Morning all,

Well ,another dummy spit last night from our Wall Street friends will test our resolve today (they really thought ‘Wrongney’ could win..must have watched too much Fox News!)…the only good news is the commodity prices were better…Gold especially good.

It is gonna to be hard to sustain bullishness in this environment..however I continue to believe that Gold and other hard commodities will be a beneficiary of this environment…we have a number of banks going EX today so that will take the wind out of the market with 18 points of loss just on NAB and WBC..expect a down 50 day…might get a bit of panic to begin with before a small rally towards the close…there will be many pundits and talking heads out there telling you it’s the end of the World and if you look at my chart of the day at the end then it’s not looking too flash, but these are the times that can really help build positions for the good times as others panic!!

And in the only good news the Government has decided not to introduce an internet filter!!!

Figures out today  China: CPI, IP, FAI and Retail Sales data out today for the month of October

Idea of the Day

Safety first…back to safe yield stocks and Golds ..has been the theme all year so why change..TLS, Banks, Golds like SLR,IGR,SBM and BDR..especially like BDR…(first Gold to be poured in this one soon..)re-rating if they can break 1.00…10-15% upside if they can!!

Things to make me go all Kevin Costner(Prince of Thieves)

1.Greece cancels Xmas (public servants won’t get the day off!)…can’t get its hands on the Troika money just yet either..maybe next week or end of the month..get the credit card out..oops forgot you are over your limit!!….and in more Greek news …they are now thinking of scrapping the ban on short selling!!! Greece’s benchmark ASE Index (ASE) has surged 67 percent from a two-decade low reached June 5 as European Central Bank President Mario Draghi pledged to do everything necessary to defend the euro.

2.As Greece is back on the agenda 58% of youths aged between 16-24 are unemployed!!! That’s scary..the headline rate has also been revised up..this is not going to end well..no matter what Super Mario says…The EU Commission cuts its forecast for Eurozone growth on Tuesday. It now expects the bloc to growth by just 0.1% in 2013, down from a previous forecast of 1.0%.

3.Apple now down 24% since I got upset with them over their IOS6 software upgrade and lost all my pictures..Samsung has now overtaken them as the biggest seller of Smart phones…come back Steve…

4.The large Iron Ore port development at Oakajee has been scrapped..they couldn’t get the money for it…not sure it’s a surprise at all…was never going to happen..

5.Origin slips in a profit downgrade at 7.10 last night..suspect they hoped that no one would notice..wrong…gonna feel the pain today!!!!Never a great idea to try it when no one is looking..note to Investor Relations guy..this strategy DOES NOT WORK!!!

6.LYC –Got the injunction lifted yesterday on its Malaysian production permit..good news but sure there will be more intrigue to come…

7.Yesterdays unemployment numbers were better than expected with the economists all wrong as usual..not sure why anyone employs these people..they are woeful..I will also predict that the RBA will not lower rates in December either..I am no economist so no one will listen but that’s my call…it’s not like the banks are passing on the cuts and it’s not helping get the dollar down so why bother..better to get Bouris to team up with the Millionaire Factory and offer cheap loans!!!That may work…

8.Groupon came out after hours…this one is going down in a hurry!!!Clip that coupon!!!

9.What is the Fiscal Cliff…..

 

 

9.As a major Rolling Stones fan I would just like to thank Mick and Keith for writing a new killer song…even at their age they have still got it…One More Shot..well worth a listen!!

10.And for the bears out there..and there are a few ..you know who you are…this little gem…spooky similar to 1987!!

And finally to end on a good note for the weekend…..not one of my son’s I am afraid!!!Jill this is all yours!!!

Bloke at a horse race whispers to Paddy next to him “Do you want the winner of the next race?”

Paddy replies..

No tanks, he says ..I’ve only got a small garden.

It’s the way I tell em!!!

 

And this is the Quote from Robin Hood…

Sheriff of Nottingham: Wait a minute. Robin Hood steals money from my pocket, forcing me to hurt the public, and they love him for it?

Sheriff of Nottingham: That’s it then. Cancel the kitchen scraps for lepers and orphans, no more merciful beheadings, and call off Christmas.

Have a good weekend

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.