October 6, 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
US index futures are mixed this morning as investors digest Mondayâ€™s 1.7% to 2.4% gains for major US indices. Today, Dow Futures are up 0.3%, S&P futures are flat, and NASDAQ futures are down 0.25%. President Trump was discharged from hospital and returned to the White House overnight, so investors have turned their focus to continuing negotiations in Congress over fiscal stimulus, this afternoonâ€™s speech from Fed Chair Powell and tomorrow nightâ€™s Vice-Presidential debate.
Overseas, the Dax is up 0.4% and the FTSE is up 0.1% this morning. WTI crude oil is up nearly 2.0% but still sitting just below $40.00/bbl. Copper is up 0.3% while gold and silver are steady.
For corporations, no news can be seen as good news, weâ€™re in the heart of confession season and there have been no major profit warnings, neither negative nor positive. Earnings from Levi Strauss are due out after the close today.
In economic news, the forward-looking New Orders component of yesterdayâ€™s US ISM Non-Manufacturing PMI report came in above expectations (61.5 vs street 44.7 and previous 56.8) a positive economic sign. UK Construction PMI out this morning also beat the street (56.8 vs street 54.0). At ($67.1B) and ($2.45B) respectively, the US and Canadian trade deficits were both slightly worse than expected.
SIA Wealth Update Webinar Wednesday October 7, 2:00 pm EDT
Join SIA Wealth Management for an update on the current market, their outlook for the rest of 2020 and how that relates to SIA Wealth Management portfolios. Webinar audio will be available through computer VoIP or dial in using your phone.
Registration information and replays can be found in the webinar section of the SIA Wealth Website
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.