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Morning all,

Once again the Dow juggernaut rolls on with good economic figures boosting their market as every talking head on CNBC now is so bullish..that is after being so bearish for most of the run..we will of course follow suit despite somewhat weaker than expected numbers from China over the weekend.

Expect to see our market resume its march upwards. My hope for a sustained pullback looks a little lost at the moment..no one is listening and the negatives are being ignored.We are starting to see a recovery in resource stocks at the expense of the banks..this theme is likely to continue and BHP and RIO should lead the way.

Slow start to the day but there is good underlying support so it will grind higher..although Melbourne is on holiday so may be a little quieter than normal.

Idea of the Day

If you are interested at all in what the tea leaves are saying about the market I would suggest coming along tomorrow to see our in house expert Regina Meani tomorrow.

We will be hosting two Technical Analysis Presentations at 12.30pm and repeated at 5.30pm on the Top 20 Stocks, highlighting a “Stock of the Month”

And find out what’s happening in the overseas equity, commodity and currency markets.

We will also be producing a report in the event for those that are interested and cannot make the Sydney Presentation.

Things to make me go all RBA…

1.Uncle Glenn wants another term …well you would wouldn’t you as the pay is so good and you don’t really have to do that much..they certainly haven’t.The RBA only now seems to be waking up to the fact that the high dollar has killed most of the economy..bit late guys..

2.Still they have revealed that the RBA had been infiltrated by a Chinese-developed malicious software, or “malware”spy program that was seeking intelligence on sensitive G20 negotiations.

3.Chelsea pull out two second half goals to draw with Manchester United in the FA Cup..good stuff guys….looking forward to the replay.

4.It’s on… Chinese Foreign Minister Yang Jiechi said Saturday that “Japan needs to face up to reality, and take real steps to correct its mistakes… so as to prevent a further escalation,” with regard the demand that Japan reverse its nationalization of the small islet chain of the Senkakus. In other words ..give us the Islands or your economy gets it! And in numbers out of China  retail sales and industrial output had their weakest combined start to a year since the global recession in 2009.

5. Beach Energy has signalled its projects in central Australia’s Cooper Basin could eventually generate enough shale gas to supply Sydney, as well as export. Beach Energy managing director Reg Nelson, told ABC on Sunday that between 10 and 20 per cent of the 300 to 600 trillion cubic feet of gas available its Moomba development could be extracted.

6. Federal Reserve Governor Elizabeth Duke said the improving housing market shows that the central bank’s $85 billion in monthly purchases are working to boost the economy. “Monetary policy has clearly set the stage for a revival of the housing market,” Duke said today according to prepared remarks of a speech in Avon, Colorado. “Record-low interest rates have sparked interest in homebuying ”.

7. TPG has bought Australia’s biggest poultry producer, Ingham Enterprises, for about $880 million in a deal which puts the empire founded in south-west Sydney under the control of private equity.

8. The figures showed the US unemployment rate fell from 7.9 per cent to 7.7 per cent in February, with 236,000 jobs added to the economy. The figures were stronger than expected and lifted the US dollar against its Australian counterpart.

Non-farm payrolls was the big surprise and that’s what caused the Australian dollar to have its downward turn on Friday.

And finally……. A Kiwi walks into a Bunnings and asks for a chain saw that will cut 6 trees in one hour.

The salesman recommends the top of the line model. The Kiwi is suitably impressed, and buys it.

The next day he brings it back, complaining that it would only cut down 1 tree and it took ALL DAY!

The salesman takes the chain saw, starts it up to see what’s wrong, and the Kiwi says, “What’s that noise?

Have a good Monday