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Indices Climb to New Highs as Earnings Reports Roll In

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Building on yesterday’s gains of 0.2%-0.9% for US indices and new all-time highs for the Dow and the S&P, US index futures are up 0.3% this morning as investors respond to a round of positive earnings reports. Over in Europe, the Dax is up 1.0% and the FTSE is up 0.6%. Commodities are mixed today. WTI crude oil is up 0.3%, while Natural Gas is down 1.1% in a common correction of yesterday’s big rally, while copper is down 0.3%.

A big day for earnings reports finds a number of big names beating expectations. Highlights include Facebook ($3.22 vs street $3.19), Hasbro ($1.96 vs street $1.59), United Parcel Service ($2.71 vs street $2.55), General Electric ($0.57 vs street $0.43), and 3M ($2.45 vs street $2.20).

The US Dollar is up slightly today in currency action, gaining 0.3% against the British Pound and 0.2% against the Canadian Dollar. Gold, Bitcoin and the Euro are all flat. It’s a light day for economic news headlined by US house prices and US new home sales later in the morning followed by US API weekly oil inventories later in the afternoon. Currency traders may by on hold waiting for tomorrow’s Bank of Canada decision followed by the Bank of Japan, European Central Bank and US GDP on Thursday.  

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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