Trump Mirage … – “Don’t be allured by the Trump mirage of 3 to 4 % growth and the magical benefits of tax cuts and deregulation”…
I think what Bill Gross meant is fooled, or lured by … Either way, in his latest Investment Outlook, former bond king Gross sees the risk of interest rates wreaking havoc on an increasingly stressed financial system … Going on to suggest that: “But our highly levered financial system is like a truckload of nitro glycerin on a bumpy road”.
Need I say this doesn’t exactly sound … great? Probably not…
- Energy – Massive deal for Canadian Natural Resources – Bulking up on Oil Sands Assets via purchase of $8.5 Billion worth of Shell assets. Canadian Oil cos increasingly Oil sands dependent going forward … European ones – retreating and taking writedowns to move on to what they see as greener pastures… Between them, CNQ and Suncor, now make up close to 47% (!) of XEG (the iShares S&P/TSX Capped Energy ETF).
- March 9th – Saw the current Bull Market enter its 9th year. Happy Birthday
- March 8th – Was International Women’s Day
- Oil Prices – Succombed to selling pressure as inventories remain stubbornly high …
- March 14/15 – next FOMC meeting at which Friday’s payroll numbers suggest a hike is pretty much a foregone conclusion…
- February US NP Data – So was it good enough? Or were market participants having second thoughts? Initially markets reacted well … and then … second thoughts?
- Bitcoin – Mini-crash post SEC rejecting ETF application …
- Trumpy – And Finally – I miss David Letterman … But what is with the beard ??? => Click HERE!
Latest market numbers as seen through the ETFs providing exposure to the most commonly referred to benchmarks:
|XIU||S&P/TSX 60||-0.49%||PXG||RAFI Global Fundamental||-0.41%||VCN||FTSE Canada All Cap Index ETF||-0.69%|
|XIC||S&P/TSX Capped Composite||-0.57%||PXS||RAFI US Fundamental Index||-0.86%||VCE||FTSE Canada Index ETF||-0.48%|
|CRQ||RAFI CDN Fundamental||-1.35%||QQC/F||NASDAQ 100 CAD Hedged||0.24%||VUN||CRSP US Total Market Index Unhedged||-0.02%|
|XSP||S&P 500 CAD Hedged||-0.37%||PZC||RAFI CDN Small-Mid Fundam||-2.39%||VSP||S&P 500 CAD Hedged||-0.38%|
|XUS||S&P500||0.28%||VXC||FTSE All-World Ex Canada Index ETF||0.27%|
|XMU||MSCI Min Vol US||0.16%||XXM/b||Morningstar US Value (Unh)||-2.63%||VEF||FTSE Developed ex North-Am CAD H||0.34%|
|CLU||RAFI US Fund 1000 CAD H||-0.87%||YXM/b||Morningstar US Momentum (Unh)||-1.48%||VDU||FTSE Developed ex North-America||0.65%|
|XSU||Russell 2000 CAD Hedged||-1.98%||FXM||Morningstar CDN Value||-0.75%||VE||FTSE Developed Europe||0.68%|
|XIN||MSCI EAFE CAD Hedged||0.39%||WXM||Morningstar CDN Momentum||-1.12%||VA||FTSE Developed Asia Pacific||0.64%|
|XEH||MSCI Europe IMI CAD H||0.17%||VXM/b||Morningstar Intl Value (Unh)||0.92%||VEE||FTSE Emerging Mkts||-0.26%|
|XEC||MSCI EM IMI||0.00%||ZXM/b||Morningstar Intl Momentum (Unh)||0.58%||HAZ||Active Global Dividends||0.29%|
|XMM||MSCI Min Vol Emerging||0.20%||RWE||MSCI Europe Low Risk Weighted (H)||-0.04%||HHF||Morningstar Hedge Fund Index||-0.71%|
|CWO||RAFI Broad Emerging||-1.87%||HMF||Auspice Managed Futures||-1.34%|
|CJP||RAFI Fundam Japan CAD H||0.35%||ZDJ||Dow Jones CAD Hedged||-0.33%||HAC||Seasonal Rotation||-0.43%|
|CDZ||CDN Div Aristocrats||0.30%||ZEQ||MSCI Europe High Quality CAD H||0.16%||HPR||Active Preferred Shares||1.41%|
|week of:||Mar 6-10, 2017||Source:||ETFinsight/Bloomberg|
Weekly Volumes for the week of Mar 6-10, 2017:
|weekly volume data:|
|Total Volume non-leveraged||$5,830,139,652|
|top 10 Volume non leveraged||$2,562,903,962|
|Total Volume leveraged||$2,043,008,813|
|top 5 Volume leveraged||$1,444,154,480|
|Total Volumes overall:||$7,873,148,465|
|Top 10 + Top 5:||$4,007,058,442|
|top 10 non leveraged % of total nl:||44.0%|
|top 5 leveraged % of total leveraged||70.7%|
|Top 10 + Top 5 as % of total traded:||50.9%|
Recent Volumes history:
iShares – Turnill: The Next Election Shock?
Vanguard – Clear Perspective on bond market liquidity => Click HERE! (most relevant insight here? Liquidity is Dynamic, and high quality assets consistently find a market clearing price).
Horizons – Thackray’s latest Market Letter => Click HERE!
PowerShares – S&P’s Lazzara and Wurzback in discussion with Chris Doll on “Can investors have strong dividend income with less volatility? and latest product introduction => Click HERE! You guessed it: Low Vol High Div ETFs!
First Asset – Value versus Momentum: sharper value decline in the US relative to Momentum; not far apart in Canada, both negative, but Value slightly less so, while on the international front, both value and momentum gain modestly, value come out slightly ahead …
Other – FP: Dividend ETFs drive growth in Smart Beta sector => Click HERE!
Top and Bottom performing ETFs for the week of Mar 6 – 10, 2017:
|Ticker||Name||% Change||Avg Price||Weekly Volume||$ Volume traded|
|Top Performers||week of||Mar 6-10, 2017|
|GAS CN Equity||Canadian Natural Gas Index Etf||7.77%||$8.90||18,512||$161,292|
|HNY CN Equity||Horizons Natural Gas Yield ETF||3.93%||$13.72||40,960||$564,260|
|FHB CN Equity||First Asset European Bank ETF||2.23%||$8.06||49,618||$401,526|
|FSF CN Equity||First Asset Global Financial Sector ETF||2.22%||$18.65||5,929||$110,193|
|RPF CN Equity||RBC Canadian Preferred Share ETF||1.56%||$23.24||804,299||$18,659,798|
|PR CN Equity||Lysander-Slater Preferred Share ActivETF||1.53%||$10.50||128,884||$1,351,166|
|PPS CN Equity||PowerShares Canadian Preferred Share Index ETF||1.49%||$16.18||136,268||$2,204,188|
|ZPR CN Equity||BMO Laddered Preferred Share Index ETF||1.42%||$11.30||13,347,602||$150,922,555|
|HXX CN Equity||Horizons Euro Stoxx 50 R Index Etf||1.42%||$27.44||40,800||$1,120,003|
|HPR CN Equity||Horizons Active Preferred Share ETF||1.41%||$9.24||3,763,280||$34,773,017|
|XBZ CN Equity||iShares MSCI Brazil Index ETF||-3.23%||$13.91||66,342||$928,071|
|HEE CN Equity||Horizons Enhanced Income Energy ETF||-3.25%||$13.97||60,538||$846,755|
|OXF CN Equity||First Asset Can-Energy Covered Call ETF||-3.75%||$11.00||15,692||$172,627|
|SVR CN Equity||iShares Silver Bullion ETF||-4.92%||$9.66||162,654||$1,571,872|
|HUZ CN Equity||Horizons Silver ETF||-5.49%||$9.89||910,964||$9,184,151|
|XBM CN Equity||iShares S&P/TSX Global Base Metals Index ETF||-6.10%||$11.99||1,837,019||$21,588,787|
|ZJO CN Equity||BMO Junior Oil Index ETF||-6.27%||$15.60||85,894||$1,315,407|
|ZMT CN Equity||BMO S&P/TSX Equal Weight Global Base Metals Hedged to CAD Index ETF||-7.17%||$9.96||5,964,362||$57,528,023|
|HUC CN Equity||Horizons Crude Oil ETF||-7.53%||$12.01||253,476||$3,042,311|
|CCX CN Equity||Auspice Canadian Crude Oil Index ETF||-11.99%||$8.35||84,277||$683,868|
Top Performing ETFs – Aside from a – dare I say a likely weather related nat gas bounce, Financials and prefs dominated last week, presumably on account of continued rate hike expectations … Will the FED deliver this week?
Bottom Performing ETFs – Nat Gas bounce notwithstanding, Oil and Gas ETFs succumbed victim to the pullback of crude prices, while Gold and Silver presumably weakened on account of not enjoying the prospect of higher rates …
Last week’s Sector Performance: