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Morning all,

And so we wait…it’s like ‘Waiting for Godot’ only less exciting…Jackson Hole is shaping up to be the defining meeting of the Central Bankers this side of Xmas…I remain sceptical of all these stimulus packages ,the amount of money that has been pumped into the system only really has helped push markets up and the average bloke on the Clapham Omnibus is still feeling a little shafted by Wall Street or the City or wherever..of course the argument goes that by helping the banks and the Street it builds confidence and thus jobs and prosperity…it does of course build Bankers bonuses as well!!

Our market disappointed yesterday after Chinese numbers again pointed to further downturns in China…it was a bank Holiday in the UK yesterday but Zombieland was slightly better despite the German Confidence indicator the lowest in 29 months!

We are entering the tail of the reporting season and now for the Ex Divs…I still cannot see our market pushing much higher especially when the divs are taken out but happy to be proved wrong..the range is 4000 to 4400…

If Jackson Brown does produce a further coordinated stimulus then Gold will be the winner as well…I am keen on Gold shares on any pullback..they got way too cheap//all other commodities have struggled but good old Gold has been powering along..

Few reports yesterday..BBG has long been a favourite  of mine for the bid which did come…the four year plan will never happen its just the new CEO putting in a job application..I am sure Private Equity has its own plan and their own CEO to boot but it’s worth a try Miss Inman…think the bid is the best they can hope for!!(research piece attached)

Now who will bid for FXJ..someone must be able to run it better than the current guys!!

1.A Lion has been spotted in Essex,UK…very summery..the Police now think it was a big cat…that’s a lot of Pussy if its right!… People of Essex are still hunting for the witch and the wardrobe and being told to contact police with any sightings.

2.Gotta love this graphic!

3.Partygoers beheaded by the Taliban…where I come from they just call the Police to shut down the party..these guys are serious!!!And I thought Helman Province was getting better!

4. LUCKY investors who took up the 10 million shares offered in Sirius Resources’ placement last week are a collective $6.5 million in front following the latest drilling results from its super Nova prospect in Western Australia…have to admit I am a shareholder but not in the placement!!Shame..

5.Virgin Australia, the country’s second largest airline, returned to profit as revenue jumped almost a fifth for the year as it increased its share of the lucrative business travel market.

The carrier posted a $22.8 million annual net profit, compared with a $68 million loss a year earlier, due to increased return on fares from domestic flights.

6.Apple hits new record after beating Samsung in court…

7.SPI futures unchanged as Gold and Oil slip…VIX pushes higher in the US to 16.4%

8.Germaine Greer back in the headlines talking about Julia’s wardrobe and her bottom again!!

9. Network Ten’s Saturday & Sunday ratings were two of the lowest for a commercial network in history..good job guys..that takes some doing!!!

10.The situation in Europe is fast approaching a crescendo. The German Constitutional Court votes on whether the ESM bailout fund is even legal on September 12. If it doesn’t, it’s the end of the EU as we know it.

And finally …this gem of wisdom from www.zerohedge.com

For the sake of argument, let’s say that Germany does ratify the ESM and the ESM is given a banking license (which Germany says will never ever happen). Even then Spain and Italy are supposed to fund 30% of it!

So even in a best case scenario, the bankrupt nations asking for bailouts are going to fund 30% of the very bailout fund that will bail them out!?!?

You couldn’t make this stuff up if you tried.

I think it’s going to be a long day..back on TV this afternoon to discuss the state of the World…

Clarence(the friendly lion!)

XXX

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