Good morning,

In the big game of chicken that is going on with Greece ,it looks like the ‘Zombieland’ funders may have blinked..they may even approve the bailout on Monday. With all this positive news around our market will put in a good day today. Yesterday’s action was pretty pathetic ,a few bad results and worries about Greece pushed us down 70 points..expect a 50 point up day today, at least early, then the enthusiasm will be tempered. Finishing around 30 up! Just call me Cassandra!

The banks got hit hard yesterday with WBC leading the way..this was overdone and they are not that bad!!Time to pick a few up around 20.50 perhaps ..the quarterly numbers can be volatile so overreaction presents opportunity. BUY  research enclosed!

Job losses across all sectors continue with the official figures showing job gains!!I am sure it’s really easy to train QAN and ANZ staff to build LNG plants..apparently there is a one day course that gets you in, bit like an RSA course..I remain very sceptical of these jobs numbers..they are very volatile and December showed a big fall, then January a big gain..last year in Australia there was hardly any new jobs created! I expect this year things to go backwards..the RBA saying that the Mining boom is having positive effects on every business is complete bunkum! These guys are so deluded it’s scary..the chauffer driven car that Glen gets must avoid all the empty shops and businesses suffering because of his high interest rates!

There are more hybrids around this week than a Prius dealership! If you are interested in income/quasi fixed interest investment, maybe you should check your inbox for the notes we have put out this week..

Still I digress, the results are coming thick and fast, Westfield pulled a rabbit out of the hat but I believe that rentals especially in Australia must be under pressure in retail spaces so am not a fan of this one.

BBG will be back today after a trading halt and Private Equity buyers will put a rocket under this one..highly conditional bid so expect early strength to be replaced with pessimism…but shows there is value around..LDW continues to get more silly by the day with a $10 bid now on the table..the stock was 3.50 before the bidding war!

Banks and miners will lead the bounce today but anything could happen over the weekend so don’t get too carried away..

Back on Sky TV on Tuesday if you want to catch my pearls of wisdom ..4.30 on Sky Biz, be there!

Remember bet with your head not over it!

Have a good weekend

Clarence

xx

Any financial product advice contained in this email is general financial product advice only and does not take into account any one person’s objectives, financial situation or needs. Therefore, before acting on any financial product advice in this email, you should consider, with or without the assistance of an independent adviser, the appropriateness of the advice, having regard to your objectives, financial situation and needs.