Morning,

Slightly better start to the week expected but we have another ‘Zombieland’ Summit later this week so expect nothing to come out of that !The new Greek PM and Finance Minister aren’t even going..they have “Man Flu” apparently!We also have a few of our own economic pointers out this week such as Job Vacancies on Thursday and New homes as well as Private sector credit on Friday.US also fires up the stats machine with consumer confidence and GDP for first quarter on Thursday..my bet is it will be disappointing and show that Zombies can hurt an economy! Markets still will NOT rally convincingly until we get leadership or Moaning Merkel embraces a Euro Bond!

 

Word from our friends the Greeks that they are seeking to push out their fiscal deadlines by two years and NOT sack 150,000 public sector workers. Also they want to reduce sales tax and increase the threshold for paying tax..seeing as most don’t pay tax, the last point shouldn’t be a issue!

 

Expect to see a modest ,and I do mean modest, revival in our market today with thin volume to dominate..as usual..we are creeping into the end of the financial new and tax loss selling in the small end will continue..don’t expect too much this week..I am not!

 

The Echo Entertainment battle is looking more and more interesting..Two Billionaires with 10%  and already at a big price..I believe there is an element of disappointment that needs to be factored in and would not be joining the fray just yet..happier to buy below 3.80 if they get there…discipline is king!!!

 

The Bank of International Settlements voted our Aussie banks the most profitable in the developed World..now that’s gotta be a good thing surely..better than having RBS and Bankia in the stable…

 

Things to make me go…all Luke Nolen…

1.Black Caviar wins ..only just…Luke Nolen almost became the opposite of Steven Bradbury..

2.England lose to Italy on Penalties…yet again…still we now have another four years to practice penalties so that’s good!

3.’Billagone’ will be back on today with blood running in the surf as the shares get wiped out! Rights issue will destroy current shareholders and they will be forced to take up their rights..no choice..lets pray for better surf tomorrow!

4.This from the Bank of International settlements..” Central banks are being cornered into prolonging monetary stimulus as governments drag their feet and adjustment is delayed,” the Basel, Switzerland-based BIS said in its annual report, published today. “Both conventionally and unconventionally accommodative monetary policies are palliatives and have their limits.”Roughly translated means they have not got that much more money left!

5.Middle east is starting to look worse and worse with Syria now shooting down Turkish planes and Egypt electing a Muslim leader from the Brotherhood of Man.

6.The Rinehart Cowboy continues to dominate local media with everyone now telling the untold story of her life and how she got to be the World’s richest woman..care factor zero!

7.Optus to spend $2bn to try to match Telstra’s network capabilities…not going to make a difference..TLS has the best network and will emerge victorious in this bout..continue to like TLS on yield and management turnaround..

8.School holidays begin in Northern Hemisphere so things will get quieter there with volatility in thin markets to dominate.

9.VIX drops nearly 10% as Dow rallies…

10.And from the Greek Front line…a report that in 2010/11 as they took money off the IMF and promised to cut public sector jobs ,they actually took on another 70,000 Public servants..that’s why the rest of Zombieland is reluctant to give them more money..can’t blame them really..

 

And finally….

 

A stockbroker says to his colleague, “I don’t think this line of work is for you. You just keep losing money all the time.”

“You’re right,” he replied. “My whole life all I’ve done is lose money”.

Next day he comes to work and resigns.

His coworker asks, “What are you going to do for living?”

“I finally figured out how I can make some money from losing money all the time.”

“How?”

“I am going to build a web page and take it public.”

Clarence

XXX

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