Morning all,

A lacklustre lead overnight despite some better than expected jobs numbers from the US and no Spanish bailout..once again the SPI was better up 13 but don’t expect the gain to be that good…Oil was the biggest loser last night with prices falling 4% so expect some fallout for WPL STO etc today…

Stocks closed yesterday at a 14 month high….woohooo!! Gold continues to hold firm….and squeezes a tad higher so any pullback on gold stocks should be supported and accumulate Gold stocks on any weakness..wish there was some!!

I remain slightly bullish but wary of the problems that exist..I wrote an article yesterday focussing on the Wile E Coyote who keeps running even though he has run off the end of the cliff..its only when he looks down there is trouble…if anyone wants to read it, it’s on my blog site www.beeksdownunder.com

US Presidential debate tonight with Obama and Romney head to head!!…let’s hope no one mentions the 16 trillion US debt mountain…we all seem happy to forget that for the time being…someone else’s problem I guess…US investors continue to pull money out of Mutual Funds though so faith in the system is low…

Idea of the Day.

Tomorrow is Global James Bond Day…apart from that just a few Goldies to watch

PRU, RSG, RRL, PVM, PIR, GRY, SBM, SLR, NCM, NST and BDR.

 Things to make me go all 007

1. Newcrest Mining has raised further questions over whether it holds the correct mining licenses for its $2bn Cadia East facility in NSW after confirming to investors it applied for two new leases late last month to cover the extension of a dam at the development..not a good look!

2.Woolworths is set to spin off a $1.4bn property fund, to be called the Shopping Centres Australia Property Group, with a heavyweight board led by former Minter Ellison chief executive Philip Clark (AFR, p. 1). The company is expected to announce plans to raise up to $500m for the spin-    off next Thursday

3./RHL/ELD: Australia’s second-biggest farming services player, Ruralco, has approached rival Elders about a merger deal to create a $500m rural services group to rival market leader Landmark

4.David Murray Ex Head of the Future Fund ahs come out and said that Australia faces a fate similar to Greece if our productivity and debt position does not improve..this guy sold all his TLS at under 3 bucks remember!!!

5.Spare a thought for our Iranian friends..their currency the Rial has collapsed more than 65% since the beginning of September…inflation is now running at 69% per month..and we thought we had problems…

6.Syria has started firing rockets at Turkey and killing innocent civilians…

7.Erroneous trades that sent shares in Kraft Foods Group up as much as 29 per cent in the first minute of trading in New York overnight were cancelled by exchanges, the latest incident to fuel scrutiny of the electronic infrastructure of US markets…..gotta love Computer trading!!

8.Oil fell to a two-month low in New York after the government reported that U.S. crude production climbed to the highest level in more than 15 years and fuel consumption decreased.

9.ADP Employer Services said companies added 162,000 jobs last month, topping the median forecast of 38 economists surveyed by Bloomberg for a 140,000 advance. Service industries in the U.S. expanded more than forecast in September.

10.The US and the European Union are “nowhere close to ending” the financial crisis and German-led austerity efforts may lead to a 1930s-style economic depression, Nobel laureate Paul Krugman said.

11.Clive Palmer is due to unveil his plans for Titanic II….the plan is for this one to stay afloat and Leonardo to survive…looking forward to this one!!Pensioners are to be banned from the Casino..only First Class need apply!!

12. In a move sure to enrage the German taxpayer, Greece has “unblocked” EUR30mn so it can build a motor racing track capable of hosting a Formula 1 grand prix event..this is after the Nurburgring was placed into receivership recently…

And finally……..

A seaman meets a pirate in a bar, and talk turns to their adventures on the sea. The seaman notes that the pirate has a peg-leg, a hook, and an eye patch.

The seaman asks, “So, how did you end up with the peg-leg?” The pirate replies, “We were in a storm at sea, and I was swept overboard into a school of sharks. Just as my men were pulling me out, a shark bit my leg off.”

“Wow!” said the seaman. “What about your hook”? “Well”, replied the pirate, “We were boarding an enemy ship and were battling the other sailors with swords. One of the enemy cut my hand off.”

“Incredible!” remarked the seaman. “How did you get the eye patch”? “A seagull dropping fell into my eye,” replied the pirate.

“You lost your eye to a seagull dropping?,” the sailor asked incredulously. “Well,” said the pirate, “it was my first day with my hook”

Back on Sky TV this afternoon and tomorrow I think..I am a media.t*rt!

Clarence

XXX

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