Good morning,

After yesterdays ructions in Canberra, it’s back to the real World. How to make some sense and therefore money in these markets..results season has produced mainly steady to slightly better performances..there have been a few shockers like BSL but generally it is all very supportive of current market level..the real trouble I see is what is going to get us going and I don’t see much in the way of catalysts for the next move up…even looking at research from our guys and others it’s hard to find the stand out buys!!lots of holds and accumulate!!So it’s not easy…

But here are a few things that are piquing my interest today.

1.QBE has replaced Frank O Halloran !! And are raising $500m

2.Billabong are now in play! As Winston once said Churchill: Madam, would you sleep with me for five million pounds?
Woman: My goodness, Mr. Churchill… Well, I suppose… we would have to discuss terms, of course…
Churchill: Would you sleep with me for five pounds?
Woman: Mr. Churchill, what kind of woman do you think I am?!
Churchill: Madam, we’ve already established that. Now we are haggling about the price.

3.GFF are in play as well as Global food companies continue to acquire Australian Agribusinesses.

4.TLS have announced their NBN packages..good gouging!!Also the $11bn they have coming looks a little safer with Julia still in the lodge..In fact they have just announced the ACCC have said yes as I type!!Good news for TLS ..BUY

5.AUN looking much better as we approach the positive conclusion of the takeover.

6.Oil has eased back a little, so should help broader market.

7.German parliament says Ja to the latest Greek Bailout package..they should get used to saying Ja..it won’t be the last time!

Expect a quiet day today with focus on individual stocks and situations..

NCM have been bashed in the last few days following another issue with the Lihir mine and production rates…suspect that they are approaching a price where they should be bought..below 33 bucks it’s time to start buying!!In the same vein KCN are also worth a look below 7.00 following the surprise capital raising at 7.10!!Market hates surprises..Gold and Oil are my two favourite resources…printing money and issues in Syria/Iraq/Iran continue to look positive for Oil!

My best tip for the day..if you have booked with Costa Cruises I would be look at changing your plans!!

Clarence

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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.oking at changing my plans!!!