Morning Minutes 6/19/2020

Morning Minutes

UK Retail Sales Rebound and Quadruple Witching Hour

June 19, 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
+1 (647) 282-4428

Stock markets around the world are on the rise again this morning. US index futures are up another 1.0% to 1.3% with Dow futures rising 345 points as they look to bounce back from yesterday’s 39-point dip. Overseas, the Dax is up 1.2%, the FTSE is up 1.4% and the Hang Seng rose 0.75%. Commodities are also on the rise again this morning with WTI crude oil jumping 3.3% and regaining the $40.00/bbl level while copper is up 1.9%. The US Dollar is mixed but gold is up 0.6% as central banks remain in stimulus mode.

A better than expected retail sales report for the UK has helped to boost sentiment this morning, encouraging reopening recovery anticipation and adding to the suggestion from the US retail sales report earlier this week that some economies may have already bottomed out. UK May retail sales increased by 12% in May over April, significantly stronger than the 5.7% bounce the street had expected. May UK sales were down 13.1% over year which was improved from the 22.7% over year drop reported for April.  Canadian retail sales for April are also out today which showed a 26.4% drop which was worse than the 15.1% the street had been expecting.

The rest of the day is light for economic news. Fed Chair Powell is speaking again but its hard to see how he could have anything new to say after delivering two days of testimony to Congress earlier this week. We could potentially see some volatility in the last hour of trading as investors square position. Its Quadruple Witching today with futures and options on stocks and indices all set to expire.

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:

YouTube Version:

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.