by Desjardins
US
By Lu Wang
     (Bloomberg) — U.S. stocks slipped, with the S&P 500 Index trimming its weekly advance, as losses in credit-card providers offset gains in technology companies that were sparked following better-than-expected results from Amazon.com Inc. and Google parent Alphabet Inc.
     The S&P 500 fell 0.2 percent at 4 p.m. in New York while the Dow Jones Industrial Average lost a similar amount, led by Intel Corp. Small-cap shares saw the worst of selling as the Russell 2000 Index sank 1.2 percent.
     Despite the losses, all three benchmarks have advanced at least 1.5 percent this week, hitting or approaching record highs, as the first round of the French election eased risk that the European Union might unravel and the Trump administration released its guidelines for tax cuts.
* Since earnings season began, 81 percent of S&P 500 companies have exceeded profit estimates and 65 percent beat on sales, data compiled by Bloomberg show.
* Synchrony Financial tumbled the most in the S&P 500 today, sinking 16 percent, after the issuer of private-label credit cards set aside more money for soured loans in the first quarter than analysts expected.
* Capital One Financial Corp. and Discover Financial Services also dropped after a surge in soured credit-card loans hurt profit at the two lenders.
* Alphabet gained 3.7 percent to a record after beating analysts’ sales projections in the first quarter, ending a four- year streak of missing Wall Street estimates after the holidays.
* Amazon advanced 0.7 percent, also to a record, after it showed no signs of slowing an unbroken 20-year streak of double-digit revenue growth.
* The Philadelphia Semiconductor Index fell 1.7 percent, paced by Intel, which lost 3.4 percent after revenue at its data- center business fell short of estimates.
* Starbucks Corp. slid 2 percent after reporting slower sales growth than analysts projected.
* The U.S. economy expanded at an annualized rate of 0.7 percent in the first quarter, the slowest pace in three years, as weak auto sales and lower home-heating bills dragged down consumer spending.

Have a wonderful weekend everyone.

 

Be magnificent!

We have at the present moment everybody claiming the right of conscience
without going through any discipline whatsoever
that there is so much untruth being delivered to a bewildered world.
Truth is not to be found by anybody who has not got a sense of humility.
If you would swim on the bosom of this ocean of Truth
you reduce yourself to a zero.
Mahatma Gandhi

As ever,

Carolann

 

Income tax returns are the most imaginative fiction
being written today.     –Herman Wouk, b. 1915

 

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

 

Dear Friends,

Tangents:

Number of the Day:
2
Foreign drivers stopped in Iceland by police in the course of a week for “driving under the influence of the aurora [borealis].”  The beauty of the northern lights made them drive erratically. –Iceland magazine.

On this day in…
1947 – “Babe Ruth Day” was held at Yankee Stadium to honor the ailing baseball star.

1972 – Apollo 16 returned to Earth after a manned voyage to the moon.

1982 – John W. Hinckley Jr. went on trial in Washington, D.C., in the shooting of President Ronald Reagan. (He was acquitted by reason of insanity.)

1992 – The Federal Republic of Yugoslavia was proclaimed in Belgrade by the Republic of Serbia and its lone ally, Montenegro.

2006 – Construction began on a 1,776-foot building on the site of the World Trade Center in New York City.

2011 – President Barack Obama produced a detailed Hawaii birth certificate in an extraordinary attempt to bury the issue of where he was born.

And on April 27^th, 1859, Edward FitzGerald wrote to E.B. Cowell; Cowell, an oriental scholar, had introduced him to the original of The Rubaiyat of Omar Khayyam:
I sent you poor old Omar…I hardly know why I print any of these things, which nobody buys; and I scarce now see the few I give them to.  But when one has done one’s best, and is sure that that best is better than so many will take pains to do, though far from the best that might be done, one likes to make an end of the matter by print.  I suppose very few people have ever taken such pains in translation as I have:  though certainly not to be literal.  But at all cost, a thing must live:  with a transfusion of one’s own life if one can’t retain the originals better.  Better a live sparrow than a stuffed eagle.

Knowledge is learning something every day.  Wisdom is letting go of something every day.
PHOTOS OF THE DAY

A model, painted by the artist Avi Ram from Airbrush Hero, poses for a photo at the Tower of David in Jerusalem’s Old City on Thursday as part of a calendar project. Ronen Zvulun/Reuters

An installation representing Gibraltar is displayed during the presentation of the art exhibition ‘La Terra Inquieta’ (Restless Earth) at the Triennale Palace of Arts in Milan, Italy, on Thursday. Through the works of more than 60 artists from all over the world, ‘Restless Earth’ addresses the problem of migration and the crisis of refugees. The exhibition will run until Aug. 20. Luca Bruno/AP
Market Closes for April 27^th, 2017

Market Index	Close	Change
Dow Jones	20981.33	+6.24   +0.03%
S&P 500	2388.77	+1.32   +0.06%
NASDAQ	6048.938	+23.712   +0.39%
TSX	15506.47	-143.08
		-0.91%

International Markets

Market Index	Close	Change
NIKKEI	19251.87	-37.56
		-0.19%
HANG SENG	24698.48	+120.05
		+0.49%
SENSEX	30029.74	-103.61
		-0.34%
FTSE 100*	7237.17	-51.55
		-0.71%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.576		1.479
CND. 30 Year Bond		2.181		2.165
U.S.    10 Year Bond		2.2946		2.3035
U.S. 30 Year Bond		2.9642		2.9602

Currencies

BOC Close	Today	Previous
Canadian $	0.73376	0.73416
US $	1.36285	1.36210
Euro Rate 1 Euro=		Inverse
Canadian $	1.48186	0.67483
US $	1.08733	0.91969

Commodities

Gold	Close	Previous
London Gold Fix	1262.80	1261.85
Oil	Close	Previous
WTI Crude Future	48.97	49.62

Market Commentary:
A Chinese money market fund set up as a repository for leftover cash from online spending has emerged as the world’s biggest, with $165.6B under management. Alibaba’s (NYSE:BABA) four-year-old Yu’e Bao fund – which means leftover treasure – has overtaken JPMorgan’s U.S. Government Money Market Fund (MUTF:MJGXX), which has $150B. Yu’e Bao pays 3.93%.

On this day in 1992, Russia and 12 other former Soviet republics won entry into the International Monetary Fund and the World Bank.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks suffered a triple-digit loss as financial shares neared their lowest level of the year and commodity prices dragged down mining and energy companies.
     The S&P/TSX Composite Index fell 143 points or 0.9 percent to 15,506.47. Financial shares retreated 1.7 percent, briefly hitting their lowest level of the year in intraday trading, as fallout from Home Capital Group Inc.’s run on deposits weighed on the sector. Home Capital rallied 34 percent after securing a high-interest loan and hiring bankers to explore a possible sale.
     Materials shares fell 1.3 percent and energy stocks lost 1.2 percent as commodity prices declined.
     In other moves:
* New Gold Inc. lost 8.7 percent. The miner said its Rainy River tailings permit has been pushed to January 2018 from the third quarter
* Lundin Mining Corp. fell 6.8 percent after first-quarter revenue missed estimates
* Toromont Industries Ltd. jumped 6.7 percent. First-quarter revenue beat the highest estimate
* Potash Corp. of Saskatchewan Inc. rose 2.3 percent after raising its full-year profit forecast.
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks and the dollar were little changed after an up-and-down session amid a whirlwind of policy news as the Trump administration seeks to burnish its record ahead of its 100th day in office.
     The S&P 500 Index eked out a gain to close near all-time highs amid a flurry of headlines on everything from Nafta to tax reform, the budget and health care. Energy producers tumbled after crude slid to $49 a barrel on concern over a supply glut, while earnings lifted technology indexes to fresh records. Amazon.com Inc. and Alphabet Inc. climbed after hours as results topped estimates, while Intel Corp. slipped.
     The Mexican peso pared gains and Canada’s dollar was little changed amid mixed signals from the White House on the Nafta regional trade agreement. The euro weakened after the European Central Bank signaled its commitment to stimulus even as the region’s economy firms. Gold was little changed and emerging- market assets slipped.
     Politics remained in focus this week as the Trump administration unveiled a hastily assembled plan to cut taxes on Wednesday and gave mixed signals on its intentions for the North American trade agreement. The machinations left markets unsure of the policy direction, with lots of discussion and few concrete actions on which to trade. Congress is also considering a continuing resolution to avoid a government shutdown, while House Republicans attempt to revive legislation to repeal Obamacare.
     The U.S. political turmoil overshadowed the ECB’s latest policy commentary. President Mario Draghi showed growing enthusiasm about the state of the euro-area economy, while cautioning that inflation pressures remain too weak to contemplate paring back stimulus.
     Read our Markets Live blog here.
     Here are some key upcoming events investors are watching:
* U.S. GDP is due Friday. It’s projected to show the economy expanded at a 1 percent annualized rate in the first quarter, the weakest pace in a year.
* Earnings will contribute to trading on U.S. markets Friday, with a flood of postmarket releases setting the tone.
     Here are the main moves in markets:
     Stocks
* The S&P 500 rose 0.1 percent to 2,388.86 at 4 p.m. in New York.
* The Nasdaq 100 Index jumped 0.5 percent to a record, while the Nasdaq Composite ended at an all-time high.
* In late trading, Alphabet rose 3.7 percent and Amazon added 3.6 percent as of 4:28 p.m. Intel lost 3.6 percent.
* PayPal jumped and Under Armour Inc. surged amid earnings announcements. Energy shares lost 1.1 percent.
* The Stoxx Europe 600 Index slipped 0.2 percent after climbing for six straight sessions to the highest level since August 2015.
* Deutsche Bank dropped 3.7 percent after debt and equity trading missed estimated in the first quarter.
* Tokyo stocks fell for the first time in six days and the yen slipped. The Bank of Japan kept its policies unchanged while lowering its inflation forecast, underscoring that any exit from its monetary easing remains far away.
     Currencies
* The Bloomberg Dollar Spot Index added less than 0.1 percent, after increasing 0.3 percent on Wednesday.
* The euro saw choppy trading during the ECB press conference, rising to 1.0933 from its interim low as Draghi’s more upbeat tone appeared to align with trader expectations that had built over the course of the week. It traded lower by 0.3 percent to $1.0874.
* The Mexican peso rose 0.7 percent, paring a gain of 1.4 percent as the White House continued to give mixed signals on Nafta. The peso slid 1.7 percent on Wednesday.
* The Canadian dollar was little changed, erasing earlier gains.
     Bonds
* Treasuries advanced, with the yield curve steepening, as a risk-off sentiment took hold across markets after posturing by lawmakers in Washington.
* The 10-year Treasury yield slipped to 2.29 percent. The rate fell three basis points to 2.30 percent on Wednesday, after climbing for five straight sessions.
* German benchmark yields slid five basis points to 0.296 percent after the ECB’s signal that inflation remains tepid.
* Swedish government bonds rallied after the central bank unexpectedly extended its bond-buying program, prompting investors to bet that policy makers will delay a rate increase.
     Commodities
* Oil dropped to a one-month low as Libya reopened its biggest field and U.S. crude production climbed a 10th week. Futures slid 1.3 percent to settle at $48.97 a barrel in New York.
* Gold futures advanced 0.1 percent to $1,265.50 an ounce in New York. Contracts remain below the pre-election level of $1,305.06 an ounce. Prices cratered more than 13 percent through Dec. 22. They ground back to $1,289.76 this month after Trump’s airstrikes on Syria and Afghanistan.
* Iron ore’s sell-off may be set to worsen. The world’s largest mining company says that global supplies are poised to increase in the coming years as low-cost producers add more tons to the market, delivering its warning just hours after a similar red flag from the World Bank.

Have a wonderful evening everyone.

 

Be magnificent!

When you abandon every desire that rises up within you,
and when you become content with things as they are, then you experience inner peace.
When your mind is untroubled by misfortune, when you desire no pleasures,
when your emotions are tranquil, and when you are free from fear and anger,
then you experience inner calm.  When you are free from all attachments,
when you  are indifferent to success and failure,
then you experience inner serenity.
When you can withdraw your senses from pleasures of the senses,
just as a tortoise withdraws its limbs,
then you experience inner wisdom.
The Bhagavad Gita

As ever,

 

Carolann

 

Great things are not done by impulse, but by a series of small things brought together.
                                                                                 -George Eliot, 1819-1880

 

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

Dear Friends,

Tangents:
On April 26, 1986, the world’s worst nuclear accident occurred at the Chernobyl plant in the Soviet Union. An explosion and fire in the No. 4 reactor sent radioactivity into the atmosphere; at least 31 Soviets died immediately.
Go to article »
1607 – An expedition of English colonists went ashore at Cape Henry, Va., to establish the first permanent English settlement in the Western Hemisphere. (They later settled at Jamestown.)
1865 – John Wilkes Booth, the assassin of President Abraham Lincoln, was surrounded and killed by federal troops near Bowling Green, Va.
1937 – Planes from Nazi Germany raided the Basque town of Guernica, Spain during the Spanish Civil War, causing the massacre that inspired what is perhaps Picasso’s most famous painting.
1945 – Marshal Henri Philippe Petain, the head of France’s Vichy government during World War II, was arrested.
PHOTOS OF THE DAY

A bolt of lightning strikes over harbor cranes in Cape Town, South Africa, on Wednesday. Mike Hutchings/Reuters

Bats are seen in the Old City in Caesarea, Israel, on Wednesday. Amir Cohen/Reuters

Seiichiro Nishimoto, CEO of Shelter Co., poses wearing a gas mask at a model room for the company’s nuclear shelters in the basement of his house in Osaka, Japan, on Wednesday. Kim Kyung-Hoon/Reuters
Birthday: Ludwig Wittgenstein, philosopher, b. 1889
I don’t know why we are here, but I’m pretty sure that it is not in order to enjoy ourselves. –Ludwig Wittgenstein.
Market Closes for April 26^th, 2017

Market Index	Close	Change
Dow Jones	20975.09	-21.03   -0.10%
S&P 500	2387.45	-1.16   -0.05%
NASDAQ	6025.227	-0.265   —
TSX	15649.54	-95.65
		-0.61%

International Markets

Market Index	Close	Change
NIKKEI	19289.43	+210.10
		+1.10%
HANG SENG	24578.43	+122.49
		+0.50%
SENSEX	30133.35	+190.11
		+0.63%
FTSE 100*	7288.72	+13.08
		+0.18%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.479		1.519
CND. 30 Year Bond		2.165		2.188
U.S.    10 Year Bond		2.3035		2.3304
U.S. 30 Year Bond		2.9602		2.9863

Currencies

BOC Close	Today	Previous
Canadian $	0.73416	0.73683
US $	1.36210	1.35716
Euro Rate 1 Euro=		Inverse
Canadian $	1.48539	0.67322
US $	1.09052	0.91700

Commodities

Gold	Close	Previous
London Gold Fix	1261.85	1267.80
Oil	Close	Previous
WTI Crude Future	49.62	49.21

Market Commentary:
On this day in 1973, the Chicago Board Options Exchange opens for trading, with call options available on 16 U.S. common stocks.
Number of the Day
328 million
Twitter’s average monthly active users for the first quarter, a 6% increase on a year-over-year basis and up from 319 million in the previous quarter.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks accelerated losses in the last hour of trading, propelling the benchmark index to its biggest decline in nearly two weeks as financials and energy lost ground.
     The S&P/TSX Composite Index lost 96 points or 0.6 percent to close at 15,649.54. Financial stocks were the biggest drag, dropping 1.3 percent as bond yields fell following the unveiling of U.S. President Donald Trump’s tax plan. Home Capital Group Inc. plunged 65 percent after securing a costly new loan.
     The energy index fell 1.1 percent as West Texas Intermediate crude prices dropped 0.6 percent to $49.28 a barrel.
     In other moves:
* Westshore Terminals Investment Corp. plunged 12 percent after British Columbia said it will seek to ban shipments of thermal coal through its ports in retaliation for the Trump administration’s softwood lumber tariffs
* Equitable Group Inc. lost 32 percent, Street Capital Group Inc. fell 9.8 percent and Genworth MI Canada fell 8.2 percent as home lender and insurer stocks fell in reaction to the Home Capital deal
* Restaurant Brands International Inc. fell 2.9 percent after Burger King’s same-store sales fell in the first quarter
* Canaccord Genuity Group Inc. gained 8.9 percent. The financial services firm expects earnings for the quarter ended March 31 to be significantly higher than previous quarters.
US
By Oliver Renick
     (Bloomberg) — U.S. stocks ended a volatile day little changed, with equity benchmarks near record levels, as investors sifted through details on President Donald Trump’s tax plan, as well as corporate earnings.
* S&P 500 down less than 0.1% to 2,387 at 4 p.m.
* Dow Industrials down 0.1% to 20,975.09
* Telecom (+1%), health care (+0.5%), consumer discretionary (+0.5%) biggest gainers
* Real estate (-0.9%), consumer staples (-0.8%) biggest laggards as 10-year yield drops 3 basis points
* Financial and industrial shares little changed
* Volume in S&P 500 16% above 30-day average at this time
* Volume movers: Seagate (STX), CR Bard (BCR) and Juniper Networks (JNPR) all traded with volume at least 3x 30- day average
* VIX up to 10.9
* Volatility movers: Global Payments (GPN), Advanced Auto Parts (AAP), Ameriprise Financial (AMP) and Snap-On Inc. (SNA) have highest put/call volume ratio in the S&P 500
* Stock market valuations have become divorced from reality, David Einhorn’s Greenlight Capital wrote to clients on Tuesday, warning of a bubble
* S&P 500 trades near highest valuation since 2002, based on a forward P/E basis
* POLITICS:
* The White House made its opening bid for what officials called the “biggest tax cut” in U.S. history — with cuts that would benefit businesses, the middle class and certain high-earning individuals — but left unanswered questions about whether the plan would be paid for, or how
* Plan calls for slashing federal income-tax rate to 15% for corporations; imposes one-time tax on $2.6 trillion in overseas earnings
* Individual plan proposes condensing seven-tier income-tax structure into just three
* ECONOMY:
* MBA mortgage applications index rose 2.7% in week ended April 21 after falling 1.8% in prior week
* EARNINGS (S&P 500):
* After-market Wednesday: Varian Medical Systems Inc (VAR), Extra Space Storage Inc (EXR), AvalonBay Communities Inc (AVB), Fortune Brands Home & Security Inc (FBHS), Amgen Inc (AMGN), F5 Networks Inc (FFIV), XL Group Ltd (XL), Tractor Supply Co (TSCO), Cincinnati Financial Corp (CINF), Fiserv Inc (FISV), Equifax Inc (EFX), Equinix Inc (EQIX), Public Storage (PSA), Kimco Realty Corp (KIM), TechnipFMC PLC (FTI), Xilinx Inc (XLNX), Raymond James Financial Inc (RJF) ,Mid-America Apartment Communities Inc (MAA), PayPal Holdings Inc (PYPL), Citrix Systems Inc (CTXS), Unum Group (UNM), O’Reilly Automotive Inc (ORLY)
* Pre-market Thursday: Simon Property Group Inc (SPG), Allegion PLC (ALLE), Air Products & Chemicals Inc (APD), L3 Technologies Inc (LLL), Marsh & McLennan Cos Inc (MMC), Iron Mountain Inc (IRM), Marathon Petroleum Corp (MPC), National Oilwell Varco Inc (NOV), EQT Corp (EQT), LKQ Corp (LKQ), International Paper Co (IP), CME Group Inc (CME), Helmerich & Payne Inc (HP), Alexion Pharmaceuticals Inc (ALXN), Praxair Inc (PX), American Airlines Group Inc (AAL), BorgWarner Inc (BWA), Xcel Energy Inc (XEL), Teradata Corp (TDC), AbbVie Inc (ABBV), American Electric Power Co Inc (AEP), Boston Scientific Corp (BSX), Southwest Airlines Co (LUV), Dow Chemical Co/The (DOW), Johnson Controls International plc (JCI), Invesco Ltd (IVZ), Under Armour Inc (UAA), CBRE Group Inc (CBG), Bristol-Myers Squibb Co (BMY), Comcast Corp (CMCSA), American Tower Corp (AMT), Ford Motor Co (F), Union Pacific Corp (UNP), Raytheon Co (RTN), Zimmer Biomet Holdings Inc (ZBH), Parker-Hannifin Corp (PH), Celgene Corp (CELG), SCANA Corp (SCG), United Parcel Service Inc (UPS)
* Stoxx Europe 600 Index added 0.5% by close
* Index is poised for its best weekly gain of the year.
 

Have a wonderful evening everyone.

 

Be magnificent!

Hold the reins of your mind, as you would hold the reins of a restive horse.
Svetasvatara Upanishad

As ever,

 

Carolann

Beware of missing chances; otherwise it may be altogether too late some day.
                                                                     –Franz Liszt, 1811-1886

 

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