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Strong US Retail Sales Rebound and Energy Prices In Focus

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With energy production in some parts of the US still being disrupted by the effects of recent winter storms that reached down into Texas, energy prices are active again today. WTI crude oil is up 1.5% and gasoline is up 2.0%, while natural gas has dropped back 0.5%. Between 4:30 pm EST today and 11:30 am EST tomorrow, API and DOE weekly US oil inventories plus EIA US natural gas storage numbers are all due which could keep traders’ attention on energy markets.

US index futures and European indices are flat for the most part this morning as investors continue to digest recent events and market moves as earnings season winds down. Metals are under pressure today with Platinum down 3.0%, silver down 1.0%, gold down 1.1% and copper down 0.3%.  

US retail sales for January came in well above expectations (5.3%  vs street 1.0% and previous -0.7%). This report could help to set a positive tone and increase expectations for US retailer earnings which start next week. US industrial production for January is due at 9:15 am EST (street 0.5% vs previous 1.6%).  Cryptocurrencies continue to soar, on the other hand, led by Bitcoin which is up 4.4% and trading above $50,000.

Shopify has reported earnings this morning which exceeded expectations ($1.58 vs street $1.26). Other Canadian companies reporting today include: Pan American Silver, Nutrien, Iamgold and Stelco.

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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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