Morning all,

It is a sad day as we farewell Cameron Stockbrokers and over the weekend we will be moving across to our new home at BBY.I think it’s safe to say that the move will be an extremely positive one for all…I even have a window seat!!!

Markets last night started with good news on the US employment front but sagged as the day went on..Iron Ore slipped back a tad and Gold went nowhere fast..’Zombieland’ was better but then didn’t see the US wilt so expect a little wilting there tonight..our market rallied yesterday after a iffy start to finish only 7 down after the employment numbers helped the cause for lower rates…personally  think the RBA will hold fire unless something terrible happens in the World and see what effect the last rate cut has on the real World.

Expect a quiet day today with the market continuing to consolidate at these higher levels..I still think we will push higher as we head towards Xmas but am wary of more problems with Greece etc..in a sign of the times it looks like the largest company in Greece is moving its listing from Athens to London with Coca Cola Hellenic looking to be quoted there..the rats are deserting the sinking ship..without CCHellenic the Greek market will be capitalised at pretty close to zero….their economy is losing 1000 jobs a day!!!Last one out turn out the lights…my father in law recently was in Athens…huge busloads of tourists at the gates of the Parthenon and two ticket booths open…says it all really..loads of shops boarded up and a pretty unpleasant atmosphere…something has to change!!

As another aside..I am a long time fan of Apple..we have the whole suite in our house and my wife recently upgraded to a iphone 5…usually with Apple it all works ..that’s the beauty of their products but after 3 hours trying to install, restore, transfer all  stuff from the old phone to the new I am no longer a fan!!!Would not have happened in Steve’s day..I have been bearish on the World’s biggest company since they hit 700 ..now 628 and remain so..why is this important to us..well I guess it’s hard for the US to really push ahead until Apple does and like it or not we still look to our US cousins to show us the way..so ….

Breaking news…TPG has withdrawn its bid for BBG..no surprise the market has priced that in for days but knee jerk reaction will be to trash the stock to 80-85cents..I remain a buyer there!!

Idea of the Day (actually it was Wednesday’s idea but worth another shot!!)

ARI:

Here’s one for the brave..Since touching the mid 50’s with Iron Ore down around $86 a tonne a lot has happened to ARI…there has been a bid of 75 c and importantly the iron ore price has risen to 117!!!The share price is still only slightly above the bid and with Iron Ore prices heading higher at the moment it is quite possible that the bidder will have to move quickly to raise the price or this little baby will get away…expect to see the stock nearer 1.00 in the near future…Good for a trade I suspect..buy at 80c or below..downside limited with bidder still around.

Investors with an appetite for slightly more risk only need apply!

Things to make me go all wintery in Sydney!!!

1.Iluka’s September quarter report yesterday clearly demonstrated that the mineral sands industry lacks a “dimmer switch” and is currently in “off” mode. Shares plunged 7% amid confirmation that zircon prices were falling and weak revenue figured pointed to the potential for another downgrade in its sales forecast for the full year.

2.In the US, the unemployment rate registered a dramatic 0.5 percentage-point drop over the past two months, but economists in the latest Wall Street Journal forecasting survey don’t expect that pace of decline to continue.

3.Exxon Australia President John Dashwood said Australia’s booming LNG industry ”ought to be worried” about the prospect of American producers undermining local exports to Asia. A revolution in shale and coal seam gases over the past decade has created a gas glut in the US, prompting fears that American producers could soon start exporting to Asia en masse.

4.Administration looms for Channel Nine..can only mean the programs get worse!!!Didn’t think that was possible…last night’s Rake was a must see..if you didn’t catch it on iview..brilliant writing from Andrew Knight.

5.It takes a big man… Goldman Sachs Group Inc. (GS) Chief Executive Officer Lloyd C. Blankfein said he would be willing to pay higher U.S. taxes if he thought it would help reduce the national debt….if he says it’s ok then it must be so…

6.Big Nath had a show and tell yesterday..rumours at  Whitehaven Coal was at full tilt yesterday as an investor site visit was hosted at its Narrabri project, with those in attendance said to include major UK funds. The visit, while said to be nothing out of the ordinary, sparked more talk that Credit Suisse – a creditor of Tinkler – could be preparing for a block trade of all or part of his 31.4% stake.

7.DML: Discovery Metals has invited Cathay Fortune Company & the China-Africa Development Fund to return with a higher offer price after rejecting a proposal to acquire the company for $1.70 a share

8. From Zero Hedge…On this day in 1922, the German Central Bank and the German Treasury took an inevitable step in a process which had begun with their previous effort to “jump start” a stagnant economy. They devalued the mark. The new value would be 2 billion marks to a dollar. At the start of World War I the exchange rate had been a mere 4.2 marks to the dollar. In simple terms you needed 4.2 marks in order to get one dollar. Now it was 2 billion marks to get one dollar.

 

9.And ten years on from Bali Bombings..lets pause to reflect on the tragic loss of life and the heartbreak that day caused so many families..both Australian and Balinese.

And finally……………..one last Scottish joke cos I couldn’t resist..

Locals are said to be in a state of shock after Police found a stash of weapons behind the library in Glasgow..A spokesman said the people of Glasgow had no idea they had a library…

I will be on Helen Dalley’s show on Sky this afternoon from 4.30 to 5.30pm ..Business View..not sure I am qualified but we shall see!!

Have a great Weekend and next time you read this I will be at BBY!!

New Contact details although the old ones will work for a while!!

 

hcj@bby.com.au

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.