For your eyes only,

Last night the Spanish Bond auction combined with the Fed not playing ball to send risk assets lower…Spain is in pain and the lacklustre reception to their latest Bond auction coupled with comments from Draghi (Dr No) set the tone. The spectre (A fictional terrorist organisation in Bond) of Greek like default  was enough to send markets into a spin with ‘Zombieland’ markets hit hard. The US boys took up the call and down they went plus Gold(finger) and other commodities took a pounding.

The only good news was the fall of the Aussie dollar as the US strengthened. Maybe the continued strength of the US dollar will be the story of the next few months..Uncle Ben could be the Man with the Golden Gun ..the man who shot the QEIII.

I have been talking for some time that the markets looked stretched after the first quarter run up and were looking for a pullback..there is still plenty of money hogging the sidelines so falls will not be substantial..so it’s a good time to have a look at some bargain hunting in a few things. BUT no time to be a hero pre a big break..so sideline hugging today and wait until the dust settles on Tuesday. Everyone was so bullish it could only go down..remember if everyone is bullish who is going to buy it!

Things that caught my eye.

1.Chelsea advance to Champions League semis!!Yay.

2.Yesterday’s bad trade figures less than impressive..considering we are supposed to have never had it so good..wake up Glenn!(or was it Jeff) COAL and iron ore are losing their place as drivers of Australia’s economic growth.

3.Budget looming and its gonna be a doozy!More leaks than a Welsh garden party!

4.SPI down 37.Oil down to 102..Gold smacked to 12 week low around 1620!Maybe Diamonds are Forever.

5.No good news for RIO in Mongolia..BHP industrial unrest continues..

6.Silver down 6.7% last night..had the Living Daylights knocked out of it!

7.Japanese ultilities are looking at boosting their stakes in natural gas projects around the World..The World is not Enough.

8.US jobless claims tonight maybe that will provide the markets with a Quantum of Solace or could we all Die another Day

Apologies for all the James Bond references today but its 50 years this year and just felt the urge! Sorry..bit of a fan.

Have a great Easter, don’t eat too much choccie! And remember Jesus saves, but Messi puts it in off the rebound!

 

Back on Sky TV Tuesday at 4.30pm AEST

Clarence

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