Category: Newsletters

Dear Friends,

Tangents:
On Jan. 9, 2007, Steven P. Jobs introduced Apple’s long-awaited entry into the cellphone world, the iPhone.
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January 8 & 9, 1909, Ernest Shackleton, attempting to be the first to the South Pole, 90° south:
Again all day in our bags, suffering considerably physically from cold hands and feet, and from hunger, but more mentally, for we cannot get on south, and we simply lie here shivering.  Every now and then one of our party’s feet go, and the unfortunate beggar has to take his leg out of the sleeping-bag and have his frozen foot nursed into life again by placing it inside the shirt, against the skin of his almost equally unfortunate neighbor.  We must do something more to the south, even though the food is going, and we weaken lying in the cold, for with 72° of frost the wind cuts through our thin tent, and even the drift is finding its way in and on to our bags, which are wet enough as it is….We are so short of food, and at this high altitude, 11,600 feet, it is hard to keep any warmth in our bodies between the scanty meals.  We have nothing to read now, having depoted our little books to save weight, and it is dreary work lying in the tent with nothing to read and too cold to write much in the diary…
At 4 am [January 9^th] started south, with the Queen’s Union Jack, a brass cylinder containing stamps and documents to place at the furthest south point, camera, glasses, and compass.  At 9 am we were in 88° 23’ south, half running and half walking over a surface much hardened by the recent blizzard.  It was strange for us to go along without the nightmare of a sledge dragging behind us.  We hoisted Her Majesty’s flag and the other Union Jack afterwards, and took possession of the plateau in the name of His Majesty.  While the Union Jack blew out stiffly in the icy gale that cut us to the bone, we looked south with our powerful glasses, but could see nothing but the dead white snow plain.  There was no break in the plateau as it extended towards the Pole, and we feel sure that the goal we have failed to reach lies on this plain….Homeward bound at last.  Whatever regrets may be, we have done our best.
PHOTOS OF THE DAY

The ferry which runs between Szentednre and Szigetmonostor is about to depart from Szentendre, 22 kms north of Budapest, Hungary, on Monday. Balazs Mohai/MTI/AP

A woman stands between trees that are illuminated in various colors as a part of the ‘winter lights’ exhibition in Palmengarten park in Frankfurt, Germany, on Monday. Michael Probst/AP

Kimono-clad women, who are celebrating turning 20 years old, enjoy a roller coaster ride following a coming-of-age ceremony at Toshimaen amusement park on Coming of Age Day, a national holiday, in Tokyo on Monday. The day is marked by those who have turned 20 since the previous April 1, or who will turn 20 before March 31. Shizuo Kambayashi/AP
Market Closes for January 9^th, 2017

Market Index	Close	Change
Dow Jones	19887.38	-76.42   -0.38%
S&P 500	2268.90	-8.08   -0.35%
NASDAQ	5531.816	+10.761   +0.19%
TSX	15388.95	-107.10
		-0.69%

International Markets

Market Index	Close	Change
NIKKEI	19454.33	-66.36
		-0.34%
HANG SENG	22558.69	+55.68
		+0.25%
SENSEX	26726.55	-32.68
		-0.12%
FTSE 100*	7237.77	+27.72
		+0.38%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.680		1.731
CND. 30 Year Bond		2.278		2.317
U.S.    10 Year Bond		2.3647		2.4193
U.S. 30 Year Bond		2.9580		3.0088

Currencies

BOC Close	Today	Previous
Canadian $	0.75663	0.75557
US $	1.32166	1.32351
Euro Rate 1 Euro=		Inverse
Canadian $	1.39905	0.71477
US $	1.05856	0.94483

Commodities

Gold	Close	Previous
London Gold Fix	1178.50	1175.85
Oil	Close	Previous
WTI Crude Future	51.96	53.99

Market Commentary:
Canada
By Oliver Renick
     (Bloomberg) — Canadian stocks declined as an index of commodities fell and phone shares retreated. Canadian Natural Resources Ltd., Suncor Energy Inc. and Seven Generations Energy Ltd. led the market lower.
     The S&P/TSX Composite Index fell for a second session, slipping 0.4 percent to 15,436.28 at 12:37 p.m. in Toronto. The gauge had flirted with an all-time high last week, closing Thursday 71 points away from its September 2014 peak. The index finished 2016 as the best-performing developed stock market and has risen in each of the last six months.
     Energy shares paced losses Monday, losing 1.2 percent, as seven of 11 industry groups moved lower. Materials shares and health-care stocks added at least 0.6 percent.
* Bloomberg commodity index down 1.1%
* Pretium Resources up 6.9% after rated new “speculative outperform” at BMO
* Sandstorm Gold, Novagold Resources, Alamos Gold up at least 6% with gold up 0.9%
* Seven Generations Energy down 6.8%, gets target price cut by BMO; Credit Suisse says buy.
US
By Oliver Renick
     (Bloomberg) — U.S. stocks declined Monday as investors sold following last week’s advance to the precipice of 20,000 on the Dow Jones Industrial Average. Energy stocks slid with crude oil.
     The S&P 500 Index lost 0.4 percent to 2,268.90 at 4 p.m in New York, after increasing 1.7 percent last week. The benchmark gained 0.4 percent on Friday and reached a record as data showed U.S. wages in December increasing the most since 2009, fueling expectations of stronger economic growth this year. 
     The Dow lost 0.4 percent to 19,887.38 Monday. Analyst Tom DeMark said Friday that the Dow is likely to remain short of the milestone level in a topping process amid an absence of buyers.
* Nasdaq Composite higher by 0.2% as Russell 2000 small-caps drop 0.7%
* Energy shares down 1.5% for biggest loss in S&P 500 as crude fell 3.9%
* Financials slid 0.8%; group is up 17% since Nov. 8
* Health-care, materials and tech stocks advanced
* VIX up 2.1%, snapping a four-day decline
     For related equity market news:
* BlackRock Quants Sustain Record Losses in Setback to Fink Plan
* Cross-Asset Stress Eases to Lowest Since 2015 China Scare:
     Chart
* Hedge Funds Add $9.8b S&P 500 in Biggest Week Since Election
* Small-Cap Growth Stocks Poised to Outperform: Jefferies

 

Have a wonderful evening everyone.

 

Be magnificent!

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

As ever,

 

Carolann

 

Science knows no country, because knowledge belongs to humanity.
                                                        -Louis Pasteur, 1822-1895

 

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:

I was saddened to read in last weekend’s Financial Times that Susie Boyt’s column was appearing for the last time.  She has decided to take some time off  “for good behavior, possible for bad.” 

I have been enjoying her column every week for the past 13 years that she’s been writing them.   From her final column, “So Long, Farewell,”  I thought the following part was  worthwhile sharing with you in case you don’t read the FT or perhaps missed last weekend’s:

“A while ago I was asked to put some of my ideas for living into a little treatise and I will leave you with that now. These are the thoughts I entertain when I feel most myself and most alive. They don’t necessarily agree with me, but all any of us can do is live our lives in our own character. A small part of me still believes that to be the person in the room with the most feelings is to be the best person. I know it’s not wise or fashionable to say so, but it is one way of having maximum life.

Things that are hard have more of life at their heart than things that are easy.The future must prove better and happier than the past.

All feelings however painful are to be prized.

Glamour is a moral stance.

Loss, its memory and its anticipation, lies at the heart of the human experience.

If you have a thin skin all aspects of life cost more and have more value.

The world is crueller and more wonderful than anyone ever says.

You must try to prepare and be ready for the moment that you’re needed, for the call could come at any time.

There are worse things in life than being taken for a ride.

Grief is no real match for the human heart, which is an infinitely resourceful organ (I really hope that one is true).

I don’t want to sound like a blushing Oscar winner or a disgraced politician found akimbo in a Pimlico mansion block but . . . it has been wonderful writing these columns every week. Thank you for reading me. I send every best possible wish.”

susie.boyt@ft.com; @susieboyt

PHOTOS OF THE DAY

A bird eats an ashberry on a cold winter day in central Lviv, Ukraine, on Friday. Gleb Garanich/Reuters

A swimmer holds up a cross after it was thrown into the water by an Orthodox priest during an Epiphany ceremony to bless the sea at Famagousta, Cyprus, on Friday. This is the second time the ceremony has taken place here since 1974, when the small island nation was cleaved along ethnic lines. Petros Karadjias/AP

Mongolian-born grand sumo champion Yokozuna Hakuho performs the New Year’s ring-entering rite during the annual celebration at the Meiji Shrine in Tokyo on Friday. Issei Kato/Reuters
Market Closes for January 6^th, 2017

Market Index	Close	Change
Dow Jones	19963.80	+64.51   +0.32%
S&P 500	2276.98	+7.98   +0.35%
NASDAQ	5521.055	+33.119   +0.60%
TSX	15496.05	-90.53
		-0.58%

International Markets

Market Index	Close	Change
NIKKEI	19454.33	-66.36
		-0.34%
HANG SENG	22503.01	+46.32
		+0.21%
SENSEX	26759.23	-119.01
		-0.44%
FTSE 100*	7210.05	+14.74
		+0.20%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.731		1.670
CND. 30 Year Bond		2.317		2.262
U.S.    10 Year Bond		2.4193		2.3479
U.S. 30 Year Bond		3.0088		2.9428

Currencies

BOC Close	Today	Previous
Canadian $	0.75557	0.75593
US $	1.32351	1.32288
Euro Rate 1 Euro=		Inverse
Canadian $	1.39405	0.71733
US $	1.05330	0.94940

Commodities

Gold	Close	Previous
London Gold Fix	1175.85	1176.70
Oil	Close	Previous
WTI Crude Future	53.99	53.76

Market Commentary:
Canada
By Joseph Ciolli
     (Bloomberg) — Canadian stocks declined as an index of commodities fell and drugmakers retreated, offsetting a report showing a trade surplus and surge in full-time jobs. U.S. data showing wages in December increased the most since 2009 spurred speculation the Federal Reserve will raise rates at a faster pace.
     The S&P/TSX Composite Index snapped a three-day streak of gains, slipping 0.5 percent to 15,504.37 at 12:37 p.m. in Toronto. The gauge had flirted with an all-time high in the prior two sessions, closing Thursday 71 points away from its September 2014 peak. The index finished 2016 as the best- performing developed stock market and has risen in each of the last six months. Raw-material stocks pace the loss on Friday, declining 3 percent, while health-care and consumer staple shares lost more than 0.9 percent.
     The U.S. jobs data increased expectations that the Fed will raise its benchmark lending rate. Economists now see a 35 percent chance of a hike at the March meeting, up from 31 percent on Thursday. The probability also increased for subsequent Fed meetings.
     The Canadian economic report saw the first trade surplus in more than two years, while full-time positions rose 81,300 in December from the previous month, the biggest gain since March 2012.
     In other moves:
* Tahoe Resources lost 11%, the biggest decline out of all raw- material producers, after forecasting 2017 gold production that missed estimates
* MAG Silver Corp., Pretium Resources Inc. and Alamos Gold Inc. also fell more than 7.4% as the Bloomberg Commodity Index decreased 0.2%
* Crew Energy Inc., Bonterra Energy Corp. and Enerplus Corp. lost at least 1.5% even as the price of crude oil rose for a third straight day
US
By Oliver Renick
     (Bloomberg) — U.S. stocks advanced, reversing an earlier decline as the Dow Jones Industrial Average flirted with 20,000 for nearly four hours. Equities also got a boost from government data showing that wages in December increased the most since 2009.
     The S&P 500 Index added 0.4 percent to 2,276.98 as of 4 p.m. in New York, extending its weekly gain to 1.7 percent. The Dow Jones Industrial Average jumped 0.3 percent to 19,963.80 as Nike Inc. and Goldman Sachs Group Inc. both added at least 1.5 percent.
* Nasdaq Composite and Nasdaq 100 indexes advanced at least 0.6%, with both closing at all-time highs
* Tech shares led S&P gains, up 1%, with the FANG block extending weekly gains
* Phone stocks down 2.7% for the third straight loss
* Labor data showed a solid year in 2016
** 156,000 increase in December payrolls followed a 204,000 rise in November that was bigger than previously estimated; median forecast in a Bloomberg survey of economists called for a 175,000 advance
** Jobless rate ticked up to 4.7% as the labor force grew; wages rose 2.9% from December 2015
* The S&P 500 closed little changed on Thursday, outperforming the Dow Jones Industrial Average, which fell 0.2% to move further away from the elusive 20,000 level
* All industry groups of the S&P 500 have advanced in 2017, with health-care and real estate firms outperforming energy producers and utilities
* EARNINGS:
** None after market
** Pre-market Monday: Commerical Metals (CMC), Global Payments (GPN), Acuity Brands (AYI)

 

Have a wonderful weekend everyone.

 

Be magnificent!

To live completely, fully, in the moment is to live with what is, the actual, without any sense of condemnation
or justification – then you understand it so totally that you are finished with it.
When you see clearly the problem is solved.
Krishnamurti

As ever,

 

Carolann

 

Success is a consequence and must not be an end.
                        -Gustave Flaubert, 1821-1880

 

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

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Dear Friends,

Tangents:

Tonight is known to Orthodox Christians as the “Twelfth Night”, the eve of the Epiphany.  It is the twelfth day after Christmas.  Formerly, this was a time of great merrymaking when the Bean King (Rey de habas, the child who was  to play king on this night; the one who has found the bean in the Twelfth Night cake) was appointed, and the celebrations and festivities seemingly derive from the Saturnalia  (the ancient Roman festival of Saturn, celebrated on December 19^th and prolonged for seven days – a time of freedom from restraint, merrymaking and often debauchery.   During its continuance, public business was suspended, the law courts and schools were closed and no criminals were punished), of old Roman times, which were held at the same season.  By the Julian Calendar, Twelfth Day is Old Christmas Day.
Shakespeare’s play of this name, which he began writing in 1599, was so called because it was written for acting at the Twelfth Night revels.

If music be the food of love, play on;
Give me excess of it, that, suffering,
The appetite may sicken, and so die.
That strain again! it had a dying fall:
O!  it came o’er my ear like the sweet sound
That breathes upon a bank of violets,
Stealing and giving odour!  enough! No more:
‘Tis not so sweet now as it was before.
              from Twelfth Night, act I, sc.I.

On this day in 1933, construction begins on the Golden Gate Bridge.
PHOTOS OF THE DAY

A flock of birds is seen on a tree as the temperature dropped to minus 16 degrees Celsius (3.2 degrees Fahrenheit) in a field near the village of Khatenchitsy, Belarus, on Thursday. Vasily Fedosenko/Reuters

A horse-drawn carriage makes its way through the snow-covered landscape near Oberhof, eastern Germany, on Thursday. Martin Schutt/dpa/AP

Pulis Quastie and Gin-Gin run in the snow in their garden in Lautertal, southern Germany, on Thursday. Pulis are Hungarian sheepdogs and are rarely seen in Germany. Michael Probst/AP
Market Closes for January 5^th, 2017

Market Index	Close	Change
Dow Jones	19899.29	-42.87   -0.21%
S&P 500	2269.00	-1.75   -0.08%
NASDAQ	5487.938	+10.933   +0.20%
TSX	15586.58	+69.83
		+0.45%

International Markets

Market Index	Close	Change
NIKKEI	19520.69	-73.47
		-0.37%
HANG SENG	22456.69	+322.22
		+1.46%
SENSEX	26878.24	+245.11
		+0.92%
FTSE 100*	7195.31	+5.57
		+0.08%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.670		1.714
CND. 30 Year Bond		2.262		2.296
U.S.    10 Year Bond		2.3479		2.4390
U.S. 30 Year Bond		2.9428		3.0397

Currencies

BOC Close	Today	Previous
Canadian $	0.75593	0.75158
US $	1.32288	1.33052
Euro Rate 1 Euro=		Inverse
Canadian $	1.40281	0.71286
US $	1.06042	0.94302

Commodities

Gold	Close	Previous
London Gold Fix	1176.70	1164.25
Oil	Close	Previous
WTI Crude Future	53.76	53.26

Market Commentary:
Canada
By Joseph Ciolli
     (Bloomberg) — Rallies in Barrick Gold Corp., Royal Bank of Canada and Suncor Energy Inc. helped Canadian stocks extend their New Year’s winning streak, pushing the benchmark S&P/TSX Composite Index toward an all-time high as commodities climbed.
     The index rose 0.5 percent to 15,593 at 10:03 a.m. in Toronto, putting the benchmark within 70 points of a record and on pace for the highest close since September 2014. The gauge finished 2016 as the best-performing developed stock market and has risen in each of the last six months. Commodity and industrial stocks paced the gain on Thursday, adding 2.3 percent, while consumer discretionary shares fell 0.4 percent.
     Fairfax Financial Holdings Ltd. slipped 0.4 percent after a report said the company is in talks with the Ontario Municipal Employees Retirement System to see if the pension fund will help finance his $4.9 billion takeover of Allied World Assurance Co.
     In other moves:
* Torex Gold Resources Inc., Tahoe Resources Inc. and First Majestic Silver Corp. rose more than 6.9 percent as the Bloomberg Commodity Index climbed 0.5 percent, extending its two-day increase to 1.8 percent
* Kelt Exploration Ltd., Parkland Fuel Corp. and Enerplus Corp. gained at least 1.9 percent as the price of crude oil increased for a second straight day
US
By Oliver Renick
     (Bloomberg) — U.S. stocks erased most of their losses but ended lower to halt a two-day equity advance, as investors assessed mixed economic data and bank stocks posted their worst drop in almost a month.
     The S&P 500 slid less than 0.1 percent to 2,269 at 4 p.m. in New York after falling more than 0.4 percent earlier. The Dow Jones Industrial Average lost 43 points to 19,899. The S&P 500 rose 0.6 percent on Wednesday in a broad-based rally following the release of the Federal Reserve’s latest policy meeting minutes and is 1.4 percent higher in the first three days of 2017.                            
* Six of 11 sectors finish lower with declines steepest in financials, industrials and energy companies
* S&P banking index down 1.4%
* Energy shares down 0.3%; crude oil reverses loss, up 0.9%
* VIX down 1.5% for third straight day of gains
* The dollar extended losses, after dropping yesterday following minutes from the Fed’s December meeting that showed the central bank was more concerned about a strong currency
* S&P retail index pared earlier losses, ending day down less than 0.1%
** Kohl’s Corp. tumbled 19% after lowering its fiscal 2016 profit forecast; Macy’s Inc. slid 14% after the largest U.S. department-store company cut its earnings outlook and pledged to eliminate 6,200 jobs
* Companies added fewer jobs than forecast in December, data from the ADP Research Institute in Roseland, New Jersey, showed Thursday
* Filings for U.S. unemployment benefits declined to the lowest level in eight weeks, showing volatility typical around the holiday period
* In a weekly survey by the American Association of Individual Investors (AAII), bulls rose to more than 46%, the highest reading since late November and up from the previous week
* EARNINGS:
** After-market Thursday: PriceSmart (PSMT), Helen of Troy (HELE), Ruby Tuesday (RT)
     For related equity market news:
* European Stocks Hold Steady as Euro Rebound Gives Traders Pause
* Wall Street Says Capital Spending Is Finally Poised for Breakout
* Trace of Fear in Trump Stocks as Hedges Rise With Defensives
* Gold Miners, Biotech to Be Most Volatile in 2017, Goldman Says.

 

Have a wonderful evening everyone.

 

Be magnificent!

Contemplation is seeing the here and now.
Swami Prajnanpad

As ever,

 

Carolann

 

Truth exists, only lies have to be invented.
              -Georges Braque, 1882-1963

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:

Stone on Watch at Dawn
  -by Brynn Saito

See the writer again
at the gate of memory?

The land cracks open with wind
and shots of rain.

She should drown her pages
in the sky, take to the ground
like a dogged gardener.

Turn the soil into something new –

Survive the past.

Whispers at the barbed wire
no longer suffice.  What works is singing
from the cave of the self

where memories of knives
and clouds shaped like tiger faces

live together like children
unaware of their potential.

Brynn Saito grew up in Fresno, California, the child of a Korean-American mother and a Japanese-American father.  She sometimes writes about her heritage, in poems marked by ambivalence, resonant imagery and great originality.  This poem, one of a series written from the point of view of a stone, considers how a poet might metabolize and make use of the past. – Matthew Zapruder, NY Times.
PHOTOS OF THE DAY

French cyclist Robert Marchand, age 105, stops after setting a world record for distance cycled in one hour (in the 105+ age category created especially for him) at the velodrome of Saint-Quentin en Yvelines, outside Paris, on Wednesday. He rode 22.547 kilometers in one hour. Thibault Camus/AP

Al Blaschke, of Sun City, Texas, and his friend Betty Schleder celebrate after skydiving on Blaschke’s 100 birthday at Skydive Temple in Salado, Texas, on Wednesday. Blashke tied the US record for oldest skydiver, according to Mark Pollack of Skydive Temple. Jay Janner/Austin American-Statesman/AP

A woman walks a dog on a snow-covered path beside the Rideau Canal in Ottawa, Canada, on Wednesday. Chris Wattie/Reuters

Snow enthusiasts turn Lawrence Street into a huge sled run in Eugene, Ore., on Wednesday after several inches of snow closed area schools.Brian Davies/The Register-Guard/AP
Market Closes for January 4^th, 2017

Market Index	Close	Change
Dow Jones	19942.16	+60.40   +0.30%
S&P 500	2270.75	+12.92   +0.57%
NASDAQ	5477.004	+47.920   +0.88%
TSX	15516.75	+113.72
		+0.74%

International Markets

Market Index	Close	Change
NIKKEI	19594.16	+479.79
		+2.51%
HANG SENG	22134.47	-15.93
		-0.07%
SENSEX	26633.13	-10.11
		-0.04%
FTSE 100*	7189.74	+11.85
		+0.17%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.714		1.741
CND. 30 Year Bond		2.296		2.331
U.S.    10 Year Bond		2.4390		2.4444
U.S. 30 Year Bond		3.0397		3.0462

Currencies

BOC Close	Today	Previous
Canadian $	0.75158	0.74476
US $	1.33052	1.34271
Euro Rate 1 Euro=		Inverse
Canadian $	1.39534	0.71667
US $	1.04871	0.95355

Commodities

Gold	Close	Previous
London Gold Fix	1164.25	1151.00
Oil	Close	Previous
WTI Crude Future	53.26	52.33

Market Commentary:
Canada
By Joseph Ciolli
     (Bloomberg) — Canadian stocks rose for the fourth time in five sessions, further extending the best annual rally since 2009, as raw-material producers and industrial companies led gains and an index of commodities snapped a three-day skid.
     The S&P/TSX Composite Index climbed 0.3 percent to 15,443.22 at 9:52 a.m. in Toronto, putting the benchmark on pace to close at the highest level since April 2015. The gauge finished 2016 as the best-performing developed stock market and has risen in each of the last six months. Industrial stocks paced the gain on Wednesday, adding 0.7 percent, while health- care shares fell more than 1.8 percent.
     In other moves:
* First Quantum Minerals Ltd., Hubday Minerals Inc. and Pretium Resources Inc. gained more than 2.6% as the Bloomberg Commodity Index climbed 0.4%, its first increase in four days
* MEG Energy Corp., Baytex Energy Corp. and Raging River Exploration Inc. lost at least 1.4% as the price of crude oil slipped for a fourth straight day.
US
By Oliver Renick
     (Bloomberg) — U.S. stocks added to their New Year’s rally Wednesday as minutes from the Federal Reserve’s latest policy meeting were released. Industries from retailers to automakers and banks all advanced.
     The S&P 500 Index added 0.6 percent to 2,270.75 at 4 p.m. in New York after a 0.9 percent climb on the first day of the year that was the benchmark gauge’s biggest advance in almost a month. The Dow Jones Industrial Average closed within 60 points of the 20,000 level, up 0.3 percent to 19,942.
* Russell 2000 up 1.6% for biggest gain in a month
* 9 of 11 sectors higher with energy and phones shares down 0.3%
* Materials stocks up 1.4% on back of 1.3% gain in Bloomberg Commodities Index
** Freeport-McMoRan, Mosaic and CF Industries all added at least 3.6%
* Discretionary stocks up 1.3% as staples shares gain 0.1%
* S&P 500 now trading back above 10-day moving average
* Fed meeting minutes indicated officials intended to maintain a gradual approach to raising interest rates even as risks of faster economic growth emerge
* A string of strong data from China and Europe helped U.S. stocks advance yesterday, ahead of Friday’s payrolls report
* VIX down 7.8% for second straight decline; ended 2016 with biggest annual slump since 2013
* EARNINGS:
** Pre-market Thursday: Emmis Communications (EMMS), Park Electrochemical (PKE), RPM International (RPM), Walgreens Boots Alliance (WBA), Constellation Brands (STZ), Monsanto (MON), Schnitzer Steel Industries (SCHN)

Have a wonderful evening everyone.

Be magnificent!

It is only when we give complete attention to a problem,
and solve it immediately – never carrying it over to the next day,
the next minute – that there is solitude.
To have inward solitude and space is very important
because it implies freedom to be, to go, to function, to fly.
Krishnamurti

As ever,

 

Carolann

 

There are two ways of spreading light: to be the candle or the mirror that reflects it.
                                                                               -Edith Wharton, 1862-1937

 

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:

January:

Outside, it is cold, silvery, and suffused with a delicate milky haze.  Gray hushed days follow each other, calling us to inner activity.  Sitting by the fire or hurrying through the streets, our power of thinking grows.  Filled with new ideas, we feel creative and courageous.  Legend says “words spoken in winter go unheard until next summer.”  This is the message from Janus, the old Etruscan god of the doorway, after whom January was named.  Janus stands between past and future, new and old.  He has two faces.  One looks back, the other forward.  His third face is invisible.  This is the face of eternity, the present moment: NOW.   Warmth settles around our hearts.  Summoned to great deeds of right action and selfless  love, Janus bids us pass through his gate. – Christopher Bamford.

Ring out the old, ring in the new,
Ring, happy bells, across the snow:
The year is going, let him go;
Ring out the false, ring in the true.
        -Alfred, Lord Tennyson, 1850
PHOTOS OF THE DAY

The sun rises behind a snow-covered tree during foggy weather near Amtzell, southwestern Germany on Tuesday. Felix Kaestle/AP

Michael Hayboeck of Austria soars through the air during his trial jump at the third stage of the 65th annual Four Hills ski jumping tournament in Innsbruck, Austria on Tuesday. Matthias Schrader/AP

The view of fir trees covered with snow on Tuesday, after many days of heavy snow, on Troodos mountain in Cyprus. Cyprus is in the grip of a mid-winter storm bringing heavy rains, low temperatures, and snow in the Troodos mountain range. Petros Karadjias/AP
Market Closes for January 3^rd, 2017

Market Index	Close	Change
Dow Jones	19881.76	+119.16   +0.60%
S&P 500	2257.83	+19.00   +0.85%
NASDAQ	5429.086	+45.969   +0.85%
TSX	15403.03	+115.44
		+0.76%

International Markets

Market Index	Close	Change
NIKKEI	19114.37	-30.77
		-0.16%
HANG SENG	22150.40	+149.84
		+0.68%
SENSEX	26643.24	+47.79
		+0.18%
FTSE 100*	7177.89	+35.06
		+0.49%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.741		1.721
CND. 30 Year Bond		2.331		2.312
U.S.    10 Year Bond		2.4444		2.4443
U.S. 30 Year Bond		3.0462		3.0651

Currencies

BOC Close	Today	Previous
Canadian $	0.74476	0.72072
US $	1.34271	1.38751
Euro Rate 1 Euro=		Inverse
Canadian $	1.39728	0.71567
US $	1.04065	0.96094

Commodities

Gold	Close	Previous
London Gold Fix	1151.00	1145.90
Oil	Close	Previous
WTI Crude Future	52.33	53.72

Market Commentary:
Canada
By Joseph Ciolli
     (Bloomberg) — Canadian stocks rose for the third time in four sessions, building on the best annual rally since 2009, as energy companies and commodity producers led gains and oil prices headed for the highest close in 18 months.
     The S&P/TSX Composite Index climbed 1 percent to 15,437.47 at 10 a.m. in Toronto, putting the benchmark on pace to close at the highest level since April 2015. The gauge finished 2016 as the best-performing developed stock market and has risen in each of the last six months. Raw-material producers paced the gain Tuesday, adding 1.8 percent, while real estate and utility stocks fell.
     Shares of Canadian winemaker Andrew Peller Ltd. rose 2.1 percent, adding to the company’s 71 percent surge in 2016. The strength last year defied the 1.1 percent annual decline seen by its global beverage peers.
     In other moves:
* Ivanhoe Mines Ltd., Iamgold Corp. and Goldcorp Inc. gained more than 0.4% as gold prices climbed 0.3%
* MEG Energy Corp., Enerplus Corp. and TORC Oil & Gas Ltd. added at least 4.3% as crude oil increased 2.5%
US
By Oliver Renick
     (Bloomberg) — U.S. stocks rose Tuesday for Wall Street’s first session of the new year, helped by a string of robust economic data from China and Europe that sent all but one industry higher on the day.
     The S&P 500 added 0.9 percent to 2,257.83 at 4 p.m. in New York, the biggest gain in almost a month, as the Dow Jones Industrial Average climbed 119 points to 19,881.76. The S&P 500 rose 9.5 percent last year, boosted by optimism over fiscal stimulus and stronger economic growth.
* Phone stocks up 1.9% with health care up 1.4%
* Financial shares add 1%; BofA, Wells Fargo, JPMorgan Chase rise
* Utility shares drop after adding 4% the last month
* VIX down for first time in six sessions, to 12.9
* S&P 500 dropped 1.5% first day of 2016
* 400 stocks in S&P 500 higher
* Data showed China’s factories and services both ended 2016 on relatively robust notes, while U.K. manufacturing grew at the fastest pace in 2 1/2 years in December, mirroring strong figures for the euro zone released on Monday
* JPMorgan equity strategists including Mislav Matejka wrote in a note they are positive on equity markets globally, even after the recent sharp rally, and that the push toward more expansionary fiscal stance through greater spending, looser budget targets and tax cuts is set to remain an important investment theme this year
* EARNINGS:
** Before-market Wednesday: UniFirst Corp/MA (UNF)

Have a wonderful evening everyone.
Be magnificent!

There is no weapon more powerful in achieving the truth than acceptance of oneself.
Swami Prajnanpad

As ever,

 

Carolann

 

Man needs difficulties; they are necessary for health.
                           -Carl Gustav Jung, 1875-1961

 

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:

WISHING YOU A HAPPY NEW YEAR!
 Yours for a greener, kinder, and more rhythmic world,
                                                         Carolann

DESTINY

The wishes of the soul are springing
The deeds of the will are thriving
The fruits of life are maturing.

I feel my destiny,
My destiny finds me.
I feel my star.
My star finds me.
I feel my goals in life.
My goals in life are finding me.
My soul and the great World’s are one.

Life grows more radiant about me.
Life grows more arduous for me.
Life grows more abundant within me.
                              -Rudolf Steiner
PHOTOS FROM 2016

Shanta Basnet gets water from an outdoor tap by her family’s temporary shelter in Amppipal, Nepal, in April. After the family’s home was destroyed in the 2015 earthquake, they built a shelter of corrugated metal sheets and salvaged wood. Ann Hermes/Staff

Men, women, and children load and unload finished and unfinished bricks at a brick kiln in Dhadang, Nepal, in April. Ann Hermes/Staff
Market Closes for December 30^th, 2016

Market Index	Close	Change
Dow Jones	19762.60	-57.18   -0.29%
S&P 500	2238.83	-10.43   -0.46%
NASDAQ	5383.117	-48.971   -0.90%
TSX	15287.59	-134.53
		-0.87%

International Markets

Market Index	Close	Change
NIKKEI	19114.37	-30.77
		-0.16%
HANG SENG	22000.56	+209.65
		+0.96%
SENSEX	26626.46	+260.31
		+0.99%
FTSE 100*	7142.83	+22.57
		+0.32%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.721		1.725
CND. 30 Year Bond		2.312		2.323
U.S.    10 Year Bond		2.4443		2.4769
U.S. 30 Year Bond		3.0651		3.0782

Currencies

BOC Close	Today	Previous
Canadian $	0.72072	0.72200
US $	1.38751	1.38504
Euro Rate 1 Euro=		Inverse
Canadian $	1.45907	0.68537
US $	1.05158	0.95095

Commodities

Gold	Close	Previous
London Gold Fix	1145.90	1145.90
Oil	Close	Previous
WTI Crude Future	53.72	53.77

Market Commentary:
Canada
By Joseph Ciolli and Katia Dmitrieva
     (Bloomberg) — Canadian stocks slipped in a muted conclusion to a year that saw the S&P/TSX Composite Index rally more than any other developed market.
     The gauge fell 0.9 percent to 15,287.59 at 4 p.m. in Toronto on the last trading day of the year after a rally that has propelled the benchmark index to its sixth straight monthly advance. Weakness in material and energy shares offset gains in health care.
     Canadian equities rose 18 percent in 2016, the biggest increase since 2009. The index now sits less than 3 percent from a record reached in September 2014. The S&P/TSX’s world-beating advance marks a reversal for the index, which slipped 11 percent in 2015 for its worst annual decline since 2008.
     Looking ahead to 2017, the question becomes whether the torrid climb has left valuations overextended. To analysts like David Rosenberg of Gluskin Sheff & Associates Inc., elevated stock prices mean investors must be more selective about which industries to own.
     “In an otherwise expensive market, sector focus will be that much more important in what will likely be a flattish year for the TSX,” Rosenberg, chief economist and strategist at Gluskin Sheff, said in an e-mail. “In that light we are heavily favoring the Canadian financials.”
     Materials stocks were the best performers in the S&P/TSX in 2016. They benefited from gains of 8.6 percent and 17 percent in gold and copper, respectively. Teck Resources Ltd., Ivanhoe Mines Ltd. and Iamgold Corp. led gains in the commodity index.
     Energy shares in the S&P/TSX were the second-best performers in the group, up 31 percent. They tracked a 45 percent gain in the price of crude oil, which had plunged 62 percent over the prior two years. Enerplus Corp., Bonavista Energy Corp. and Seven Generations Energy Ltd. led all gainers in the commodity index, climbing more than 132 percent.
US
By Oliver Renick
     (Bloomberg) — U.S. stocks slid on the last trading day of 2016 as losses in tech shares and discretionary companies weighed on the market. For the year, the S&P 500 climbed 9.5 percent, while the Dow Jones Industrial Average surged 13.4 percent for its best rally since 2013.
     The S&P 500 dropped 0.5 percent Friday to 2,238.83 at 4 p.m. in New York, capping a weekly decline of 1.1 percent. The Dow Jones Industrial Average lost 57 points to 19,762.60.
* Nine of 11 sectors lower with financial stocks up 0.2%
* VIX advanced for sixth straight session to highest level since Dec. 2
* The U.S. benchmark has outperformed those of Europe, Japan and China this year on the back of a rally in energy producers, banks and other cyclical industries investors see benefiting from an accelerating economy and fiscal stimulus
* The S&P 500 climbed for the fourth out of five years, after last year’s decline
* The Dow has failed to reach the 20,000 level after closing within 30 points of it last week
* For the past five years, the S&P 500 Index has reversed direction in the first week of January from the last week of December, as year-end issues from tax liability to reporting deadlines prodded some U.S. investors to delay moves to the new year; benchmark is down 0.6% this week through Thursday
* EARNINGS: none

Have a wonderful weekend everyone.
Be magnificent!

Not only  must we be aware of the nature and structure of the problem
and see it completely,
but meet it as it arises and resolve it immediately,
so that it does not take root in the mind.
If one allows a problem to endure for a month or a day,
or even for a few minutes, it distorts the mind.
Krishnamurti

As ever,

 

Carolann

 

Grasp the subject, the words will follow.
           -Cato the Elder, 234 BC-149 BC

 

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:

Gandhi’s Seven Deadly Sins

Wealth without Work
            Pleasure without Conscience
                     Science without Humanity
                                Knowledge without Character
                                            Politics without Principle
                                                 Commerce without Morality
                                                             Worship without Sacrifice.
PHOTOS FROM 2016

Susan Roberts (3rd from r.) is one of the ‘Posh Poppies of Peterborough,’ a senior women’s social group in Britain (hence the purple clothes and red hats). She said in April that she would vote to leave the European Union. Melanie Stetson Freeman/Staff

Donald Trump’s wife, Melania (r.), and the couple’s son, Barron, listen to Mr. Trump address the audience at the Republican National Convention in Cleveland on July 21. Ann Hermes/Staff

Democratic presidential candidate Hillary Clinton holds a town hall meeting at Manchester (N.H.) Community College on Oct. 5. She spoke out for gun control in the wake of a mass shooting at a community college in Oregon. Alfredo Sosa/Staff
Market Closes for December 29^th, 2016

Market Index	Close	Change
Dow Jones	19819.78	-13.90   -0.07%
S&P 500	2249.26	-0.66   -0.03%
NASDAQ	5432.090	-6.466   -0.12%
TSX	15422.12	+61.02
		+0.40%

International Markets

Market Index	Close	Change
NIKKEI	19145.14	-256.58
		-1.32%
HANG SENG	21790.91	+36.17
		+0.17%
SENSEX	26366.15	+155.47
		+0.59%
FTSE 100*	7120.26	+14.18
		+0.20%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.725		1.734
CND. 30 Year Bond		2.323		2.335
U.S.    10 Year Bond		2.4769		2.5080
U.S. 30 Year Bond		3.0782		3.0914

Currencies

BOC Close	Today	Previous
Canadian $	0.72200	0.73790
US $	1.38504	1.35520
Euro Rate 1 Euro=		Inverse
Canadian $	1.45273	0.68836
US $	1.04888	0.95340

Commodities

Gold	Close	Previous
London Gold Fix	1145.90	1134.60
Oil	Close	Previous
WTI Crude Future	53.77	54.06

Market Commentary:
Canada
By Joseph Ciolli
     (Bloomberg) — Canadian stocks increased for an eighth time in nine sessions, with commodity producers leading gains as gold prices rose and oil traded near the highest close in 18 months.
     The S&P/TSX Composite Index added 0.2 percent to 15,388.94 at 1:12 p.m. in Toronto, extending a rally that has propelled the benchmark gauge toward its sixth straight monthly advance and tenth in eleven. Raw-material producers paced the gain Thursday, rising 3.4 percent, while health-care and financial stocks declined.
     In other moves:
* Guyana Goldfields Inc., Asanko Gold Inc. and Alamos Gold Inc. were the three biggest gainers in the benchmark index as gold prices climbed 0.9%, the most since Nov. 2.
US
By Oliver Renick
     (Bloomberg) — U.S. stocks ended the session little changed as filings for U.S. unemployment benefits fell for a third week in the last four and a rally in utility shares offset losses in financial companies.
     The S&P 500 Index was little changed at 2,249.26 at 4 p.m. in New York after declining the most since October on Wednesday. The Dow Jones Industrial Average slipped 13.9 points to 19,819.78, falling further from the 20,000 milestone it’s hovered near this month.
* Dividend-payers continue to lead market in the past five days
* Utility shares gain 1.3%; group is up 5.2% this month
* Real estate stocks add 0.9%
* Financial and tech stocks lag, down 0.7% and less than 0.1%, respectively
* Jobless claims declined by 10,000 to 265,000 in the week ended Dec. 24 from a six-month high in the prior period, Labor Department data showed Thursday
* The VIX rose for a fifth day, jumping 3.2% in its longest streak of increases since early November
* The S&P 500 is on track for the first yearly advance since 2014, up 10% for the year
* EARNINGS: no earnings on calendar

Have a wonderful evening everyone.

 

Be magnificent!

All the responsibility of good and evil is on you.  This is the great hope.
What I have done, that I can undo.
Swami Vivekananda

As ever,

 

Carolann

 

Many receive advice, only the wise profit from it.
                                 -Harper Lee, 1926-2016

 

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:

Stopping By Woods on a Snowy Evening
                                          By Robert Frost

Whose woods these are I think I know.
His house is in the village though;
He will not see me stopping here
To watch his woods fill up with snow.

My little horse must think it queer
To stop without a farmhouse near
Between the woods and frozen lake
The darkest evening of the year.

He gives his harness bells a shake
To ask if there is some mistake. 
The only other sound’s the sweep
Of easy wind and downy flake.

The woods are lovely, dark and deep.
But I have promises to keep,
And miles to go before I sleep,
And miles to go before I sleep.
PHOTOS FROM 2016

Tourists visiting Grand Prismatic Spring are seen through the mist in June. The National Park Service celebrated its centennial this year. Ann Hermes/Staff

Musician Bryce Avary records a music video in March outside the Prada Marfa art installation in Valentine, Texas. The roadside installation by artists Elmgreen and Dragset, is sealed, though stocked with those and handbags. Ann Hermes/Staff
Market Closes for December 28^th, 2016

Market Index	Close	Change
Dow Jones	19833.68	-111.36   -0.56%
S&P 500	2249.92	-18.96   -0.84%
NASDAQ	5438.555	-48.886   -0.89%
TSX	15361.10	+32.96
		+0.21%

International Markets

Market Index	Close	Change
NIKKEI	19401.72	-1.34
		-0.01%
HANG SENG	21754.74	+179.98
		+0.83%
SENSEX	26210.68	-2.76
		-0.01%
FTSE 100*	7106.08	+37.91
		+0.54%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.734		1.796
CND. 30 Year Bond		2.335		2.388
U.S.    10 Year Bond		2.5080		2.5373
U.S. 30 Year Bond		3.0914		3.1138

Currencies

BOC Close	Today	Previous
Canadian $	0.73790	0.73902
US $	1.35520	1.35315
Euro Rate 1 Euro=		Inverse
Canadian $	1.41169	0.70837
US $	1.04156	0.96009

Commodities

Gold	Close	Previous
London Gold Fix	1134.60	1131.35
Oil	Close	Previous
WTI Crude Future	54.06	52.02

Market Commentary:
Canada
By Joseph Ciolli
     (Bloomberg) — Canadian stocks advanced for a seventh time in eight sessions with commodity producers leading gains as crude oil and gold prices climbed.
     The S&P/TSX Composite Index added 0.4 percent to 15,383.60 at 9:44 a.m. in Toronto, extending a rally that has propelled the benchmark gauge toward its sixth straight monthly advance. Raw-material producers paced the gain Wednesday, rising 2.2 percent, while health-care and real estate stocks were the worst performers.
     In other moves:
* Ritchie Bros. Auctioneers Inc. slipped 5.4% after Raymond James downgraded the stock to market perform from outperform, citing normalizing energy markets that pose a near- term growth headwind for the company
* Fortuna Silver Mines Inc. and First Majestic Silver Corp. each gained at least 7% as silver prices rose for a second straight day
US
By Oliver Renick
     (Bloomberg) — U.S. stocks fell as all 11 groups in the S&P 500 Index slid, with real estate and raw-material companies leading the decline. The benchmark gauge lost 0.8 percent to 2,249.92 at 4 p.m. in New York, the biggest one-day decline since Oct. 11. Trading volume was about 40 percent lower than the average of the past month. The Dow Jones Industrial Average fell further from the elusive 20,000 level, losing 111.36 points to 19,833.68.
* Real estate shares dip 0.9% after worse-than-expected pending home sales
* Materials, energy stocks down at least 0.9%
* Phone companies least changed, with 0.3% loss
* VIX up 8% for fourth straight increase
* The Dow has struggled to reach the 20,000 level after coming within about 30 points of it on Dec. 20
* EARNINGS: no earnings expected
By Joseph Ciolli
     (Bloomberg) — One measure of U.S. equity sentiment just had its biggest jump since 2009. Does that imply a euphoric moment that puts the bull market on death watch? History suggests not.
     A Conference Board index tracking Americans who expect shares to rise surged 45 percent in December, data showed Tuesday. While that was the highest reading in more than a decade, similarly elevated levels haven’t been reliable sell signals. Six times the survey was higher since 1997, the S&P 500 Index rose in the next 12 months by an average of 2 percent, Bloomberg data show.
     Surging confidence is a double-edged sword. Exuberant investors are buyers, with the potential to exhaust themselves. December’s bullishness followed the election of Donald Trump and coincided the biggest rally ever to greet a new president. It also came with valuations near decade highs amid the second- longest bull market on record.
     Here are some statistics that might suggest stocks have further to run:
* Wall Street forecasts a median S&P 500 gain of 3.5% to 2,340 by the end of 2017, according to a survey of 15 strategists
* Companies in S&P 500 expected to increase earnings by 12% in 2017, which would be the biggest full-year profit expansion since 2010: Bloomberg data.

Have a wonderful evening everyone.

 

Be magnificent!

The idea of a duty to understand violence engenders for me
a great vitality and passion for knowledge.
But to transcend this violence, I need not repress it, nor deny it, nor say to myself:
It has become a part of me, I can do nothing about it; or, I wish to reject it.
I must observe it, study it, enter into it intimately,
and for that purpose I need neither condemn it nor justify it.
And yet, it is this that we do.
I would ask you, then, to suspend for an instant your judgments on the subject.
Krishnamurti

As ever,

 

Carolann

 

One man that has a mind and knows it can always beat ten
men who haven’t and don’t.
                               -George Bernard Shaw, 1856-1950             

 

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:

Happy Holidays – Merry Christmas – Happy Hanukkah!

On December 23^rd, 1812, Lady Granville, at Lilleshall in Shropshire, a house belonging to her husband’s family, wrote to her sister, Lady Morpeth:

  We are here for three days, quite alone and very very comfortable.  Blazing fires of Staffordshire coal, weather that allows one never to put one’s nose out, an easy conscience on it, two new Reviews, early hours, wholesome dinners, a comfortable bed and Granville, adored Granville, who would make a barren desert smile….You will think I am growing quite a misanthrope but Chatsworth will make me very worldly again.  How smart we must be ….in sapphires and diamonds and amethysts as big as eggs, doing l’impossible to be gracious and agreeable.
  Chatsworth was the home of their brother, the Duke of Devonshire.
                                                               -from The Book of Days

PHOTOS OF THE DAY

The choir sings and gestures to the audience at Boston’s Paramount Theater during ‘Black Nativity.’ For 46 years, Boston’s black community has come together to re-create the show as their ‘Christmas gift to the world.’ It was written by Harlem Renaissance poet Langston Hughes. Melanie Stetson Freeman/Staff
Melanie Stetson Freeman/Staff

Most of the actors and singers in the National Center of Afro-American Artists’ production of ‘Black Nativity’ wear simple white robes. It’s a multigenerational effort: The youngest performer (aside from the infant Jesus) is 5 years old. The oldest are in the their 60s. Melanie Stetson Freeman/Staff
Market Closes for December 23^rd, 2016

Market Index	Close	Change
Dow Jones	19933.81	+14.93   +0.07%
S&P 500	2262.59	+1.63   +0.07%
NASDAQ	5462.688	+15.265   +0.28%
TSX	15336.17	+0.95
		+0.01%

International Markets

Market Index	Close	Change
NIKKEI	19427.67	-16.82
		-0.09%
HANG SENG	21574.76	-61.44
		-0.28%
SENSEX	26040.70	+61.10
		+0.24%
FTSE 100	7068.17	+4.49
		+0.06%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.796		1.822
CND. 30 Year Bond		2.388		2.409
U.S.    10 Year Bond		2.5373		2.5496
U.S. 30 Year Bond		3.1138		3.1263

Currencies

BOC Close	Today	Previous
Canadian $	0.73902	0.74175
US $	1.35315	1.34817
Euro Rate 1 Euro=		Inverse
Canadian $	1.41425	0.70709
US $	1.04516	0.95680

Commodities

Gold	Close	Previous
London Gold Fix	1131.35	1131.35
Oil	Close	Previous
WTI Crude Future	52.02	51.95

Market Commentary:
Canada
By Aleksandra Sagan
     (Canadian Press) — TORONTO — The Toronto Stock Exchange’s main index broke its six-day streak of gains to conclude the last full trading week of the year as North American markets remained relatively flat ahead of the holiday weekend.
     The S&P/TSX composite index shed 7.08 points to 15,328.15. Throughout the day, the market seemed poised to cap off the week with a seventh consecutive day in the positive, only to see that evaporate just before markets closed.
     There was barely movement in New York, where the Dow Jones industrial average advanced 14.93 points to 19,933.81, the S&P 500 rose 2.83 points to 2,263.79 and the Nasdaq composite gained 15.27 points to 5,462.69.
     Toronto and New York stock markets will be closed Monday. New York will reopen Tuesday, while trading in Toronto resumes Wednesday.
     “Volumes are significantly lower than normal as we roll into the holiday time,” said Stephen Carlin, managing director and head of equities at CIBC Asset Management.
     He said trading is likely to remain relatively flat in the week ahead as investors take time off and the markets take a break after recent strong growth following Donald Trump’s surprise victory in the U.S. presidential election.
     A number of stocks have also moved up in value due to expectations of economic growth based on developments like a recent agreement by OPEC to limit crude oil production and the U.S. Federal Reserve’s decision to hike interest rates, Carlin said.
     The central bank’s move has lent strength to the U.S. dollar, which in turn has hurt the loonie, he said.
     The Canadian dollar lost 0.21 of a U.S. cent to 73.88 cents US. The last time it closed below that was on Feb. 25 at 73.85 cents US.
     Weaker economic data north of the border hasn’t helped either, Carlin said.
     Statistics Canada said Friday that Canada’s economy saw its first monthly decline since the Fort McMurray, Alta., wildfires in May. GDP shrank by 0.3 per cent for October, with weak performance in the manufacturing and the oil and gas sectors.
     On the commodity markets, the February contract for oil gained seven cents to US$53.02 per barrel and February gold rose US$2.90 to US$1,133.60 an ounce.
     The February natural gas contract, which was more heavily traded than January’s, added 12 cents to US$3.68 per mmBTU and March copper shed about two cents to US$2.48 per pound.  
US
By Lu Wang:
     (Bloomberg) — U.S. equities rose in light trading before the Christmas holiday, with gains in health care shares outweighing declines in consumer-discretionary and energy companies. Canada’s stock benchmark was little changed.
     The S&P 500 Index gained 0.1 percent to 2,263.79 at 4 p.m. in New York, while the Dow Jones Industrial Average inched closer to the elusive 20,000 level after dropping for two- consecutive days. The S&P/TSX Composite Index fell less than 0.1 percent in Toronto. Trading volume in all three indexes was more than 50 percent lower than the 30-day average.
* Gains in heath care companies exceeded 0.7%, offsetting losses of 0.2% in consumer discretionary and energy companies
* The S&P 500 rose 0.3% this week
* The Dow gained 0.5% in its seventh weekly gain, the longest winning streak since December 2014
* Strategists on average expect the S&P 500 to end 2017 at 2,356, according to the mean of 15 estimates compiled by Bloomberg, implying a 4% gain from Friday’s close
* The CBOE Volatility Index rose less than 0.1%, trimming its weekly slide to 6.2%. The gauge of investor anxiety, known as the VIX, touched a two-year low earlier this week
By Lu Wang and Dani Burger:
     (Bloomberg) — The Trump rally seems to have hit a roadblock: 20,000.
     The Dow Jones Industrial Average failed to surpass that milestone again, despite a seven-week advance that lifted the gauge to within 15 points of it. Investors appeared to have stepped to the sidelines before the holidays as the S&P 500 Index spent the last five days trading in the tightest range in 19 months and eked out a weekly gain of only 0.3 percent.
     The buying spree that added $1.5 trillion to U.S. equity values in a month after Donald Trump’s surprise presidential election win has lost some momentum as investors await policy details on taxes and public spending. In a week when trading volume dwindled ahead of the Christmas holiday, chipmakers were among the best performers after Micron Technology Inc.’s sales forecast exceeded some analysts’ estimates.
     “Everyone seems to be neutral or bullish,” said Andrew Brenner, head of international fixed income for National Alliance Capital Markets. “Going into the first quarter, I would tend to think you’re going to have some sort of correction. You’ve already taken a lot of potential gains next year because a lot of it has already been priced in.”
* The Dow added 0.5% over five days, rounding out seven consecutive weekly gains, the longest winning streak since December 2014
* The blue-chip gauge’s intraday advance stopped around 19,987 on Dec. 20 and Dec. 21, after pulling within 50 points of 20,000 for a second week
* The S&P 500 fluctuated in a range of only 0.7 percent, the tightest since May 2015
* Volume averaged about 5 billion shares a day, the slowest week this year
* The Philadelphia Semiconductor Index jumped 3.1% over five days
* The CBOE Volatility Index, a gauge of investor anxiety also known as the VIX, slipped 6.2 percent, touching a two-year low.

 

Have a wonderful weekend everyone.

 

Be magnificent!

Live your own life.
That is to say, where you are, as you are, with what you are, and with who you are…
Accept the situation in which you find yourself and try, at the same time, to adapt to it.
You cannot escape from it.
Swami Prajnanpad

As ever,

 

Carolann

 

Reading is to the mind what exercise is to the body.
                             -Sir Richard Steele, 1672-1729

 

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:

If you are depressed, you are living in the past.
If you are anxious, you are living in the future.
If you are at peace, you are living in the present.
                                                     -Lao Tzu

On Dec. 22, 1864, during the Civil War, Union Gen. William T. Sherman sent a message to President Lincoln from Georgia, saying, “I beg to present you as a Christmas gift the city of Savannah.”
PHOTOS OF THE DAY

People dine at the ‘Dinner in the Sky’ restaurant, overlooking the city center area with the Kuala Lumpur Tower lit up at left, in Malaysia on Thursday. The concept, used in countries around the world, consists of lifting patrons 150 feet high with a crane for a haute-cuisine meal. Lim Huey Teng/AP

Christmas lights illuminate the rue Royale in front of the Place de la Concorde, the Luxor Obelisk and the Dome des Invalides during the holiday season in Paris on Thursday. Charles Platiau/Reuters
Market Closes for December 22^nd, 2016

Market Index	Close	Change
Dow Jones	19918.88	-23.08   -0.12%
S&P 500	2260.96	-4.22   -0.19%
NASDAQ	5447.422	-24.011   -0.44%
TSX	15335.23	+29.34
		+0.19%

International Markets

Market Index	Close	Change
NIKKEI	19427.67	-16.82
		-0.09%
HANG SENG	21636.20	-173.60
		-0.80%
SENSEX	25979.60	-262.78
		-1.00%
FTSE 100	7063.68	+22.26
		+0.32%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.822		1.809
CND. 30 Year Bond		2.409		2.398
U.S.    10 Year Bond		2.5496		2.5348
U.S. 30 Year Bond		3.1263		3.1079

Currencies

BOC Close	Today	Previous
Canadian $	0.74175	0.74402
US $	1.34817	1.34405
Euro Rate 1 Euro=		Inverse
Canadian $	1.40741	0.71052
US $	1.04394	0.95791

Commodities

Gold	Close	Previous
London Gold Fix	1131.35	1133.65
Oil	Close	Previous
WTI Crude Future	51.95	51.29

Market Commentary:
Canada
By Lu Wang
     (Bloomberg) — Canadian stocks advanced for a sixth day amid reports that showed retail sales beat estimates while inflation rate slowed more than expected.
     The S&P/TSX Composite Index added 0.2 percent to 15,335.23 at 4 p.m. in Toronto, extending a rally that has propelled the benchmark gauge toward its sixth straightly monthly advance. Energy shares paced the gain on higher crude prices, rising 0.7 percent, while technology and consumer discretionary stocks were the worst performers.
     The deceleration in inflation illustrates the weak demand that is still weighing on the economy more than two years after oil prices began to drop. Partly because of the family benefit payments that Prime Minister Justin Trudeau’s Liberal Party introduced this year to boost sluggish growth, retail sales rose for a third month in October.
     In other moves:
* Aurinia Pharmaceuticals Inc. plunged 20 percent after saying H.C. Wainwright & Co. and Cormark Securities agreed to buy $25 million of securities
* Guyana Goldfields Inc. jumped 10 percent. The company said Wednesday that it completed $160 million of debt refinancing with existing lenders
US
By Oliver Renick
     (Bloomberg) — U.S. stocks slid as the dollar pushed higher and Treasuries extended declines following the release of economic data that met or exceeded expectations.
     The S&P 500 Index slipped 0.2 percent to 2,261 at 4 p.m. in New York as the Dow Jones Industrial Average slid further away from the 20,000 level that has eluded it so far. The Nasdaq Composite Index and Russell 200 Index each lost 0.4 percent.
* In the S&P 500, 299 of 505 shares close lower
* Consumer discretionary shares drop 1%
* Financial shares down 0.3%; phone and energy stocks up at least 0.4%
* Russell 2000 index of small-caps down 0.9%
* VIX moves higher to 11.43 for first gain in six sessions
* Data:
** GDP rose at a 3.5% annualized rate in the three months ended in September, compared with a prior estimate of 3.2%
** Household purchases, which account for almost 70% of the economy, grew at a 3% annualized rate, stronger than the 2.8% pace previously estimated
** Initial jobless claims were higher than expected; 275k vs 257k
* Strategists on average expect the S&P 500 to end 2017 at 2,356, according to the mean of 15 estimates compiled by Bloomberg, implying a 4 percent gain from Wednesday’s close. The benchmark is poised for its first annual advance since 2014, up 11 percent.
By Rebecca Spalding:
     (Bloomberg) — The SPDR S&P Retail ETF dropped as much as 3.6 percent Thursday, the most since June, after Commerce Department data showed inflation-adjusted disposable income in November dropped for the first time in three years.
     Eight of the ten of the day’s worst performing stocks in the S&P 500 were retailers, including Bed Bath & Beyond, which lost as much 10.2 percent after reporting weaker than expected sales in the third quarter. The rout extended to both high- and low-end brands alike: Nordstrom and Dollar Tree each plunged over 5 percent for the day.
     Adding to retailers woes is likely uncertainty over the new administration’s tax policies for imported goods. House Republicans have proposed a “destination-based tax”, which would impose levies based on where a good ends up rather than where it was produced.
* Vitamin Shoppe Inc. fell as much as 6.7%, the most since Nov.; G-III Apparel Group fell as much as 7.7%, the most since Dec. 2
* Caleres Inc., Coach Inc., and Dillard’s Inc., each lost 4.4%, 4.0%, 7.3% respectively
By Jeremy Herron:
     (Bloomberg) — U.S. stocks retreated in thin trading, with benchmark indexes hovering below all-time highs ahead of the holidays, while Treasuries slipped after a flurry of data bolstered optimism in the American economy.
     The Dow Jones Industrial Average fell to 19,920 after climbing yesterday within 14 points of 20,000. The Bloomberg Dollar Spot Index resumed an advance, nearing the highest in more than a decade, while yields on 10-year government debt climbed to 2.55 percent. Gold slumped to $1,130 an ounce and crude prices settled a nickel short of $53 a barrel.
     Data on durable goods orders showing increased business activity may reinforce bets that Donald Trump’s fiscal stimulus plans will stoke growth. Speculation the President-elect will open the spigot of spending has sent the dollar to near a 14- year high against the euro and pushed the Dow Jones Industrial Average to almost 20,000 this week.
     “Going into next year, we are confident the dollar will continue to make headway. It will be the currency that appreciates in 2017, it’s just a question of how much,” said Andrew Milligan, head of global strategy at Standard Life Investments Ltd. in Edinburgh.
     Stocks
* The S&P 500 Index declined for a second day, losing 0.2 percent to 2,260.97 at 4 p.m. in New York. Trading volume was 30 percent below the 30-day average at this time of day.
* The Dow fell 0.1 percent as its push to 20,000 has stalled. The blue-chip index on Thursday came within 14 points of the round-number milestone before pulling back.
* Billionaire investor Carl Icahn said he was concerned about the U.S. stock market “in the short term” given its run-up following Trump’s win, adding that he increased his hedging in recent weeks. 
* Many investors are likely waiting until January to sell stocks in anticipation of lower taxes on those gains in 2017, Icahn said on CNBC.
* Orders for U.S. business equipment advanced more than forecast last month, while the final reading of third-quarter gross domestic product topped estimates.
* The Stoxx Europe 600 Index lost 0.2 percent, retreating from the year’s highest intraday level on Wednesday. The basic resource industry was the biggest decliner, down 1.3 percent.
     Bonds
* Treasuries fell, pushing the 10-year yield two basis points higher to 2.55 percent. The yield on two-year notes rose for the first time in five days.
* German bunds also declined, with the benchmark yield two basis points higher at 0.27 percent.
* U.S. mortgage rates rose, with the 30-year reaching the highest level since April 2014, after the Federal Reserve increased its benchmark lending rate.
     Commodities
* West Texas Intermediate crude oil rose 0.9 percent to settle at $52.95 a barrel as Iraq signaled that it would adhere to the OPEC production targets. WTI dropped 1.5 percent Wednesday after data showed U.S. crude stockpiles expanded for the first time in five weeks.
* Lead, zinc and nickel dropped at least 2 percent as data showed China stepping up production.
* Gold traded near the lowest level in more than 10 months as exchange-traded funds holding the metal saw a 29th day of contraction. Bullion for future delivery dropped 0.3 percent to $1,130 an ounce.
* EARNINGS:
** After market Thursday: Cintas Corp (CTAS)

Have a wonderful evening everyone.

 

Be magnificent!

Man has accepted conflict as an innate part of daily existence
because he has accepted competition, jealousy, greed, acquisitiveness and aggression
as a natural way of life.
Krishnamurti

As ever,

 

Carolann

 

Everything you’ve ever wanted is on the other side of fear.
                                         -George Addair, 1823-1899

 

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