There is one marketing truth you must understand: People buy when they are ready to buy, not when you are ready to sell. So, just because your lead is not ready to buy today, doesn’t mean they aren’t important. After all, today’s leads are tomorrow’s customers, or next month’s or next year’s. Treating your leads like existing customers ensures they will come directly to you once they are ready to buy. Since I am in the business of essentially selling “money” I figure it is a product everyone eventually will need. The trick is in “reminding” people that I am still alive, still in business, and still anxious to help them achieve their goals.
Canada’s main stock index ended higher yesterday thereby, snapping a 4 day skid, as bank shares rebounded and a rise in oil prices boosted energy shares. Financial shares, which account for about a 1/3rd of the TSX index, recouped lost ground as fresh data offered hope that the recession hit U.S. economy is stabilizing. Oil prices, which rose on the upbeat economic data, lifted the index’s energy sector to a gain of 0.56% after it fell earlier in the day to its lowest level since May 19th.
The S&P/TSX composite index closed up 0.55%, the gains were capped by decline in gold mining shares, which fell alongside a drop in gold prices. The recent rise in the U.S. currency has dampened gold’s appeal as a hedge against a downturn by the U.S. currency.
In the United States the Dow and S&P 500 gained, breaking a 3 day losing streak, as data on the job market and regional manufacturing revived hopes that the recession-hit economy is stabilizing. Stock markets have eased recently as investors reassessed the potential strength of an economic recovery. Yesterday’s data revived optimism, but analysts said real improvement is needed to sustain the rally. Financials supported the stock market after being among the week’s biggest drags. Data showed the number of people staying on jobless benefits fell for the first time since January, while manufacturing in the U.S. Mid-Atlantic region contracted much less than expected in June. Government data showed that while the amount of workers filing new claims for jobless benefits rose last week, the number of people collecting aid after the initial week marked its biggest decline since November 2001. The data supports the case of those looking for the bottom of the economy in this quarter.
The Dow Jones industrial average rose 0.69%, the Standard & Poor’s 500 Index rose 0.84% and the Nasdaq Composite Index declined by 0.02%.
Today stock markets mark the end of the 2 day quadruple witching period, referring to the expiration and settlement of June stock and index futures and options, which may increase volatility. The CBOE Volatility Index was down 4.8%, but slightly above the psychologically important 30 level.
The Dow Jones Stoxx 600 Index of European shares added 1.2% in London this morning while Standard & Poor’s 500 Index futures rose 0.6%. European Union leaders said they see the first signs of a “sustainable economic recovery” and ruled out increased spending to halt the worst slump since World War II. Morgan Stanley predicted a 32% rally in stocks of developing nations in the coming year as earnings beat estimates.
In short, we are bouncing back faster than we’d expected but further diversification and caution is warranted although, time in the market is more important than timing the market.
Regards,
Wilfred Vos Bcs, FMA, CIM, CFP, FCSI, DMS, CBV, MBA, CFA
SVP & Partner