July 27, 2021 8:30 am (before market opening)

Monday’s action had the S&P 500 and Toronto each up 0.2%.

Shopify was down 3.9% but that’s from recent record highs.

Oil remains strong at $71.90

The Canada five year bond yield is 0.78%. Down from levels around 1.0% earlier this year but now holding fairly steady. I would not mind seeing some of the rate resets preferred come down to reflect the lower rate in which case I might buy. In general yet another increase in interest rates has fizzled out. Hard to believe rates have stayed so low for so long. If it were all due to central bank buying and sort of manipulated you would think that at some point a a sort of spring pushed down would rebound. Perhaps there are structural factors beyond government and central bank manipulation.

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