Category: Newsletters

Dear Friends,

Tangents:
On Dec. 7, 1941, Japanese warplanes attacked the home base of the U.S. Pacific fleet at Pearl Harbor in Hawaii, drawing the United States into World War II. More than 2,300 Americans were killed.  Go to article »

When astronauts snapped an image of Earth 50 years ago, no one knew it would become one of the world’s most widely reproduced photographs. The striking portrait of our planet, known as the “Blue Marble,” was taken on this day in 1972 — and still fills us with awe decades later.

1932: German-born Swiss physicist Albert Einstein is granted an American visa.

Dancing conductor goes viral: A man won a raffle to conduct an orchestra, and his hilarious performance didn’t miss a beat. Watch the video here.

Ancient mummy portraits and rare Isis-Aphrodite idol discovered in Egypt: Archaeologists have discovered ancient mummies buried with stunning, lifelike portraits of the deceased. The mummies were interred in a cemetery at the ancient city of Philadelphia in Egypt, the Egyptian Ministry of Tourism and Antiquities announced on Dec 1.  Full Story: Live Science (12/6)

Emperor king’s top secret assassination letter finally decrypted after 500 years: Researchers have finally cracked a complex code used in a top secret letter from 1547 that the Holy Roman Emperor and King of Spain, Charles V, wrote when he was fearing for his life.  In the encrypted letter, which was sent to one of his ambassadors in France, Charles V writes about tensions with the French king Francis I, who he thought might be plotting to assassinate him.  Full Story: Live Science (12/6)

Reminder that the Cold Moon, the final full moon of 2022, officially begins tonight (Dec. 7) at 11:09 p.m. ET!
And there’s something else going on with the Red Planet: Overnight, from Dec. 7 to Dec. 8, Mars will be “in opposition” to Earth, meaning it is on the opposite side of Earth as the sun. That means the sun, Earth and Mars will all align on an invisible 180-degree line, just like the Sun, Earth and moon do during a full moon.
Read more about the Cold Moon here.
PHOTOS OF THE DAY

Edinburgh, Scotland
Cybermen patrol the National Museum of Scotland before the opening of the Doctor Who Worlds of Wonder exhibition
Photograph: Murdo MacLeod/The Guardian

Lumajang, Indonesia
A rice field damaged by lava from the eruption of Mount Semeru
Photograph: Juni Kriswanto/AFP/Getty Images
Chennai, India
Fishing boats pulled up on Marina beach as cyclone Mandous approaches
Photograph: Arun Sankar/AFP/Getty Images
Market Closes for December 7^th, 2022

Market Index	Close	Change
Dow Jones	33597.92	+1.58
		—
S&P 500	3933.92	-7.34
		-0.19%
NASDAQ	10958.55	-56.34
		-0.51%
TSX	19973.22	-16.95
		-0.08%

International Markets

Market Index	Close	Change
NIKKEI	27686.40	-199.47
		-0.72%
HANG SENG	18814.82	-626.36
		-3.22%
SENSEX	62410.68	-215.68
		-0.34%
FTSE 100*	7489.19	-32.20
		-0.43%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.757		2.775
CND. 30 Year Bond		2.740		2.773
U.S.    10 Year Bond		3.4205		3.5332
U.S. 30 Year Bond		3.4278		3.5462

Currencies

BOC Close	Today	Previous
Canadian $	0.7317	0.7324
US $	1.3667	1.3654
Euro Rate 1 Euro=		Inverse
Canadian $	1.4358	0.6965
US  $	1.0506	0.9518

Commodities

Gold	Close	Previous
London Gold Fix	1773.80	1776.80
Oil
WTI Crude Future	72.01	74.25

Market Commentary:
On this day in 1880, Ferdinand de Lesseps’ Compagnie Universelle du Canal Interoceanique, organized to finance construction of the Panama Canal, went public in Paris at 500 francs, then equivalent to $100, a share. De Lesseps bribed the French press with more than $300,000 in slush money, so the newspapers were enthusiastic—and the public went wild, as more than 100,000 people bought into the IPO. Within eight years the company collapsed and the shares became worthless.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 19,973.22 in Toronto.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 1.0%.
Canopy Growth Corp. had the largest drop, falling 10.0%.
Today, 106 of 236 shares fell, while 127 rose; 6 of 11 sectors were lower, led by financials stocks.
Insights
* This year, the index fell 5.9%, poised for the worst year since 2018
* This quarter, the index rose 8.3%, heading for the biggest advance since the second quarter of 2020
* The index declined 5.6% in the past 52 weeks. The MSCI AC Americas Index lost 17% in the same period
* The S&P/TSX Composite is 10.1% below its 52-week high on April 5, 2022 and 11.7% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 2.3% in the past 5 days and rose 2.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.2 on a trailing basis and 12.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.19t
* 30-day price volatility little changed to 15.29% compared with 15.30% in the previous session and the average of 17.71% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -22.8970| -0.4| 13/16
Energy | -16.9744| -0.5| 9/28
Information Technology | -7.2948| -0.6| 5/9
Health Care | -3.8788| -4.5| 1/6
Communication Services | -3.1712| -0.3| 2/5
Industrials | -0.5978| 0.0| 15/12
Utilities | 1.2435| 0.1| 9/6
Real Estate | 3.6540| 0.7| 17/5
Consumer Staples | 6.0917| 0.7| 9/2
Consumer Discretionary | 8.5596| 1.2| 10/4
Materials | 18.3078| 0.8| 37/13
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
TD Bank | -11.2000| -1.0| 10.8| -8.0
Nutrien | -5.7510| -1.5| -1.4| 9.5
Shopify | -5.7180| -1.3| -7.9| -69.9
Agnico Eagle Mines | 4.8370| 2.2| 8.1| 5.4
Barrick Gold | 6.8260| 2.5| -5.7| -4.2
Dollarama | 8.2530| 5.2| 77.1| 32.7
US
By Rita Nazareth
(Bloomberg) — The stock market came under pressure once again, with Treasuries signaling growing concern about a recession next year amid an aggressively tight Federal Reserve policy.
In a session marked by unnerving swings in both directions, the S&P 500 suffered a fifth straight loss.
Oil erased its 2022 gains on easing demand for fuels.
Economic jitters were palpable among bond traders, with a key segment of the US curve reaching a four-decade extreme.
Treasury 30-year yields sank to the lowest since September.
To Nicholas Colas at DataTrek Research, the spread between two and 10-year rates is extremely wide — and is “clearly spooking” equity traders.
That’s a signal that markets believe the Fed policy is “very, very restrictive,” he noted.
Curve inversions have a track record of preceding economic downturns by 12 to 18 months.
“The last time we were here was at the start of the ‘Volcker recession,’” and his Fed was already cutting rates,” Colas said. “Now we have a Fed that is still talking about ‘higher for longer’ rates. Markets are essentially saying there
will be another man-made economic contraction soon: the ‘Powell recession’.”
Ark Investment Management’s Cathie Wood said the bond market appears to show that the Fed is making a “serious mistake” with its monetary policy.
Deflation is a much bigger risk than inflation, she noted in a series of Tweets.
Bond-market gauges of inflation expectations have declined in recent weeks.
The 10-year breakeven rate for Treasury inflation-protected securities is hovering around 2.3%, down from 2.6% in late October.
A measure of labor cost growth reinforced the narrative that’s been benefiting Treasuries for the past month — that inflation has peaked.
Meantime, mortgage rates fell for a fourth week in a row, the longest such stretch of declines since May 2019, as the Fed has signaled it will soon slow down the pace of tightening.
“Investors are worrying both that the economy may be too strong and that it may be too weak at the same time,” said Ed Yardeni, president of his namesake research firm. “The yield-curve spread between the 10-year and two-year Treasuries suggests that the Fed’s monetary policy tightening cycle is almost over. That’s either because a recession is imminent or because inflation is likely to keep falling, maybe without a recession.”
Those concerns are keeping the tug of war between equity bulls and bear in full force, with the latter having the upper hand.
The S&P 500 this week breached a key uptrend line from its October lows, a sign that stocks still face more obstacles before there’s confirmation this year’s downtrend is broken.
To Savita Subramanian at Bank of America Corp., investors should stay invested in stocks despite growing warnings that the S&P 500 may sink to new lows in the first half of next year.
“Not having exposure to stocks and sticking all your money in bonds and cash is a mistake at this point,” she said. “I do think that we are going to go down and then up. The problem is, that is an increasingly consensus view. So I think the bigger risk heading into the first half is actually not being invested in equities.”
Also keeping a lid on risk assets Wednesday were comments from President Vladimir Putin, who warned that the threat of nuclear war in the world is rising, reiterating that Russia will defend itself and its allies “with all means if necessary.”
Key events this week:
* ECB President Christine Lagarde speaks, Thursday
* US initial jobless claims, Thursday
* US PPI, wholesale inventories, University of Michigan consumer sentiment, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.5%
* The Dow Jones Industrial Average was little changed
* The MSCI World index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.4% to $1.0511
* The British pound rose 0.7% to $1.2212
* The Japanese yen rose 0.4% to 136.44 per dollar
Cryptocurrencies
* Bitcoin fell 1% to $16,829.49
* Ether fell 1.9% to $1,232.13
Bonds
* The yield on 10-year Treasuries declined 12 basis points to 3.41%
* Germany’s 10-year yield declined two basis points to 1.78%
* Britain’s 10-year yield declined three basis points to 3.04%
Commodities
* West Texas Intermediate crude fell 2.6% to $72.34 a barrel
* Gold futures rose 1% to $1,799.90 an ounce
This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

Your time is limited, so don’t waste it living someone else’s life. -Steve Jobs, 1955-2011.

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

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

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

Dear Friends,

Tangents:
1917: Finland declares independence from the Russian Empire.
1994: Orange County, Calif., filed for bankruptcy protection due to investment losses of about $2 billion. Go to article »

The Elgin Marbles may finally return to Greece, 200 years after being removed by British nobility:  The British Museum and the Greek government are reportedly in talks about returning the Parthenon Marbles — also called the Elgin Marbles — to Greece, according to media reports.
The marbles are a series of sculptures that once decorated the exterior of the Parthenon, a temple on the acropolis of Athens that was built between about 447 B.C. and 432 B.C. and is dedicated to the goddess Athena.
Full Story: Live Science (12/6)

Woman’s name and tiny sketches hidden in 1,200-year-old manuscript: Researchers have discovered secret scribbles and sketches that were scratched into a medieval manuscript more than 1,200 years ago.
The hidden markings, made without ink, were found in the pages of an early medieval book housed at a University of Oxford library in England.  Full Story: Live Science (12/5)

Watch the ‘Cold Moon’ eclipse Mars during the final full moon of 2022: December’s full moon — also nicknamed the Cold Moon — officially begins at 11:09 p.m. ET (4:09 a.m. UTC on Dec. 8), although the moon will also appear bright and full in the sky beginning on Tuesday, Dec. 6, and lasting until Thursday, Dec. 8.  Full Story: Live Science (12/6)

Search for alien life just got 1,000 times bigger after new telescope joins the hunt
One of the world’s largest telescopes has just joined the hunt for signs of alien life elsewhere in the cosmos.  Since 2016, the Breakthrough Listen project has been quietly using radio telescopes to listen for unusual radio signals, or techno signatures, from potential advanced extraterrestrial civilizations within the Milky Way. But now, the MeerKAT Telescope — an array of 64 individual dishes in South Africa, and currently the largest radio telescope in the Southern Hemisphere — has joined the party.  Full Story: Live Science (12/5)

You could be the proud owner of this $218 million private island
PHOTOS OF THE DAY

Kraków, Poland
Products prepared for sale are displayed at the Ukrainian Christmas market. With the help of UNHCR, Ukrainians who fled the war and found refuge in Kraków organised a market where visitors can buy handmade gifts
Photograph: Anadolu Agency/Getty Images

Versailles, France
The sculpture group Apollo on his Chariot is lifted by crane during restoration work. Apollo on his Chariot was created by Jean-Baptiste Tuby after a drawing by Charles le Brun and is inspired by the legend of the sun god
Photograph: Emmanuel Dunand/AFP/Getty Images

Salisbury, England
A crane is used to manoeuvre a 32-ft Norway spruce from Longleat Forest, at Salisbury Cathedral. The tree will remain in place until Candlemas (2 February)
Photograph: Finnbarr Webster/Getty Images
Market Closes for December 6^th, 2022

Market Index	Close	Change
Dow Jones	33596.34	-350.76
		-1.03%
S&P 500	3941.26	-57.58
		-1.44%
NASDAQ	11014.89	-225.05
		-2.00%
TSX	19990.17	-252.09
		-1.25%

International Markets

Market Index	Close	Change
NIKKEI	27885.87	+65.47
		+0.24%
HANG SENG	19441.18	-77.11
		-0.40%
SENSEX	62626.36	-208.24
		-0.33%
FTSE 100*	7521.39	-46.15
		-0.61%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.775		2.816
CND. 30 Year Bond		2.773		2.813
U.S.    10 Year Bond		3.5332		3.5791
U.S. 30 Year Bond		3.5462		3.5867

Currencies

BOC Close	Today	Previous
Canadian $	0.7324	0.7358
US $	1.3654	1.3591
Euro Rate 1 Euro=		Inverse
Canadian $	1.4292	0.6997
US  $	1.0468	0.9553

Commodities

Gold	Close	Previous
London Gold Fix	1776.80	1784.75
Oil
WTI Crude Future	74.25	76.93

Market Commentary:
On this day in 1994, Orange County, Calif., filed for bankruptcy protection after Robert Citron, its chief investment officer, lost billions of dollars speculating on derivatives and betting that interest rates would not rise. When asked, a year earlier, why this wasn’t risky, Citron said, “I am one of the largest investors in America. I know these things.”
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 1.2%, or 252.09 to 19,990.17 in Toronto.
The move was the biggest since falling 1.6% on Nov. 9.
Today, energy stocks led the market lower, as all sectors lost; 184 of 236 shares fell, while 49 rose.
Shopify Inc. contributed the most to the index decline, decreasing 4.1%. Canopy Growth Corp. had the largest drop, falling 16.4%.
Insights
* This year, the index fell 5.8%, poised for the worst year since 2018
* This quarter, the index rose 8.4%, heading for the biggest advance since the second quarter of 2020
* The index declined 4.2% in the past 52 weeks. The MSCI AC Americas Index lost 15% in the same period
* The S&P/TSX Composite is 10% below its 52-week high on April 5, 2022 and 11.8% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 1.4% in the past 5 days and rose 2.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.3 on a trailing basis and 12.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.23t
* 30-day price volatility rose to 15.30% compared with 14.87% in the previous session and the average of 17.82% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -83.7140| -2.3| 2/36
Financials | -58.6189| -0.9| 6/23
Information Technology | -28.5101| -2.4| 1/13
Industrials | -28.3797| -1.0| 4/23
Utilities | -9.6659| -1.1| 5/11
Consumer Discretionary | -8.9467| -1.2| 1/12
Materials | -8.8389| -0.4| 16/34
Communication Services | -8.5712| -0.9| 0/7
Consumer Staples | -7.4235| -0.9| 3/8
Health Care | -6.8019| -7.3| 0/6
Real Estate | -2.6209| -0.5| 11/11
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -18.3800| -4.1| 47.4| -69.4
Bank of Montreal | -18.1100| -2.9| 32.5| -5.2
Canadian Natural Resources | -16.4000| -2.7| 17.1| 44.4
Agnico Eagle Mines | 2.6390| 1.2| -21.4| 3.2
Teck Resources | 3.0050| 1.9| 19.8| 39.0
Bank of Nova Scotia| 3.2030| 0.6| -7.3| -23.7
US
By Rita Nazareth
(Bloomberg) — Stocks slumped amid gloomy economic warnings from bank chiefs at a time when concerns about the impacts of Federal Reserve policy on growth and corporate earnings are running rampant.
A rout in tech giants like Apple Inc. and Microsoft Corp. weighed heavily on the market, with the Nasdaq 100 down 2% and the S&P 500 suffering a fourth straight loss.
All but two firms in the KBW Bank Index of financial heavyweights fell.
As traders sought safety, the dollar rose with Treasuries.
Goldman Sachs Group Inc.’s David Solomon warned about pay and job cuts, citing “some bumpy times ahead.”
Bank of America Corp. is slowing hiring as fewer employees leave ahead of a possible economic contraction, chief Brian Moynihan said.
Morgan Stanley will reduce its global workforce by about 2%, while JPMorgan Chase & Co.’s Jamie Dimon told CNBC a “mild to hard recession” may hit next year.
“We have not yet seen the bottom on equity prices,” said Lauren Goodwin, portfolio strategist at New York Life Investments. “While this phase of equity market volatility is likely to end in the next few months, earnings have not yet
adapted to a recessionary environment.”
Morgan Stanley Wealth Management’s Lisa Shalett said some of the biggest companies may see earnings hit far more than expected next year as economic growth slows and inflation erodes the purchasing power of consumers.
“A lot of corporate guidance is delusional,” Shalett told Bloomberg Television. “It’s going to be a rude awakening for a lot of folks.”
As shaky as markets look, one indicator looks solid: analysts’ view on the companies they cover.
After slashing their share-price targets over the summer at a pace seen only a handful of other times in history, they’re rolling back their skepticism and reducing the number of decreases relative to increases to a level last seen at the
onset of the rout in January, data compiled by Bloomberg show.
To Katie Nixon at Northern Trust Wealth Management, the potential lack of earnings growth in 2023 may be a limiting factor to market performance amid the already elevated valuation level.
“Markets have never bottomed before a recession has begun,” said David Bailin, chief investment officer at Citi Global Wealth. “If there is in fact going to be a recession next year, if we are going to see a period of unemployment rising in the country, then we would expect that markets would have to settle down from where they are today over the course of the next several months.”
Key events this week:
* EIA crude oil inventory report, Wednesday
* Euro zone GDP, Wednesday
* US MBA mortgage applications, Wednesday
* ECB President Christine Lagarde speaks, Thursday
* US initial jobless claims, Thursday
* US PPI, wholesale inventories, University of Michigan consumer sentiment, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 2%
* The Dow Jones Industrial Average fell 1%
* The MSCI World index fell 1.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.2% to $1.0469
* The British pound fell 0.4% to $1.2137
* The Japanese yen fell 0.2% to 136.97 per dollar
Cryptocurrencies
* Bitcoin was little changed at $16,986.24
* Ether fell 0.5% to $1,252.77
Bonds
* The yield on 10-year Treasuries declined five basis points to 3.52%
* Germany’s 10-year yield declined eight basis points to 1.80%
* Britain’s 10-year yield declined three basis points to 3.08%
Commodities
* West Texas Intermediate crude fell 3.4% to $74.34 a barrel
* Gold futures rose 0.2% to $1,784.40 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric, Isabelle Lee, Emily Graffeo, Elena Popina and Eva Szalay.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Criticism may not be agreeable, but it is necessary.  It fulfils the same function as pain in the human body.
It calls attention to an unhealthy state of things. -Winston Churchill, 1874-1965.

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

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

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

Dear Friends,

Tangents: Happy Monday.

Walt Disney, b.1901.
Joan Didion, b. 1934

Where on Earth does the sun rise first?  On our rotating, spherical planet, the sun is endlessly creeping over the horizon.
But where does the first sunrise of the day happen? And with the sun quickly setting on 2022, which place experiences the first moments of light in the New Year?  Full Story: Live Science (12/5)

Gold tongues found in 2,000-year-old mummies in Egypt: Archaeologists in Egypt have uncovered the remains of several mummies with tongues made of gold in an ancient cemetery near Quesna, a city located about 35 miles (56 kilometers) north of Cairo, according to Egypt’s Ministry of Tourism and Antiquities.
Some of the mummies were buried in wooden coffins with grave goods that included necklaces, pottery, and gold artifacts in the shape of lotus flowers and beetles known as scarabs, the ministry reported in a statement posted to Facebook on Nov. 24. Full Story: Live Science (12/1)

Best places to go for Christmas:  These 15 cities are sprucing up their streets with more than just a few lights. View the photo gallery here.

PHOTOS OF THE DAY

Giza, Egypt
Models on the catwalk during the Dior autumn 2023 menswear show
Photograph: Stéphane Cardinale/Corbis/Getty Images

Lumajang, Indonesia
People stand with Mount Semeru in the background after a volcanic eruption
Photograph: Juni Kriswanto/AFP/Getty Images

Jammu, India
Farmers thrash wheat crop after harvest early in the morning
Photograph: Channi Anand/AP
Market Closes for December 5^th, 2022

Market Index	Close	Change
Dow Jones	33947.10	-482.78
		-1.40%
S&P 500	3998.84	-72.86
		-1.79%
NASDAQ	11239.94	-221.56
		-1.93%
TSX	20242.26	-243.40
		-1.19%

International Markets

Market Index	Close	Change
NIKKEI	27820.40	+42.50
		+0.15%
HANG SENG	19518.29	+842.94
		+4.51%
SENSEX	62834.60	-33.90
		-0.05%
FTSE 100*	7567.54	+11.31
		+0.15%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.816		2.780
CND. 30 Year Bond		2.813		2.798
U.S.    10 Year Bond		3.5791		3.4825
U.S. 30 Year Bond		3.5867		3.5342

Currencies

BOC Close	Today	Previous
Canadian $	0.7358	0.7423
US $	1.3591	1.3472
Euro Rate 1 Euro=		Inverse
Canadian $	1.4267	0.7009
US  $	1.0498	0.9526

Commodities

Gold	Close	Previous
London Gold Fix	1784.75	1803.15
Oil
WTI Crude Future	76.93	79.98

Market Commentary:
On this day in 1856, Jacob Little, one of Wall Street’s biggest speculators, went bust with unfunded liabilities of $10 million.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1.2%, or 243.4 to 20,242.26 in Toronto.
The move was the biggest since falling 1.6% on Nov. 9.
Canadian Natural Resources Ltd. contributed the most to the index decline, decreasing 3.7%.
Energy Fuels Inc/Canada had the largest drop, falling 7.6%.
Today, 198 of 236 shares fell, while 37 rose; 8 of 11 sectors were lower, led by energy stocks.
Insights
* This year, the index fell 4.6%, poised for the worst year since 2018
* This quarter, the index rose 9.7%, heading for the biggest advance since the second quarter of 2020
* The index declined 1.9% in the past 52 weeks. The MSCI AC Americas Index lost 13% in the same period
* The S&P/TSX Composite is 8.9% below its 52-week high on April 5, 2022 and 13.3% above its low on Oct. 13, 2022
* The S&P/TSX Composite is little changed in the past 5 days and rose 4.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.4 on a trailing basis and 12.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.27t
* 30-day price volatility rose to 14.87% compared with 14.38% in the previous session and the average of 17.94% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -79.4512| -2.1| 0/38
Financials | -60.9024| -1.0| 2/27
Materials | -38.1817| -1.5| 2/48
Information Technology | -36.6370| -3.0| 0/14
Industrials | -22.3143| -0.8| 5/22
Consumer Discretionary | -10.7446| -1.4| 1/13
Real Estate | -6.0161| -1.2| 3/19
Consumer Staples | -1.8699| -0.2| 3/8
Health Care | 0.0671| 0.1| 4/3
Utilities | 5.1617| 0.6| 13/3
Communication Services | 7.5141| 0.8| 4/3
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Canadian Natural Resources | -23.0500| -3.7| 52.3| 48.5
Shopify | -20.4200| -4.3| -21.3| -68.2
TD Bank | -12.9400| -1.1| 10.5| -5.8
BCE | 2.2600| 0.6| 73.7| -2.7
Rogers Communications| 2.2680| 1.5| 261.8| 4.9
Telus | 4.2950| 1.5| 0.0| -2.5
US
By Rita Nazareth
(Bloomberg) — Stocks kicked off the week with losses and bond yields climbed as a US services gauge unexpectedly rose, fueling speculation the Federal Reserve will keep its policy tight to tame stubborn inflation.
The selloff spread throughout all major S&P 500 sectors, with about 95% of the gauge’s companies in the red.
Tesla Inc. tumbled almost 6.5% as Bloomberg News reported the electric-vehicle giant plans to lower production at its Shanghai factory.
A slide in the Russell 2000 of small caps approached 3%.
Treasuries slumped across the curve, driving 10-year yields to 3.6%.
Swaps showed higher expectations on where the Fed terminal rate will be, with the market indicating a peak above 5% in the middle of 2023.
The current benchmark sits in a range between 3.75% and 4%.
The dollar halted a four-day rout.
“Good economic news is bad news for stocks as it will keep the risk elevated that rates might have to end up higher later next year,” said Ed Moya, senior market analyst at Oanda.
Equities also came under pressure on the view that a rally that drove the S&P 500 above a key technical indicator last week would be overdone given the current set of economic risks.
Morgan Stanley’s Michael Wilson, one of the US stock market’s most-vocal skeptics, says investors are better off booking profits. “We are now sellers again,” the strategist and his colleagues wrote.
Traders are also anxiously awaiting Friday’s report US producer prices — one of the final pieces of data Fed officials will see before their Dec. 13-14 policy meeting.
Inflation numbers over the past month have indicated pressures are slowly cooling, but remain very elevated.
An analysis of every S&P 500 bear market since 1960 suggests it could easily take over two years to recoup the index’s prior high, especially if recession plagues the near-term outlook, Bloomberg Intelligence strategists Gina Martin
Adams and Michael Casper said.
“Markets are likely to remain volatile, and we do not think the economic conditions for a sustained upturn are yet in place,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “In our view, economic growth is likely to slow further next year as the cumulative impact of Fed rate hikes weighs on activity.”
Meantime, a majority of 291 respondents to the latest MLIV Pulse survey said leveraged loans would be the canary in the coal mine to indicate that corporate credit quality is getting worse.
About 28% of survey respondents expect defaults to jump significantly if US rates peak at or below 5%, which is about where the market bets the Fed will stop hiking.
Another 63% see defaults surging if rates peak above 5%.
Elsewhere, oil erased gains as risk-averse investors pared crude positions ahead of the end of the year.
Key events this week:
* US trade, Tuesday
* EIA crude oil inventory report, Wednesday
* Euro zone GDP, Wednesday
* US MBA mortgage applications, Wednesday
* ECB President Christine Lagarde speaks, Thursday
* US initial jobless claims, Thursday
* US PPI, wholesale inventories, University of Michigan consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.8% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.7%
* The Dow Jones Industrial Average fell 1.4%
* The MSCI World index fell 1.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.8%
* The euro fell 0.5% to $1.0486
* The British pound fell 0.8% to $1.2180
* The Japanese yen fell 1.9% to 136.80 per dollar
Cryptocurrencies
* Bitcoin fell 1% to $16,938.17
* Ether fell 1.6% to $1,256.18
Bonds
* The yield on 10-year Treasuries advanced 11 basis points to 3.60%
* Germany’s 10-year yield advanced two basis points to 1.88%
* Britain’s 10-year yield declined five basis points to 3.10%
Commodities
* West Texas Intermediate crude fell 3.3% to $77.36 a barrel
* Gold futures fell 1.6% to $1,780.20 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric, Emily Graffeo, Isabelle Lee and Michael MacKenzie.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

A simple rule in dealing with those who are hard to get along with is to remember that this person is striving to assert his superiority;
and you must deal with him from that point of view. –Alfred Adler,  1870-1937.

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

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

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

Dear Friends,

Tangents: Happy Friday.

December 2, 1969: The Boeing 747 jumbo jet debuted.  Go to article ».
1993: Columbia drug lord Pablo Escobar is shot and killed in Medellin.

George Seurat, artist, b.1859.
Maria Callas, soprano, b. 1923

Beavertown Brewery has brewed a Christmas beer called Frozen Neck, which is infused with “edible glitter for a seasonal snow globe effect in a glass.” (h/t Andrea Felsted)

Massive eruption from icy volcanic comet detected in solar system:   A bizarre, volcanic comet has violently erupted, spewing out more than 1 million tons of gas, ice and the “potential building blocks of life” into the solar system.  The volatile comet, known as 29P/Schwassmann-Wachmann (29P), is around 37 miles (60 kilometers) wide and takes around 14.9 years to orbit the sun. 29P is believed to be the most volcanically active comet in the solar system.  Full Story: Live Science (12/2)

‘Sacred’ owl carvings from Copper Age may actually be children’s toys:  Thousands of years ago, children from the Iberian Peninsula carved pieces of slate into the shape of owls, creating palm-sized toys to play with, a new study suggests.  Originally, archaeologists thought the cartoonlike figures were sacred objects representing deities, used only in rituals. But a new study reveals that they also could have served as children’s toys or amulets.
PHOTOS OF THE DAY

Edinburgh, Scotland
The National Monument of Scotland forms the backdrop for projected images created by artists for the Farnesina digital art experience
Photograph: Jane Barlow/PA

Wehrheim, Germany
Icelandic horses play at a stud farm as snow falls
Photograph: Michael Probst/AP

A snow leopard caught by a camera trap high up in the Indian Himalayas. One of the shortlisted 25 images in the running for the Wildlife Photographer of the Year People’s Choice award at the Natural History Museum
Photograph: Sascha Fonseca/2022 Wildlife Photographer of the Year
Market Closes for December 2^nd, 2022

Market Index	Close	Change
Dow Jones	34429.88	+34.87
		+0.10%
S&P 500	4071.70	-4.87
		-0.12%
NASDAQ	11461.50	-20.95
		-0.18%
TSX	20485.66	-39.79
		-0.19%

International Markets

Market Index	Close	Change
NIKKEI	27777.90	-448.18
		-1.59%
HANG SENG	18675.35	-61.09
		-0.33%
SENSEX	62868.50	-415.69
		-0.66%
FTSE 100*	7556.23	-2.26
		-0.03%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.780		2.835
CND. 30 Year Bond		2.798		2.876
U.S.    10 Year Bond		3.4825		3.5048
U.S. 30 Year Bond		3.5342		3.5982

Currencies

BOC Close	Today	Previous
Canadian $	0.7423	0.7439
US $	1.3472	1.3443
Euro Rate 1 Euro=		Inverse
Canadian $	1.4191	0.7047
US  $	1.0535	0.9492

Commodities

Gold	Close	Previous
London Gold Fix	1803.15	1753.50
Oil
WTI Crude Future	79.98	81.22

Market Commentary:
On this day in 2001, Enron went bankrupt, as the seventh-largest corporation in the U.S. filed for protection from creditors under Chapter 11 of the federal bankruptcy code. The disclosure of the worst accounting scandal in American history vaporized $60 billion in Enron’s stock-market value.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.2% at 20,485.66 in Toronto.
The move follows the previous session’s increase of 0.4%.
Brookfield Asset Management Inc. contributed the most to the index decline, decreasing 3.2%.
Wesdome Gold Mines Ltd. had the largest drop, falling 8.6%.
Today, 130 of 236 shares fell, while 103 rose; 7 of 11 sectors were lower, led by financials stocks.
Insights
* This year, the index fell 3.5%, poised for the worst year since 2018
* This quarter, the index rose 11%, heading for the biggest advance since the second quarter of 2020
* So far this week, the index rose 0.5%
* The index declined 1.3% in the past 52 weeks. The MSCI AC Americas Index lost 12% in the same period
* The S&P/TSX Composite is 7.8% below its 52-week high on April 5, 2022 and 14.6% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.6 on a trailing basis and 13 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.27t
* 30-day price volatility rose to 14.38% compared with 14.30% in the previous session and the average of 18.59% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -22.1765| -0.4| 10/19
Information Technology | -10.2890| -0.8| 7/6
Energy | -6.7788| -0.2| 19/19
Real Estate | -5.2069| -1.0| 0/22
Communication Services | -2.8325| -0.3| 1/6
Utilities | -1.8245| -0.2| 7/9
Consumer Staples | -0.7454| -0.1| 7/4
Industrials | 1.2361| 0.0| 14/13
Materials | 1.2682| 0.1| 24/25
Consumer Discretionary | 3.1662| 0.4| 9/5
Health Care | 4.3908| 4.9| 5/2
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Brookfield Asset Management | -19.8600| -3.2| -3.2| -20.5
Bank of Nova Scotia | -10.0200| -1.7| 36.6| -23.0
Constellation
Software | -7.0870| -2.4| 0.3| -8.5
Nutrien | 5.3060| 1.4| 35.8| 12.5
Bank of Montreal | 6.4090| 1.0| 27.5| -1.3
TD Bank | 6.4690| 0.6| -29.9| -4.8
US
By Rita Nazareth
(Bloomberg) — Stocks and bonds faced a lot of instability, with a hot jobs report fueling bets the Federal Reserve will keep tightening even if officials downshift the pace of hikes this month.
A surge in Treasury 10-year yields fizzled out, while two-year rates — which are more sensitive to imminent Fed moves — remained higher. The S&P 500 almost erased a slide that earlier topped 1%.
The dollar wavered.
Rather than boosting their bets for the Fed’s December meeting, traders increased their wagers on where rates will top out.
Swaps showed a peak of 4.98% before a pullback that still left the contract up eight basis points from where it was before the jobs data.
The current range is between 3.75% and 4%.
US employers added more jobs than forecast and wages surged by the most in nearly a year.
Nonfarm payrolls increased 263,000 in November, while the unemployment rate held at 3.7%.
Average hourly earnings rose twice as much as predicted.
“To have 263,000 jobs added even after policy rates have been raised by some 350 basis points is no joke,” said Seema Shah at Principal Asset Management. “The labor market is hot, hot, hot, heaping pressure on the Fed to continue raising policy rates. What is there in this jobs report to convince them not to take policy rates above 5%?”
That’s why the Fed’s “dot plot”, which the central bank uses to signal its outlook for the path of policy, is in focus at the moment.
Anna Wong at Bloomberg Economics says officials may have to boost their terminal-rate forecast from what they wrote down in the September, possibly to 5.25%.
Fed Bank of Chicago President Charles Evans said rates will need to be raised to a higher peak even as the central bank slows the pace of increases.
He said policymakers were likely to downshift to 50 basis points, after raising rates by 75 basis points at four straight meeting.
Evans remarks are the latest from a central bank official, including Powell earlier this week, to suggest a half-point hike when they gather Dec. 13-14.

More Comments:
* Steven Blitz at TS Lombard: In sum, the Fed is far from done – 75 is on the table for the Dec. meeting, although given all the communication around slowing to 50 it will be hard for them to back away at this point. Nevertheless, a long tack for raising rates means a higher terminal rate.
* Callie Cox at eToro: A strong job market gives the Fed more basis to hold rates higher for longer, even if they start slowing hikes down. A high-rate environment is a challenging one to invest in, and we could be in for a tougher slog to the highs until inflation comes down significantly.
* Ronald Temple at Lazard Asset Management: Investors need to reassess their optimism regarding the end of policy tightening – both the level of terminal rates, and how long the Fed keeps rates there.
* Chris Zaccarelli at Independent Advisor Alliance: This jobs report is another example of why the Fed is going to be fighting inflation for a much longer period than many currently expect. Next year is likely to be a volatile one as a
weakening economy and tight financial conditions is our base case.
* Krishna Guha at Evercore ISI: We are confident that the report will have no effect on the decision to slow the pace of Fed rate hikes to 50bp in Dec. But it means the median Fed official will likely write down a peak rate of 5% to 5.25% rather than 4.75% to 5% and the Fed will maintain a hawkish tone at that meeting.
* David Russell at TradeStation Group: The Fed also has to think about their credibility. After clearly signaling a turn away from 75 basis points, they’re unlikely to change that two weeks from now. Instead, we’ll probably see more hawkish projections on the dot plot. 

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.1% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.4%
* The Dow Jones Industrial Average was little changed
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.1% to $1.0533
* The British pound rose 0.3% to $1.2281
* The Japanese yen rose 0.8% to 134.31 per dollar
Cryptocurrencies
* Bitcoin rose 0.6% to $17,030.7
* Ether rose 1.2% to $1,291.66
Bonds
* The yield on 10-year Treasuries declined three basis points to 3.48%
* Germany’s 10-year yield advanced four basis points to 1.86%
* Britain’s 10-year yield advanced five basis points to 3.15%
Commodities
* West Texas Intermediate crude fell 1.3% to $80.16 a barrel
* Gold futures fell 0.2% to $1,811.70 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Cecile Gutscher, Isabelle Lee and Edward Bolingbroke.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

On this earth, in the final analysis, each of us gets exactly what he deserves.  But only the successful recognize this. –Georges Simenon, 1903-1989.

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

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

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

Dear Friends,

Tangents: Happy Friday Eve.
1913:  The first drive-in automobile service station opened, in Pittsburgh. Go to article »
1991: A referendum is held in Ukraine asking voters if they wanted an “Act of Declaration of Independence” from the Soviet Union.  Nearly 29 million (92.3%) of those registered to vote supported the motion.
1891: Basketball created.
1955: Rosa Parks arrested.

Prince William and Kate are in the US for their first trip in eight years.  The royals have arrived! See photos of the Prince and Princess of Wales sitting courtside at the Boston Celtics vs. Miami Heat game.

These are the world’s most expensive cities to live in 2022:  If you want to live in one of these desirable cities, you might spend extra on housing, gas, and food. Prime example: $20 avocado toast in Los Angeles…

Merging galaxies captured in new Webb telescope image.  NASA shared a new image displaying the beautiful chaos of two galaxies merging. Take a look here.

Lamborghini’s new supercar is designed to go off-road.  The luxury automaker says this new $300,000 vehicle is meant to be driven on dirt roads — and will be its last purely gasoline-powered supercar.
PHOTOS OF THE DAY

London, England
The newly restored Nativity by Piero Della Francesca is displayed at the National Gallery
Photograph: Leon Neal/Getty Images

Berlin, Germany
A statue of Moses is surrounded by scaffolding during restoration work at the city’s cathedral
Photograph: John MacDougall/AFP/Getty Images

Hawaii, US
An eruption of the Mauna Loa volcano illuminates the night
Photograph: Go Nakamura/Reuters
Market Closes for December 1^st, 2022

Market Index	Close	Change
Dow Jones	34395.01	-194.76
		-0.56%
S&P 500	4076.57	-3.54
		-0.09%
NASDAQ	11482.45	+14.45
		+0.13%
TSX	20525.45	+72.19
		+0.35%

International Markets

Market Index	Close	Change
NIKKEI	28226.08	+257.09
		+0.92%
HANG SENG	18736.44	+139.21
		+0.75%
SENSEX	63284.19	+184.54
		+0.29%
FTSE 100*	7558.49	-14.56
		-0.19%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.835		2.941
CND. 30 Year Bond		2.876		2.999
U.S.    10 Year Bond		3.5048		3.6091
U.S. 30 Year Bond		3.5982		3.7452

Currencies

BOC Close	Today	Previous
Canadian $	0.7439	0.7449
US $	1.3443	1.3425
Euro Rate 1 Euro=		Inverse
Canadian $	1.4134	0.7075
US  $	1.0514	0.9511

Commodities

Gold	Close	Previous
London Gold Fix	1753.50	1752.70
Oil
WTI Crude Future	81.22	80.55

Market Commentary:
On this day in 1919, the Chicago Mercantile Exchange opened for its first day of trading. Total volume in 45 minutes of trading: three lots of egg futures. In the days before chicken coops had aluminum roofs to keep temperatures moderate year-round, hens laid eggs regularly only in spring, so egg buyers had to hedge their supplies the rest of the year.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.4%, or 72.19 to 20,525.45 in Toronto.
The index advanced to the highest closing level since June 9.
Toronto-Dominion Bank contributed the most to the index gain, increasing 2.6%.
OceanaGold Corp. had the largest increase, rising 13.5%.
Today, 149 of 236 shares rose, while 85 fell; 9 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index fell 3.3%, poised for the worst year since 2018
* This quarter, the index rose 11%, heading for the biggest advance since the second quarter of 2020
* So far this week, the index rose 0.7%
* The index advanced 0.3% in the past 52 weeks. The MSCI AC Americas Index lost 11% in the same period
* The S&P/TSX Composite is 7.6% below its 52-week high on April 5, 2022 and 14.8% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 0.9% in the past 5 days and rose 5.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.7 on a trailing basis and 13 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.26t
* 30-day price volatility fell to 14.30% compared with 14.76% in the previous session and the average of 18.94% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 42.2492| 1.7| 44/7
Information Technology | 36.6828| 3.1| 13/1
Financials | 13.6915| 0.2| 19/10
Industrials | 8.5028| 0.3| 13/13
Health Care | 4.5937| 5.4| 4/3
Consumer Staples | 3.5412| 0.4| 9/2
Real Estate | 3.4462| 0.7| 18/4
Consumer Discretionary | 3.1224| 0.4| 8/6
Communication Services | 2.9832| 0.3| 5/2
Utilities | -4.6355| -0.5| 8/7
Energy | -41.9791| -1.1| 8/30
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
TD Bank | 28.7400| 2.6| 16.2| -5.3
Shopify | 24.7500| 5.5| 27.5| -66.5
Barrick Gold | 12.9200| 4.8| -3.6| -4.3
Enbridge | -7.5280| -1.0| -73.8| 11.3
Nutrien | -9.4250| -2.4| -13.5| 11.0
CIBC | -30.9900| -7.7| 195.0| -18.9
US
By Rita Nazareth
(Bloomberg) — Stocks saw a lot of instability near a key technical level, with traders awaiting the all-important jobs report for clues on the Federal Reserve’s next policy steps.
The dollar fell with bond yields.
A fight took place around the S&P 500’s 200-day moving average — an indicator seen by some analysts as portending the continuation of a move when breached.
The equity gauge struggled for direction after crossing that mark in a rally driven by Jerome Powell’s signals of a downshift in the pace of hikes.
Amid all the choppiness, the Cboe Volatility Index fell below 20, the lowest since August.
“The shallower the pullback, the better the odds of the market moving further higher,” said Fawad Razaqzada, market analyst at City Index and Forex.com. “The bears, meanwhile, will need to defend this bearish trend line and push the market back below the 200 day, if they want to keep this year’s bearish trend intact now that we are heading into the final month of the year.”
Equities closed almost flat after slumping on data showing American manufacturing contracted in November for the first time since May 2020.
The report added to concern that Fed hikes will raise the odds of a recession and tempered optimism with news that a gauge of consumer prices had the second-smallest increase this year.
The Bloomberg Dollar Spot Index sank to its lowest since June.
The Treasury rally gathered steam amid a pullback in expectations for Fed tightening.
Bets on where the central bank rate will peak have now dropped below 4.9%, according to swap markets.
The current benchmark sits in a range between 3.75% and 4%.
Fed Bank of New York President John Williams said further hikes are needed to curb inflation.
The central bank’s Vice Chair for Supervision Michael Barr said officials have more work to do in tightening monetary policy, though they could slow the pace of rate increases later this month.
The Fed Bank of Chicago appointed Austan Goolsbee, an economist and former adviser to President Barack Obama, as its new chief to replace Charles Evans, who retires in January.
In an Oct. 31 Bloomberg Radio interview, Goolsbee said a peak for the benchmark federal funds rate around 5% “kind of makes sense to me.”
The remarkably resilient US jobs market is beginning to cool, but Friday’s employment report will fall far short of the turning point Fed officials are seeking in their battle to beat back inflation.
There are signs labor demand is ebbing, but a bigger slowdown is needed to bring that demand more in line with labor supply in order to contain wage growth.
The median projection in a Bloomberg survey of economists calls for payrolls to rise 200,000 in November and hourly earnings to climb 4.6% from a year ago.
Worries about how far central bankers will go to rein in inflation have kept investors on edge, and equities volatile.
JPMorgan Chase & Co.’s Dubravko Lakos-Bujas said sharp declines await US stocks in the first half of 2023 against the backdrop of a mild recession and Fed hikes.
The prediction adds to calls from strategists at Goldman Sachs Group Inc. and Deutsche Bank AG that American equities are in for a wild ride next year.
“The next mountain needing to be conquered, and will be the 2023 focus I believe, is the economic consequences to such a sharp rise in interest rates, the higher cost of capital that both businesses and households have to deal with and the recession it creates,” said Peter Boockvar, chief investment officer at Bleakley Financial Group.

“We do not think the macroeconomic conditions for a sustained market rally are yet in place,” said Mark Haefele, chief investment officer at UBS Global Wealth Management, who sees the cumulative impact of hikes weighing on economic growth and corporate profits.
From a technical standpoint, however, history offers encouraging signs for US stocks once they break above a longer-term trend line after spending months below it.
In the previous 13 times the S&P 500 was beneath the 200-day moving average for more than six months and then closed above it, the index posted an average return of 12% over the next six months and 19% a year later, according to Ryan Detrick, chief market strategist at Carson Group.
Jonathan Krinsky at BTIG notes that while a big rally got the US equity gauge through its 200-day moving average, it also took it right to the downtrend line from the January highs.
“The slope of the 200-DMA is often more important than whether price is above or below it,” he added. “Consider in 2002, there were several rally attempts that did get above the declining 200-DMA, only to fail and roll over to new lows.”

Key events this week:
* US unemployment, nonfarm payrolls, Friday
* ECB’s Christine Lagarde speaks, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World index rose 0.8%
Currencies
* The Bloomberg Dollar Spot Index fell 1%
* The euro rose 1.1% to $1.0523
* The British pound rose 1.5% to $1.2243
* The Japanese yen rose 2% to 135.35 per dollar
Cryptocurrencies
* Bitcoin fell 1.1% to $16,914.09
* Ether fell 1.9% to $1,271.94
Bonds
* The yield on 10-year Treasuries declined 10 basis points to 3.51%
* Germany’s 10-year yield declined 12 basis points to 1.81%
* Britain’s 10-year yield declined six basis points to 3.10%
Commodities
* West Texas Intermediate crude rose 0.9% to $81.26 a barrel
* Gold futures rose 3.3% to $1,817.20 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric, Peyton Forte and Michael Msika.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

There’s only a razor’s edge between self-confidence and hubris. –Jack Welch, 1935-2020.

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

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

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

Dear Friends,

Tangents:
November 30, 1835: Author Mark Twain was born Samuel Langhorne Clemens in Florida, Mo. Go to article »
1982: American singer and songwriter Michael Jackson releases Thriller, which became the best-selling album in the world and won a record setting eight Grammy Awards.

Winston Churchill, statesman, b. 1874.
Mark Twain, writer, b. 1835.

Rockefeller Center Christmas tree lighting set for today.  The kickoff to the Christmas season in New York City isn’t complete without the annual tree lighting at Rockefeller Center. Here’s how to watch.

Photos: the last time humans walked on the moon.

What Kind of Man Was Anthony Bourdain?

RIP, Christine McVie.
PHOTOS OF THE DAY

Hawaii’s Mauna Loa volcano erupts
The eruption began on Sunday night at the summit of the volcano after a series of large earthquakes.
Photograph: Andrew Richard Hara/Getty Images

Hawaii’s Mauna Loa volcano erupts
Some parts of Big Island are under an ashfall advisory issued by the national weather service in Honolulu, which said up to 0.6cm of ash could accumulate in some areas.
Photograph: MediaPunch/REX/Shutterstock

Christine McVie of Fleetwood Mac
. ‘I haven’t thought about making another record. The Songbird album might be my swansong. I’m going to be 80 next year, so I gotta slow down a bit, you know?’
Photograph: Randee St Nicholas
Market Closes for November 30^th, 2022

Market Index	Close	Change
Dow Jones	34589.77	+737.24
		+2.18%
S&P 500	4080.11	+122.48
		+3.09%
NASDAQ	11468.00	+484.22
		+4.41%
TSX	20453.26	+175.85
		+0.87%

International Markets

Market Index	Close	Change
NIKKEI	27968.99	-58.85
		-0.21%
HANG SENG	18597.23	+392.55
		+2.16%
SENSEX	63099.65	+417.81
		+0.67%
FTSE 100*	7573.05	+61.05
		+0.81%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.941		2.997
CND. 30 Year Bond		2.999		3.022
U.S.    10 Year Bond		3.6091		3.7441
U.S. 30 Year Bond		3.7452		3.8015

Currencies

BOC Close	Today	Previous
Canadian $	0.7449	0.7360
US $	1.3425	1.3587
Euro Rate 1 Euro=		Inverse
Canadian $	1.3973	0.7157
US  $	1.0409	0.9607

Commodities

Gold	Close	Previous
London Gold Fix	1752.70	1746.55
Oil
WTI Crude Future	80.55	78.20

Market Commentary:
On this day in 1988, Kohlberg Kravis Roberts & Co. won the bidding war to do a leveraged buyout of tobacco-and-food conglomerate RJR Nabisco for more than $25 billion. The deal generated over $1 billion in fees for Wall Street—and setting the high-water mark for the LBO craze and junk-bond binge of the 1980s.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.9%, or 175.85 to 20,453.26 in Toronto.
The move was the biggest since rising 1.2% on Nov. 22.
Shopify Inc. contributed the most to the index gain and had the largest move, increasing 9.5%.
Today, 177 of 236 shares rose, while 56 fell; 10 of 11 sectors were higher, led by information technology stocks.
Insights
* This year, the index fell 3.6%, heading for the worst year since 2018
* This month, the index rose 5.3%
* The index declined 1% in the past 52 weeks. The MSCI AC Americas Index lost 12% in the same period
* The S&P/TSX Composite is 7.9% below its 52-week high on April 5, 2022 and 14.4% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 0.8% in the past 5 days and rose 5.3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.6 on a trailing basis and 12.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.23t
* 30-day price volatility fell to 14.76% compared with 14.87% in the previous session and the average of 19.30% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 58.0135| 5.2| 12/2
Financials | 42.8630| 0.7| 23/6
Industrials | 39.7080| 1.5| 24/2
Materials | 24.8563| 1.0| 44/7
Utilities | 11.6200| 1.3| 15/1
Consumer Discretionary | 10.4268| 1.4| 11/3
Communication Services | 2.3295| 0.2| 4/2
Real Estate | 2.1671| 0.4| 10/11
Consumer Staples | 2.0951| 0.2| 8/3
Health Care | 1.6975| 2.0| 5/2
Energy | -19.9332| -0.5| 21/17
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | 39.2900| 9.5| 142.3| -68.3
Brookfield Asset Management | 23.2100| 3.9| 126.5| -17.0
Canadian National | 11.4500| 1.6| 121.2| 11.1
Nutrien | -10.2400| -2.5| 166.4| 13.7
Suncor Energy | -11.4000| -2.6| 99.4| 39.7
TC Energy | -11.5700| -2.7| 313.8| 1.3
US
By Rita Nazareth
(Bloomberg) — Stocks rallied across the board as Jerome Powell signaled a slowdown in the pace of tightening as early as December, while indicating more hikes to fight inflation.
Bond yields slumped with the dollar.
Amid all the optimism, the S&P 500 closed at a two-month high, notching its longest monthly winning streak since August 2021.
The gauge also breached its 200-day moving average: a threshold seen by some analysts as heralding more gains.
The Nasdaq 100 jumped about 4.5% while the Dow Jones Industrial Average was up 20% from its September low — meeting the bull- market definition.
Bond traders dialed back their expectations for how high they think the Fed might need to push its benchmark, with swap markets suggesting the key overnight rate might peak below 5%.
Powell’s comments likely cement expectations for the Fed to raise interest rates by 50 basis points when they meet Dec. 13-14, following four straight 75 basis-point moves.
Though he also noted that rates are likely to reach a “somewhat higher” level than officials estimated in September.

Comments:
* Callie Cox at eToro: Powell just said what the market has been thinking all along. But before you get too excited, remember that this is a shift, not a pivot. Powell has been clear that rates could stay high for some time.  At this point, it may be time to start sowing seeds for the next bull market, but try not to get carried away. High rate environments favor quality companies that prove they can execute, so keep that in mind as you pile back into risky markets.
* Krishna Guha at Evercore ISI: Most importantly for risk assets, Powell’s remarks embraced the return of some two-sided risk management. That is a big deal for equities and means an outsized move in stocks relative to the rates market is justified.  The caveat is that Powell’s tone can be unstable from one event to the next, and he might in retrospect judge that he was a bit too risk-friendly, given the risks associated with letting go of financial conditions too soon.
* Jeffrey Roach at LPL Financial: Much of Chair Powell’s comments were benign and predictable.  Overall, this speech will likely be bullish for the markets in the near term.
* Neil Dutta at Renaissance Macro Research: Powell is giving the Fed an off-ramp to 75 basis point moves, but I don’t think you can rule out anything else. There is a reasonably strong chance the Fed extends 50 basis point hikes or 25 basis point hikes.
* Roberto Bagnato at Immobiliare Quadronno Srl: This rally is a nonsense: Powell said they will slow down, but that rates will have to go higher than forecasted earlier.  The market wants to listen only to the first part of Powell’s
statement.

Traders also scoured several economic reports, with key gauges of US activity painting a mixed third-quarter picture.
Job openings fell in October — a hopeful sign for the Fed as it seeks to curb demand.
The figures precede Friday’s jobs report, which is currently forecast to show employers added 200,000 workers to payrolls in November.
Economists are expecting the unemployment rate to hold at 3.7%, and for average hourly earnings to moderate.
Key events this week:
* S&P Global PMIs, Thursday
* US construction spending, consumer income, initial jobless claims, ISM Manufacturing, Thursday
* BOJ’s Haruhiko Kuroda speaks, Thursday
* US unemployment, nonfarm payrolls, Friday
* ECB’s Christine Lagarde speaks, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 rose 3.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 4.6%
* The Dow Jones Industrial Average rose 2.2%
* The MSCI World index rose 2.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.7%
* The euro rose 0.8% to $1.0408
* The British pound rose 0.9% to $1.2056
* The Japanese yen rose 0.4% to 138.05 per dollar
Cryptocurrencies
* Bitcoin rose 3.8% to $17,083.33
* Ether rose 6.2% to $1,294.71
Bonds
* The yield on 10-year Treasuries declined 11 basis points to 3.63%
* Germany’s 10-year yield was little changed at 1.93%
* Britain’s 10-year yield advanced six basis points to 3.16%
Commodities
* West Texas Intermediate crude rose 3.1% to $80.62 a barrel
* Gold futures rose 1.2% to $1,784.10 an ounce
This story was produced with the assistance of Bloomberg Automation.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Richard Nixon would have been a great, great man had somebody loved him. –Henry Kissinger, b.1923.

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

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

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

Dear Friends,

Tangents:
November 29, 1989: Czechoslovakia ends Communist rule.

1990: The U.N. Security Council voted 12-2 to authorize military action if Iraq did not withdraw its troops from Kuwait and release all foreign hostages by Jan. 15, 1991.  Go to article »
2021: Jack Dorsey announces he is stepping down as CEO of Twitter, to be replaced by Parag Agrawal (who was later fired by Elon Musk).  In March 2006, Dorsey sent the first Tweet that read, “just settin up my twttr.”

C.S. Lewis, b. 1878.

Merriam-Webster announces word of the year:  The online dictionary chose this word after searches for the term increased a staggering 1,740% in recent months.

Nicole Kidman stuns Broadway crowd with generous bid during auction.  Broadway theater goers were astonished by actress Nicole Kidman’s large auction bid for Hugh Jackman’s hat from “The Music Man.”

You can improve your memory by eating these foods, study says: Antioxidants found in certain vegetables, fruits, tea and wine (yes, wine!) may slow your rate of memory loss, a new study finds.

Tomb aligned with winter solstice sunrise excavated in Egypt: Archaeologists have unearthed an unfinished, 3,800-year-old ancient Egyptian tomb with a chapel perfectly aligned with the sunrise on the winter solstice. Archaeologists say that this might be the oldest known tomb in Egypt that is aligned with the winter solstice.  The tomb, near modern-day Aswan, was built during Egypt’s 12th dynasty, part of a time period sometimes called the “Middle Kingdom” in which Egypt thrived.  Full Story: Live Science (11/29)

Meet a medieval woman named ‘Tora’ who lived 800 years ago in Norway: A life-size 3D model of a grinning old woman holding a walking stick looks like a contemporary elder on a stroll through her neighborhood.
In reality, this woman lived nearly 800 years ago in Norway, and the model is a sculpted life-sized reconstruction based on her skeleton.  Full Story: Live Science (11/29)
PHOTOS OF THE DAY

Hawaii, US
Lava flows from Mokuaweoweo Crater down the north-east rift of Mauna Loa, the world’s largest active volcano, which has erupted for the first time since 1984
Photograph: Bruce Omori/Paradise Helicopters/EPA

Srinagar, Kashmir
A man steers a boat across Dal Lake in Indian-administered Kashmir amid a thick blanket of fog
Photograph: Tauseef Mustafa/AFP/Getty Images

London, UK
A Christmas tree, an annual gift of gratitude from Norway for Britain’s help in the second world war, is erected in Trafalgar Square
Photograph: Guy Bell/Rex/Shutterstock
Market Closes for November 29^th, 2022

Market Index	Close	Change
Dow Jones	33852.53	+3.07
		+0.01%
S&P 500	3957.63	-6.31
		-0.16%
NASDAQ	10983.78	-65.72
		-0.59%
TSX	20277.41	+56.92
		+0.28%

International Markets

Market Index	Close	Change
NIKKEI	28027.84	-134.99
		-0.48%
HANG SENG	18204.68	+906.74
		+5.24%
SENSEX	62681.84	+177.04
		+0.28%
FTSE 100*	7512.00	+37.98
		+0.51%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.997		2.944
CND. 30 Year Bond		3.022		2.961
U.S.    10 Year Bond		3.7441		3.6830
U.S. 30 Year Bond		3.8015		3.7267

Currencies

BOC Close	Today	Previous
Canadian $	0.7360	0.7411
US $	1.3587	1.3493
Euro Rate 1 Euro=		Inverse
Canadian $	1.4041	0.7122
US  $	1.0335	0.9676

Commodities

Gold	Close	Previous
London Gold Fix	1746.55	1751.85
Oil
WTI Crude Future	78.20	77.24

Market Commentary:
On this day in 1912, John Marks Templeton was born in Winchester, Tenn., to Vella Handly and Harvey Maxwell Templeton, a lawyer and cotton-gin operator. He went on to found the Templeton Growth Fund and invent the discipline of global investing.
Canada
Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.3% at 20,277.41 in Toronto.
The move follows the previous session’s decrease of 0.8%.
Cenovus Energy Inc. contributed the most to the index gain, increasing 4.7%.
Teck Resources Ltd. had the largest increase, rising 7.8%.
Today, 165 of 236 shares rose, while 66 fell; 5 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index fell 4.5%, heading for the worst year since 2018
* This month, the index rose 4.4%
* The index declined 4.1% in the past 52 weeks. The MSCI AC Americas Index lost 16% in the same period
* The S&P/TSX Composite is 8.7% below its 52-week high on April 5, 2022 and 13.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 0.3% in the past 5 days and rose 4.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of
13.5 on a trailing basis and 12.8 times estimated earnings of its members for the coming year * The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.22t
* 30-day price volatility fell to 14.87% compared with 15.14% in the previous session and the average of 19.50% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 69.2750| 3.0| 48/2
Energy | 7.6509| 0.2| 31/6
Real Estate | 4.6971| 0.9| 21/1
Financials | 2.6376| 0.0| 19/9
Health Care | 1.3566| 1.7| 6/1
Consumer Discretionary | -0.2619| 0.0| 8/6
Communication Services | -2.5465| -0.3| 3/4
Utilities | -5.7907| -0.7| 5/11
Information Technology | -6.0942| -0.5| 8/6
Industrials | -6.5406| -0.2| 12/13
Consumer Staples | -7.4455| -0.9| 4/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Cenovus Energy | 11.9700| 4.7| 5.1| 79.2
Teck Resources | 11.0600| 7.8| 26.7| 33.0
Nutrien | 9.6100| 2.4| -21.2| 16.6
Suncor Energy | -7.3170| -1.7| 29.0| 43.5
Bank of Nova Scotia| -14.7000| -2.5| 80.7| -22.2
TC Energy | -28.7000| -6.3| 184.9| 4.1
US
By Rita Nazareth
(Bloomberg) — Stocks pared most of their losses, with traders unwilling to make big bets ahead of Jerome Powell’s speech Wednesday.
Gains in energy and financial firms tempered a slide in big tech.
Amazon.com Inc., which is selling investment-grade debt, saw its shares slump.
Trading volume was below the average of the past month.
A gauge measuring the global yield curve inverted for the first time in at least two decades – signaling a recession.
Powell is expected to cement expectations the Fed will slow its pace of hikes next month — while reminding Americans that its fight against inflation will run into 2023.
Some policymakers stressed this week they will raise borrowing costs further, with one key official saying that he sees rates heading somewhat higher than he had forecast just a couple of months ago.
“The Fed has hiked enough — and quickly enough — to make recession a base-case scenario in our book,” said Lauren Goodwin, economist and portfolio strategist at New York Life Investments. “Volatility and risk premia are likely to remain elevated as long as the Fed is fighting inflation in a growth slowdown.”
Goodwin also noted that equity earnings don’t usually begin to drop until an economic recession starts.
That means equity market fundamentals “may still deteriorate,” she added.
Corporate America’s bloated margins are likely to start coming down in 2023 as certain expenses start to normalize, according to Goldman Sachs Group Inc.’s David Kostin.
The firm’s strategists, along those at other banks including Morgan Stanley have been saying they see a slowdown in earnings growth next year.
Alicia Levine at BNY Mellon Wealth Management says that even in a shallow recession, S&P 500 companies can still see earnings declines of 20%.
“There is still risk here in the end,” Levine told Bloomberg Television. “This is the transition year. Next year is, ‘OK, now your rates are higher, what does it mean for the real economy?’ And that I think we really have not priced in.”
The Fed’s actions, stubborn inflation, the war in Ukraine and the outlook for corporate earnings “make for a tough tale to tell for the stock market over the next 12 months,” said Kevin Philip, partner at Bel Air Investment Advisors.
Last week, institutional clients and hedge funds poured money into stocks, while retail clients sold off for a fifth straight week — with selling likely to continue through next month, according to Bank of America Corp. strategists led by
Jill Carey Hall.
Recent flow momentum along with lack of “capitulation-like outflows” signal that investors believe the market has already bottomed.
But BofA strategists say they see further downside risk ahead of a first half of 2023 bottom.
Several widely followed DeMark indicators, which try to anticipate momentum and long-term trend reversals, suggest the Cboe Volatility Index may be poised for a reversal.
History shows that the appearance of a “countdown 13” pattern has led to turns in the past, with a cluster of such signals occurring at the more-recent lows.
The so-called fear gauge last week fell to its lowest level since August as the S&P 500 advanced.
Meantime, former greenback bulls including JPMorgan Asset Management and Morgan Stanley say the era of dollar strength is ending as cooling prices spur markets to trim bets on further Fed tightening.
That may spell buying opportunities for the currencies of Europe, Japan and emerging markets.
Key events this week:
* EIA crude oil inventory report, Wednesday
* China PMI, Wednesday
* Fed Chair Jerome Powell speech, Wednesday
* Fed releases its Beige Book, Wednesday
* US wholesale inventories, GDP, Wednesday
* S&P Global PMIs, Thursday
* US construction spending, consumer income, initial jobless claims, ISM Manufacturing, Thursday
* BOJ’s Haruhiko Kuroda speaks, Thursday
* US unemployment, nonfarm payrolls, Friday
* ECB’s Christine Lagarde speaks, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.7%
* The Dow Jones Industrial Average was little changed
* The MSCI World index was unchanged
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro fell 0.1% to $1.0326
* The British pound fell 0.1% to $1.1947
* The Japanese yen rose 0.1% to 138.79 per dollar
Cryptocurrencies
* Bitcoin rose 1.8% to $16,492.11
* Ether rose 4.3% to $1,222.22
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 3.76%
* Germany’s 10-year yield declined seven basis points to 1.92%
* Britain’s 10-year yield declined three basis points to 3.10%
Commodities
* West Texas Intermediate crude rose 1.7% to $78.54 a barrel
* Gold futures rose 0.4% to $1,762.60 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Peyton Forte, Vildana Hajric and Garfield Reynolds.
Have a lovely evening everyone.

Be magnificent!
As ever,

Carolann

I look at a stonecutter hammering away at his rock perhaps a hundred times without as much as a crack showing in it.
Yet at the hundred and first blow it will split in two, and I know it was not that blow that did it,
but all that had gone before. -Jacob Riis, 1849-1914.

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

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

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

Dear Friends,

Tangents: Happy Monday.

November 28, 2001: Enron Corp., once the world’s largest energy trader, collapsed after would-be rescuer Dynegy Inc. backed out of an $8.4 billion deal to take it over.  Go to article »
1886: Sadie Allen becomes the first woman to go over Niagara Falls in a barrel.  The barrel also contained her partner, George Hazlett, and 227 kg (500 lbs) of sand.

William Blake, poet, b. 1757.
Friedrich Engels, philosopher, b. 1820.
Berry Gordy Jr., cofounder of Motown, b. 1929.
Jon Stewart, comedian, b. 1962.

Dozens of earthquakes swarm Hawaii as the world’s largest volcano erupts.  Hawaii’s Mauna Loa, the world’s largest active volcano, is erupting for the first time in nearly 40 years.
Dozens of earthquakes — one of them a magnitude 4.2 quake — have swarmed the region after the volcano’s Moku’āweoweo summit caldera erupted on Sunday (Nov. 27) night. Officials have issued an ashfall advisory for Hawaii’s Big Island and residents have been asked to remain vigilant.  Full Story: Live Science (11/28)
.

A journey to the quietest place on Earth.

What NASA’s discovery means for life beyond Earth: Watch astrophysicist Neil deGrasse Tyson react to the discovery of organic matter on Mars and what it could mean for life beyond Earth.

Abandoned Greek airport to be transformed into a 600-acre park.  View the impressive renderings of a coastal park that will bring much-needed green space to the Greek capital of Athens.

Stars reveal their favorite Christmas movies — and one had a controversial pick.  Tom Hanks, a few celebrities, and some of your favorite CNN journalists say these are the movies they love to watch during the holidays. Enjoy!

PHOTOS OF THE DAY

Villingaholtskirkja, Iceland
The northern lights appear over Villingaholtskirkja church on the country’s south coast
Photograph: Owen Humphreys/PA

Martinique, France
A woman stands on Plage du Diamant (Diamond beach) at sunset
Photograph: Charly Triballeau/AFP/Getty Images

Al Rayyan, Qatar
Japan fans inside the stadium before the World Cup match against Costa Rica
Photograph: Issei Kato/Reuters
Market Closes for November 28^th, 2022

Market Index	Close	Change
Dow Jones	33849.46	-497.57
		-1.45%
S&P 500	3964.02	-62.10
		-1.54%
NASDAQ	11049.50	-176.86
		-1.58%
TSX	20229.49	-154.28
		-0.76%

International Markets

Market Index	Close	Change
NIKKEI	28162.83	-120.20
		-0.43%
HANG SENG	17297.94	-275.64
		-1.57%
SENSEX	62504.80	+211.16
		+0.34%
FTSE 100*	7474.02	-12.65
		-0.17%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.944		2.932
CND. 30 Year Bond		2.961		2.958
U.S.    10 Year Bond		3.6830		3.6776
U.S. 30 Year Bond		3.7267		3.7326

Currencies

BOC Close	Today	Previous
Canadian $	0.7411	0.7474
US $	1.3493	1.3380
Euro Rate 1 Euro=		Inverse
Canadian $	1.3956	0.7165
US  $	1.0342	0.9669

Commodities

Gold	Close	Previous
London Gold Fix	1751.85	1755.40
Oil
WTI Crude Future	77.24	77.84

Market Commentary:
On this day in 1895, the “horseless carriage” began to seem practical, as the Chicago Times-Herald sponsored the first automobile race in U.S. history. The winner of the 54-mile contest, Frank Duryea, clocked in an average speed of roughly 7 miles per hour.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.8% at 20,220.49 in Toronto.
The move was the biggest since falling 0.9% on Nov. 14 and follows the previous session’s increase of 0.2%.
Royal Bank of Canada contributed the most to the index decline, decreasing 1.2%.
Endeavour Silver Corp. had the largest drop, falling 8.7%.
Today, 193 of 236 shares fell, while 41 rose; 7 of 11 sectors were lower, led by financials stocks.
Insights
* This year, the index fell 4.7%, heading for the worst year since 2018
* This month, the index rose 4.1%
* The index declined 4.3% in the past 52 weeks. The MSCI AC Americas Index lost 15% in the same period
* The S&P/TSX Composite is 9% below its 52-week high on April 5, 2022 and 13.1% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.2% in the past 5 days and rose 3.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.5 on a trailing basis and 12.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.25t
* 30-day price volatility rose to 15.14% compared with 14.91% in the previous session and the average of 19.86% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -67.3719| -1.1| 4/24
Materials | -55.3901| -2.3| 1/50
Energy | -49.1582| -1.3| 3/34
Real Estate | -11.1665| -2.2| 0/22
Utilities | -9.6554| -1.1| 0/16
Consumer Discretionary | -1.8357| -0.3| 5/9
Health Care | -1.0472| -1.3| 1/6
Communication Services | 0.5240| 0.1| 4/3
Industrials | 5.0869| 0.2| 11/16
Consumer Staples | 12.8612| 1.5| 7/4
Information Technology | 13.8859| 1.2| 5/9
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
RBC | -15.3600| -1.2| -18.2| -0.8
TD Bank | -13.0600| -1.2| 28.7| -7.2
Suncor Energy | -11.2100| -2.5| 245.2| 46.0
Canadian National | 4.0720| 0.6| 29.2| 9.5
Couche-Tard | 6.0710| 1.8| 62.9| 17.0
Shopify | 17.6400| 4.4| 14.0| -70.5
US
By Rita Nazareth
(Bloomberg) — Stocks sank as Federal Reserve officials stressed that more rate hikes are coming, with risk appetite also hit by uncertainties around China’s Covid curbs and their impact on the global economy.
The S&P 500 pared its monthly gain as Fed Bank of St. Louis President James Bullard said markets may be underestimating the chances of higher rates while his New York counterpart John Williams noted policymakers have more work to do to curb inflation.
Fed Vice Chair Lael Brainard said the string of supply shocks is keeping inflation risks elevated.
Investors are now looking ahead to Jerome Powell’s speech Wednesday, with many economists expecting he’ll cement bets that the Fed will slow its pace of rate increases next month – while reminding Americans that its fight against inflation will run into 2023.
“We expect Powell will push back more narrowly on market bets on early rate cuts that have once again crept a bit too far into 23, emphasizing that a stronger-for-longer labor market suggests that rates will need to be higher for longer,” wrote Krishna Guha, vice chairman of Evercore ISI.
As traders sought safety, the dollar rose alongside the Japanese yen. Investor anxiety also hit Bitcoin, with the crypto market digesting BlockFi Inc.’s bankruptcy filing.
US-listed Chinese shares rebounded from a selloff.
Apple Inc. slid as Bloomberg News reported that turmoil in China is likely to result in a production shortfall of close to 6 million iPhone Pro units this year.
China’s woes complicate expectations of its path to reopening, with authorities deploying a heavy police presence in Beijing and Shanghai to deter a repeat of the weekend’s demonstrations.
Chances are growing of a messy exit from the Covid Zero policy, analysts at Goldman Sachs Group Inc. warned.
“This is going to keep economic activity subdued in the country, and beyond,” said Fawad Razaqzada, market analyst at City Index and Forex.com. “The civil unrest is adding another layer of uncertainty over the economic situation there. It is certainly hurting investor sentiment across the financial markets.”
Just when the S&P 500 was trying to break above the highs of mid-November, sentiment turned negative, threatening the market’s recent momentum.
Timing is most inconvenient here as the index approaches a crucial technical zone in the shape of both the 2022 downtrend and the 200-day moving average.
Should the recent bullishness evaporate, short-term tactical bear trades might spark a bout of profit taking.
Stock markets are in for a wild ride next year as they don’t yet reflect the risk of a US recession, according to strategists at Goldman Sachs and Deutsche Bank.
Their calls are a warning after equities rallied sharply in the past two months on bets that a peak in inflation will lead to a softening of hawkish central bank policies.
BlackRock Inc.’s Chief Investment Officer Rick Rieder sees a chance for rates volatility to turn lower and provide a necessary, “though perhaps not sufficient” condition for stabilization in risk assets markets.
Stagflation is the key risk for the global economy in 2023, according to investors who said hopes of a rally in markets are premature following this year’s brutal selloff.
Almost half of the 388 respondents to the latest MLIV Pulse survey said a scenario where growth continues to slow while inflation remains elevated will dominate globally next year.
Elsewhere, oil climbed as OPEC+ is seen considering deeper output cuts amid a faltering market.
Key events this week:
* Euro area economic confidence, consumer confidence, Tuesday
* US Conference Board consumer confidence, Tuesday
* EIA crude oil inventory report, Wednesday
* China PMI, Wednesday
* Fed Chair Jerome Powell speech, Wednesday
* Fed releases its Beige Book, Wednesday
* US wholesale inventories, GDP, Wednesday
* S&P Global PMIs, Thursday
* US construction spending, consumer income, initial jobless claims, ISM Manufacturing, Thursday
* BOJ’s Haruhiko Kuroda speaks, Thursday
* US unemployment, nonfarm payrolls, Friday
* ECB’s Christine Lagarde speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.5% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.4%
* The Dow Jones Industrial Average fell 1.4%
* The MSCI World index fell 1.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%
* The euro fell 0.6% to $1.0336
* The British pound fell 1.2% to $1.1949
* The Japanese yen rose 0.2% to 138.93 per dollar
Cryptocurrencies
* Bitcoin fell 1.9% to $16,252.51
* Ether fell 3.4% to $1,174.4
Bonds
* The yield on 10-year Treasuries advanced one basis point to 3.69%
* Germany’s 10-year yield advanced two basis points to 1.99%
* Britain’s 10-year yield was little changed at 3.13%
Commodities
* West Texas Intermediate crude rose 0.8% to $76.87 a barrel
* Gold futures fell 0.8% to $1,754.50 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Sujata Rao, John Viljoen, Vildana Hajric, Peyton Forte and Isabelle Lee.
Have  a lovely evening.

Be magnificent!
As ever,

Carolann

The measure of who we are is what we do with what we have. –Vince Lombardi, 1913-1970.

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

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

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

Dear Friends,

Tangents: Happy Friday.

On Nov. 25, 1986, the Iran-Contra affair erupted as President Reagan and Attorney General Edwin Meese revealed that profits from secret arms sales to Iran had been diverted to Nicaraguan rebels.  Go to article »

PHOTOS OF THE DAY

Selfoss, Iceland
People watch the northern lights from a farm in Arabær near Selfoss
Photograph: Owen Humphreys/PA

Nazaré, Portugal
Surfer Justine Dupont of France rides a wave at Praia do Norte
Photograph: Octávio Passos/Getty Images

Bali, Indonesia
A monkey makes use of a statue at the Sacred Monkey Forest sanctuary
Photograph: Anadolu Agency/Getty Images
Market Closes for November 25^th, 2022

Market Index	Close	Change
Dow Jones	34347.03	+152.97
		+0.45%
S&P 500	4026.12	-1.14
		-0.03%
NASDAQ	11226.36	-58.96
		-0.52%
TSX	20383.77	+39.70
		+0.20%

International Markets

Market Index	Close	Change
NIKKEI	28283.03	-100.06
		-0.35%
HANG SENG	17573.58	-87.32
		-0.49%
SENSEX	62293.64	+20.96
		+0.03%
FTSE 100*	7486.67	+20.07
		+0.27%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.932		2.934
CND. 30 Year Bond		2.958		2.961
U.S.    10 Year Bond		3.6776		3.6927
U.S. 30 Year Bond		3.7326		3.7276

Currencies

BOC Close	Today	Previous
Canadian $	0.7474	0.7497
US $	1.3380	1.3339
Euro Rate 1 Euro=		Inverse
Canadian $	1.3912	0.7188
US  $	1.0398	0.9617

Commodities

Gold	Close	Previous
London Gold Fix	1755.40	1740.15
Oil
WTI Crude Future	77.84	77.84

Market Commentary:
On this day in 1835, Andrew Carnegie, the future steel king, was born in Dunfermline, Scotland. Carnegie came to the U.S. when he was 13 and went on to forge the steel industry that made America’s railroads, bridges and automobiles possible. He also established the public library system. In 1901 Carnegie became the world’s richest man, selling out to J.P. Morgan for $400 million; but by his death in 1919 he had given away $350 million.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 0.2%, or 39.7 to 20,383.77 in Toronto.
The index advanced to the highest closing level since June 9.
Canadian Pacific Railway Ltd. contributed the most to the index gain, increasing 1.0%.
Transcontinental Inc. had the largest increase, rising 2.9%.
Today, 134 of 236 shares rose, while 95 fell; 9 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index fell 4%, heading for the worst year since 2018
* This month, the index rose 4.9%
* So far this week, the index rose 2%
* The index declined 5.7% in the past 52 weeks. The MSCI AC Americas Index lost 16% in the same period
* The S&P/TSX Composite is 8.2% below its 52-week high on April 5, 2022 and 14% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.6 on a trailing basis and 12.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.24t
* 30-day price volatility fell to 14.91% compared with 15.39% in the previous session and the average of 20.42% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 18.2938| 0.3| 22/6
Utilities | 10.7304| 1.2| 16/0
Energy | 9.8737| 0.3| 19/15
Industrials | 7.3552| 0.3| 15/11
Consumer Staples | 5.2410| 0.6| 8/3
Real Estate | 4.4235| 0.9| 20/2
Communication Services | 3.5138| 0.4| 5/2
Consumer Discretionary | 2.4273| 0.3| 9/5
Health Care | 0.2022| 0.2| 3/3
Information Technology | -3.6333| -0.3| 8/6
Materials | -18.7405| -0.8| 9/42
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian Pacific | 6.8500| 1.0| -35.4| 19.3
Enbridge | 6.1340| 0.8| -26.0| 13.2
TC Energy | 5.0160| 1.1| -56.9| 12.1
Suncor Energy | -4.0860| -0.9| 67.8| 49.7
Barrick Gold | -5.3630| -2.0| -50.7| -10.6
Shopify | -6.6170| -1.6| -45.7| -71.8
US
By John Viljoen
(Bloomberg) — US stocks ended Friday little changed as investors assessed prospects for less-aggressive central bank tightening and weighed China’s latest move to stimulate its economy.
The S&P 500 wavered for most of Friday’s shortened trading session.  
But its weekly gain of 1.5% took the index to the highest level since early September.
The Nasdaq 100 also eked out a gain for the week, despite dropping on Friday.
Treasury yields and the dollar rose on Friday.
“It’s a slow day with US market holiday,” said Marija Veitmane, senior multiasset strategist at State Street Global Markets. “We’re seeing a bit of profit taking and position adjustment post a strong risk rally last week.”
Sentiment was boosted this week after the Federal Reserve’s Nov. 1-2 meeting minutes showed most officials backing slowing the pace of interest-rate hikes. Since the Fed’s latest meeting, investors have parsed a bevy of economic data that somewhat eased inflation concerns, further strengthening the case for smaller rate hikes.
All eyes will be on the jobs report next week and on Fed Chair Jerome Powell and New York Fed President John Williams, who are among central bank officials scheduled to speak.
Both officials will make clear that a tight labor market and elevated services inflation will keep the Fed hiking for longer, strategists with TD Securities wrote in a note.
“As markets welcome the prospect of smaller hikes, we expect them to counter that by emphasizing the need to reach an appropriately higher terminal rate,” they said.
Trading on Monday will also hinge on Black Friday sales and further information on the virus outbreak in China, said Julian Emanuel, Evercore ISI’s chief equity and quantitative strategist.
China’s central bank on Friday cut the amount of cash lenders must hold in reserve for the second time this year, an escalation of support for an economy racked by surging Covid cases and a continued property downturn.
US-listed Chinese stocks fell and are set for their first weekly decline this month.
“How effective that will prove to be when cities are seeing restrictions and effective lockdowns reimposed is hard to say,” said Craig Erlam, senior market analyst at Oanda. “But combined with other measures to boost the property market and ease Covid curbs, the cut could be supportive over the medium term when growth remains highly uncertain.”
European Union diplomats, meanwhile, won’t meet on Friday or over the weekend to discuss the oil-price cap as divisions within the bloc remain entrenched, according to people familiar with the matter.
Oil suffered a third weekly loss. 
Some of the main moves in markets:
Stocks
* Futures on the S&P 500 were little changed as of 1 p.m. New York time
* Futures on the Dow Jones Industrial Average rose 0.4%
* The MSCI World index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro was little changed at $1.0404
* The British pound fell 0.2% to $1.2093
* The Japanese yen fell 0.4% to 139.13 per dollar
Cryptocurrencies
* Bitcoin fell 0.3% to $16,501.34
* Ether fell 0.4% to $1,190.77
Bonds
* The yield on 10-year Treasuries was little changed at 3.70%
* Germany’s 10-year yield advanced 12 basis points to 1.97%
* Britain’s 10-year yield advanced eight basis points to 3.12%
Commodities
* West Texas Intermediate crude fell 1.4% to $76.83 a barrel
* Gold futures rose 0.4% to $1,767.70 an ounce
This story was produced with the assistance of Bloomberg Automation.

–With assistance from Brett Miller, Natalia Kniazhevich, Isabelle Lee and Vildana Hajric.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

One of the reasons why we crave love, and seek it so desperately, is that love is the only cure for loneliness, and shame, and sorrow.
But some feelings sink so deep into the heart that only loneliness can help you find them again.  Some truths about yourself are so
painful that only shame can help you live with them.  And some things are just so sad
that only your soul can do the crying for you. –Gregory David Roberts, b. 1952.

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

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

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

Dear Friends,

Tangents: Carolann is away from the office today, I will be writing the newsletter on her behalf.

On Nov. 24, 1963, Jack Ruby shot and mortally wounded Lee Harvey Oswald, the accused assassin of President Kennedy. Go to article »

Who was Charlemagne, the Carolingian Emperor of Europe?
Charlemagne was a Middle Ages king who founded an empire and became the Father of Europe. Full Story: Live Science

Fluorescent flashes reveal the leaf-closing secrets of ‘touch-me-not’ plant
Flashy new videos of the plant shame plant (Mimosa pudica), which is renowned for its ability to rapidly fold up its leaves, reveal how chemical and electrical signals help to trigger its lightning reflexes. Full Story: Live Science
PHOTOS OF THE DAY

Peterborough, England
The Beginning, a spectacular son-et-lumière show by Luxmuralis, in the nave of the city’s cathedral. The show is based around the nativity story and timed to coincide with the start of the Advent season
Photograph: Joe Giddens/PA

Stag party
‘I saw this stag one October morning at Tatton Park near Manchester, with the rutting season well under way. It was feeding after a fight, which must have taken place through the night. The stag’s neck was injured and I could see traces of blood.’
Photograph: Kurt Mueller

Leishan county, China
Women from the Miao people, a minority ethnic group, take part in the Kuzang festival, an ancestor worship ceremony celebrated every 13 years and then held for four consecutive years
Photograph: AFP/Getty Images
Market Closes for November 24^th, 2022

Market Index	Close	Change
Dow Jones	Market Close	N.A.
S&P 500	Market Close	N.A.
NASDAQ	Market Close	N.A.
TSX	20344.07	+61.81
		+0.30%

International Markets

Market Index	Close	Change
NIKKEI	28383.09	+267.35
		+0.95%
HANG SENG	17660.90	+137.09
		+0.78%
SENSEX	62272.68	+762.10
		+1.24%
FTSE 100*	7466.60	+1.36
		+0.02%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.934		2.970
CND. 30 Year Bond		2.961		2.977
U.S.    10 Year Bond		N.A.		3.6927
U.S. 30 Year Bond		N.A.		3.7276

Currencies

BOC Close	Today	Previous
Canadian $	0.7497	0.7490
US $	1.3339	1.3351
Euro Rate 1 Euro=		Inverse
Canadian $	1.3882	0.7204
US  $	1.0408	0.9608

Commodities

Gold	Close	Previous
London Gold Fix	1740.15	1742.95
Oil
WTI Crude Future	N.A.	77.84

Market Commentary:
The New York Stock Exchange, Nasdaq and U.S. bond markets are closed for the Thanksgiving holiday
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.3%, or 61.81 to 20,344.07 in Toronto. The index advanced to the highest closing level since June 9.
Nutrien Ltd. contributed the most to the index gain, increasing 2.0%. Corus Entertainment Inc. had the largest increase, rising 5.7%.
Today, 180 of 236 shares rose, while 53 fell; 9 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index fell 4.1%, heading for the worst year since 2018
* This month, the index rose 4.7%
* So far this week, the index rose 1.8%
* The index declined 5.6% in the past 52 weeks. The MSCI AC Americas Index lost 16% in the same period
* The S&P/TSX Composite is 8.4% below its 52-week high on April 5, 2022 and 13.8% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 2.3% in the past 5 days and rose 7.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.5 on a trailing basis and 12.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.23t
* 30-day price volatility fell to 15.39% compared with 16.42% in the previous session and the average of 20.76% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 19.3094| 0.8| 39/11
Financials | 12.3821| 0.2| 21/7
Information Technology | 8.6433| 0.8| 12/2
Energy | 7.8197| 0.2| 33/5
Industrials | 4.6882| 0.2| 16/11
Communication Services | 4.3158| 0.4| 6/1
Real Estate | 3.6659| 0.7| 20/1
Consumer Discretionary | 1.5584| 0.2| 11/3
Health Care | 0.5138| 0.6| 5/2
Consumer Staples | -0.2522| 0.0| 6/5
Utilities | -0.8522| -0.1| 11/5
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Nutrien | 7.8660| 2.0| -54.8| 14.6
Shopify | 7.0250| 1.8| -83.0| -71.3
Brookfield Asset | | | |
Management | 6.8830| 1.2| -65.5| -19.2
Fortis | -1.1860| -0.7| -55.4| -12.4
Bank of Montreal | -1.6250| -0.3| -66.7| -2.8
Canadian Pacific | -1.7290| -0.3| -80.5| 18.1
US
US Markets closed for Thanksgiving.
Have a wonderful evening everyone.

Be magnificent.
As ever,

Isabel

Success is achieved by developing our strength, not by eliminating our weaknesses.   – Marilyn Vos Savant, 1946 – present

Assistant to Carolann Steinhoff

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