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Economic and Earnings Numbers In Focus

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Coming off of a bullish reversal that saw major US indices shrug off early losses to close up 1.0% to 1.3% including a new all-time high for the Dow Industrials, markets are mixed this morning. US index futures are sluggish, varying between flat Dow Futures to a decline of 1.0% for NASDAQ futures. Meanwhile, speculative plays have been running again this morning with Bitcoin up 5.2% to trade near $51,500 and Gamestop up 63.5% in premarket action.

Today is the last big day for earnings reports for the current quarter. Canadian bank earnings week is wrapping up on a positive note, as the last of the Big Six banks completed running the table against the analysts as both  TD Bank ($1.83 vs street $1.49, loan loss provision $313M vs previous 917M), and CIBC ($3.58 vs street $2.81, lows loss provision $147M vs previous 291M) beat market expectations and slashed loan loss provisions.

Earnings continue to roll out from US retailers and some other companies. Highlights include: Nvidia ($3.10 vs street $2.81), Wayfair ($1.24 vs street $0.86), Best Buy ($3.48 vs street $3.45), L Brands ($3.30 vs street $3.18) and ViacomCBS ($1.04 vs street $1.02). Later today, results are due from AirBnB, DoorDash, Beyond Meat, and others.

It is also a busy morning for US economic news. Durable goods orders (3.4% vs street 1.1%), and initial jobless claims (730K vs street 838K and previous 841K) beat expectations. US pending home sales (street 0% over month) and natural gas storage (street -333BCF) are due at 11:00 am and 11:30 am EST respectively.  

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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