Good morning,

Well I was wrong the RBA didn’t cut rates, they must be living in a parallel universe from me and see only good in the World. Oh well, maybe if Uncle Glenn got out of his space ship to walk around the planet he would see the economy needs a boost. Still maybe next month…

Overnight Spain started to appear in the spotlight as it confessed that its national debt is spiralling out of control…everyone knows that feeling..look at the US etc..but with 24% unemployment it’s not going to get better anytime soon…bailout anyone?

In the US, Big Bad Ben and his mob of friends put the QEIII fans in a funk as they said that they were not going to go down the money printing route unless things took a turn for the worse…so disappointment all around and the markets all came back ..from Metals to Gold to Oil to Equities. Expect our market to track back today in quiet lethargic trade with Easter approaching..it’s failure to breach the key technical level at 4370 is not bullish and the magic 4300 number which is just magic cos its a easy round number will be tested I suspect.

Some rants ago, I suggested that the sell in May and go away strategy may be an idea..or at least get some cash in the door as the rest of the year may not be quite as good as the first quarter..well I still believe that..the summer months in Europe and the US will be plagued by civil unrest and problems.25% unemployment is not conducive to a happy society!!

 

Things that caught my eye

1.Great new name for One Steel..Arrium..I googled it as soon as it was announced..found a Gay bar in the US that specialised in Buffalo men (whatever they are, but the girls go round the outside, round the outside!) plus it’s a form of Krytonite..other than that have no idea what it means!!Good way to spend a million bucks though!

2.MTS are suffering as price deflation bites..Campbells cash and carry closures will hurt local corner stores putting more pressure on them..not good as WOW and Coles continue to drive competition out.

3.Lionel Messi is a god..two more goals fires Barca into Champions league semis!

4.Aussie Dollar is lower and I believe will slip sub parity in the coming months..especially after the budget!

5.Craig Thomson has got some serious issues to address!

6. IMF managing director Christine Lagarde has implored the United States to help back-stop debt-ridden European countries, wading neck-deep into bubbling US political waters.

7.Have got my hot water back after a week of cold showers..now that’s good news..ask my kids!!Wimps didn’t take to cold showers!

8.James Murdoch falls on his sword at BSkyB TV in the UK.

Yesterday I went to a presentation from BTR, which is developing a Zinc project in Burkina Faso with Glencore and a Copper project in Zambia..mostly ex BHP boys and a very promising discovery in Zambia…the stock has run pretty hard after some good results and judging by the turnout at lunch yesterday there is still plenty of interest in the stock..or maybe just a free lunch on offer to starving brokers..not sure which but I like the management and I like the story..if you are looking for a highly volatile resource stock that could be a two or three bagger in a couple of years this could be the one…high risk but happy to send you more information if it suits your risk profile!

Easter approaches and the market will ease down 20 or so today..just a flesh wound…but hard to see where we go index wise whilst BHP /RIO and the Banks remain under a ex growth cloud..individually there are some stocks that look good but have to do a bit of fossicking to find them..

DJS ex Div and QBE AGM today.

Financial Thought for the day!

“As a novelist, I tell stories and people give me money. Then financial planners tell me stories and I give them money.” Martin Cruz Smith

Clarence

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