December 28, 2017 Newsletter

Dear Friends,

Tangents:

Famous Blue Raincoat
Leonard Cohen
It’s four in the morning, the end of December
I’m writing you now just to see if you’re better
New York is cold, but I like where I’m living
There’s music on Clinton Street all through the evening
I hear that you’re building your little house deep in the desert
You’re living for nothing now, I hope you’re keeping some kind of record
Yes, and Jane came by with a lock of your hair
She said that you gave it to her
That night that you planned to go clear
Did you ever go clear?
Ah, the last time we saw you you looked so much older
Your famous blue raincoat was torn at the shoulder
You’d been to the station to meet every train, and
You came home without Lili Marlene
And you treated my woman to a flake of your life
And when she came back she was nobody’s wife
Well I see you there with the rose in your teeth
One more thin gypsy thief
Well, I see Jane’s awake
She sends her regards
And what can I tell you my brother, my killer
What can I possibly say?
I guess that I miss you, I guess I forgive you
I’m glad you stood in my way
If you ever come by here, for Jane or for me
Well, your enemy is sleeping, and his woman is free
Yes, and thanks, for the trouble you took from her eyes
I thought it was there for good so I never tried
And Jane came by with a lock of your hair
She said that you gave it to her
That night that you planned to go clear
Sincerely, L Cohen

PHOTOS OF THE DAY

This young orangutan appears to shake a fist in frustration at a photographer taking its photo. Andrew Walmsley captured this adorable photograph of the young orangutan, as it was carried around on it’s mothers back high up in the tree canopy. The newly identified species of Tapanuli Organutan has been found in the Batang Toru forests in North Sumatra, Indonesia.

Snow falls as a Macaque monkey stands at the Jigokudani Yaen-koen wild Macaque monkey park in Yamanouchi, Japan.  The wild Japanese macaques are known as snow monkeys, according to the park’s official website.

Runners and riders participate in the Christmas Ballyheigue beach horse races in the County Kerry village of Ballyheigue, Ireland.
Market Closes for December 28^th, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1967, the New York Stock Exchange admits its first woman member, Muriel Siebert of Muriel Siebert and Co. Ms. Siebert later becomes a pioneer of discount brokerages, and serves as New York’s first female superintendent of banking.
Number of the Day
23.8%
The weighing of technology stocks in the S&P 500 index has climbed to 23.8% as of Dec. 26, from 20.8% at the end of last year, as tech stocks have rallied.
Canada
By Michael Bellusci

     (Bloomberg) — Canadian stocks crept up toward the end of the trading day to reach yet another record high as the medical marijuana sector fueled gains in health stocks. The country’s emerging legal producers have a chance to seize opportunities in other countries that could make them worldwide leaders, Canopy Growth Corp. Chief Executive Officer Bruce Linton said.
     The S&P/TSX Composite Index gained 19 points, or 0.1 percent, to 16,221.95. The health care sector led the way for a second-straight session, while industrials underperformed.
     In other moves:
                          Stocks
* Sherritt International Corp. rose 13 percent as metals were strong
* Canopy Growth Corp. rose 9.5 percent as its CEO sees globalization of medical pot as theme for 2018
* Global Blockchain Technologies Corp. fell 8 percent as the rout in bitcoin is also taking down stocks with ties to cryptocurrencies
                          Commodities
* Gold rose 0.45 percent to $1,297.10 an ounce
* LME 3mth copper rose 0.7%
                           FX/Bonds
* The Canadian dollar strengthened 0.65 percent to $1.25739 per U.S. dollar
* The Canada 10-year government bond yield rose five basis points to 2.03 percent
US
By Randall Jensen
     (Bloomberg) — U.S. stocks rose amid thinned-out trading between holidays. The dollar touched its lowest level this month, while Treasury yields rose after Wednesday’s slide.
     The S&P 500 Index closed higher for the second day amid trading nearly 40 percent below the 30-day average. The greenback dropped against all major peers on its way to the worst year in more than a decade. Ten-year Treasury yields advanced toward 2.43 percent after the biggest intraday slide since the start of December on Wednesday.
     The euro was on track for the strongest close in three months after European stocks and core bonds fell. The Bloomberg Commodity Index extended its longest rising streak in more than 12 years as copper headed for its highest level since Sept. 2013. WTI crude rose toward $60 a barrel.
     While the Federal Reserve’s three interest-rate hikes this year might have argued for higher U.S. yields and a stronger greenback, instead its low cap on its long-term estimated policy rate and muted inflation have proved to be stronger dynamics.
     Meanwhile, bitcoin retreated again Thursday to near $14,000, extending a selloff that began last week, as South Korean regulators stepped up scrutiny of their citizens’ dealings with cryptocurrencies.
     Among the key events remaining for investors this week:
* Egypt decides on interest rates.
     And here are the main moves in markets:
                           Stocks
* The S&P 500 Index rose 0.2 percent to 2,687.52 as of 4:00 p.m. New York time.
* The Dow Jones Industrial Average rose 0.3 percent to 24,837.51, another record close.
* The Stoxx Europe 600 Index dipped 0.3 percent.
* The U.K.’s FTSE 100 Index was steady.
* Germany’s DAX Index decreased 0.7 percent. 
                           Currencies
* The Bloomberg Dollar Spot Index sank 0.4 percent, touching the lowest in more than three weeks.
* The euro advanced 0.5 percent to $1.1943, the strongest in almost 14 weeks.
* The British pound gained 0.3 percent to $1.3440.
* The Japanese yen rose 0.4 percent to 112.88 per dollar, the strongest in more than a week on the biggest increase in more than two weeks.
                           Bonds
* The yield on 10-year Treasuries gained two basis points to 2.43 percent.
* Germany’s 10-year yield gained four basis points to 0.42 percent, the largest climb in more than a week.
* Britain’s 10-year yield rose less than one basis point to 1.176 percent.
                           Commodities
* West Texas Intermediate crude advanced 0.5 percent to $59.91 a barrel.
* Gold gained 0.6 percent to $1,295.01 an ounce, hitting the highest since October.
* Copper rose 0.7 percent to $3.31 a pound, reaching the highest in more than four years on its 16th consecutive advance.

Have a wonderful evening everyone.

Be magnificent!

As ever,

Carolann

I think; therefore I am.
-Rene Descartes, 1596-1650

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

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

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