November 24, 2016 Newsletter

Dear Friends,

Tangents:

On November 24^th, 1801, Dorothy Wordsworth wrote in her journal:

A rainy morning.  We all were well except that my head ached a little, and I took my breakfast in bed.  I read a little of Chaucer, prepared the goose for dinner, and then we all walked out. I was obliged to return for my fur tippet and spencer (a close-fitting jacket or bodice), it was so cold … As we were going along we were stopped at once, at the distance perhaps of fifty yards from our favourite birch tree. It was yielding to the gusty wind with all its tender twigs, the sun shone upon it, and it glanced in the wind like a flying sunshiny shower.  It was a tree in shape, with stem and branches, but it was like a spirit of water.  The sun went in, and it resumed its purplish appearance, the twigs still yielding to the wind, but not so visibly to us.  The other birch trees that were near it looked bright and cheerful, but it was a creature by its own self among them.  –from The Book of Days.

PHOTOS OF THE DAY

The moon sets behind a statue atop the facade of St. Peter’s Basilica at the Vatican before a Mass celebrated by Pope Francis on the occasion of the closing of the Holy Door on Sunday. The Holy Door closing marks the end of the Jubilee of Mercy. Gregorio Borgia/AP

A photographer stops to capture the early morning ground fog on the National Mall in Washington on Saturday. J. David Ake/AP
Market Closes for November 24^th, 2016

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Eric Lam
     (Bloomberg) — Canadian stocks ended the day little-changed as energy producers retreated to offset a rally in industrial metals led by First Quantum Minerals Ltd.
     The S&P/TSX Composite Index edged lower to 15,075.20 at 4 p.m. in Toronto on Thursday, erasing an earlier gain of as much as 0.3 percent. Trading volume in the Canadian equity benchmark was 68 percent lower than the 30-day average with U.S. markets closed for the Thanksgiving holiday. The equity benchmark is up 16 percent in 2016, the top performer among developed markets tracked by Bloomberg.
     First Quantum and Turquoise Hill Resources Ltd. climbed at least 2.9 percent as copper stocks led gains with the metal set for its biggest monthly gain in a decade with a 21 percent rally. TransAlta Corp. rose 7.8 percent, the most in seven months, after Alberta said utilities in the Western Canadian province will be compensated for the power-generation capacity they add under new rules to lure investment. Energy producers slipped to offset the advance.
     Among other moves:
* Sherritt International Corp. is up 54 percent during a four- day winning streak with nickel joining the wider rally in industrial metals.
* Diversified miner Teck Resources Ltd., the best-performing stock in the S&P/TSX this year with an almost six-fold gain, rose 0.3 percent, on a four-day rally to the highest in more than three years.
* Bombardier Inc. added 1.1 percent after winning a $620 million option order for 40 double-deck trains for the Normandy region of France.
* Energy stocks slipped 0.2 percent as crude ended little- changed, trading near $48 a barrel in New York. Iraq’s prime minister said the country will shrink production, while Russia said it would go no further than a freeze.
US

US MARKETS CLOSED FOR THANKSGIVING.
Have a wonderful evening everyone.

Be magnificent!

When a man has an idea of what he must be and how he must act,
and undermines this by not ceasing to act in the opposite way,
he must realize that his principles, his beliefs, his ideals,
will inevitably fall prey to hypocrisy and dishonesty.
It is the ideal that begets the opposite of itself.
Krishnamurti

As ever,

Carolann

I paint object as I think them, not as I see them.
                          -Pablo Picasso, 1881-1973

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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www.carolannsteinhoff.com