Morning all,

Well ‘Super Mario’ has given the can a huge kick down the road and the markets celebrated. His speech last night was pretty much opening the blank cheque book and signing away…good news indeed? Well time will tell but the markets reactions were positive as the Dow hit a four year high and the jolly old NASDAQ was up to levels not seen since 2000!It’s funny how Wall Street has once again detached from Main Street and reality..but that’s for another day!!

Lots of new acronyms now from Zombieland..OMT,SMP,ESFS,ECB,EU…. of course the Germans said Nein…….meanwhile Zombies have been taking their money out of their banks at an alarming rate and buying property in London…so much so that London is going to detach from the rest of the UK and Europe economically! Big downgrades to UK growth and Zombie growth last night were but a mere annoyance to the real game of Super Mario firing up the printing presses and buying Government bonds from anyone in trouble as long as they tow the line…more austerity cuts and tax hikes ..Spain and Greece now have 25% unemployment!!That is really scary..last one out turn the lights off please…What the plan does do is buy time..maybe that’s the best that can be hoped for!

Our market will get a wriggle on today with gains across the board….expect an up 50 day and everything to be wonderful..the euphoria will wear off but enjoy it while it lasts. Risk may well be embraced and the safer plays start to see some profit taking..

In the news again today is Fortescrewed as the Press revels in the night of the long knives, when the Corporate culture went out of the window and friends and long term employees got shown the door..this straight after the ‘Power’ rangers appearance at the Sydney Mining Club saying everything was fine. The shorters are having a field day and any bounce may be short lived as the elephant in the room ,Equity raising, will continue to dominate. This is the MO of the shorters push the price down on vulnerable targets, rumourtrage them down as much as you can and wait for the equity issue to cover your short position..this is classic stuff and can be very profitable..FMG is at the mercy of these guys..going to be interesting…Charlie Aitken may have some troubles spruiking this one from here!

Another casualty of the Naughtyscrewed debacle has been NWH which does look a little oversold..my friends at BBY ..I have to say that!…despite some downgrade to earnings forecasts to only 15% for next year they could be one to look at..

It’s possible that with Zombieland temporarily off the agenda as a Draghi on our market, we can push back up to 4400!!Fingers crossed…

Things to make me go all Bazzoka Joe…

1.Fortescue Metals Chief Nev Power has left the door open for a potential equity raising or more asset sales as market confidence in the iron ore miner wavers and key executives close to founder Andrew Forrest depart

2. Rio Tinto has warned it may need to write down the value of its aluminium division further, even though it has already unveiled $US8.9bn of charges this year.

3.Super Mario may have changed the game ..now its up to the Governments to deliver..something we all know they are really good at! Spain will request a bail on September 13/14..why wouldn’t you..once you have the money it hard for the ECB to claw it back!!

4.Big night for Obama to try and top Clinton…. his job rest on it..otherwise he will join the other 8.5% of the US that hasn’t got a job! Tonight we get Non-Farm Payrolls (Aug) (last 163k).

5.Mike Baird from NSW has pushed for the GST exempt threshold to be lowered to $30 so they can pay for Hospitals…may start to get some traction and help local retailer(Etailers)…but lots of hurdles to overcome and most will be bust by then..another Fashion house went this week and high class restaurants are falling over faster than you can say Masterchef!

6. Yesterday the labour market figures looked good to begin with but I think it’s safe to say than God for WA..otherwise we would all be Fortescrewed..rate cuts still on the cards but with Europe fixed RBA may wait a while…

7.Manly play the Bulldogs tonight..go Manly!

8.Amazon unveils its new Kindle..looks like an Ipad to me!Of course we won’t get them here ..so will have to buy on the net and avoid the GST!

9.From Bl;oomberg…Chinese toy merchant Pan Junping says this is usually among his busiest times as customers in the U.S. and Europe load up on orders for Christmas. This year, he’s quieter than ever.

“The situation is possibly worse than 2009, and confidence is zero,” said Pan, 39, who’s frozen salaries and expects a 30 percent decline in annual sales for his trading company in Yiwu city, in the eastern province of Zhejiang. “It’s not busy at all.”

And finally….. A newsboy was standing on the corner with a stack of papers, yelling, “Read all about it. Fifty people swindled! Fifty people swindled!” Curious, a man walked over, bought a paper, and checked the front page. What he saw was yesterday’s paper. The man said, “Hey, this is an old paper, where’s the story about the big swindle?” The newsboy ignored him and went on calling out, “Read all about it. Fifty-one people swindled!”

Have a good weekend

Clarence

XXX

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