Decidedly Neutral … (TWTW – Apr 10-14, 2017)

Decidedly Neutral … the Bank of Canada’s statement maintaining rates unchanged while reflecting on recent stronger economic data that saw Governor Poloz take the rate cut possibility raised in January off the table …

On another front, marijuana captured quite a few headlines as Canada looks poised to be the first G7 nation legalizing it … while introducing legislation aimed at addressing the policing of it going forward, including from an impairment point of view … Thinking driving high going forward might be a good idea? Might want to check what that could lead to in terms of charges … Maybe better to stick with being high while playing GTA …

In ETF land, meanwhile, HHMJ, introduced earlier this month, has already seen assets surpass the CAD 100 MM mark … Seeking to diversify your participation in Canada’s real Estate market through another likely Bubble in the making? There is an ETF for that …

Latest Developments:

  • President Donald Trump – Talks down the USD
  • JPMorgan’s earnings – Top expectations
  • Pot Legislation – is introduced in Canada, paving the way for 2018 legalization
  • French Elections – Le Pen is … struggling … and under investigation for misappropriation of EU funds …
  • Syria – Tensions is the operative word with regards to relations between the US and Russia, with concerns regarding Russian interference in the November 2016 US Elections overshadowed by the fallout from the President’s decision to strike Syria with Cruise missiles that followed al Assad’s murderous gas attack against his own people…
  • North Korea – Another rather tense situation … particularly as US Strike Group heading to the region …

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 -1.03% PXG RAFI Global Fundamental -0.96% VCN FTSE Canada All Cap Index ETF -0.88%
XIC S&P/TSX Capped Composite -0.79% PXS RAFI US Fundamental Index -1.63% VCE FTSE Canada Index ETF -1.12%
CRQ RAFI CDN Fundamental -1.30% QQC/F NASDAQ 100 CAD Hedged -1.14% VUN CRSP US Total Market Index Unhedged -1.70%
XSP S&P 500 CAD Hedged -1.11% PZC RAFI CDN Small-Mid Fundam -0.24% VSP S&P 500 CAD Hedged -1.10%
XUS S&P500 -1.67% VXC FTSE All-World Ex Canada Index ETF -1.36%
XMU MSCI Min Vol US -0.87% XXM/b Morningstar US Value (Unh) -2.07% VEF FTSE Developed ex North-Am CAD H -1.20%
CLU RAFI US Fund 1000 CAD H -1.18% YXM/b Morningstar US Momentum (Unh) -2.57% VDU FTSE Developed ex North-America -0.76%
XSU Russell 2000 CAD Hedged -1.34% FXM Morningstar CDN Value -1.10% VE FTSE Developed Europe -0.55%
XIN MSCI EAFE CAD Hedged -1.30% WXM Morningstar CDN Momentum -0.96% VA FTSE Developed Asia Pacific -1.42%
XEH MSCI Europe IMI CAD H -0.55% VXM/b Morningstar Intl Value (Unh) -1.27% VEE FTSE Emerging Mkts -1.12%
XEC MSCI EM IMI -1.00% ZXM/b Morningstar Intl Momentum (Unh) -0.60% HAZ Active Global Dividends -1.37%
XMM MSCI Min Vol Emerging -0.73% RWE MSCI Europe Low Risk Weighted (H) 0.52% HHF Morningstar Hedge Fund Index -1.37%
CWO RAFI Broad Emerging -1.36% HMF Auspice Managed Futures -0.53%
CJP RAFI Fundam Japan CAD H -2.48% ZDJ Dow Jones CAD Hedged -0.88% HAC Seasonal Rotation -1.23%
CDZ CDN Div Aristocrats -0.70% ZEQ MSCI Europe High Quality CAD H 0.26% HPR Active Preferred Shares 0.48%
week of: Apr 10-14, 2017 Source: ETFinsight/Bloomberg

Weekly Volumes for the week of Apr 10-14, 2017:

weekly volume data:
Total Volume non-leveraged $4,213,042,584
top 10 Volume non leveraged $1,886,426,005
Total Volume leveraged $1,296,944,333
top 5 Volume leveraged $813,542,329
Total Volumes overall: $5,509,986,917
Top 10 + Top 5: $2,699,968,334
top 10 non leveraged % of total nl: 44.8%
top 5 leveraged % of total leveraged 62.7%
Top 10 + Top 5 as % of total traded: 49.0%

Recent Volumes:

Volumes declined notably in a holiday shortened week – Happy Easter!

volumes week ending april 14, 2017

iShares –Rieder: “Where the Fed Goes from here”

April 2017 iShares distributions => Click HERE!

Vanguard – Globalization, Productivity, and jobs

Horizons – Thackray’s April Market Newsletter => click HERE! 

the Economist: The World’s first Pot-focused ETF => click HERE!

First Asset – both Value and Momentum underperformed the S&P500 in last week’s decline … with Momentum taking the more sizable hit. In terms of Canada and on the International side of things, Momentum also weakened, however Value did even more so …

Other –

ETFinsight – Gannatti- Talking about WisdomTree and What it brings to the table => Click HERE!

Research Affiliates – Alice in Factor land: The Winning approach in Factor investing is buying the losers … => Click HERE!


Top and Bottom performing ETFs for the week of Apr 10-14, 2017:

Ticker Name % Change Avg Price Weekly Volume $ Volume traded
Top Performers week of Apr 10-14, 2017
HUV CN Equity BetaPro S&P 500 VIX Short-Term Futures ETF 10.34% $6.13 311,011 $1,945,221
HEP CN Equity Horizons Enhanced Income Gold Producers ETF 4.17% $26.93 159,283 $4,273,911
ZGD CN Equity BMO S&P/TSX Equal Weight Global Gold Index ETF 3.45% $10.92 164,919 $1,796,403
XGD CN Equity iShares S&P/TSX Global Gold Index ETF 3.28% $13.70 10,189,056 $138,040,419
CCX CN Equity Auspice Canadian Crude Oil Index ETF 2.92% $9.05 136,255 $1,197,077
HUG CN Equity Horizons Gold ETF 2.66% $11.81 75,747 $902,402
SVR CN Equity iShares Silver Bullion ETF 2.61% $10.12 72,713 $721,769
CGL CN Equity iShares Gold Bullion ETF 2.47% $11.07 937,094 $10,272,188
HUC CN Equity Horizons Crude Oil ETF 1.74% $12.26 95,675 $1,155,798
XLB CN Equity iShares Core Canadian Long Term Bond Index ETF 1.64% $23.96 549,957 $13,112,746
Bottom Performers
ZWB CN Equity BMO Covered Call Canadian Banks ETF -2.70% $18.72 1,307,042 $24,077,429
XBZ CN Equity iShares MSCI Brazil Index ETF -2.91% $13.60 434,967 $5,916,242
ZMT CN Equity BMO S&P/TSX Equal Weight Global Base Metals Hedged to CAD Index ETF -3.01% $9.91 126,355 $1,230,670
ZID CN Equity BMO India Equity Index ETF -3.18% $21.56 144,952 $3,038,243
DXU CN Equity Dynamic Ishares Active US Dividend ETF -3.36% $20.84 275,862 $5,781,435
ZUB CN Equity BMO Equal Weight US Banks Hedged to CAD Index ETF -3.36% $24.96 2,005,058 $49,707,986
XBM CN Equity iShares S&P/TSX Global Base Metals Index ETF -3.86% $12.08 117,707 $1,412,589
ZBK CN Equity BMO Equal Weight US Banks Index ETF -4.06% $23.44 359,054 $8,355,844
ZJO CN Equity BMO Junior Oil Index ETF -4.24% $15.45 40,735 $607,759
FHB CN Equity First Asset European Bank ETF -4.37% $8.07 76,237 $615,789

Top Performing ETFs – Gold and related ETFs gained – presumably on USD weakness, respectively rising geopolitical risk, while Oil also gained some ground – possibly in part on account of concerns regarding supply disruption (?) … Volatility … had against that backdrop, one of its rare flare-ups… while finding Long Bonds on the list of gainers suggests a market reassessing risk overall…

Bottom Performing ETFs – Notable weakness in the Financial space … whether we are talking European; US; or Canadian financials …

Last week’s Sector Performance:

sectors week ending april 14, 2017

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