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Mixed Markets Digest Tuesday Selloff

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Stocks, commodities, and cryptocurrencies are mixed this morning as some markets attempt to regain their footing after selling off earlier in the week. Nasdaq futures are flat, consolidating yesterday’s intraday bounce that saw the index erase early losses. Dow futures are down 0.3%, adding to yesterday’s 0.8% decline. European indices are in the green this morning, led by 0.8% gains for the Dax and CAC and a 0.4% rise for the FTSE.

Cryptocurrencies are also on the rebound today. Bitcoin has regained $40,000 with a 6.0% bounce so far today. It remains to be seen if yesterday’s intraday plunge down toward $30,000 was a selling climax, or if today is a sustainable rebound or a dead cat bounce. Further adding to an environment of indecision, commodities are mixed today with WTI crude oil down 1.4%, natural gas up 0.5%, and copper up 0.2%.

Today’s earnings reports are headlined by Cisco Systems which is down 5.4% in premarket action. The communications equipment producer beat expectations on earnings per share ($0.83 vs street $0.82), but missed on EPS guidance for the current quarter ($0.81-$0.83 vs street $0.85).

In economic news today, Canadian new house price growth accelerated to 1.9% in April from 1.1% in March and came in well above the 1.4% growth the street was expecting. US news was mixed with the Philadelphia Fed Manufacturing Survey coming in below expectations (31.5 vs street 43.0), but weekly jobless claims coming in better than expected (444K vs street 450K and previous 478K).

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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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