SYNOPSIS

Well, we were off to a great start in the stock markets last week, and then Trump’s State of the Union Speech happened. Clearly, there were more lies and deceit contained in that session than most investors could tolerate.

Day by Day… The previous week’s rally extended into Monday and Tuesday, then the shit hit the fan; or more specifically Donald Trump presented his State of the Union speech. The S&P 500 and other major US indexes suffered the most, although in fairness the S&P 500 ended the week pretty much unchanged. The S&P/TSX Composite Index held its own through Wednesday and Thursday, before dipping on Friday. It ended the week 0.8% higher than the previous Friday.

PTP… The S&P APAR score was unchanged over the past week, while the S&P/TSX Composite Index score gained two percentage points. Meanwhile, the PTP APAR was cut in half to 244% from the previous report. Remember, however, that our goal is to stay substantially above the benchmarks. At 246% we’re still well ahead of our 400-week average of 108%. The long term averages for the benchmarks are 10% for the S&P/TSX Composite Index and 16% for the S&P 500.
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We added one position last week… a financial services software company.

Investor Confidence… The Global Investor Confidence Index decreased to 70.2 in January, down 9.4 points from December’s revised reading of 79.6. This is the lowest level ever reached in the 18 years that we’ve been following this index!

As usual we provide more detail on the regional ICI’s in the complete Investor Confidence section of TrendWatch Weekly, and some insight into what is going on here.

Cannabis Corner… Pot stocks generally retreated somewhat last week, after an excellent run-up since the beginning of the year. At this point the whole group may move either lower or higher based on forthcoming earnings reports for the previous quarter. This week Aurora, Tilray, Supreme Cannabis and Canopy will all be filing their financials.