Morning all,

 

Another late night last night watching the FOMC from the US..no I am joking..Wiggo was my focus..Had my gold sideburns on and jumping up and down on the couch..more than can be said about the comments from Uncle Ben.As Jack White once famously sand,’Steady as she goes’…yeah but Wall Street wanted a QEIII fix and dipped after no new money was forthcoming..

 

We now switch our gaze to the ‘Zombieland’ meeting and the ‘Whatever it takes’ scenarios! At least Greece agreed on $14bn of budget cuts..of course they will never be implemented but at least they are trying.Even Zombie bond markets eased last night as we go into another Super Mario round.

 

Our market is on hold. I talked on TV last night about the hiatus between the US reporting season and ours..well that’s where we are…but things should get clearer corporately in the next few weeks although I suspect outlook statements will be cautious and a little pessimistic.

 

The market is poised for Euro disappointment and the recent rally could turn very quickly..however after Uncle Ben’s chat last night it seems that if the Dow gets bad he will intervene, thus capping the downside…and the upside is probably capped as well which may explain why the VIX is trading so low compared to the risks…September could be an interesting month..

 

Interesting moves in IAU yesterday..now I have to say I bought some and then talked the story on TV ..of course I disclosed I was long…now for those of you have followed the story  it’s been a doozy..this is a company with a World class prospect in Indonesia..Java to be exact and their lovely local partners decided to kick them off the site  and take control of the project..bit tough considering IAU had spent $95m on exploration and were getting close to paydirt..result was stock price got caned..hit 24 cents which incidentally is cash backing…now here s the interesting bit ,yesterday they announced they had given 5% of the company and a swag of options to a high profile Indonesian media mogul and friend of Bam Bam!His job is to get this thing back on track and get the partnership working again..well good luck, but with 24c cash and plenty of upside looks interesting..if he manages to soothe the troubled waters he will clean up…lots of options at 1.00 and 1.20 will help….have to admit I sold mine this morning at 34.5 for a quick day trade but anything under 30 is a buy…

 

Things to make me go all WIGGO!

 

1.Gold sideburns are the go!

2.Congratulations to the Missile..Silver is an amazing accomplishment..and missed it by that much as Maxwell Smart would say!

3.AAA rating reaffirmed for Germany by S&P.

4.Badminton may never recover from Shuttlecoxgate!

5.Hanlong gets Chinese approval to bid for SDL..now what about the price.

6.Big Jamie gonna spend up big on his Burswood Casino as room rates in Perth are now $500-600 a night…not too many tourists in Dodge!But Macao slowing down so maybe the Chinese slowdown is beginning to bite there as well!

7. Terrible news from Africa…Three people have died in a violent invasion of a South African mine operated by Australian-listed Aquarius Platinum.

Aquarius says a group of about 200 people, some of whom were armed and threw petrol bombs, stormed the Kroondal platinum mine site yesterday afternoon.That’s real Sovereign Risk!

8.Murdoch’s bid for Cons Media cleared by the regulator…Rosebud anyone!

9.Gold falls 10 bucks but Oil still ok…like WPL ..quality asset..strategic..you bet!

10.BHP now mulling how much they are going to have to write down on their Petrohawk purchase..BP announced a big hit to their US shale assets..everyone is going to take a hit..they all paid too much..interesting that Dallas is coming back..may be a sign!!

 

 

 

And finally

 

Having been down to Newport Beach to check out the Whale..we now have our own Pasha Bulka on the beaches!

 

 

Until they get the chain saws out!! Yuk!And I thought broking was a tough gig sometimes…

Have a good day

Clarence

XXX

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