Morning Minutes 09/17/2018

Morning Minutes

Waiting for the Next Shoe To Drop

September 17, 2018
10:00 am EDT

At SIA Wealth Management everything we do is based on Relative Strength Analysis. We evaluate the Relative Strength between asset classes giving us insight into money flows on a large scale, and from this select top ranked investments.

Market Commentary By:
Colin Cieszynski, CFA, CMT
Chief Market Strategist
ccieszynski@siawm.com
+1 (647) 282-4428

North American markets are off to a mixed start today. The S&P/TSX Composite is up 0.3% as energy stocks benefit from moderate gains in oil, natural gas and gasoline pries. US indices are down marginally along with the US Dollar after the Empire State Manufacturing Index fell to 19.0 from 25.6 last month, dropping below the 23.0 street estimate.

Overall, stocks appear to be in a holding pattern waiting to see if President Trump is going to carry through on his threat to impose tariffs on another $200 billion of Chinese imports this week and what steps China may take to retaliate.

Retailers on both sides of the border, but particularly in Canada may attract some attention with investors looking for indications of whether Friday’s post-earnings weakness in Dollarama, Empire and Kroeger is going to see follow-through into this week or not. US retail sales were disappointing last week, Canadian retail sales are due tonight.

FedEx is up 1.0% this morning ahead of tonight’s earnings report. A robust North American economy would suggest stronger demand for freight transportation services, but this could potentially be offset by rising fuel prices.

Special Announcement:
SIA Wealth Management has launched our new website! Check it out at
https://www.siawealth.com

Webinar Replay Information:
SIA Charts recdently hosted its monthly webinar which included comments on the market from Chief Market Strategist Colin Cieszynski. Ted Bader, President of SIA Wealth also gave a presentation about the 2 Funds SIA Wealth runs, specifically focusing on the strong performance of the US tactical pool as well as recent changes that have been made to the Tactical Market Neutral Pool. A link to the replay is below. Colin and Ted each spoke for about 20 minutes, with some questions afterward.
https://register.gotowebinar.com/recording/1528630518815118337

Disclaimer: SIA Wealth Management Inc. (SIAWM) specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investor’s investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.