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Stocks Bounce Back as China Crushes Cryptocurrencies

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The new trading week started with a follow-through selloff in Asia that saw the Nikkei plunge 3.3% and the Hang Seng slide 1.1%. As the rest of the world turned toward morning, stocks have regained their footing and have started to stabilize. In Europe, the Dax is up 0.7%, while in North America, US index futures are up 0.2% to 0.5%.

The US Dollar is backsliding, down 0.5% against the Canadian Dollar, down 0.2% against the Euro and down 0.6% against gold as the 10-year treasury note yield remains below 1.50%. Commodities are mixed with WTI crude oil up 0.1% and copper down 0.8%.

Cryptocurrencies are taking it on the chin this morning as China announced further crackdowns on Bitcoin mining over the weekend, blaming the high electric power consumption required. Bitcoin is down 7.8% trading near $32,000 while Ethereum is down 10.4%.

It’s a quiet day for economic and corporate news. The main scheduled economic developments this week include Fed Chair Powell testifying to Congress tomorrow, Flash PMI reports on Wednesday, a Bank of England meeting plus US durable goods orders Thursday and US personal income on Friday. The main corporate news event is Thursday evening’s release of US bank stress test results from the Fed, which could pave the way for US banks to resume dividends and share buybacks when they report their earnings next month.

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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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