January 8, 2018 Newsletter

Dear Friends,

Tangents: Happy Monday!

January 8th:
1851, Earth’s rotation was proven.
1935: Elvis Presley was born
1947: David Bowie was born
1942: Stephen Hawking was born ~ “We are just an advanced breed of monkeys on a minor planet of a very large star.  But we can understand the Universe.  That makes us something very special.” -Stephen Hawking.

1982    AT&T settled the Justice Department’s antitrust lawsuit against it by agreeing to divest itself of the 22 Bell System companies.

The Holly Man, the winter guise of the Green Man joins actors from the Bankside Mummers group (the Lions part) to take part in a procession and play near the Globe Theatre in central London, in celebration of Twelfth Night, marking the end of the twelve days of winter festivities.

Drivers compete during the 2018 Dakar Rally Stage 2 in and around the Peruvian town of Pisco.

Kite-flying enthusiasts fly kites on the first day of the eight-day-long International Kite Festival in Ahmedabad, India.

Pope Francis on Sunday baptized 34 cooing and crying babies in the splendor of the Sistine Chapel, and encourages their parents to make sure the ‘language of love’ is spoken at home. With Michelangelo’s famed frescoes on the ceiling overhead, the parents, some with young children in tow, brought 18 girls and boys forward to Francis in the annual ceremony.
Market Closes for January 8th, 2018



Close Change


25283.00 -12.87



S&P 500 2747.71 +4.56



NASDAQ 7157.387 +20.829



TSX 16317.65 -31.78



International Markets



Close Change
NIKKEI 23714.53 +208.20


30899.53 +84.89
SENSEX 34352.79 +198.94
FTSE 100* 7696.51 -27.71


Bonds % Yield Previous % Yield

10 Year Bond

2.156 2.153

30 Year


2.354 2.359

10 Year Bond

2.4800 2.4745

30 Year Bond

2.8113 2.8066


BOC Close Today Previous  
Canadian $ 0.80499 0.80563


1.24225 1.24126
Euro Rate

1 Euro=

Canadian $ 1.48657 0.67269


1.19668 0.83565


Gold Close Previous
London Gold


1319.95 1317.15
WTI Crude Future 61.73 61.44

Market Commentary:
On this day in 1829, in one of the quietest days in Wall Street history, the market is open, but not a single share of stock changes hands.

Also, on January 8, 1987, the Dow Jones industrial average closed above 2,000 for the first time, ending the day at 2,002.25.
Number of the Day

The average gap between new and three-year-old vehicle prices last year was $14,200, up from $10,500 in 2010, a trend that is impacting sales of new cars.
By Kristine Owram

     (Bloomberg) — Canadian stocks fell for a second day as soaring cannabis shares weren’t enough to offset declines in most other sectors.
     The S&P/TSX Composite Index lost 32 points or 0.2 percent to 16,317.65. Materials stocks were the biggest decliners, falling 0.7 percent as gold miners retreated. Eldorado Gold Corp. tumbled 6.3 percent and New Gold Inc. lost 5.4 percent.
     The health-care index rose 4.8 percent to the highest since September 2016 as pot stocks jumped, more than offsetting last Thursday’s rout. Canopy Growth Corp. gained 17 percent and Aphria Inc. rose 15 percent.
     In other moves:
* Teck Resources Ltd. gained 4.6 percent. Scotia Capital named Teck a focus stock, citing its “extremely compelling” valuation
* WestJet Airlines Ltd. fell 2 percent. A WestJet plane was struck by another aircraft at a Toronto airport on Friday, forcing passengers to evacuate
* Torex Gold Resources Inc. jumped 12 percent, the most in a year. Its corporate update showed “cautious optimism” for 2018, BMO said
* Western Canada Select crude oil traded at a $25.35 discount to WTI, the widest gap in a week
* Aeco natural gas traded at a $1.84 discount to Henry Hub
* Gold fell 0.1 percent to $1,320.40 an ounce
* The Canadian dollar weakened 0.1 percent to$1.2423 per U.S. dollar
* The Canada 10-year government bond yield rose one basis point to 2.16 percent, the highest since 2014
By Jeremy Herron

     (Bloomberg) — U.S. stocks rose for a fifth straight day, with technology shares bolstering major indexes, as investors continue to price in the impact of tax cuts before corporate earnings start later in the week. The dollar strengthened after three straight weekly declines.
     The S&P 500 Index shrugged off early sluggishness to push to a fresh record, giving it gains in every session so far this year. The Nasdaq indexes rose as semiconductors advanced. European equities added to the biggest weekly advance since April, and markets in Tokyo were closed for a holiday. Bloomberg’s dollar index climbed the most in three weeks. Oil held above $61 a barrel, and a measure of financial-market stress sank to its lowest level since 2014.
     U.S. equities are in the longest winning streak since early November as investors continue to price in the benefits of cuts to corporate taxes passed late last year. Major wall street banks from JPMorgan Chased & Co. to Wells Fargo & Co. kick off earnings later this week, with the impact of the tax cuts in focus. With risk assets globally enjoying a strong start to 2018, outlooks from leading companies may dictate the next move for equity markets.
     In Europe data showed confidence in the euro area continued its advance at the end of 2017, but Germany’s continued struggle to form a government restrained the euro. The pound fell and U.K. stocks were flat after weak economic data and reports that Prime Minister Theresa May is considering creating a position for a minister in charge of contingency planning for a no-deal Brexit.
     South Korea’s won reversed gains as authorities said they would take action to stem one-sided moves in the currency. The comments came a day before the nation is to hold its first high- level talks with North Korea since 2015.
     Here are some of the other main events to watch for this week:
* U.S. inflation data will probably show price pressures remain muted, giving hawks little reason to argue for faster tightening.
* San Francisco Fed President John Williams and head of the New York Fed Bill Dudley are among policy makers scheduled to speak.
* China producer and consumer prices data are due Wednesday, while a reading on the country’s money supply is expected in coming days.
     These are the main moves in markets:
* The S&P 500 Index rose 0.2 percent to a record 2,747.43 as of 4 p.m. in New York. It jumped 2.6 percent last week.
* The Nasdaq Composite Index rose 0.3 percent to an all-time high, while the Dow Jones Industrial Average slipped 14 points from its record to halt a four-day rally.
* The MSCI All-Country World Index added 0.1 percent for a fifth straight gain.
* The MSCI Emerging Market Index gained 0.4 percent to the highest in almost seven years.
* The euro sank 0.5 percent to $1.1964, in the largest decrease in almost six weeks.
* The Bloomberg Dollar Spot Index jumped 0.3 percent, the biggest increase in more than three weeks.
* The British pound fell 0.2 percent to $1.3546.
* The yield on 10-year Treasuries was flat at 2.48 percent.
* Germany’s 10-year yield fell one basis point to 0.43 percent.
* Gold futures fell 0.1 percent to $1,320.70 an ounce.
* West Texas Intermediate crude rose 0.7 percent to $61.89 a barrel.


Have a wonderful evening everyone.


Be magnificent!


As ever,



Life is uncharted territory.  It reveals its story one moment at a time.
                                                            -Leo Buscaglia, 1924-1998

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
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