Morning all,

I have been caught up with the closing ceremony so will keep this brief.

Friday saw the Dow continue its volumeless rally whilst ‘Zombieland’ went nowhere…Chinese data seemed to underlie the weakness in the Global economy.

Risk sentiment was downbeat in early Europe following weak Chinese trade data and a reminder that the Eurozone debt crisis has not been resolved. However, a strong recovery was seen into the European close providing no rhyme or reason.

Few results coming through early…major Newcrest Mining has achieved a record profit for the second year in a row, after this morning reporting a $1.11 billion profit for the year to June 30.

The company, which is Australia’s biggest listed goldminer, owes much of its success to the high gold price, with revenues rising by 8 per cent despite the volume of its sales falling by 6 per cent.

JB Hi-Fi’s full year profit has fallen five per cent but the company expects sales to grow in the year ahead. JB Hi-Fi posted a net profit of $104.6 million for the year to June 30, down from $109.7 million in the previous corresponding period. Sales in the year of $3.13 billion were up seven per cent on the previous year, due to store growth.

SPI up 17 overnight so expect positive bias to continue…lots of high profile commentators like Charlie Aitken calling it the turning point for a new bull market…he has called so many turning points though I am a little confused .

Things to make me go all Sporty Spice.

1.What were they thinking allowing George Michael two songs and one that was a new one…those dreaded words of ‘this is one from my new album sprang to mind!!’We want the old good stuff.

2.Rory McIlroy wins the Golf ,Usain wins the Swedish Handball team and I am now a Mobot fan!!!

3.JB Hi Fi surprises with estimates in line..most heavily shorted stock may find some friends after that..

4.Big week for profit reports so be prepared for some big moves up and down.

5.TLS got clobbered on Friday as rumours of Kerry Stokes selling his 2% surfaced..still remain a fan though…yield is too  good to pass up!!

6.Bluescope eyes tie up with the Japanese to help their struggling business.

7.RBA finally works out that the high Aussie dollar is killing the economy..so what you gonna do about it eh?Interest rate cuts or just talk..I suspect talk !

Still targeting 4350 on the ASX 200..very possible if BHP,RIO and NCM continue to advance.

And finally ..well done London sensational games..I think Mitt Romney better apologise..just amazing..have set a new benchmark..RIO, the world is watching!!

Have a good day

Clarence

XXX

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