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The Week of January 3rd to January 8th, 2017 “A Brief Look Back Into Tomorrow”

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The Week of January 3rd to January 8th, 2017 “A Brief Look Back Into Tomorrow”

 

 

 

 

 

The first trading week of 2017 began on Tuesday, January 2ndwith investors wondering if the previous week’s Santa Claus rally would continue or would they be left with a lump of coal.

 

 

 

Just to recap 2016 – the Dow Industrials gained 13.42% over the year, with the S&P 500 Index up by 9.54% and the NASDAQ Exchange was ahead by 7.50%. In the northern frontier – the TSX Composite Index returned 17.51% in 2016 while the TSX Venture Exchange surged up by 45.03%.

 

 

 

And the best performing equity on the TSX in 2016 was Teck Resources (TECK-T) with a 403% gain to year-end close of $26.87.

 

 

 

Technical analysts David Tippin & Ron Meisels commented – “After a strong performance in 2016 the bull market enters the New Year on a confident note. While there are signs that a pullback is underway, this is offset by the repeated ability of the bull market to absorb the punches and resume its advance.” (For a complete copy f this report please contact

‘Rod.Blake@canaccord.com’.)

 

 

 

Alexco Resources (AXR-T) started the year by rising 10.5% to $2.00 after releasing an expanded mineral resource for its Bermingham silver deposit in the Keno Hill District of Canada’s Yukon.

 

 

 

Ford Motor Co. (F-N) announced it was cancelling a US$1.6-billion auto plant in Mexico in favour of a US$700-million facility in Michigan.

 

 

 

Wednesday, January 4th began with giant internet retailer Amazon.Com Inc. (AMZN-Q) reporting that it shipped 50% more packages in the 2016 holiday season than it did in the same period one year earlier.

 

 

 

The price of EnCana Inc. (ECA-T) shares’ rose by over 7% to $17.22 after the petroleum company raised its guidance for 2017.

 

 

 

Only one day after Amazon.Com (AMZN-Q) reported record online sales – on Thursday, January 5th traditional storefront retailers Macy’s Inc. (M-N) and Kohl’s Corp. (KSS-N) both reported significant drops in 4th-quarter sales.

 

 

 

On a similar note – Sears Holdings (SHLD-Q) announced they had sold their iconic Craftsman tool division to rival Stanley Black & Decker (SWK-N) in an all-cash sale of some US$900-million.

 

 

 

The price of CEB (CEB-N) shares’ surged up by almost 21% to US$74.85 after the human resources company agreed to an US$2.6-billion all-cash sale to technology & research firm Gartner (IT-N).

 

 

 

Torex Gold (TXG-T) shares’ soared up by almost 21.5% to $26.75 after the company announced encouraging drill-hole gold assays from its El Limon-Guajes Mine in Mexico.

 

 

 

Friday, January 6th had Statistics Canada report that the economy created a better than expected 53,700 new jobs in December, with the unemployment rate dropping by 0.1% to 6.9%.

 

 

 

Across the line – the U.S. Labor Department reported their economy created a less than expected 156,000 new jobs last month while their unemployment rate rose by 0.1% to 4.7%.

 

 

 

Auto analyst DesRosiers Automotive Consultants reported that Canadian vehicle sales rose by 2.7% last year to a record 1.948-million units.

 

 

 

Apple Inc. (AAPL-Q) CEO Tim Cook did the right thing and took a $1.53-million pay cut last year after the giant electronic company’s total revenue dropped 3.7% in 2016 to US$215.6-billlion.

 

 

 

During the Week – the TSX Composite rose to a new 21/2-year high of 15,587, while the S&P 500 Index and the NASDAQ Exchange reached respective record highs of 2,277 and 5,521. Meanwhile, the VIX fell to a 11/2-year low of 11.28.

 

 

 

A &W Revenue Royalties Income Fund (AW.UN-T) at $38.64, Bank of Montreal (BMO-T) at $97.99 and Shopify Inc. (SHOP-T) at $63.43 all established new TSX 52-week trading highs while there were no significant new 52-week trading lows.

 

 

 

For the Week – the Dow Industrials rose by 1.02% to 19,964, with the S&P 500 Index up by 1.70% to 2,277 and the NASDAQ Exchange ahead by 2.56% to 5,521. North of the border, the TSX Composite Index gained 1.36% to 15,496 and the TSX Venture Exchange improved by 3.81% to 791.

 

 

 

With commoditiesgold bullion rose by 1.82% to US$1,173, with copper up by 1.20% to US$2.54, while crude oil was unchanged at US$53.72 and natural gas off by 10.87% to US$3.28. Overall, the CRB Spot Commodity Index rose by 0.47% to end the week at 425.

 

 

 

The Canadian dollar gained 1.50% against its American counterpart to finish the week at US$0.7555.

 

 

 

And the closely watched CBOE Volatility Index or VIX dropped by 2.76-points to end the week at a very calm level of 11.28.

 

 

 

And Finally – As we enter a hopefully happier and healthier 2017 it is encouraging to see that Statistics Canada reported that the number of smokers has dropped by over 400,000 in the past 4-years to less than 3.8-million people.

 

Posted January 9, 2017

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