Good Morning,

A slow start expected from our market today with no huge leads from overseas. It’s also a holiday in Melbourne so will be extra quiet! US employment growth continues to show a clan pair of heals as the economy added 227,000 jobs last month. Solid but not spectacular is the consensus, but certainly the standout Western Economy at the moment.

The big recovery story on Friday was gold that was down and out before a surge to close up for the session. Other metals were mixed and with Greece now officially sorted at least according to “TeaCozy” ,then it’s back to stock specific issues.

Market does feel fully priced at the moment and without a catalys,t I suspect that the range will be 4300-4000 for a while yet! However there are always opportunities out there and the range should be traded until a break out either way..my money is for an upside break but I have to be a bull..too depressing getting bearish now!

In the spotlight today

1.China finishes up its big party conference with signs they might have to stimulate after all

2. The weekend report from China of a $31.5 billion trade deficit for February was substantially larger than most analysts expected and followed a string of other disappointing economic data, including weak growth in car sales, industrial production and retail sales, and the continuation of a steep fall in property sales. The only bright economic star was that inflation slackened more rapidly than expected.

3. The International Swaps and Derivatives Association, known as ISDA, declared that a “credit event”–essentially a default–occurred in Greece’s debt, which will likely trigger a net $3.2 billion in payouts between buyers and sellers of credit default swaps on Greek sovereign credit. The move was widely expected, especially as so-called collective-action clauses were imposed to complete the Greek debt swap.

4. Australia’s Asian Exports Slump, Iron Ore Drags as a seasonally adjusted trade deficit of $673m in January, compared with a surplus of $1.33bn in December, according to the Australian Bureau of Statistics. That figure was lower than analyst expectations, which figured for a surplus of $1.5bn. It was the first deficit since February 2011. Exports fell 8.2% due to a 15% or %1.1 billion drop in metal ores shipments to China, Korea and Japan and gold exports–a typically volatile number–fell 56%, or $1.1bn.

5.Manchester United back on top

6.England beat France..always a positive

7.Tragically Afghanistan just got even harder to get a positive outcome.

8.And in shocking news, Jamie Oliver has got fat! Hard to believe I know!

Its F1 and fashion week in Melbourne.

I am in Melbourne visiting a Gold Mine on Friday and TV Wednesday afternoon for those who like to watch!!

Clarence

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