Morning all,

Nah, nothing really happened overseas so it’s good to be able to concentrate on domestic issues…results season is in full swing and a mixed card so far…today sees some big ones out and have run through them below..

I am still expecting the market to squeeze higher as investors start to gain confidence in the ability to weather Global storms..if we can put a robot on Mars ,I am sure we can sort out Zombieland …maybe we could send some of their leaders there as well…apparently Mars has sent back pictures that look remarkably similar to the Mojave Desert..which does beg the question…..come on conspiracists…this is gold!!

I sent round a chart yesterday of the market with my target of 4450 on it..I see this as entirely doable especially if BHP,NCM and RIO come out of the dog house..RIO dividend increase will help that process…this is where the smart money will head as shorts cover..expect some out performance from that sector in the coming weeks..

The scorecard from earlier today…

RIO-Better than expected numbers but showing signs of the slowdown.Still optimistic on future and dividend raised…good sign..

TLS –Out this morning..slightly below estimates and some brokers have moved it to hold…yesterday we saw them get whacked 10 c pre the figures…once again Sensis the issue and Mobiles and data stars!Dividend is 14c as expected and will be 28 cents for next year..any further weakness makes these a buy! They have 13.8 mobile customers..they are the network!!

TAH-Profit slumps as a result of their demerger with the headline number of $340m down from $534m…but underlying number up 12% so not too bad perhaps..

NWS-Split into two businesses and big writedowns on its print businesses especially here in Australia..excluding the writedowns the profit was inline but shares fell 4% in US this morning..they are up 33% this year..shows not all performers are about Dividend yield I guess…

Things to make me go Warm and Fuzzy.

1.Unemployment numbers today..expect a slightly higher number as more people rejoin the workforce.

2.Chinese CPI/PPI/Industrial production/retail sales.

3.Bob Hoskins has quit acting as diagnosed with Parkinson’s disease…sad day…

4.UK slashes its growth forecast..to zero!!!Blames Zombieland but then they always do…should never have joined at least they stayed out of the Euro..best decision they made..

5.QAN laying off more staff as it transforms into…..not sure what….a name…Joyce has done a spectacular job of running this icon into the ground if you pardon the potentially tragic pun..Think it may become a takeover target soon….

6.Standard Chartered rallies in UK as UK regulator says the bank has been unfairly targeted by US..well they would ..but Money laundering for Iran is pretty nasty…however if only they had paid more to US Politicians they would have got away with it if it wasn’t for those pesky kids…my mates at www.zerohedge have a good round up of what US banks pay!

7.VIX at 5 month low of 15.25%..am I bothered ..am I bothered…well yes I am..Terrible volume in the US as well…Elvis has left the building!

8.July was the hottest month ever in the US..Climate change is coming people..Indian Monsoon also not so flash..food prices and security are becoming an issue…

Always nice to get in a graphic…but climate change in US will affect inflation numbers around the World..

 

‘The speed of the destruction drove corn and soybean prices to records last month and wheat to a four-year high. For investors, crops are the best-performing commodities this year, and Goldman Sachs, Macquarie Group and Credit Suisse say the trend will continue. The UN expects food costs to rise, less than two years after record prices pushed 44 million people into extreme poverty and contributed to uprisings in North Africa and the Middle East’.

 

And finally…

Chuck Norris is the reason why Waldo is hiding.

Back on Sky TV this afternoon at 5.30 for the Market Moves program 30 minutes of high octane fun and ad libbing!

Have a good Thursday

Clarence

XXX

Any financial product advice contained in this email is general financial product advice only and does not take into account any one person’s objectives, financial situation or needs. Therefore, before acting on any financial product advice in this email, you should consider, with or without the assistance of an independent adviser, the appropriateness of the advice, having regard to your objectives, financial situation and needs.