September 13, 2021 Newsletter

Dear Friends,

Tangents: Happy Monday.

On Sept. 13, 1993, at the White House, Israeli Prime Minister Yitzhak Rabin and PLO chairman Yasser Arafat shook hands after signing an accord granting limited Palestinian autonomy.  Go to article »

September 13, 1814~Sar Spangled Banner inspired by the attack on Fort McHenry.

A company will pay someone $1,300 to watch 13 horror movies in October.  You couldn’t pay us $1.3 million to do that. Scaredy cats unite

Here’s who won at the 2021 MTV Video Music Awards last night.  Caution: You WILL get some of these songs stuck in your head today

There is such a thing as too much free time. (h/t Mike Smedley)

A parrot with a broken beak invented a tool. (h/t Alistair Lowe)

Area company aims to resurrect woolly mammoths. (h/t Ellen Kominers)


A stunning view of the Milky Way captured the over Hartland Quay in Devon


L’Arc de Triomphe wrapped as designed by the late artist Christo. – Work has begun on wrapping the Arc de Triomphe in Paris in silvery-blue fabric as a posthumous tribute to the artist Christo, who had dreamt of the project for decades. Bulgarian-born Christo, a longtime Paris resident, had plans for sheathing the imposing war memorial at the top of the Champs-Elysees while renting an apartment near it in the 1960s


An ultra-Orthodox Jewish man holds a chicken for the Kapparot ritual in the Mea Shearim neighbourhood in Jerusalem, Israel. Kapparot begins by reciting a prayer and then spinning the bird over their head to release the sins accumulated over the past year, ahead of the high-holiday of Yom Kippur, the Day of Atonement. After the Kapparot ritual is performed the bird is slaughtered and donated to charity


An idol of the elephant-headed Hindu god Ganesha is pictured in an artificial pond after it was immersed by devotees on the fourth day of the ten-day-long Ganesh Chaturthi festival in New Delhi 


Market Closes for September 13th, 2021

Close Change
34869.63 +264.91
S&P 500 4468.73 +10.15
NASDAQ 15105.58 -9.91


TSX 20666.41 +33.35












International Markets

Close Change
NIKKEI 30447.37 +65.53
25813.81 -392.10
SENSEX 58177.76 -127.31
FTSE 100* 7068.43 +39.23



Bonds % Yield Previous % Yield
10 Year Bond
1.220 1.237
30 Year
1.782 1.801
10 Year Bond
1.3259 1.3411
30 Year Bond
  1.9044   1.9323


BOC Close Today Previous  
Canadian $ 0.7907 0.7877
1.2646 1.2695
Euro Rate
1 Euro=
Canadian $ 1.4937 0.6695
1.1811 0.8467


Gold Close Previous
London Gold
1794.60 1788.25
WTI Crude Future 70.45 69.72

Market Commentary:
     On this day in 1982, Forbes published its first “rich list” of the 400 wealthiest people in America.  The first Forbes Four Hundred (minimum net worth for inclusion: $100 million) contained just 13 billionaires, ten of whom derived their fortunes from the oil industry.
By Aoyon Ashraf
(Bloomberg) — Canadian shares climbed on Monday with natural resources companies outperforming. The S&P/TSX Composite rose 0.2% in Toronto. The move was the biggest since rising 0.5% on Sept. 2 and follows the prior session’s decrease of 0.4%. Energy and materials stocks outperformed with as the prices for oil and gold rose. TC Energy contributed the most to the index’s gain, climbing 2.8%. Crescent Point Energy posted the largest percentage increase, rising 14%.

* This year, the index is up 19%, heading for the best year since 2019
* This quarter, the index has gained 2.5%
* The index has advanced 27% in the past 52 weeks. The MSCI AC Americas Index has risen 35% in the same period
* The S&P/TSX Composite is 0.7% below its 52-week high on Sept. 7, 2021, and 33% above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 0.7% in the past five days and has added 0.7% in the past 30 days
* 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% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.25t
* 30-day price volatility fell to 5.88% compared with 5.90% in the previous session and the average of 7.27% over the past month
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
* Energy | 60.2975| 2.4| 21/2
* Financials | 19.9537| 0.3| 19/8
* Materials | 10.3162| 0.4| 35/19
* Health Care | 0.4514| 0.2| 2/7
* Communication Services | 0.2017| 0.0| 3/4
* Real Estate | -0.2856| 0.0| 19/6
* Consumer Discretionary | -1.8325| -0.2| 5/8
* Utilities | -1.9569| -0.2| 9/7
* Consumer Staples | -4.7827| -0.6| 3/9
* Industrials | -20.4447| -0.8| 10/19
* Information Technology | -28.5674| -1.2| 2/10
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
* TC Energy | 11.6600| 2.8| 185.6| 21.3
* Canadian Natural | | | |
* Resources | 10.9900| 3.1| 93.7| 43.5
* Suncor Energy | 8.9200| 3.7| 60.2| 12.6
* Lightspeed Commerce| | | |
* Inc | -5.0750| -4.7| 56.2| 67.2
* Shopify | -11.9000| -0.8| 163.9| 29.9
* Canadian National | -14.1800| -1.9| 10.5| 5.7

By Kamaron Leach and Lu Wang
(Bloomberg) — U.S. stocks snapped a five-day slide, with energy companies leading the gains as crude oil extended a rally to a six-week high. Bonds yields declined and the dollar was little changed versus its major peers. The benchmark S&P 500 closed in the green after fluctuating between gains and losses for much of the trading session. A drop in Moderna helped to keep the Nasdaq 100 in negative territory. OPEC predicted stronger demand for its crude on a combination of rising global fuel consumption and output disruptions elsewhere. Industrial metals rose, with aluminum reaching $3,000 a ton in London for the first time in 13 years amid supply disruptions.  “The market is not overvalued, but it is not as undervalued as it once was,” said Brian Wesbury, chief economist at First Trust Advisors. “A slowdown in GDP will likely slow profit growth, while rising inflation will eventually lift long term interest rates. Tax hikes are still a threat, as are tougher Covid-related restrictions that limit a service-sector recovery.” Traders are marking time ahead of critical inflation data that traders will use to assess expectations about the timing of stimulus withdrawal and interest-rate hikes. A report on Tuesday may show consumer prices in the U.S. moderated in August.
Elsewhere, Chinese technology shares tumbled after a report that officials are seeking to break up Ant Group Co.’s Alipay. The country’s online platforms were also told to protect the rights of workers in the so-called gig economy. MSCI Inc.’s Asia-Pacific index retreated for the third time in four sessions. Global stocks have been buoyed this year by robust earnings reports and a rapid recovery from the pandemic-induced recession. With valuations becoming stretched, sentiment soured over the past weeks, amid concerns that economic growth may stall as the delta variant of the coronavirus disrupts the anticipated return to normalcy, while inflation remains sticky. Retail and travel stocks declined. “Since the beginning of last week, realism has started to set into global equity markets as a long list of shocks percolate through the markets leading to an accelerated slowdown in economic activity in the U.S., a more subdued rebound in Europe and an unknown slowdown in China where the regulatory crackdown and its impact on investments are yet to be measured,” Sebastien Galy, a senior macro strategist at Nordea Investment, wrote in a note to clients.
Meanwhile, President Joe Biden’s $3.5 trillion tax-and-spending plan faces challenges.  Democrat Senator Joe Manchin has cast doubt on the timeline for pushing Biden’s economic agenda through Congress, and proposed tax rates may be watered down to boost the chances of the package being passed. 

Here are some events to watch this week:
* U.S. consumer-price index, Tuesday
* Apple product-launch event, Tuesday
* China retail sales, property prices, industrial production, Wednesday
* Quadruple witching day for U.S. markets, Friday

Some of the main moves in markets:
* The S&P 500 rose 0.2% as of 4:07 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.8%
* The MSCI World index was little changed

* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1808
* The British pound was little changed at $1.3835
* The Japanese yen was little changed at 110.01 per dollar

* The yield on 10-year Treasuries declined two basis points to 1.32%
* Germany’s 10-year yield was little changed at -0.33%
* Britain’s 10-year yield declined one basis point to 0.74%

* West Texas Intermediate crude rose 1.3% to $70.65 a barrel
* Gold futures rose 0.2% to $1,794.80 an ounce
–With assistance from Vildana Hajric.

Have a lovely evening.

Be magnificent!
As ever,


Ignorance is preferable to error; and he is less remote form the truth who believes nothing, than he who believes what is wrong. -Thomas Jefferson, 1743-1826.

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