January 11, 2016 Newsletter

Dear Friends,

Tangents:

On January 11, 1803, Dorothy Wordsworth wrote in her journal:

A very cold day.  William promised me he would rise as soon as I had carried him his breakfast, but he lay in bed till between twelve and one.  We talked of walking, but the blackness of the cold made us slow to put forward, and we did not walk at all.  Mary [Wordsworth’s wife] read the Prologue to Chaucer’s tales to me in the morning.  William was working at his poem to Coleridge [the Prelude]….Before tea I sat two hours in the parlour.  Read part of The Knight’s Tale with exquisite delight.  Since tea Mary has been down stairs copying out Italian poems for Stuart [editor of the Morning Post].  William has been working beside me, and here ends this imperfect summary….Now I am going to take tapioca for my supper, and Mary an egg, William some cold mutton – his poor chest is tired.  –from The Book of Days.

PHOTOS OF THE DAY

The buildings of the banking district are seen through thousands of raindrops on a glass railing in central Frankfurt, Germany, on Wednesday.Michael Probst/AP

Handprints on a wall are illuminated on the first day of the Light Festival in Morat, Switzerland, on Wednesday. The festival, which will end on Jan. 22, had more than 80,000 visitors last year. Cyril Zingaro/Keystone/AP

A man walks through heavy snowfall near Potsdam, eastern Germany, on Wednesday. Ralf Hirschberger/dpa/AP
Market Closes for January 11^th, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Oliver Renick
     (Bloomberg) — Canadian stocks were little changed as advances in technology and energy shares offset losses in raw- materials stocks.
     The S&P/TSX Composite Index added 0.4 percent to 15,491.54 at 4 p.m. in Toronto, after climbing Tuesday. The gauge had flirted with an all-time high last week, closing Thursday 71 points away from its September 2014 peak. The index finished 2016 as the best-performing developed stock market and has risen in each of the last six months.
* Industrial shares gain 0.8% as financial stocks jump 0.7% following press conference by U.S. President-elect Donald Trump
* Bloomberg commodity index up 0.4%
* Tech shares rise 0.3% with gains in Kinaxis, CGI Group of at least 1.4%; Sierra Wireless and BlackBerry add at least 0.8%
* Energy stocks up 0.2% as crude oil climbs for first time in three sessions
* Materials shares close 0.7% higher after falling in early trading
US
By Oliver Renick
     (Bloomberg) — U.S. stocks rose as investors weighed President-elect Donald Trump’s commitment to policies on economics and foreign relations following his first press conference since the election. Biotech shares plunged after Trump said the industry needs “more competitive drug bidding.”
     The S&P 500 index added 0.3 percent to 2,275.32 by 4 p.m. in New York after fluctuating throughout the day. The Dow Jones Industrial Average jumped 0.5 percent to 19,954.28. The gauge has closed the last 18 of the last 20 sessions within 1 percent of 20,000.
* Nasdaq Biotech Index lost 3%, biggest decline since Oct. 11
* Eight of 11 industry groups advanced; health-care biggest decliner, down 1%
* Energy shares up 1.2% leading market with oil up 3.1%
* Phone shares down 0.5% as financial stocks add 0.5%
* VIX declines 2%
* In press conference, Trump denounced the publication of uncorroborated memos alleging Russia had gathered potentially damaging information on him, and said he would remove himself from his businesses to avoid conflicts of interest while president
* The S&P 500, which has gained about 6% since the vote and hit a record high last week, now trades at a price-to-book ratio of 2.9, the highest since 2007
* The Stoxx Europe 600 Index added 0.2% at the close, erasing an early decline of as much as 0.3%

Have a wonderful evening everyone.

Be magnificent!

You are never alone because you are full of all the memories, all the conditioning,
all the mutterings of yesterday; your mind is never clear of all the rubbish it has accumulated.
To be alone, you must die to the past.
When you are alone, totally alone, not belonging to any family, any nation, any culture,
any particular continent, there is that sense of being an outsider.
The man who is completely alone in this way is innocent and it is this innocence that frees the mind from sorrow.
Krishnamurti

As ever,
 

Carolann

If we succeed in giving the love of learning, the learning itself is sure to follow.
                                                                 -John Lubbock, 1834-1913

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

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

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