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Morning all,

Having spent a weekend away in the Snowy Mountains walking in the wilderness in Jajungal, it’s hard to focus on financial markets.

Mt Jajungal at Dawn

Mt Jajungal at Dawn

So I will keep this very brief and be back in the swing tomorrow.

It going to be all about the banks this week as results come thick and fast starting tomorrow with ANZ then WBC on Friday and NAB next week. The search for yield is still all compelling as it drives banks and TLS plus other defensives higher.

This week we get to see how much money the banks have made and how much they are going to splash on shareholders…let’s hope it satisfies the baying crowd.

Budget leaks will be coming out of Canberra as we approach the dreaded day..although let’s face it no one really cares as there will be a new Government in September so legacy issues will be the Gillard Government Focus..$12bn hole is yet another reason to kick ‘em whilst they are down.

Back to normal tomorrow but Dividends are the focus..quiet day expected with +/- 8 points …WPL go ex div the special tomorrow so they may hold up for another day.

And the Gai Waterhouse /Singo gloves off stoush is the best entertainment for some time…

Have a great day…normal service will resume tomorrow.

Clarence

XXX

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

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