Morning Minutes 6/18/2020

Morning Minutes

Stocks Slide As US Jobless Claims Miss Offsets Positive Developments

June 18, 2020

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

It has been a pretty light evening and morning for corporate and economic news. The main event has been the announcement of £100B in new asset purchased from the Bank of England, which had been widely anticipated. In the US, grocer Kroger beat the street on earnings ($1.22 vs street $1.09). Also overnight there have been reports that the recent COVID-19 outbreak in Beijing has been contained. In the US, the Philadelphia Fed manufacturing survey bounced back dramatically (27.5 vs street -23.0 and previous -43.1).

These positive developments have been overshadowed, however, by this week’s US jobless claims report which came in worse than expected raising questions about the strength of the reopening recovery and perhaps recognition that political, societal and economic turmoil has had more lasting effects. US initial jobless claims were 1.508 million, similar to the 1.566 million claims of the week before and worse than the 1.300 million claims the street had expected. Continuing claims still refuse to drop below 20 million, coming in at 20.544 million which was more than the 19.800 million street estimate.

Looking ahead, earnings reports are due from Cineplex and Empire Company in Canada today, while tomorrow brings retail sales reports for Canada and the UK.

New Video: Market Commentary and Portfolio Update – June 17, 2020

With Ted Bader-President, and Colin Cieszynski – Chief Market Strategist, of SIA Wealth Management

A new webinar replay is available featuring Ted Bader updating on the recent performance of SIA Wealth Managed portfolios, plus Colin Cieszynski discussing current trends in world markets. A PDF version of this presentation is available.

GoToMeeting Version: https://attendee.gotowebinar.com/recording/7894801758347351043

YouTube Version: https://youtu.be/UVokWcEBLVw

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. SIAWM 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.