January 13, 2017 Newsletter

Dear Friends,

Tangents:
Friday the 13^th and a full moon!
On this day in 1937, the first shipment of gold is received at the Fort Knox Bullion Depository.

-from Let Us Compare Mythologies:

“…We were embarrassed too,
prayed for great heavy drifts of snow
to cover trees and bare streets,
to heap on roofs of houses,
to swaddle mountains and waters-

but the snow cam thin,
covering the ground like cheap gauze,
clinging in tatters to the bark,
     preserving footprints in the mud.

No. It could not come like an aristocrat,
like de Bergerac,
like a white waving plume,
    as we prayed for    
    and will pray for again.”

                      -Leonard Cohen
PHOTOS OF THE DAY

Waves crash into the sea wall at Seaham, northeast England, on Friday. The north of England is covered in a blanket of snow, while the east coast is braced for a storm surge that could cause flooding. Owen Humphreys/PA/AP

A tower from the Golden Gate Bridge is seen over a blanket of fog on Friday in San Francisco. Sunshine and fog returned to some areas of Northern California after a series of storms that caused flooding in various cities. Marcio Jose Sanchez/AP

Model Jessie May Smart poses with Blue Morpho butterflies ahead of the opening of ‘Butterflies in the Glasshouse,’ at RHS Wisley in Wisley, England, on Friday. Peter Nicholls/Reuters

Men dressed as ‘Chlaeuse,’ figures that scare away evil spirits, carry bells as they walk on a snow-covered road during the traditional ‘Sylvesterchlausen’ near the northeastern village of Urnaesch, Switzerland, on Friday. Arnd Wiegmann/Reuters
Market Closes for January 13^th, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Michael Bellusci
     (Bloomberg) — Canada S&P/TSX Composite gains 0.5% to 15,494.99 as of 2:45pm. Consumer staples, materials rise while health care falls.
Advancers:
* Champion Iron (CIA CN) +40%; unaware of any material, undisclosed information
* Northern Dynasty Minerals (NDM CN) +12%; Jan. 12, upsized bought deal
* Sabina (SBB CN) +10%; shares to react positively on review: RBC
* Osisko Mining (OSK CN) +10%; initiated buy at Industrial Alliance
* Nexoptic Technology (NXO CN) +10%; Rose as much as 33%, most since Aug. 8
Decliners:
* Calfrac (CFW CN) -7.4%; Cut at Scotia
* Sherritt International (S CN) -5%; DBRS released report that provides further detail on recent confirmation and downgrade of its ratings
* Trinidad Drilling (TDG CN) -5%; cut at Scotia
* AltaGas (ALA CN) -4%; falls after talks on potential WGL deal
* Torex (TXG CN) -3.7%; Shares up 29% YTD
US
By Oliver Renick
     (Bloomberg) — U.S. stocks advanced as quarterly earnings from JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. sent their stocks higher and offset losses in energy and real-estate companies.
     The S&P 500 index added 0.2 percent 2,274.64 at 4 p.m. in New York. The Dow Jones Industrial Average, which has been hovering below the 20,000 mark since mid-December without crossing it, fell less than 5.27 points to 19,885.73.
     The Nasdaq Composite rose 0.5 percent to a new high of 5,574.12 for a second straight week of gains.
* Five of 11 groups higher in as financials pare gains after rallying as much as 1.7%
* Wells Fargo up 1.5% as JPMorgan and Bank of America add at least 0.3% after reporting earnings; Citigroup adds 0.7%
* VIX down 2.7% and posts second weekly decline
* Fourth-quarter earnings per share for the S&P 500 as a whole are expected to rise 3.7%, and by 3.8% for banking group, according to estimates compiled by Bloomberg
* Investors have been putting money back into bonds in the latest week, with fixed-income funds globally seeing investment inflows of $7.8 billion in the week to Jan. 11, the largest weekly inflow in three months, Bank of America-Merrill Lynch strategists wrote in note, citing EPFR Global data

Have a wonderful weekend everyone.

Be magnificent!

A mind that is burdened with the past is a sorrowful mind.
Krishnamurti

As ever,
 

Carolann

Love is a better way.
  -John Lewis, b. 1940

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