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Stocks Rebound in Light US Holiday Trading

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As is common on days when the US is closed, overnight stock market action has been neutral to slightly positive. Coming off of a day where the big US indices were flat to up 0.4%, US index futures (which close for the holiday shortly) are all up about 0.15%. Overseas, the FTSE and the Dax are also up about 0.15%, while in Asia, the Nikkei climbed 0.6% and the Hang Seng gained 0.2%.

The main event over night has been that the Bank of Korea became the second notable central bank to raise interest rates this week, confirming that the main pressure on central banks has shifted from supporting their economies to containing the rise of inflation. Several ECB members are out speaking today including President Lagarde, which may provide hints on whether the currently dovish European Central Bank is ready to change its tune.

Commodity action is mixed this morning. Energy contracts are backsliding again with WTI crude oil down 0.4% and natural gas down 0.5%. Metals are bouncing back with copper up 0.25% and gold up 0.35%.

SIA Wealth In The Media:

Colin Cieszynski, chief market strategist of SIA Wealth Management, joined BNN Bloomberg to wrap up the trading day and discuss his outlook on the sell-off in retail stocks as supply chain issues continue to weigh negatively on the sector.

Retail earnings reflect substantial impact of supply chain disruptions: Colin Cieszynski

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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