Good morning,

After a short break on the beautiful South Coast ,full of Dolphins Sharks and red wine, it’s time to get back to reality..it’s been an interesting few days with the on and again off again problems in Europe and the disappointing figures from Intel..55 points of last night’s Dow drop was Intel!

Our market will give up some gains today but underlying strength is there..I am still convinced we are stuck in the range and unless 4370 breaks it will continue to oscillate based on the vagaries of ‘Zombieland’ and Dow Risk on Risk off…Mr Myagi would be very impressed..

A few things that caught my eye.

1.Chelsea 1 Barcelona 0…nothing else to say except bring on the second leg!

2.RBA looks like it has finally got it and realises the economy is struggling..doh!

3.US corporate numbers are better than expected but then expectations are so low it would not be hard.

4.Equity Volumes at 4 year lows!

5.Spanish Bonds are being bought by Spanish Banks..starting to get funnier and funnier! IMF revises down then up …come on guys…Greek Elections soon..UK stays pat on pump priming.

6.On the subject of Spain, the King has distinguished himself by going on an Elephant hunt in Botswana and bagging a big one..well done…good to see….what planet do these people live on and President of the WWF in Spain as well…should shoot him instead..just like his grandson did when he shot himself in the foot!

7.Syria is quietly selling its Gold reserves as sanctions begin to bite!

8.Italy won’t balance its budget next year as it previously said…wants to go for economic growth!!

9.Let’s pray for Michael Lynagh and hope he gets well soon…

 

ERA which I tipped on Friday as a buy at 1.28 are now 1.71!!!That’s a big rally ..didn’t know I was so influential!! Not bad a 50% return in under a week!!..not time to be getting in now though….it’s happened.

COE which I have long been a fan of have gone into a halt pending an announcement about an acquisition..wait for the details.

 

TLS may be disappointing today as new CFO Penn said this today.. that while a share buy-back was an alternative, the company didn’t believe an on-market buy-back would be efficient “at the current level of our excess

today.” The company said the expected excess free cash was subject to NBN Co.’s rollout schedule for the new network, and dependent on market conditions.

The company confirmed guidance for fiscal 2012 and said that it would pay a 28 cents a share dividend in 2012 and 2013.

Back in the saddle..go on, you did miss me didn’t you…

Clarence

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