May 31, 2017 Newsletter

Dear Friends,

May 31, 1819: birthday of poet Walt Whitman.

I celebrate myself, and sing myself,
And what I assume you shall assume,
For every atom belonging to me as good belongs to you.

I loafe and invite my soul,
I lean and loafe at my ease observing a spear of summer grass…
                       -from Song of Myself in Leaves of Grass
May 31, 1911 – Shipping Quebec-born shipbuilder Lord Pirrie launches his White Star liner RMS Titanic in Belfast; one of the largest vessels afloat, it will sink on its maiden voyage in April 1912. Belfast, Northern Ireland

May 31, 1997 – Premiers Pat Binns and Frank McKenna cut the ribbon opening the billion-dollar, 13 km long Confederation Bridge between Borden-Carlton, PEI and Jourimain Island, New Brunswick; the longest bridge in the world crossing ice-covered water

South African surfer Jake Kolnik rides a wave at Dungeons offshore reef in the Atlantic ocean outside Cape Town, South Africa.  The big wave surfing season during the southern hemisphere winter is driven by storms in the South Atlantic which generate powerful swells that break on the Cape’s outer reefs.

Greek choreographer and dancer Katerina Soldatou performs above the Corinth Canal as part of the Greece Has Soul progject.
Market Closes for May 31st, 2017



Close Change


21008.65 -20.82



S&P 500 2411.80 -1.11



NASDAQ 6198.516 -4.674



TSX 15349.91 -22.44



International Markets



Close Change
NIKKEI 19650.57 -27.28


25660.65 -40.98
SENSEX 31145.80 -13.60
FTSE 100* 7519.95 -6.56


Bonds % Yield Previous  % Yield

10 Year Bond

1.416 1.414

30 Year


2.052 2.060

10 Year Bond

2.2028 2.2098

30 Year Bond

2.8634 2.8772


BOC Close Today Previous
Canadian $ 0.74094 0.74257


1.34964 1.34667
Euro Rate

1 Euro=

Canadian $ 1.51748 0.65899


1.12436 0.88940


Gold Close Previous
London Gold


1266.20 1262.70
Oil Close Previous
WTI Crude Future 48.32 49.66

Market Commentary:
On this day in 1919, the New York Stock Exchange closes its doors for the day so that its overworked clerks can clear the paperwork from a tumultuous month during which volume regularly exceeded 1.5 million shares a day.
Number of the Day
$11.7 million

The median pay for CEOs at the biggest U.S. companies was $11.7 million in 2016, up from $10.8 million the year before and a post-recession record, according to a Wall Street Journal analysis of S&P 500 firms.
By Kristine Owram

     (Bloomberg) — Canadian stocks closed lower as energy shares dropped with the price of oil and financials fell amid a rumored short by a high-profile firm.
     The S&P/TSX Composite Index lost 22 points or 0.2 percent to 15,349.91, its lowest close in nearly two weeks. Energy shares fell 0.6 percent as West Texas Intermediate crude tumbled 2.7 percent to $48.28 a barrel.
     The financials index lost 0.3 percent as Element Fleet Management Corp. tumbled 15 percent. The stock declined as much as 39 percent on a rumor, later refuted, that it was a target of short seller Muddy Waters LLC.
     In other moves:
* Asanko Gold Inc. fell 13 percent before trading was halted. The miner is the target of short seller Muddy Waters LLC
* Ensign Energy Services Inc. gained 6.1 percent, making it the best performer in the energy index. Ensign had underperformed, with shares down 30 percent year-to-date before Wednesday
* ECN Capital Corp., spun off from Element Fleet in 2016, lost 2.4 percent. ECN said it wasn’t aware of any reason for the drop.
By Jeremy Herron

     (Bloomberg) — U.S. stocks trimmed a monthly advance as a decline in trading revenue at JPMorgan Chase & Co. sent bank shares into a tailspin. Treasuries rose, while the dollar and oil retreated.
     The S&P 500 Index all but erased losses in the final hour of trading to finish May higher by 1.2 percent. Lenders slumped Wednesday after JPMorgan said the revenue metric is down 15 percent so far in the second quarter. Banks have been under pressure as 10-year Treasury yields slumped to 2.20 percent. Bloomberg’s dollar index retreated to cap a third straight monthly loss. Crude extended losses amid doubts prolonged output cuts will clear a global surplus. Gold climbed.
     Banks continued to weigh on U.S. equities as Trump administration promises to roll back regulations and boost growth have yet to stoke inflation expectations in the world’s largest economy. Instead, defensive and technology shares have kept markets within striking distance of all-time highs, while the dollar heads for a third straight monthly decline.
     The pound’s moves are a reminder of the potential risks surrounding a series of national elections in Europe this year. Meanwhile, with key central bank meetings next month on both sides of the Atlantic, investors remain focused on this week’s slew of economic data to gauge both the strength of the global economy and the path for interest rates.
     Here are some of the key events coming up:
* The EIA is due to release its monthly supply reports.
* The U.S. jobs report Friday may bolster the case for a rate hike, with a gain of 180,000 positions expected. Here are the main movers in markets:

* The S&P 500 fell 0.1 percent to 2,411.81 at 4 p.m. in New York, trimming its gain this month to 1.2 percent. It closed
Friday at a record and is down 0.2 percent since then.
* The Nasdaq 100 Index retreated 0.1 percent to halt an eight- day rally. It advanced 3.7 percent in the month.
* The Stoxx Europe 600 Index lost 0.1 percent.
* The MSCI Emerging Market Index slipped 0.6 percent, trimming its monthly rise to 2.9 percent, the most since February.

* The Bloomberg Dollar Spot Index fell 0.2 percent. The measure weakened 1.5 percent in May, the most since January.
* The pound added 0.2 percent to $1.2884. The euro jumped 0.4 percent to $1.1233.
* The yen strengthened 0.1 percent to 110.73 per dollar for a fourth straight day of advances.

* Gold futures rose 0.4 percent to $1,270.80 an ounce after a 0.4 percent loss Tuesday.
* West Texas Intermediate oil dropped 2.7 percent to settle at $48.32 a barrel.

* The yield on 10-year Treasuries fell one basis point to 2.20 percent after declining four basis points in the previous session.
* Benchmark yields in the U.K. rose one basis point after a drop of two basis points Tuesday.


Have a wonderful evening everyone.


Be magnificent!

Life is very real –
life is not an abstraction – our problems begin when we encounter it only through images.

As ever,



With self-discipline most anything is possible.
               -Theodore Roosevelt, 1858-1919

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