Morning all,

Only a week ago I was on the Telly talking about the Iron Ore price. The Gurus were busily upgrading their forecasts as the price hit $158…at the time I suggested that these guys always upgrade at the top and downgrade at the bottom..they were all predicting the demise of Iron Ore when it hit $87 down to 70 …I reckoned upgrade time was a sure sign that the price had peaked..well last night we had a big fall down 5%…gurus where are you?

Anyway the market is struggling to push higher at the moment and expect a down day today with some profit taking especially in resources…the US seems to be flip flopping around waiting for the Lance Liestrong interview.The debt ceiling will be the focus ,that and the Gun control measures proposed by Smokin Joe…we have unemployment numbers here today so not much before that…expect to see a rise in the headline to 5.4% but underlying participation is weakening masking a structural issue with the economy here. Part time is rising and many don’t register for benefits as they are white collar consultants living on the redundancy money for the time being…worrying some companies have worked out the way to get their share price up..sack 700 workers like Boral did yesterday and watch the price rocket..better than a buy back….easy for CEO ‘s to boost their performance with the stroke of a pen!!May catch on!

The market seems to be unwinding its optimism somewhat and we need some fresh good news to kick us up…New Year money and relief about the Fiscal Bluff won’t last forever and as the big players lurch back to their desks after the Summer break they will need impressing!

Idea of the Day

One to watch…MPO ..has been a complete dog but just appointed a new CEO with $70m in the bank and production of nearly 1000 barrels of oil a day with 26,000 acres in West Texas and 47,000 acres in Sakatchewan plus South African and Canadian interests…speculative but maybe the new guy can turn this puppy around..at 27 cents it is capped at 66m bucks so looks undervalued to me ..chart looks horrible but bottom is in..I think!Speculative buy…very speculative…

 

 

 

 

Things to make me go all Tesco….

1.Not content with finding Horse meat in Tesco they are now adding helicopters to the menu in the Vauxhall Express branch.

2.Apple bounces but for how long….the gloss is coming off this baby..I have been negative since I upgraded my phone software and it lost all my pictures..little thing I know but Apple do stuff so good usually..not recently the competition is catching up..

3.Good to see the Rifle association is the US has caused a stink with their latest ad for arming teachers!!! Check out this ad!!

4.The Fed tells the Germans that yes they can have their Gold back but it will take 7 years to give it to them..bit like the Ashes or the Elgin marbles then! Not sure why it will take them so long to find the Gold with the swastika on but there you go…and looks like a Dutch Political party is asking for their ball back as well…

5.Soverign risk again to the fore as Reuters reported that Islamist militants attacked a gas field in Algeria on Wednesday, claiming to have kidnapped up to 41 foreigners including seven Americans in a dawn raid in retaliation for France’s intervention in Mali, according to regional media reports. The raiders were also reported to have killed three people, including a Briton and a French national. Subsequent reports indicate that the Algerian captives have been let go, and that this is purely an escalation against the invaders, an act which the US state department will harshly condemn at a 1pm press conference, and likely use as a catalyst to unleash US forces in the air or on the ground, to support the French campaign which at last check was going horribly…..must be time for the French to surrender surely.

6.And in Zombieland news….. Tens of thousands of trees have disappeared from parks and woodlands this winter across Greece, authorities said, in a worsening problem that has had tragic consequences as the crisis-hit country’s impoverished residents, too broke to pay for electricity or fuel, turn to fireplaces and wood stoves for heat.

7.Just saw a picture of Joe Hockey who has lost 20 kg since he has had gastric surgery…looks a different man..shame they cannot do something with his brain…

8.Quaterly production report from ILU looks a little like another downgrade to me..no good news out there for this former market darling…

9.QAN gets the green light from ACCC for its deal with Emirates…well a interim green light..final one in March.

10.Sam Stousur chokes…go Tomic!

 

And finally in celebration of Tesco in the UK being pinged for having Horse meat in their burgers here are a few good ones..

 

Sat here reading the label on these Tesco burgers and it turns

out they’re fairly low in fat, but surprisingly high in Shergar

I checked my tesco burgers in the fridge last night , and

They’re off!!!

TSCO-would expect stock to trade down initially this morning,

but not furlong…

I’ve found it tough lately working on the Tesco meat

counter…. I feel like I’m flogging a dead horse.

 

I always thought these Tesco burgers were good, well,…. good to soft in places . . .

Back on Sky TV this afternoon at 4.30pm..see you there!

Have a great day

Clarence

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