November 22, 2012 Newsletter

Dear Friends,

Tangents:

Short letter today – US Thanksgiving: markets closed, no US media in my world.

On this day in…

1819 – George Eliot was born.

1935 – Pan Am inaugurates the first transpacific airmail service from San Francisco to Manila.

1963 – JFK is assassinated in Dallas, Texas.

1973 – Great Britain announces a plan for moderate Protestants and Catholics to share power in Northern Ireland.

1982 – President Ronald Reagan calls for defense-pact deployment of the MX missile.

1986 – Justice Department finds memo in Lt. Col. Oliver North’s office on the transfer of $12 million to Contras of Nicaragua from Iranian arms sale.

 
One must be poor to know the luxury of giving. – Georg Eliot.

Market Closes for November 22nd, 2012:

International Markets

Bonds

Currencies

Commodities

Market Commentary:

Canada

By Katia Dmitrieva and Eric Lam

Nov. 22 (Bloomberg) — Canadian stocks rose for a fifth day as Research In Motion Ltd. gained the most in more than three years and better-than-expected Chinese manufacturing data indicated the world’s second-largest economy is rebounding.

RIM surged 18 percent, the biggest gain since April 2009, after an analyst with National Bank Financial raised his estimates for BlackBerry 10 sales next year. Colossus Minerals Inc. climbed 3.8 percent as gold rose. Royal Bank of Canada and Toronto-Dominion Bank advanced. U.S. markets were closed today for the Thanksgiving holiday.

The Standard & Poor’s/TSX Composite Index rose 53.04 points, or 0.4 percent, to 12,153.10 in Toronto. The streak of gains is the longest in three weeks. The benchmark Canadian equity gage is up 1.7 percent this year.

“The Chinese manufacturing data came in better than expected,” David Baskin, president of Toronto-based Baskin Financial Services Inc., said in a phone interview. His firm manages C$440 million in assets. “So much of the world natural resource trade goes to support Chinese growth so that’s the data people are looking for.”

Technology stocks paced gains on the benchmark, rising 3.8 percent. Trading volume was 58 percent lower than the 30-day average. The Canadian market sees little trading when U.S. markets are closed, Baskin said.

RIM soared 18 percent to C$12.03 after Kris Thompson, analyst with National Bank Financial, said the BlackBerry 10 line of smartphones will sell better than expected. The new phones, scheduled to go on sale in February, should post shipments of about 35.5 million units next fiscal year, up from a previous estimate of 31.6 million.

China’s purchasing managers’ index signaled the first expansion in the country in 13 months with a preliminary reading of 50.4, compared with a final level of 49.5 in October, according to HSBC Holdings Plc and Markit Economics. A reading above 50 indicates growth. Manufacturing gains bolster prospects for a sustained pickup in economic growth that slowed last quarter to the weakest pace in more than three years.

Teck Resources Ltd., Canada’s largest diversified mining company, increased 2.6 percent to C$32.59.

Colossus Minerals advanced 3.8 percent to C$4.36 as gold gained for a second day. Barrick Gold Corp. rose 0.4 percent to C$34.75. Gold for December delivery rose 0.1 percent to $1,729.50 in electronic trading in New York.

Royal Bank, the nation’s largest lender, rose 0.4 percent to C$57.81 and TD Bank gained 0.4 percent to C$80.99. Canada’s major banks begin reporting fourth-quarter earnings next week, with Royal first in line on Nov. 29.

Have a wonderful evening everyone.

Be magnificent!

We are fragmented.  We are one person at the office and another at home,

we speak of democracy and are autocrats in our hearts;

we speak of love for our neighbors even as we kill that love with our competitive spirit;

one part of us works, watches, and acts independently of the other.

Are you conscious of the fragmentation of your existence?  Is it possible for a mind t

hat has splintered the structure of its thoughts to perceive the broad field of consciousness?

Krishnamurti, 1895-1986

As ever,

Carolann

I want freedom for the full expression

of my personality.

-Mahatma Gandhi, 1869-1948

Carolann Steinhoff, B.Sc., CFP, CIM, FCSI

Senior Vice-President &

Senior Investment Advisor

Queensbury Securities Inc.,

St. Andrew’s Square

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7