Good morning,

Greece once again reared its ugly head with a ratings agency saying that Greece may need to restructure its debt further..well der!!We all know that..you cannot rebuild an economy of Feta exports and Olives..it ain’t gonna happen..

We also had some disappointing US numbers plus some from Europe that didn’t help..

Expect our market to continue to be held up like an Ali Frazier fight as quarter end window dressing continues..the process is simple..keep the futures high so dragging in the Arbitrage books and thus the leaders start firm..however the rally is not extending to second liners and the volumes are still woeful…would expect to see the market sink a little next week especially as we head into the Easter break.

Things to catch my eye.

1.Bunnings says it will create 600 new jobs in the next three years..they will hire a whole load more middle aged blokes who have no idea about anything except hiding when a customer comes near..Come on WOW give it to them!!Worst Customer service in the World.

2.LEI just hopeless..avoid..

3.I am convinced there will be a rate cut next week!

4.David Murray has branded the Carbon tax the worst economic decision ever..but then again he does not believe in Climate Change..so he would!

5.SPI down 2..gonna be a long day!

6.OECD says ‘Zombieland’ Europe is falling far behind the US and Canada..

7.Newscorp hacking scandal just gets worse…racy story even for the AFR.

8.Macquarie moving out of Martin Place!!Oh how my old alma mater has changed!

9.RIP Simon Eldridge..one of a kind..ex Credit Suisse broker.

10.China looking at Shale gas according to Bloomberg!

11.Strikes in Spain the start of a summer of ‘Zombieland’ discontent..weather warming will bring out the issues!!

Events Overnight

The US economy expanded at an unrevised 3% in the fourth quarter of 2011, the Commerce Department said in its third and final estimate for the period. The gain, while the strongest since the second quarter of 2008, lagged behind expectations of a 3.2% increase.

European stock markets fell sharply, led by banks, after weak economic data in Europe and the US, while bond yields in Italy and Spain jumped.

Crude-oil futures settled at a six-week low, reeling from weak US equities, comments by Saudi Arabia’s oil minister that his country is capable of more supplies to counter high prices, and expectations the West and the US may release emergency crude reserves to also battle higher energy prices.

Have a great weekend

Clarence

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