Morning all,

Missed it by that much…Dow nearly hits all time high before reversing all engines and finishing down 20…a few good numbers out economically but the GDP at barely a positive was a big disappointment and will keep the bulls from rampaging for a day os so longer. Yesterday our market got on the good drugs and just powered ahead..company results have been good and the huge amount of money sitting on the sidelines is really worried that the party is starting without them. Banks were especially in demand..remember when you could buy all four Aussie banks for $100 all up…wasn’t that long ago..September 11!!!Now look at them over 156 bucks for all four…and that’s not including dividends..anyone who reads my daily email and watches me on Sky TV will know that I have been banging on about the banks and TLS for so long now it’s not funny…I know it’s boring but hey boring is good sometimes…up over 56 % since those dim and distant days in Sept 11…anyway nice to see BRU start to move yesterday as well which I talked about a few days ago on the back of my view that the Chevron deal with BPT was good for the big boy in the Canning Basin…stock hit 271 after some drill results added to the appeal…there is still a large short position in this one so any dips are worth buying below 2.50.

So where to from here, I have been hoping for a pullback but after yesterday’s steroid induced rally it’s hard to see when…today will be a quieter day but still minimal damage will be done…now at some stage there will be a reckoning but the coordinated easing and pump priming by all Central Banks is hard to fight…strangely there is $588bn on deposit in the Nation’s banks as at last month..up $10bn from a year ago…that’s a big buy order when it comes…pick me, pick me!!

RBA meets Tuesday and the geniuses have worked out that the Aussie Dollar is overvalued by 5%…tell that to the hollowed out economy in manufacturing ,retail and education…it has taken them this long to work it out…genius!

Market down 10 today ,call that a pullback, that’s not a pullback!!

Idea of the Day

TEN-Seriously….This one is starting to look really interesting…Kerry Stokes is building a stake, NEWS is in the background, New Gov to come with new laws perhaps,now they have hired Adam Boland from Sunrise and it’s an election year when both parties will spend huge amounts of money trying to change the vote of three people in Western Sydney..everyone else has already decided …I think this one has 40 cents written all over it…seriously…of course it is speculative but the shareholders have big pockets and it’s a valuable franchise if they get it right..in fact even if they put on endless reruns of Ellen, it would work!

Things to make me go mmmm….

1.If anyone is keen on technical ,one of the best chartists around is working for BBY and giving some free seminars here in Sydney on 12^th March at 12.30 and 5.30…I have worked with Regina Meani many years ago and we are still friends and despite my scepticism of the tea leaves, this lady knows her stuff and I listen..so if you are interested in coming along let me know..I will be there and may even shout you a drink after!!

2.Kerry Stokes has emerged with a $40 million ­holding in rival Ten Network as the ­federal government considers media reforms that could shake up the ­television landscape. The Perth billionaire then participated in Ten’s $230 million second capital raising announced that day so as not to be diluted. He is believed to hold just under 5 per cent of the struggling media group that last week axed its chief executive, James Warburton.

3.On Sky this week I tipped three stocks that I liked in the media sector..TEN,FXJ and APN ..good to see them all doing well this week…there are moves happening in this sector and in a year of Federal elections with all the money on ads that it will entail,I am a fan of old school media ..it looks like value to me.

4. Britain’s bailed-out Royal Bank of Scotland on Thursday posted its fifth straight annual loss for 2012, when it was hit by a string of scandals, but added that its boss would still take a deferred bonus.Bless! Losses after tax ballooned to £5.97 billion ($US9.05 billion, 6.89 billion euros) last year, compared with a shortfall of £1.997 billion in 2011.

5. The Lowy family’s investment vehicle, run by the eldest son David, is looking to raise close to $665 million through the sale of the family’s entire 7 per cent stake in Westfield Retail Trust.Broking house UBS has been instructed to sell 214.8 million securities in WRT, which is equal to 7 per cent of securities on issue at $3.09 apiece. It is currently being undertaken by way of a fixed price bookbuild. This comes after such an upbeat commentary from the company..something we don’t know perhaps?

6.Extraordinary start to a letter to Groupon employees after the Boss leaves the company after disastrous results..I quote.. “After four and a half intense and wonderful years as CEO of Groupon, I’ve decided that I’d like to spend more time with my family. Just kidding – I was fired today. If you’re wondering why… you haven’t been paying attention.” Love this guy!!He goes on to say…

“I’m OK with having failed at this part of the journey. If Groupon was Battletoads, it would be like I made it all the way to the Terra Tubes without dying on my first ever play through”.

And there he lost me completely!!!!!

7.Senate rejects staying the budget cuts..they are on, ladies and gentlemen…they are on!!85bn this year coming to a US department near you soon..and Detroit has filed for bankruptcy…Government to step in..bet OWEbam is glad he bailed out GM after all!!

8.Back home… NAB: is poised to announce its first major shake-up to the executive team in his four years in the top job….Rio Tinto: has continued the rapid overhaul of its executive team, naming former BHP Billiton CFO and Transurban chief executive, and current director Chris Lynch to replace longstanding CFO Guy Elliott, who is also Rio’s longest-serving board member.

9.Gold got smacked again to finish another dismal month in the Canine Club…Companies being tossed out of indexes to make way for Industrials faster than you can say S&P rebalancing…

10.And yet another reason to buy TEN..Adam Boland the media genius behind Sunrise is joining TEN!!!its official it’s on his twitter page!!This one has some good upside…would suggest to the Board that they reinvent the channel with a bias towards women..after all Seven has its boys Channel 7 Mate ..so why not one for the girls..50% of the population would tune in…if they can get hold of the remote that is!!

And finally…………thanks to my friend Martin…

Four guys have been going to the same fishing trip for many years.

Two days before the group is to leave, Ron’s wife puts her foot down and tells him he isn’t going.

Ron’s mates are very upset that he can’t go, but what can they do.

Two days later the three mates get to the camping site only to find Ron sitting there with a tent set up, firewood gathered, and dinner cooking on the fire.

“Shit Ron, how long you been here?  How did you talk your missus into letting you go ?”

“Well, I’ve been here since last night. After dinner at home yesterday evening, I was sitting in my chair and my wife came up behind me and put her hands over my eyes and said, ‘Guess who ?'”

I pulled her hands off, and she was wearing sexy brand new lingerie.   She said had been reading ‘Fifty Shades of Grey’ and she had a devilish look in her eyes!!!

She took my hand and led me to our bedroom. The room had candles and rose petals all over.

On the bed she had handcuffs, and ropes!

She told me to tie her up and cuff her to the bed, so I did.

And then she said, “Do whatever you want.”

So . . . . here I am!

Have a great weekend

Clarence

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