Good morning punters,

Last night we had the on again off again Greek rescue package…beats me..the only sure thing is they will default eventually..no way out..maybe Military Coup..they are good at those..whatever happens its gonna be painful…The ratings downgrades yesterday were a major negative for the market so we gave up Mondays gains and slipped to be unchanged for the week..I chatted to a client yesterday that had not been watching the market too much for the last four months and they were surprised to see nothing had changed..prices or stories…

Anyway TLS had a small loss to the ACCC last night which will cost them revenue but it’s no biggy…they can live with that outcome I expect but price may ease back a little.in which case buy them!!….Resource stocks will also ease back with Gold down and commodities slightly easier..FMG figures today should be interesting..Gold shares to buy include SLR and NCM on any real weakness.

CBA has announced a bumper profit of $3.64bn again this morning and no plans to sack anyone..that’s good news and will cheer their staff…dividend is raised to $1.37 up from $1.32 so more good news..

Banks may be a slight positive today otherwise we await Greece as usual..company reports today will dominate.CBA looking good early and will push a bit higher I suspect

Well known sharemarket ‘expert’ Charlie Aitken has pulled back his maximum bullishness…the market is stuck in a range and shows no signs of pushing out as yet..so tend to agree a little with him..which is worrying!!

Have a good day

Clarence

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