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Morning all,

Another soft lead overnight with no new news from Uncle Ben still struggling to justify his job in case Romney wins..the close state of the US election is just a warm up act for the deadlock in the Congress looming over the fiscal cliff..in a months time this will be the story!

Expect to see our market once again under pressure despite the slightly better than expected flash PMI from China yesterday..not quite so flash but slightly better than expected….ANZ numbers will set the tone for the banks and may lead to a little more profit taking..

For those of you that missed the big run in Gold don’t worry you will get your chance as Gold will slide a bit more and with it gold shares, but looking a little further out past the next month or so it will bottom and begin to push ahead again..we may see 1650-1600 though before then..need to flush out the weak holders first!!!!

There is no doubt that the only way the World knows to get out of this crisis is to print money…it’s too hard to do anything else..with money printing comes inflation ..with fiat money comes Gold..cometh the hour cometh the commodity…

Our market will be down 20 initially but may try to rally and close down 10..Iron Ore looks good at $118.50 so that will help and other commodities none too bad either…

Idea of the Day

I like BBG..there I have said it…it is an old fogey brand now..the youth that loved it have grown up to be the Dads that think they are trendy..me included…or deluded..one of the two..but I feel that with some weather related sales increase and what the company plans  there may be some light…I think the new CEO’s move to rationalise the numbers of lines they carry is fantastic..I know that when I go into buy anything form a BBG store the array is overwhelming..staggering and most of it just sits there..the designers have gone mad..time to pare back the choice and get rid of the unloved, unwanted lines!!!’The paradox of choice’ lives in BBG

“Most problems arise from having too many choices” Anon

…this is being resolved…not for the faint hearted by any stretch but I think there is 15 c upside to this one..no bad news in the AGM..at least nothing overt and the CEO is buying the stock PA..unlike the Board at FXJ!!!!

Things to make me go Rogue Trader!!

1.ANZ Banking Group has posted a record $5.66 billion full-year profit as it expanded earnings from its domestic and international operations. ANZ’s net profit for the year to September 30 was up six per cent from $5.36 billion in the previous year, but slightly lower than analyst expectations. The bank’s cash profit of $6.01 billion was also up six per cent from $5.65 billion in the previous year.

2.Expect a downgrade from Whitehaven today as Big Nath takes another hit!!

3.The Paris appeals court has ordered former Societe Generale ‘Rogue Trader’ Jerome Kerviel to spend three years in prison and pay back a staggering 4.9 billion euro ($6.25 billion) in damages for one of the biggest trading frauds in history. He may have to ask for a payment plan!!!

In more Crime and Punishment from the US..not nearly as tough as the French!!!

RAJAT GUPTA(Former Goldman Suchs director) GETS 24-MONTH PRISON SENTENCE FOR INSIDER TRADING and gets fined $5m

From Zero Hedge…’Moral of the story: steal $100 million two years in a minimum security country club, electric golf carts included. Look for a surge in insider trading cases with this ruling which makes risks to getting caught trading on inside information not only acceptable, but in fact welcome. The good news, for Jon Corzine at least, is that if the MF Global case ever gets to the sentencing stage (it won’t), his sentence would be to fly economy class for 24-48 hours’
4.Faceplant surged 19 percent to $23.23. Ads delivered to people on mobile devices generated about $150 million during the quarter, or 14 percent of all advertising revenue. That compares with about $10 million in the second quarter,

5.Sydney set to sizzle It could be the hottest day of the year so far in some parts of Sydney, with the heat expected to soar as high as 36 degrees. Good for retailers as summer shoppers hit the streets..will help BBG as well!!

6.China starting to turn the corner..albeit very slowly!

Slowly turning the corner!!perhaps?

 

7. Wesfarmers has overcome tough times in the retail world and lifted its first quarter sales. The owner of Coles, Target and Kmart achieved sales growth across each of its businesses between late June and late September.Total sales at supermarket chain Coles were up 4.2 per cent to $8.4 billion on the corresponding period last year, with food and liquor sales rising 4.9 per cent to $6.6 billion.

8.English Premier league clubs have a shocker in Europe…Arsenal and Man City go down !

9.Where do they find these guys… Republican US Senate hopeful Richard Mourdock expresses regret a day after suggesting pregnancies caused by rape were God’s plan….I mean seriously!!!

10.And for all you Bond fans out there ,That’s me,The new film opens in London tonight..although we won’t get it for another few weeks…it’s a pirate life for me!!

And finally…..hopefully not too politically incorrect..

A turtle was walking down an alley in New York when he was mugged by a gang of snails. A police detective came to investigate and asked the turtle if he could explain what happened.

The turtle looked at the detective with a confused look on his face and replied “I don’t know, it all happened so fast.”

Have a great day

Clarence

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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.