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Stocks Climb as Oil Bounces Back

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Yesterday’s mixed North American action and oil selloff fed into a mixed Asia Pacific session overnight that saw Tokyo fall 0.9% and Sydney climb 0.9%. This morning, equity markets have regained their footing. In Europe, the FTSE and the Dax are up 0.4% and 0.9% respectively. US index futures are also on the rise today led by NASDAQ futures gaining 0.5%.

Energy stocks are also bouncing back this morning with the crude oil commodity price on the rebound. Both WTI and Brent crude are up 1.8% and trading near $75.00/bbl. Volatility for oil has increased this week with OPEC+ countries still unable to come to an agreement on what to do about restoring supply over the rest of this year and into 2022. Weekly US inventory reports have been delayed by a day this week due to Monday’s holiday so API weekly oil inventories are due at 4:30 pm today (last week was an 8.1 mmbbl drawdown).

Metal prices are strengthening today, led by a 2.1% rally for the economically sensitive copper price. Platinum and silver are both up about 1.3%, while gold is up 0.7%. Cryptocurrencies also are continuing to quietly recover with Bitcoin up 2.75% today trading just below $35,000.   

Its a quiet day for corporate news but seeing as we are in confession season (between the end of the quarter and the start of earnings reporting when companies often issue profit warnings), many investors may see no news as good news.  The only economic report of note today is the Canadian Ivey PMI report due at 10:00 am EDT (previous 64.7). Fed minutes are out at 2:00 pm EDT today but so much was said at that time it’s unlikely we will find anything new in them.

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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