Morning all,

Reporting season kicks off here this week and first out of the blocks are Bradken (up 7%) and TCL..both better than expected so let’s hope this is a trend.

COH numbers just out too Net profit for the year is down 68 per cent. EBIT down 11 per cent. Revenue down 4 per cent. Final dividend to be $1.25.
RBA meeting today but expect no change to rates..

 

Quiet opening expected as we start to crunch numbers….as I write we are up 4 pts and should be slightly positive today after stronger leads overnight…although volume in the US is pathetic being close to the lowest in 2012 as summer doldrums continue..doesn’t take much good news to rally the market..

 

Markets rose overnight as ‘Moaning Mertle’ committed to helping the ECB buy Spanish and Italian bonds..the future of the Euro seems to be in safe hands…I am so relieved…

 

Target looking like 4350 on the ASX 200….go the bull market ..shame no one is listening!!

Things to make me go all Slingsby!

1.Australia get their first individual Gold medal..was beginning to think they had boycotted the games!

2.Michael Phelps admits to peeing in the pool…why can’t they put that green dye stuff in to embarrass him..

3.First signs of consolidation in the Gold industry yesterday with a bid for Integra from Silver Lake…also this morning Southern Gold have sold their 51% of the Western Gawler Craton project to Trafford Resopurces..KCN own the other half.

4. Knight, whose market-making unit executes about 10 percent of U.S. shares, has been fighting for survival since a computer breakdown spewed orders through stock exchanges Aug. 1 and led to a $440 million loss. Shares tumbled as agreed to a $400m cash injection!

5.Big Nath still ecpects his bid for Whitehaven (WHC) to succeed..remember he is bidding $5.20 for this baby and currently the stock is some 30 below this price…this gap should close!!Still believe that if anyone can pull this off ,he can!

6.Sundance resources has seen the bid from the Chinese revised down to 40c..unlucky but I guess at least they are still bidding..so that’s something!

7.’Hardly Normal’ (HVN) showed how badly they have been affected by the retail downturn with results yesterday showing a 40% plunge in pre tax earnings..poor Old Gerry…why don’t I feel sorry for him..not sure really but there you go..

8.Gunns looks like it is firing blanks as it said it is unlikely to build the pulp mill..now that is good news..except for Gunns shareholders that is!

9.Indonesian economy expanded at a better than expected 6.4%…

10.Robert Hughes the art Historian died aged 74…The Fatal Shore one of his  finest works.

 

And finally

 

A Jewish guy goes into a confession box. “Father O’Malley,” he says, “my name is Emil Cohen. I’m seventy eight years old. Believe it or not, I’m currently involved with a 28 year old girl, and also, on the side, her 19 year old sister. We engage in all manner of pleasure, and in my entire life I’ve never felt better.” “My good man,” says the priest, “I think you’ve come to the wrong place. Why are you telling me?” And the guy goes: “I’m telling everybody!”

Clarence

XXX

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