August 12, 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
Shrugging off yesterdayâ€™s US afternoon swoon, stock markets are on the rise again this morning. US Index futures are up 0.7%-0.9% so far today with Dow futures rising about 240 points. In Europe today, the Dax is steady while the FTSE is up 1.1%. Chinese markets were mixed overnight with Hong Kong climbing 1.4% and Shanghai falling 0.6%.
The biggest overnight development came from the political arena, where the presumptive US Democratic Presidential candidate Joe Biden announced California Senator Kamala Harris as his running mate. This decision cleared up uncertainty over the selection and ended the risk of someone historically antagonistic to Wall Street such as Sen. Elizabeth Warren, being picked.
In economic news, US weekly API oil inventories fell another 4.4 mmbbl this week. WTI Crude oil is up 1.6% on the news, while copper is down 0.4% today. Gold and silver remain under pressure as investor confidence improves, falling 0.4% and 3.0% respectively.
In corporate news, Tesla announced plans for a 5-for-1 stock split and Moderna announced it has received a $1.5B order for 100 million doses of its in-development COVID-19 vaccine from the US government. Â Later today, earnings reports are due from Macys and Cisco Systems, while Canadian Tire and Cineplex report tomorrow.
Disclaimer:Â 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.Â 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.