Morning all,

Results coming thick and fast..NAB yesterday ,CBA today.CBA shot the lights out and showed why they command a premium against NAB which was slightly disappointing and underwhelming. The really interesting thing to come out from their numbers was their view on rates in this country. They are talking about rate rises mid 2013 and no more rate cuts this year! We shall see..economists don’t have a great track record but I still feel there is another rate cut pre Xmas of .25% to help things along. The economy is patchy to say the least and as Mining Investment slows due to lower commodity prices there is a risk that the general economy will slow more as well .News out of ‘Zombieland’ was relatively benign with better than expected (no) growth figures..at least France avoided a recession!!

So our markets continues to be squeezed higher in thin volumes, shorts are scrambling at times to cover and there is a large dichotomy of winners and losers from results season so far. Carsales(report enclosed) yesterday came out with a stunning number and shows the power of digital media..even helped Fairfax which owns Drive. Also moves from a big insto on the FXJ register and talk of a break up helped..There is definitely smoke in this one and expect some fire to erupt..it certainly won’t be left alone much longer..too much talk about the breakup..so for the risk happy investors this may be good to look at!! Advertising revenues can’t get much worse and the value of its digital business has to be a key component of any break up..FXJ is a BUY!!Wow..never thought I d say that!!

We also saw yesterday the power of smart apps driving Dominos pizza profit higher..just goes to show what thinking outside the (hot)box can do for your business!

Today’s scorecard on results..CBA good- OZL badish- Echo nasty but whatever..Westfield Group-Ok

There have been some serious wins in the resource space recently with Sabre Resources the latest to strike it rich with a massive price explosion 10c to 35c!!..good to see some signs of life there as it’s been a long cold winter!!!

The index is pushing higher and is on target for that 4350 I have talked about..if the big miners can join in it will get interesting. Remain slightly optimistic but cynical!!volume needs to improve and everyone is waiting for Central Bank action..if it doesn’t happen we will all get bored of waiting!!

Things to make me go all Anna Meares!

1. Aussie Olympic team land back home to a huge reception! Even Jules couldn’t pass up this chance..she was last seen practicing her double backflip with pike with the diving team..degree of difficulty is always harder when you are standing on a precipice!!

2. Standard Chartered settles with New York authorities for $340m…next…this is cheap given what could have been…more Federal Authorities to come and the US boys look like they have found a new way to raise revenue…

3. ‘Big Nath’ has missed an extended deadline to pay Blackwood Corporation $28.4m to secure a 33.85% stake, and the coal junior has refused to grant him further time to find the funds, a move that sent its share price into a dive..does this affect the WHC bid..well, we will see..but plenty of upside there still.

4. SDL looking to update market on revised offer from Hanlong of 45c!Not too bad an offer given the fall in the Iron Ore price! No other options so will have to accept..

5. Big Tobacco has lost its high court case against the Federal Government on plain packaging..I suspect someone will step in and make ciggy covers like they do for iphones..and voila..sorted!

6. Who is going to tell Sarah her show stinks..gonna be interesting in the Murdoch house!!

7. Groupon falls 21% after its numbers…not pretty but may have to do a deal on its own share price!

8. Defensives back in favour.. Primary Health Care shares have surged in morning trade after the company reported a rise in profit and said it was eyeing small acquisitions this financial year.In recent trade, Primary’s shares were up 41 cents, or 13.3 per cent, to $3.50 after it flagged a rise in earnings for the full year.

9. A measure of Australian consumer confidence fell back in August as people fretted about their finances and the economic outlook despite a run of upbeat data, lower interest rates and government handouts

10.VIX bounces 9%!!!!on what..who knows!!!ask a computer!

And finally …

The new employee stood before the paper shredder looking confused.
“Need some help?” a secretary asked.
“Yes,” he replied. “How does this thing work?”
“Simple,” she said, taking the fat report from his hand and feeding it into the shredder.
“Thanks, but where do the copies come out?”

Have a good hump day

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.