October 8, 2021 Newsletter

Dear Friends,

Tangents: Happy Friday & Happy Thanksgiving weekend.

October 8, 1871-Great Chicago Fire.

October 8, 2004 Lifestyle guru Martha Stewart reported to prison to begin serving a sentence for lying about a stock sale.  Go to article »

Maria Ressa and Dmitry Muratov win the Nobel Peace Prize


A woman on a rope bridge in the Rosa Khutor mountain resort in the Caucasus Mountains near Russias Black Sea coast, in mid autumn


These little grey headed flying foxes are tough to shoot – very tiny, fast and at dusk only do they fly. When summer is at its peak they are in danger of dying from heat exhaustion as they sleep during the day and can literally drop dead out of their trees . Dipping their bellies in the water as they zoom down for a drink is a survival mechanism they’ve developed to cope. This picture wowed judges in the Better Photography Magazine Photo of the Year 2021 contest


Attanasio a maths student at St John’s College in Cambridge trimming the Boston ivy by her room as she returned for her second year at the University this week. The largest wall of Boston Ivy in Britain is putting on a stunning display today after turning a blaze of red as the UK enjoys a warm day with highs of 21C in some parts of the country


Market Closes for October 8th, 2021

Close Change
34746.25 -8.69
S&P 500 4391.34 -8.42
NASDAQ 14579.54 -74.48


TSX 20416.31 +.10












International Markets

Close Change
NIKKEI 28048.94 +370.73
24837.85 +136.12
SENSEX 60059.06 +381.23
FTSE 100* 7095.55 +17.51



Bonds % Yield Previous % Yield
10 Year Bond
1.626 1.565
30 Year
2.085 2.042
10 Year Bond
1.6118 1.5729
30 Year Bond
  2.1640   2.1263


BOC Close Today Previous  
Canadian $ 0.8018 0.7967
1.2472 1.2552
Euro Rate
1 Euro=
Canadian $ 1.4434 0.6928
1.1574 0.8640


Gold Close Previous
London Gold
1762.10 1759.70
WTI Crude Future 79.35 78.30

Market Commentary:
     On this day 190 years ago, the Panic of 1831 broke out, as revolution and cholera in Europe slashed imports and a rash of excess lending by U.S. banks set off inflation. “Very urgent demands for money were heard,” said historian Clement Juglar.
By Kristine Owram
(Bloomberg) — Canadian stocks closed virtually unchanged, as gains in energy and financials were offset by declines in most other sectors. The S&P/TSX Composite advanced slightly to 20,416.31 in Toronto after the country added more jobs than expected in September, returning to its pre-Covid employment levels, but still fell short of the  pre-pandemic trend line for job growth. The benchmark was up 1.3% for the week. Toronto-Dominion Bank contributed the most to the index gain, increasing 1%. K92 Mining Inc. had the largest increase, rising 4.3%. Today, 107 of 234 shares rose, while 116 fell; 4 of 11 sectors were higher, led by financials stocks.

* This year, the index rose 17%, heading for the best year since 2019
* So far this week, the index rose 1.3%, heading for the biggest advance since the week ended Aug. 27
* The index advanced 23% in the past 52 weeks. The MSCI AC Americas Index gained 28% in the same period
* The S&P/TSX Composite is 2.3% below its 52-week high on Sept. 7, 2021 and 32.4% above its low on Oct. 30, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 on a trailing basis and 16 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.22t
* 30-day price volatility fell to 9.71% compared with 9.95% in the previous session and the average of 8.07% over the past month
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
* Financials | 39.6661| 0.6| 21/6
* Energy | 28.0165| 1.0| 17/6
* Materials | 5.4096| 0.2| 30/20
* Consumer Discretionary | 1.7173| 0.2| 7/6
* Real Estate | -0.8174| -0.1| 12/13
* Communication Services | -2.7592| -0.3| 1/4
* Industrials | -3.1055| -0.1| 13/14
* Health Care | -4.8087| -2.4| 0/9
* Consumer Staples | -5.7461| -0.8| 3/10
* Utilities | -7.6645| -0.8| 1/15
* Information Technology | -49.8015| -2.1| 2/13
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
* TD Bank | 11.0000| 1.0| -30.0| 20.0
* Suncor Energy | 8.3820| 2.9| -8.5| 34.9
* Canadian Natural | | | |
* Resources | 6.5870| 1.6| -43.3| 62.2
* Constellation | | | |
* Software | -4.5000| -1.6| 21.9| 26.1
* Lightspeed Commerce | | | |
* Inc | -7.1170| -7.1| -25.1| 20.4
* Shopify | -30.9200| -2.3| -11.3| 19.5

By Natalia Kniazhevich and Vildana Hajric
(Bloomberg) — U.S. stocks fell and Treasury yields gained Friday after weak jobs data upended bets on the Federal Reserve’s policy plans. The S&P 500 and Nasdaq 100 declined in turbulent trading as data showed employers added far fewer jobs than anticipated last month. While the report is unlikely to deter the Fed from announcing cutbacks to its bond buying next month, it may remove pressure for the central bank to raise interest rates any time soon. “We don’t think this derails the Fed from tapering, and with labor markets still somewhat slack, tightening is still a long way away,” said Jay Barry, JPMorgan head of USD government bond strategy. The 10-year Treasury yield rose to 1.6%. Gold erased a 1.5% advance. And crude oil briefly topped $80 a barrel in New York for the first time since 2014. The S&P 500 finished the week higher as stocks struggled for a direction on Friday. The session was marked by high volatility with traders wading in to buy at the market lows. “The buy-the-dip mentality rules the day,” said JJ Kinahan, chief market strategist at TD Ameritrade, by phone. “That’s really what it comes down to.”
The monthly jobs report was the second miss in a row, signaling weakness in the labor market just as the Fed is preparing to cut back stimulus. The biggest job losses in the report came from the government sector while hiring in leisure and hospitality nearly doubled, suggesting the business outlook is strengthening, albeit slowly. “The industries that have seen really strong gains are in some of those that were particularly impacted by the pandemic; so things like leisure, and hospitality, retail,” said Kara Murphy, chief investment officer of Kestra Investment Management. “The pandemic is still driving a lot of this kind of dislocation.” The September payrolls had the smallest advance of the year after a upward revision for August figures. Meanwhile, the unemployment rate fell to 4.8% and average hourly earnings jumped. With the turbulence, it’s unclear how the market is interpreting the data, said Mike Loewengart, managing director of investment strategy at E*Trade Financial.  “On one hand it’s a knock to our economic recovery,” he said. “On the other, delaying Fed policy means the easy money era continues.”

Some of the main moves in markets:
* The S&P 500 fell 0.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.5%
* The Dow Jones Industrial Average was little changed
* The MSCI World index was little changed

* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $1.1571
* The British pound was little changed at $1.3620
* The Japanese yen fell 0.5% to 112.22 per dollar

* The yield on 10-year Treasuries advanced three basis points to 1.60%
* Germany’s 10-year yield advanced three basis points to -0.15%
* Britain’s 10-year yield advanced eight basis points to 1.16%

* West Texas Intermediate crude rose 1.5% to $79.49 a barrel
* Gold futures fell 0.1% to $1,757 an ounce
–With assistance from Emily Graffeo, Kamaron Leach and Elaine Chen.

Have a wonderful weekend everyone.

Be magnificent!

As ever,


As I grow older, I pay les attention to what men say.  I just watch what they do. -Andrew Carnegie,  1835-1919.

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