Morning all,

Another soft day in store for the Aussie market I am afraid. The euphoria of the last few weeks is starting to wane as reality bites. The problem is there does not seem to be a catalyst to take the market higher and with ‘Zombieland’ still causing issues then I think the upside is capped for the time being. News of more Spanish problems with mass demonstrations against austerity and one region seeking independence, the autumn is shaping up to be a tough one in the Northern Hemisphere.

Things turned ugly last night in Spain with rubber bullets being fired to disperse demonstrators can’t even afford real bullets anymore!!

There was always a school of thought that once the Greeks and Spaniards came back from the beach it would get all nasty on the civil unrest front. You can hardly blame them. I read last night that in Athens 34% of businesses had closed.

 

A report that almost a third of all business in Athens have now shuttered: “The number of shuttered shops on the capital’s busiest commercial streets, Panepistimiou and Stadiou, also hit a record high in August, reaching 34.7 percent on Panepistimiou and 42 percent on Akadimias, up 14 percent in the last six months.”

from Zerohedge.com

 

Even the tax collectors had gone on strike. I cannot see a way out of this for them. Depression not recession for Southern Zombieland is here to stay.

The good Ol’ US of A had a tough night too despite some economic figures that helped initially they collapsed into the close and finished down 100.It’s hardly surprising given the meteoric rise in the US markets. It s not that good after all. Apple crashed 2.5% last night following faceplant down.

 

Here today expect to see us off around 30 with some risk off trade happening. Gold and metals were pretty firm so maybe there will be some cheeky buyers around at lower levels. But once again the market has tested the 4400 level and been found wanting …as they said in  ‘ A Knight’s Tale’

“You have been weighed, you have been measured, and you have been found wanting. Come back when you’re worthy.”

 

IDEA OF THE DAY: Yesterday’s idea was off and running before I had a chance to buy any..IAU looked wobbly then stormed ahead to 52 before calming down….someone must read my stuff after all..I was beginning to wonder..anyway today’s horse from the runners and riders is ..drum roll please….

TPT-Tangiers Petroleum-Recent placement at 28 cents to fund the new management team in their projects. They have a huge acreage off the coast of Moroocco where things are really hotting up. There have been some big prices paid from ex BP CEO ‘s new company and the majors are eyeing off this area big time. Placement stock will not be available until 29^th October so there is a small window during which they are looking at a farm in deal…Buy below 30c for a move into mid 40’s.

Things to make you go the money or your Gunns!

 

1.Its good bye Mr Chips! Some years ago I went to a presentations from John Gay(Ex Chairman) from Gunns..Given his attitude to his customers and shareholders it should not come as a surprise to anyone that they have gone into administrationfeel sorry for the shareholders and workers but directors and management should be in the firing line

 

 

2.Nathan Tinkler could be forced to sell down his $629m stake in Whitehaven Coal in the face of mounting legal action to make him pay outstanding debts and as Qld coal developer Blackwood Corp joins the fray

 

3.US Fed’s Charles Plosser. “We are unlikely to see much benefit to growth or to employment from further asset purchases,” Plosser said in a speech at the district bank in Philadelphia. “Conveying the idea that such action will have a substantive impact on labour markets and the speed of the recovery risks the Fed’s credibility.”

4.Kerry Stoke’s Seven Group Holdings is holding firm on the outlook for its WesTrac mining and construction equipment business despite US giant and partner Caterpillar’s warning of slowing growth Caterpillar ($87.01, -4.25%) declined after reducing its 2015 earnings expectations, citing the slower-than-expected growth in the global economy.

5.And some good news from Uncle Sam..U.S. home prices in July posted their largest year-to-date gain in seven years, according to a report that offered the latest confirmation of a broad housing-market pickup that began this year. Meanwhile Consumers increased their average annual spending by 3.3% last year, the fastest rate since 2006, according to a Labor Department report .

6.’Hardly Normal’ have been voted the worse customer service by Choice magazine..followed by DJs and Myers..who would have thought eh!!Must be online sales and the GST for sure!

7.WOW: It’s taken eight months and there have been a couple of false starts, but Woolworths finally appears close to signing a deal to sell Dick Smith ..wow indeed!

8.Here’s a couple of blasts from the past..Myspace is back and so is RIM(blackberry makers!).A new launch for once dominant myspace is imminent and Blackberry rallied last night as they are on the threshold of a new product range..Ribena perhaps!!!And I bet Zuck is quaking in his boots!!

9.Man City knocked out of the league cup and Chelsea win 6-0..good night from the blues!!

 

 

And finally for my continuing Scottish Theme..

Two Scots, Archie and Jock, are sitting in the pub discussing Jock’s forthcoming wedding.

“Och, it’s all going magic,” says Jock. “I’ve got everything organised already, the flowers, the church, the cars, the reception, the rings, the minister, even ma stag night.”

Archie nods approvingly.

“Hell, I’ve even bought a kilt to be married in,” continues Jock.

“A kilt?” asks Archie. “That’s braw, you’ll look pure smart in that. What’s the tartan?”

“Och,” says Jock, “I’d imagine she’ll just be in white.”

 

Have a good day

 

Clarence

XXXX

 

 

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