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Earnings In Focus Ahead of the US Long Weekend

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Its another busy day for earnings reports with companies across several sectors beating street expectations. In Canada, a big bank earnings week continues with National Bank beating the street on earnings ($2.25 vs street $2.00) and freeing up $62M in capital from loan loss provisions that are no longer needed.

In the US, computer producers Dell Technologies* ($2.13 vs street $1.61) and HP Inc* ($0.93 vs street $0.89), beat expectations along with retailers Costco ($2.75 vs street $2.35) and Gap (+$0.48 vs street -$0.05). Other companies releasing positive results include Salesforce.com ($1.21 vs street $0.88) and Ulta Beauty ($4.07 vs street $1.95).

With the Memorial Day holiday approaching on Monday, making today the last trading day for May in the US, investors stateside continue to respond positively to yesterday’s upward revision to US Q1 GDP. US index futures are up 0.3%-0.4% after a mixed day on Thursday. In Europe today, the Dax is up 0.5% while the FTSE is up 0.3%. Commodity action is mixed with WTI crude oil up 0.7% and copper down 1.2%. Cryptocurrencies are taking it on the chin again today with Bitcoin falling 8.0% and Ethereum diving 10.5%.

The Chicago PMI report is due at 9:45 am EDT (street 68.0 vs previous 72.1) followed by the US University of Michigan consumer sentiment report (street 82.9) at 10:00 am EDT.   

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.

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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.

Colin Cieszynski, Chief Market Strategist
Market Commentary:

Colin Cieszynski, CFA, CMT
Chief Market Strategist
ccieszynski@siawm.com
+1 (647) 282-4428

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