Housing Bubble! (TWTW – Feb 13-17, 2017)

Housing Bubble! The status of real estate in the GTA, according to BMO Economist Doug Porter. State-side, FED Chair Janet Yellen pronounced all upcoming FED meeting “Live” as far as potential for rate hikes. Meantime … FED observers might be interested in this new book: “FED UP” by former Dallas FED Danielle DiMartino Booth.

Recent Developments:

  • UK – Tony Blair urges country to take May’s government to task for its BREXIT at all costs ways …
  • Yellen – testifies at Semi-annual Congressional hearings that all FOMC meetings are effectively “LIVE” now as far as raising FED Fund rates. Remember – they telegraphed 3 … and the odd of a March one apparently didn’t move one iota following her testimony…
  • Trump Administration – Embarrassing first month? I’d say so … see National Security Advior Flynn related turmoil …
  • Trump / Trudeau – By all accounts our PM Justin Trudeau held his own when meeting the Donald, the key takeaway seemingly being that it’s not the Northern border that is the problem… but still the Southern one. In other words – Trump is still very much focused on the bad hombres …
  • US Treasuries – are being sold … A vote with your feet from Foreign Central Bankers?
  • Peugeot PSA – looking at combo with GM’s OPEL – causing anxiety in Germany, particularly amongst Unions folks as employment numbers felt to be under threat …
  • GTA Housing Bubble … TSX Bubble too? Bloomberg reporting earlier in the week that the TSX was enjoying its longest streak of gains since Dec 22, with index now trading at 23.7X trailing earnings…
  • Oil – Notwithstanding high compliance regarding production cuts, US is seeing stock piles rise, with stocks rising 9.53 million barrels last week, versus 3.5 million expectations…

Latest market numbers as seen through the ETFs providing exposure to the most commonly referred to benchmarks:

ticker name change ticker name change ticker name change
XIU S&P/TSX 60 0.85% PXG RAFI Global Fundamental 0.85% VCN FTSE Canada All Cap Index ETF 0.88%
XIC S&P/TSX Capped Composite 0.80% PXS RAFI US Fundamental Index 1.11% VCE FTSE Canada Index ETF 1.21%
CRQ RAFI CDN Fundamental 0.00% QQC/F NASDAQ 100 CAD Hedged 1.74% VUN CRSP US Total Market Index Unhedged 1.58%
XSP S&P 500 CAD Hedged 1.51% PZC RAFI CDN Small-Mid Fundam 2.36% VSP S&P 500 CAD Hedged 1.54%
XUS S&P500 1.61% VXC FTSE All-World Ex Canada Index ETF 1.10%
XMU MSCI Min Vol US 1.45% XXM/b Morningstar US Value (Unh) -0.11% VEF FTSE Developed ex North-Am CAD H 0.70%
CLU RAFI US Fund 1000 CAD H 1.18% YXM/b Morningstar US Momentum (Unh) 0.88% VDU FTSE Developed ex North-America 0.67%
XSU Russell 2000 CAD Hedged 0.78% FXM Morningstar CDN Value -0.54% VE FTSE Developed Europe 0.91%
XIN MSCI EAFE CAD Hedged 0.75% WXM Morningstar CDN Momentum 0.00% VA FTSE Developed Asia Pacific 0.29%
XEH MSCI Europe IMI CAD H 0.94% VXM/b Morningstar Intl Value (Unh) 1.00% VEE FTSE Emerging Mkts 0.78%
XEC MSCI EM IMI 0.59% ZXM/b Morningstar Intl Momentum (Unh) 0.71% HAZ Active Global Dividends 2.01%
XMM MSCI Min Vol Emerging 0.08% RWE MSCI Europe Low Risk Weighted (H) 1.01% HHF Morningstar Hedge Fund Index 0.00%
CWO RAFI Broad Emerging 1.51% HMF Auspice Managed Futures -1.33%
CJP RAFI Fundam Japan CAD H -0.49% ZDJ Dow Jones CAD Hedged 1.76% HAC Seasonal Rotation 0.32%
CDZ CDN Div Aristocrats 0.63% ZEQ MSCI Europe High Quality CAD H 1.74% HPR Active Preferred Shares 0.22%
week of: Feb 13-17, 2017 Source: ETFinsight/Bloomberg

Weekly Volumes for the week of Feb 13-17, 2017:


weekly volume data:
Total Volume non-leveraged $5,022,605,524
top 10 Volume non leveraged $2,157,511,209
Total Volume leveraged $1,742,418,377
top 5 Volume leveraged $1,284,086,560
Total Volumes overall: $6,765,023,902
Top 10 + Top 5: $3,441,597,769
top 10 non leveraged % of total nl: 43.0%
top 5 leveraged % of total leveraged 73.7%
Top 10 + Top 5 as % of total traded: 50.9%


volumes week ending feb 17, 2017

iShares – Koesterich: “Why Value is still A Value”

Vanguard – Ameriks: “The Purpose of Minimum Volatility Funds in Client portfolios” 

and – to follow Vanguard Canada on Twitter: Click HERE!

Horizons – Happy 10th Anniversary + Congrats on showing leadership on the “Advisor Series” front! => Click HERE to read more!

Brooke Thackray’s February Newsletter = “Big League Tax announcement in the offing …”

First Asset – Momentum ahead in the US and Canada, but behind on international front…


Arrivée Desjardins – Facteurs Multiples et FNB obligataires + Priviligiées =?

Mid-February 2017 Flows – Strong RRSP (?) related Inflows, continued melt-up in markets = Record AUM  

InglisBeware buying high/selling low and hitting repeat over and over …

Top and Bottom performing ETFs for the week of Feb 13-17, 2017:


Ticker Name % Change Avg Price Weekly Volume $ Volume traded
Top Performers week of (Feb 13-17, 2017)
ZBK CN Equity BMO Equal Weight US Banks Index ETF 3.30% $24.81 685,564 $16,986,803
ZUB CN Equity BMO Equal Weight US Banks Hedged to CAD Index ETF 3.12% $26.95 1,372,513 $37,021,294
XBZ CN Equity iShares MSCI Brazil Index ETF 2.98% $14.11 503,896 $7,039,443
ZUH CN Equity BMO Equal Weight US Health Care Hedged to CAD Index ETF 2.18% $42.39 269,595 $11,458,605
HEE CN Equity Horizons Enhanced Income Energy ETF 2.10% $14.44 96,275 $1,375,695
DGR/B CN Equity WisdomTree US Quality Dividend Growth Index ETF 2.07% $21.60 37,250 $800,007
HAZ CN Equity Horizons Active Global Dividend ETF 2.01% $19.58 432,062 $8,435,901
HXQ CN Equity Horizons NASDAQ 100 Index ETF 2.01% $38.24 8,719 $332,675
FUD CN Equity First Trust AlphaDEX U.S. Dividend ETF CAD Hedged 1.90% $25.19 64,889 $1,640,133
VGG CN Equity Vanguard US Dividend Appreciation Index ETF 1.88% $39.65 293,549 $11,579,947
Bottom Performers
HEP CN Equity Horizons Enhanced Income Gold Producers ETF -2.27% $27.95 141,295 $3,949,954
ZJG CN Equity BMO Junior Gold Index ETF -2.50% $9.88 1,072,107 $10,625,380
ZMT CN Equity BMO S&P/TSX Equal Weight Global Base Metals Hedged to CAD Index ETF -2.62% $11.05 964,246 $10,637,952
XMA CN Equity iShares S&P/TSX Capped Materials Index ETF -2.72% $14.51 646,115 $9,375,486
MXF CN Equity First Asset Can-Materials Covered Call ETF -2.79% $17.02 22,714 $386,217
ZGD CN Equity BMO S&P/TSX Equal Weight Global Gold Index ETF -2.93% $11.47 97,743 $1,117,784
HUV CN Equity BetaPro S&P 500 VIX Short-Term Futures ETF -3.58% $6.18 284,641 $1,773,188
XBM CN Equity iShares S&P/TSX Global Base Metals Index ETF -3.72% $13.06 392,461 $5,173,044
HUN CN Equity Horizons Natural Gas ETF -4.94% $6.91 205,463 $1,428,213
HNY CN Equity Horizons Natural Gas Yield ETF -5.27% $14.36 106,831 $1,550,643

Top Performing ETFs – Led by US Banks this past week, no doubt on a powerful combo of a) Yellen confirming hikes are a’coming, and b) continued hopes from the Street for a Dodd Frank repeal…

Bottom Performing ETFs – Nat Gas on the losing side this past week – is it because … it feels like spring outside (Happy Family Day, by the way!)? Otherwise – Golds and related giving back some ground… While on Golds, latest reading was that Soros was entirely out of Barrick before a rather nice move => Read More!

Sector Performance for the week:

sector performance for week ending feb 17, 2017


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