Last night the Dow finally pushed through the 13,000 for the first time since 2008..good stuff indeed, if Portugal defaults it will hit 14,000!!Gold and Silver were strong last night so expect some action there today.
We are coming to the climax of the reporting season and yesterday’s announcement from QBE was a bit of a shock with Frank leaving a share issue and profit disaster..not good and the shares will suffer but maybe just maybe they will be worth a look once the dust has settled..the stock comes back today so expect some selling and the stock to ease to around 10.00..suspect that may be the time to start picking a few up.
In other news yesterday TLS was in the spotlight as the ACCC cleared their separation which is a positive for these guys..bring on the capital management issues when the new CFO starts very soon..
WOR out today as well – another mining boom beneficiary:
The company’s first-half profit is up 18 per cent due to growth in resources sectors in Australia, Canada and the United States.
Worley Parsons today posted a net profit of $152 million for the six months to December 31, 2011, up from $128.6 million in the previous corresponding period.
Things that have caught my eye today include
1.US consumer confidence rising..
2.US S&P 500 is trading at 14 times reported earnings..long term average since 1954 of 16.4 time..so a bit of scope there.
3.Apple gonna release another ipad on March 7th as stock climbs through the $500bn market cap!
4.Billiabong’s largest shareholder knocks back the Crocs..so what now?
5.Oil pulls back from recent highs as silver goes nuts..where’s Bunker Hunt these days.
6.Twiggy back in the spotlight with ACCC trying to nail him on disclosure some years ago..there’s nothing to see here let’s move on!
As we languish in our trading range, foreign buyers are circling..with moves on BBG,GFF,LDW and recently Fosters,it shows that there are some that consider Australia worth a look. The lack of conviction from Institutional and retail investors in our market is palpable…it will change..I am still a reluctant bull because we just look good value compared to overseas markets..unfortunately the wonderful and incisive RBA insists on keeping rates high (to quash what I don’t know) and thus the Dollar is stuck close to 1.10..MEMO to Glenn…you are wrong..you need to reduce rates to stimulate the economy..it’s not all about WA I am afraid..let’s get the dollar back below parity..we have all done the overseas holiday after all…
Have a lovely hump day..and today’s thought for the day from Danny McCrossan An Irish Comedian(aren’t they all)
“You learn alot in your teenage years, for instance I learned that if you’re ever being chased by a police dog, try not to go through a little tunnel, then onto a mini seesaw and then jump through a ring of fire, they’ve trained for that y’see”.
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