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US Retail Sales and Canada Housing Starts Beat Expectations

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Equity markets are mixed heading into the last trading day of the week. US index futures are up 0.2%-0.3%, the Dax and FTSE and Hang Seng are flat, while the Nikkei fell 1.0%. WTI crude oi is up 0.3%, gold is down 0.3% and copper is steady.  

Economic news has been positive this morning. Canada housing starts beat expectations for June (282K vs street 270K) and May housing starts were revised upward to 286K from 275K, a positive sign as the Canadian economy reopens.

US retail sales bounced back strongly in June for both the headline (0.6% vs street -0.4% and previous -1.7%) and excluding autos (1.3% vs street 0.4% and previous -0.9%) measures.  

It’s a quiet day for earnings reports and corporate news, but results ramp up again next week. It is the last day for trading in monthly options, so we could see selected volatility and positioning in some markets.  

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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