Morning Minutes 09/17/2018

Morning Minutes

Waiting for the Next Shoe To Drop

September 17, 2018
10:00 am EDT

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Market Commentary By:
Colin Cieszynski, CFA, CMT
Chief Market Strategist
+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.

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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.

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