September 11, 2019 Newsletter

Dear Friends,

Tangents:
On Sept. 11, 2001, suicide hijackers crashed two airliners into the World Trade Center in New York, causing the 110-story twin towers to collapse. Another hijacked airliner hit the Pentagon and a fourth crashed in a field in Pennsylvania.  Go to article »
Sorrow was like the wind.  It came in gusts. –Marjorie Kinnan Rawlings, 1896-1953

Robert Frank, the photographer and author of the  ground breaking book, “The Americans” has passed away.  Mr. Frank used a raw style that helped change the course of documentary photography. He died on Monday at 94. –The New York Times.

From Bloomberg today:
Italian village will pay you to move there and start a business
Fossilized footprints hint at Neanderthal social structures. (h/t Scott Kominers) 
Turns out the meaning of life does actually involve the number 42. (h/t Mike Smedley)

PHOTOS OF THE DAY

Children play under a lantern installation ahead of the upcoming mid-autumn festival at a shopping mall in Kuala Lumpur.
CREDIT: MOHD RASFAN/AFP

Apple CEO Tim Cook speaks during the Apple Special Event in the Steve Jobs theatre at Apple Park in Cupertino, to announce iPhone 11 and Apple Watch 5.
CREDIT: JOHN G MABANGLO/EPA

A bee pollen from a sunflower in Idaho Falls, Idaho, USA.
CREDIT: AP/ JOHN ROARK
Market Closes for September 11^th, 2019

International Markets

Bonds

Currencies

Commodities

Market Commentary:
JPMorgan CEO James Dimon raised the specter of zero rates. The biggest bank in the U.S. is starting to prepare for how to make money if interest rates in the U.S. drop to zero.
Canada
By Kristine Owram
(Bloomberg) — Canada’s equity benchmark rose as technology shares rebounded from a three-day slump, with Shopify Inc. gaining the most in three weeks. The S&P/TSX Composite added 0.5% to 16,611.14 in Toronto. The index advanced to the highest closing level since July 24. The technology sector gained 2.1% as the rotation from momentum to value stocks that began at the start of the week reversed. Shopify contributed the most to the index gain, increasing 3.5%. BlackBerry Ltd. had the largest increase, rising 5.5%. Today, 137 of 239 shares rose, while 95 fell; seven of 11 sectors were higher.
Insights
* The S&P/TSX Composite is 0.4% below its 52-week high on April23 and 21% above its low on Dec. 24
* The S&P/TSX Composite is up 1% in the past 5 days and rose1.7% in the past 30 days
* 30-day price volatility rose to 11.24% compared with 11.18% inthe previous session and the average of 10.13% over the pastmonth
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 43.5286| 0.8| 22/4
Information Technology | 18.1401| 2.1| 10/0
Materials | 8.2394| 0.4| 30/15
Consumer Discretionary | 6.0110| 0.9| 14/2
Communication Services | 5.4291| 0.6| 6/1
Health Care | 3.3162| 1.2| 4/6
Utilities | 0.5050| 0.1| 8/6
Real Estate | -0.2990| -0.1| 9/16
Consumer Staples | -3.2347| -0.5| 5/5
Industrials | -3.3594| -0.2| 14/16
Energy | -4.4667| -0.2| 15/24
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 10.8400| 3.5| 12.1| 142.7
Royal Bank of | | | |
Canada | 9.3310| 0.9| 18.3| 10.5
Bank of Nova Scotia| 6.8960| 1.1| 18.9| 8.3
Canadian Natural | | | |
Resources | -2.0490| -0.7| 9.5| 1.8
Canadian National | -2.7370| -0.4| 5.9| 20.7
TC Energy | -6.7930| -1.5| -0.2| 35.6
================================================================
| | Index |Volume VS |
| | Points | 20D AVG |YTD Change
Biggest Gainers | % Change | Move | (%) | (%)
================================================================
Blackberry | 5.5| 1.8310| 64.9| 2.2
OceanaGold | 4.9| 0.6670| -36.3| -34.9
SNC-Lavalin Group | 4.5| 1.0150| 160.1| -59.2
================================================================
| |Index Points | Volume VS |YTD Change
Biggest Losers| % Change | Move |20D AVG (%)| (%)
================================================================
Gran Tierra | -2.5| -0.1380| 8.1| -33.2
Pason Systems | -2.4| -0.2130| 19.5| -10.2
Enerflex | -2.2| -0.1920| 3.4| -18.2

* Western Canada Select crude oil traded at a $12.00 discount to WTI
* Gold rose 0.3% to $1,496.60 an ounce
* The Canadian dollar weakened 0.3% to C$1.3197 per U.S. dollar
* The Canada 10-year government bond yield fell 1 basis point to 1.43%
US
By Vildana Hajric
(Bloomberg) — Stocks rallied, with the Nasdaq Composite Index rising to the highest level since July, as the rotation from momentum to value shares that began at the start of the week slowed. Crude oil plunged after President Donald Trump indicated that sanctions on Iran could be eased. The Nasdaq rose for the first time in four days as Apple’s cheaper priced iPhone gave analysts reason to cheer, while the Dow Jones Industrial Average gained for a sixth day and the S&P 500 closed above 3,000 for the first time in six weeks. Trump earlier urged the Federal Reserve to cut interest rates to “zero, or less,” in a tweet, while China moved to lessen the trade war’s repercussions by announcing a range of U.S. goods to be exempted from 25% extra tariffs put in place last year.
“Get a trade deal, get a dovish Fed, decent valuations, lower interest rates, and all of a sudden, you have the tinder potentially for markets to move higher,” Jeff Mortimer, director of investment strategy for BNY Mellon Wealth Management, said in an interview at Bloomberg’s New York headquarters. Crude oil futures fell as much as 2.8% in London. Trump is preparing to meet with Iranian President Hassan Rouhani later this month, according to people familiar with the matter. Such talks would be unprecedented for an administration that made isolating the Islamic Republic a cornerstone policy. The dollar strengthened, while benchmark Treasury yields lingered near one-month highs.
Equities are rebounding in September on hopes for fresh monetary stimulus from the European Central Bank on Thursday and the Fed next week, while market-supportive measures by China helped lift sentiment. Strong monetary easing is not a given, though, with some investors dialing back their expectations of accommodation and bond traders pulling back from the more bullish sentiment of August.
These are the main moves in markets:
Stocks
* The S&P 500 Index increased 0.4% to 3,000.90 as of 4:04 p.m. New York time, the highest in almost six weeks.
* The Dow Jones Industrial Average gained 0.5% to 27,136.91,reaching the highest in almost six weeks on its sixth consecutive advance.
* The Nasdaq Composite Index rose 0.7% to 8,169.68, the highest in almost six weeks.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2% to 1,210.84, the biggest advance in a week.
Bonds
* The yield on two-year Treasuries declined less than one basis point to 1.68%, the first retreat in a week.
* The yield on 10-year Treasuries increased less than one basispoint to 1.74%, reaching the highest in a month on its sixth straight advance. Germany’s 10-year yield fell two basis points to -0.56%.
Commodities
* Gold strengthened 0.8% to $1,496.08 an ounce, the first advance in a week.
* West Texas Intermediate crude declined 2.4% to $56.03 a barrel, the largest drop in more than a week.
–With assistance from Andrew Cinko.
Have a great night.

Be magnificent!
As ever,
Carolann

Be sure you put your feet in the right place, then stand firm.
                                          –Abraham Lincoln, 1809-1865

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
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www.carolannsteinhoff.com