November 18, Newsletter

Dear Friends,

Tangents: Happy Friday.

November 18, 1883: The United States and Canada adopted a system of standard time zones, Eastern, Central, Mountain, and Pacific, replacing over 100 previous time zones.  Go to article »
Mickey Mouse, b. 1928.

Webb telescope finds two of the most distant galaxies ever observed.  Prepare to be amazed. Take a look at one of the earliest galaxies formed after the big bang, about 350 million years after the universe began.

Logic-defying ‘bottom blooms’ could sustain hidden ecosystems in Arctic and Antarctica: Logic-defying phytoplankton blooms have been discovered lurking beneath the ocean’s surface in both of Earth’s polar regions, two unrelated new studies have revealed.
The highly unlikely “bottom blooms,” which grow near the seafloor in the Arctic and below sea ice in Antarctica, could support hidden ecosystems that scientists know nothing about.  Full Story: Live Science (11/17)


Le Gosier, Guadeloupe
A man rides a fly board off the French overseas island of Guadeloupe, in the Caribbean
Photograph: Loïc Venance/AFP/Getty Images

San Antonio de Areco, Argentina
A girl rides a horse during the 83rd Tradition Festival. The celebration aims to preserve gaucho traditions. A gaucho is described as a countryman, nomadic horseman and cowboy of the Argentine Pampas.
Photograph: Natacha Pisarenko/AP

A gopher tortoise crosses the road near Nasa’s next-generation moon rocket at Cape Canaveral, Florida, US.
Photograph: Steve Nesius/Reuters
Market Closes for November 18th, 2022

Close Change
33745.69 +199.37
S&P 500 3965.34 +18.78
NASDAQ  11146.06 +1.10
TSX 19980.91 +96.33

International Markets

Close Change
NIKKEI 27899.77 -30.80
17992.54 -53.12
SENSEX 61663.48 -87.12
FTSE 100* 7385.52 +38.98


Bonds % Yield Previous % Yield
10 Year Bond
3.120 3.108
30 Year
3.210 3.190
10 Year Bond
3.8214 3.7657
30 Year Bond
3.9189 3.8760


BOC Close Today Previous  
Canadian $ 0.7470 0.7502
1.3387 1.3329
Euro Rate
1 Euro=
Canadian $ 1.3842 0.7224
1.0340 0.9671


Gold Close Previous
London Gold
1758.60 1773.00
WTI Crude Future  80.08 81.64

Market Commentary:
⏰ On this day in 1883, spurred by the American Railway Association, the U.S. divided into four simple time zones, replacing the old “system” in which each state had dozens of mini-zones where time differed by a few minutes from the next.
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.5% at 19,980.91 in Toronto.

The move follows the previous session’s decrease of 0.4%.
Canadian Pacific Railway Ltd. contributed the most to the index gain, increasing 1.5%. Cronos Group Inc. had the largest increase, rising 6.6%.
Today, 155 of 236 shares rose, while 75 fell; 8 of 11 sectors were higher, led by financials stocks.

* This year, the index fell 5.9%, heading for the worst year since 2018
* So far this week, the index fell 0.6%, heading for the biggest decline since the week ended Oct. 14
* The index declined 7.7% in the past 52 weeks. The MSCI AC Americas Index lost 17% in the same period
* The S&P/TSX Composite is 10% below its 52-week high on April 5, 2022 and 11.8% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.3 on a trailing basis and 12.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.17t
* 30-day price volatility fell to 18.56% compared with 19.83% in the previous session and the average of 21.92% over the past month
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
Financials | 29.4846| 0.5| 19/10
Industrials | 29.3767| 1.1| 19/8
Materials | 16.4885| 0.7| 35/15
Communication Services | 13.7390| 1.4| 6/1
Consumer Discretionary | 8.1066| 1.1| 13/1
Utilities | 6.3463| 0.7| 10/6
Energy | 2.6237| 0.1| 23/11
Real Estate | 2.0936| 0.4| 16/6
Consumer Staples | -0.7604| -0.1| 6/5
Health Care | -1.7549| -2.0| 3/3
Information Technology | -9.4221| -0.9| 5/9
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
Canadian Pacific | 9.7310| 1.5| -25.2| 15.5
BCE | 8.8520| 2.3| 105.5| -3.7
TD Bank | 8.5830| 0.8| -1.1| -7.8
Nutrien | -3.7470| -1.0| -16.8| 9.5
Suncor Energy | -6.4610| -1.4| 9.5| 50.6
Shopify | -10.1300| -2.5| 15.4| -71.9

By Vildana Hajric and Isabelle Lee
(Bloomberg) — US stocks ended with a slight gain Friday after shrugging off Federal Reserve warnings that there was more policy tightening to come.

Oil futures fell on signs that the market is currently awash in supply.
The S&P 500 Index added 0.5% Friday to finish the week down 0.7% and the Nasdaq 100 fell 1.2% in the five-day period.
Trading volumes was muted throughout Friday’s $2.1 trillion options expiration, normally a day when volatility spikes as traders and dealers rebalance their big exposures.
Treasury yields rose again after hawkish comments Thursday from St. Louis Fed President James Bullard, who said interest rates needed to rise at least to 5%-5.25% to curb inflation.
Also on Thursday, Minneapolis Fed President Neel Kashkari said it was an “open question” how far the central bank has to go with rates to bring demand back into balance.
Relentlessly rising interest rates are already weighing on global demand.

Growth-sensitive copper and oil prices were set for weekly losses on concerns about a worsening outlook.
US crude futures signaled an oversupply for the first time in almost a year.
Higher mortgage rates sent sales of previously owned US homes down for a record ninth straight month in October.
Yet some equity investors said hawkish Fed commentary did not necessarily mean rates would peak at levels higher than previously thought.

And traders continued to bet that the Fed will reverse course and begin cutting rates in the later part of 2023.
“The Fed’s steady drumbeat that the campaign to curtail inflation isn’t finished hasn’t fallen on the market’s collective deaf ears,” Quincy Krosby, chief global strategist at LPL Financial, wrote.

“Rather the growing evidence that inflation has plateaued has traders and investors alike poised to take advantage of the Fed’s step down to 50 basis points on December 14.”
Despite somber Fed comments and continued turmoil in the cryptocurrency world, the S&P 500 was headed toward a loss of less than 1% on the week.
“This week’s somewhat tight range might merely be a ‘breather’ that helps the market digest its recent gains before it heads higher,” Matt Maley, chief market strategist at Miller Tabak + Co., wrote. “Besides, Thanksgiving week tends to be a good one for the stock market.”
Chris Harvey of Wells Fargo expects the market to bounce around the 3,950 level until mid-December, when the next inflation print and Fed decision will provide traders with more clarity.

But after that, the market trend will become “a ‘coin toss,’ with increasing evidence of an impending recession,” his  team wrote in a note.
Hong Kong’s benchmark Hang Seng Index enjoyed a third straight week of gains, thanks to China’s steps to support the property sector and ease Covid restrictions.

European stocks climbed on optimism over both China and bets that central banks will slow their rate hikes. 
* The S&P 500 rose 0.5% as of 4:03 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.6%, more than any closing gain since Nov. 10
* The MSCI World index fell 0.6% to the lowest since Nov. 10

* The Bloomberg Dollar Spot Index rose 0.2% to the highest since Nov. 10
* The euro slipped 0.4%, more than any closing loss since Nov. 9
* The British pound rose 0.1% to $1.1881
* The Japanese yen fell 0.1% to 140.41 per dollar

* Bitcoin fell 0.3% to $16,630.65
* Ether rose 0.3% to $1,209.61

* The yield on 10-year Treasuries advanced five basis points to 3.82%
* Germany’s 10-year yield was little changed at 2.01%
* Britain’s 10-year yield advanced four basis points to 3.24%

* West Texas Intermediate crude fell 1.5% to $80.38 a barrel
* Gold futures fell 0.7% to $1,765.10 an ounce
This story was produced with the assistance of Bloomberg Automation.

–With assistance from Emily Graffeo.
Have a wonderful weekend everyone.

Be magnificent!

As ever,


It’s no use for a man to hold himself too grand or too low, ‘cause the wheel of fortune
was always correcting itself one way or t’other.  And whichever way it was, a man could always
count on one thing for sure: It wouldn’t last long. -Harry Combs, 1913-2003.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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