Morning,

A huge sigh of relief will be heard around the World as the birthplace of Democracy voted for same same but different. News that the New Democracy party has won the election in Greece will be a positive for markets. However the problems won’t go away in a hurry but at least for now Greece is not going to be printing Drachma! This is the first piece of good news for a while and markets will rally…in the US the markets have been rallying on bad news and the worse the better as far as the markets are concerned…they figure that the more bad news there is the more the Fed will come out with QEIII.They may be right!

Still as G20 gathers in Mexico at least they have had some good news from Greece. Of course nothing really has changed and the cronyism and nepotism that has marred Greek public life and jobs for public servants will continue..in fact will probably get worse.

Markets around the World will rally! No question..risk will be embraced albeit temporarily…

 

Things to make me go yay!!

1.Greek turnout only 60%…massive loss of confidence in political system.

2.Fairfax has just announced the Fairfax of the future plan..smaller papers and subscription to its digital platform…

3.SPI up 25 and may go a little higher..Gold up Oil up..etc ..risk back..

4.Germans starting to speak with less austerity…stimulus and growth will be pushed especially as Hollande’s party wins in France.

5.TAH looking at allowing bets on the stockmarket..we have been doing this for years.. it’s called broking!

6.BBG in the news with possible capital raising? Nixon sale may not have been enough!

7.faceplant has lost its technology chief….bit of a surprise…so soon..

8.Battlines are being drawn with the World against Germany on the Euro Bond issue..if it’s not one thing it’s the other with Germany..Poland,Eurobonds..I mean nothing has changed in 70 years!

9.Rumours of corporate moves from WPL on STO in the press…must be a slow day for real news!

Volume will remain light but at least one issue has been removed…feel that we could push up towards the 4200 level if some ‘Zombieland’ stability returns…first off the blocks will be the risk stocks like BHP,RIO and FMG etc plus the Banks …Bounce it will says Yoda!

Remember its tax planning time so time to crystalise some losses perhaps and look at margin lending rates ..ANZ have a special on at the moment with a very competitive rate on new accounts with a 1.5% discount off their normal rate..might be worth a look.

 

Have a good day…good to be back!!

 

Clarence

 

XXX

 

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