The new North American trading week began on Monday, November 19th with investors quite concerned that October’s market correction was turning into November’s bear market. To which technical analysts David Tippin & Ron Meisels commented – “Investors should remain patient. A final pullback should present an ideal buying opportunity in December, just as Santa would wish.” (For a complete copy of this report please contact Rod.Blake@canaccord.com.)
Apple Inc. ‘AAPL-Q’ shares’ once again led the markets lower as the tech giant’s share price fell by another 4% to US$185.86 on word that future interest in their sales leading iPhones may be waning.
Wolfden Resources ‘WLF-V’ shares’ went against the grain and gained 14% to $0.25 after the mineral explorer reported more encouraging drill hole lead/zinc/ gold & silver assays from its Picket Mountain project in Maine.
Tuesday, November 20th saw crude oil and oils stocks fall after U.S. President Donald Trump indicated there would be no reproductions against Saudi Arabia in the Khashoggi murder affair.
The World Gold Council reported that 3rd-quarter global gold demand rose by 6% in the past year to 964-tonnes – while global supply fell by 2% in the same period to 875-tonnes.
Trulieve Cannabis ‘TRUL-T’ shares’ fell by over 13% to $12.73 as the weight of the market correction overrode the Florida based marijuana retailer’s improved 3rd-quarter financials.
The price of L Brands ‘JB-N’ stock plunged by almost 18% to US$28.43 after the women’s fashion retailer cut its annual dividend in half to US$1.20.
Statistics Canada informed us on Wednesday, November 21st that the country’s inflation rate rose by 0.2% in October to an annualized 2.6%.
The International Energy Agency reported that despite all of the incentives and taxes imposed to encourage change – the percentage of global primary energy provided by wind and solar remains at……now wait for it……just 1.1%.
While on a related note – the National Energy Board reported that Canadian rail shipments of oil to the United States has more than doubled in the past year to 269,829-barrels -per-day.
Metro Inc. ‘MRU-T’ shares’ rose by 3% to $44.13 after reporting that the acquisition of the Jen Coutu Group pharmacy chain helped the giant grocer to grow it 1st-quarter sales by 15%.
Investor sentiment changed – and the markets record their first positive trading day of the week.
The Americans took a day off on Thursday, November 22nd to enjoy their Thanksgiving Day holiday.
Statistics Canada reported that retail sales rose by 0.1% in September to bring the year-over-year increase in retail sales to 3.8%.
The Central Bank of Venezuela reported their economy shrank in 2017 by an amazing 16.6%.
Friday, November 23rd had the Americans return for a 1/2-day of trading while the Canadians put in a quiet full day of operations.
The Office of the Superintendent of Bankruptcies reported that the 3rd-quarter saw a 6-year high 826 Canadian companies filed for insolvency.
Petroleum industry analyst Baker Hughes ‘BHGE-N’ reported that the number of active American drilling rigs dropped by 3-rigs last week to 1,079 active drilling rigs. Further north – the number of Canadian active drilling rigs rose by 7-rigs to 204 active drilling rigs.
During the Week – crude oil fell to a new 1-year low of US$50.39/bbl, while the NASDAQ dropped to a new 7-month low of 6,909 and the TSX Venture plunged to a new 2½ -year low of 600.
North American Palladium ‘PDL-T’ at $13.25, SSR Mining ‘SSRM-T;’ at $14.83 and Thomson Reuters ‘TRI-T’ at $63.84 all reached new TSX 52-week trading highs while BlackBerry Inc. ‘BB-T’ at $11.32, Crescent Point Energy ‘CPG-T’ at $4.60 and Yellow Pages ‘Y-T’ at $5.65 all dropped to new 52-week trading lows.
For the Week – the Dow Industrials fell by 3.71% to 24,286, with the S&P 500 off by 3.06% to 2,633 and the NASDAQ down by 2.79% to 6,939. Up north – the TSX Composite was off by 0.29% to 15,011 and the TSX Venture dropped by 3.06% to 602.
With Commodities – gold bullion fell by 0.16% to US$1,223, with copper down by 0.36% to US$2.79, as crude oil plunged by 12.23% to US$50.38 and natural gas dropped by 4.42% to US$4.31. Overall, the CRB Spot Commodity Index lost 0.24% to finish the week at 416.
The Canadian dollar fell by 0.46% against it Yankee cousin to end the week at US$0.7555.
And the closely watched CBOE Volatility Index was lower by 2.57-points to finish the week at a much calmer level of 21.52.
And Finally – A recent BC Hydro study has found that while most people try to conserve energy, they will turn up the heat, leave on lights, television or radio, to the tune of about $400 annually, and all for the comfort of…. their pets.
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