September 10, 2021 Newsletter

Dear Friends,

Tangents: Happy Friday.

September 10, 1845: King Willem II opens Amsterdam Stock exchange.  Go to article »

Pumpkin season is upon us.  Is fall here yet? Pumpkin Spice Lattes are already back in action. 

‘Dog bone’ asteroid spied by astronomers in new photos.  Just when you thought references to weird celestial objects couldn’t get more ridiculous, astronomers have spotted an asteroid that just happens to look a lot like a dog bone.

Facebook and Ray-Ban are rolling out smart glasses.  The question is: Will anyone buy them?

That’s the eye-popping value of an art collection coming to market following the high-profile divorce proceedings of New York real estate developer Harry Macklowe and his wife, Linda. It’s “the highest estimate ever placed on any collection to come to auction,” said Sotheby’s. The 65 artworks include those from Pablo Picasso, Andy Warhol, Alberto Giacometti, Jeff Koons, Mark Rothko and Cy Twombly.


The ‘Tribute in Light’ public art installation commemorating the 9/11 2001 terrorist attacks, shining up from the city skyline of lower Manhattan in preparation for the 20th anniversary, in New York


A man performs on his wakeboard on a wakeboarding lake in Suesel, northern Germany.


Tavrida art festival in the Crimea, Russia


Market Closes for September 10th, 2021

Close Change
34607.72 -271.66
S&P 500 4458.58 -34.70
NASDAQ 15115.50 -132.75


TSX 20633.06 -72.21












International Markets

Close Change
NIKKEI 30381.84 +373.65
26205.91 +489.94
SENSEX 58305.07 +54.81
FTSE 100* 7029.20 +4.99



Bonds % Yield Previous % Yield
10 Year Bond
1.237 1.173
30 Year
1.801 1.739
10 Year Bond
1.3411 1.2971
30 Year Bond
  1.9323   1.8977


BOC Close Today Previous  
Canadian $ 0.7877 0.7896
1.2695 1.2665
Euro Rate
1 Euro=
Canadian $ 1.4994 0.6669
1.1811 0.8466


Gold Close Previous
London Gold
1788.25 1786.00
WTI Crude Future 69.72 68.14

Market Commentary:
     On this day in 1960, Iran, Iraq, Kuwait, Saudi Arabia and Venezuela convened in Baghdad to form the Organization of the Petroleum Exporting Countries, which nearly brought the industrial world to its knees in the 1970s by jacking up the price of oil.
By Michael Bellusci
(Bloomberg) — Canadian stocks fell this week after rising for the previous two, as calls for a correction in stocks increased .  The S&P/TSX Composite fell for the fourth day, dropping 0.35%, or 72.21 to 20,633.06 in Toronto on Friday.  The move was the biggest since falling 0.4% on Aug. 26. Shopify Inc. contributed the most to the index decline, decreasing 1.1%. Equinox Gold Corp. had the largest drop, falling 4.6%. Today, 148 of 229 shares fell, while 78 rose; 9 of 11 sectors were lower, led by health care, real estate and financial stocks.

* This year, the index rose 18 percent, heading for the best year since 2019
* This quarter, the index rose 2.3 percent * So far this week, the index fell 0.9 percent, heading for the biggest decline since the week ended July 16
* The index advanced 27 percent in the past 52 weeks. The MSCI AC Americas Index gained 34 percent in the same period
* The S&P/TSX Composite is 1.3 percent below its 52-week high on Sept. 7, 2021 and 33.8 percent 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 16.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.26t
* 30-day price volatility rose to 5.90 percent compared with 5.85 percent in the previous session and the average of 7.54 percent over the past month
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
* Financials | -20.1678| -0.3| 11/17
* Materials | -16.0266| -0.7| 15/38
* Information Technology | -12.3050| -0.5| 7/5
* Industrials | -7.2989| -0.3| 13/16
* Communication Services | -5.8656| -0.6| 1/6
* Real Estate | -5.3465| -0.8| 2/23
* Health Care | -3.9845| -1.8| 0/9
* Utilities | -3.5170| -0.4| 2/13
* Consumer Staples | -2.7167| -0.4| 8/5
* Consumer Discretionary | 1.1361| 0.1| 8/5
* Energy | 3.8905| 0.2| 11/11
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
* Shopify | -15.7500| -1.1| -10.5| 30.9
* Brookfield Asset | | | |
* Management | -8.7040| -1.2| -10.7| 33.8
* Canadian National | -5.8800| -0.8| -39.0| 7.7
* Waste Connections | 2.2710| 0.8| 19.3| 28.3
* Teck Resources | 3.6070| 3.6| 59.3| 38.7
* Cameco | 5.4600| 6.8| 109.6| 81.8

By Richard Richtmyer and Vildana Hajric
(Bloomberg) — U.S. equities notched their biggest weekly decline since mid-June in volatile trading as investors assessed the latest read on the economy after more strategists weighed in with cautious comments on the market. The S&P 500 fell 0.8%, pushing its loss for the holiday shortened week to 1.7%. Apple Inc. was the biggest decliner in the Dow Jones Industrial Average on Friday, after a court ordered the iPhone maker to make a change to the way it generates money from its App Store. Gold posted its first weekly decline since early August after data on U.S. producer prices rekindled debate over when the Federal Reserve will pull back on stimulus. Markets have been volatile as the continued spread of Covid-19 has undermined the economic recovery and lifted supply-shock inflation, even as central banks reaffirm an accommodative stance. In the U.S., equities have been whipsawed amid mixed economic data and a lack of clarity on the Fed’s timeline for reducing its asset purchases. On Friday, data showed the producer price index for final demand, a key measure of inflation, increased more than expected last month. “Investors have been assessing rising Covid cases, slowing growth, elevated levels of inflation and uncertainty over when the Fed could start tapering,” said Fiona Cincotta, senior financial markets analyst at City Index. “The data has been mixed and the messages from the Fed have been mixed, leaving little clarity for the markets, which traditionally struggle with uncertainty.”
Strategists from almost all the top Wall Street banks have come out this week with a nervous message about the U.S. stock market. The common themes in their analysis include valuations at historical extremes, a near non-stop rally for seven months, an economy that looks soft and the imminent tapering of Fed stimulus. Apple dropped 3.3%, the most since earl May. A federal judge said Friday that the company must let app developers steer consumers to outside payment methods. In Europe, the Stoxx 600 fell 0.3%, with telecommunications and utilities underperforming, while miners and technology led the gainers. The European equities benchmark posted a second weekly loss, the first time that’s happened since the end of April, as investors reduced their risk on concern that central bank stimulus measures might get pulled back quickly. Traders on Friday were also focused on trade tensions with China. The Biden administration is weighing a new investigation into Chinese subsidies after the U.S. president urged China’s Xi Jinping to cooperate on a phone call. The Shanghai Composite Index climbed to a six-year high. A Hong Kong gauge of Chinese technology companies jumped after a clarification China has slowed rather than frozen new game approvals. Oil rose, with investors shrugging off China’s confirmation that it has released crude from its strategic reserves. 

Some of the main moves in markets:
* The S&P 500 fell 0.8% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.8%
* The Dow Jones Industrial Average fell 0.8%
* The MSCI World index fell 0.4%

* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.1% to $1.1813
* The British pound was little changed at $1.3831
* The Japanese yen fell 0.1% to 109.86 per dollar

* The yield on 10-year Treasuries advanced four basis points to 1.34%
* Germany’s 10-year yield advanced three basis points to -0.33%
* Britain’s 10-year yield advanced two basis points to 0.76%

* West Texas Intermediate crude rose 2.1% to $69.60 a barrel
* Gold futures fell 0.5% to $1,790.20 an ounce
–With assistance from Eric Lam, Sunil Jagtiani and Anchalee Worrachate.

Have a wonderful weekend everyone.

Be magnificent!

As ever,


Habits change into character. –Ovid, 43 BCE-17 CE.

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