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Morning all,

Well onwards and upwards as ANZ delivers a better than expected profit and a rise of 11% in the Dividend. What more can a man want. Of course, now it will be up to NAB and WBC to mat6ch this shareholder largesse but the boards won’t want to be seen as Mr Scrooge especially given the similar monopolistic nature of their businesses. The increase in profit came as they failed to pass on the rate cuts from the RBA and a decrease in bad debt provisions, hardly surprising given the current unemployment rate. Good news for shareholders, not such good news for Mortgage holders though. Still like things like MOC though!!

Last night the Dow edged up towards its all-time high again whilst the S&P hit it. Yeehaaa! Volume was the lowest of the year though, but economic figures are suggesting that the recovery is still intact albeit somewhat apache..thats a red indian joke…anyway it appears that the spending cuts the Government has been forced to make are having appositive impact on the budget position. “The pay-down in net marketable debt was estimated at $35 billion in the April-June period, compared with a projection three months ago for net borrowing of $103 billion, the department said in a statement today in Washington” .They still owe close to 17 trillion though so a little way left to go on that credit card debt!

Expect another great big blob of green in the financial sector with maybe some buying of resource stocks as things are picking up in Gold Oil and Coppper…they have fallen a long way and at some point they will look attractive..at some point!!Yesterday was stronger than expected but the ANZ numbers will push banks higher and everyone will feel warm and fuzzy..TLS to hit 5 bucks very soon!!Sure thing!!

Idea of the Day

For those of you who still have the gold bug…one of my favourites is BDR..currently around 70 and look like they are pushing ahead …results this morning from their Duckhead project in Braqzil were very encouraging..41m at 54g/t Gold…including 1m at 1817g/t..not too shabby…I believe that this one has got great potential and if we see a continuation of the gold price rise we will see it back over 80!!

Buy at 70 for the move to 80c as Gold rises…downside is probably 65 ish if we see falls again in gold!

Of course you could just stay safe and buy the banks!!

Things to make me go there’s a hole in my budget, my budget ,my budget…….

1.Good to see the Government is now looking at tax hikes to pay for all its stuff it has promised…mining tax not delivering, who would have thought..if you let the taxpayers design the tax is it any wonder that they don’t end up paying tax…wish I could do that.

2.Sydney Airport is officially the worse service and most expensive..really? Who would have thought!

3.New Italian PM sworn in helps Zombieland feel better and the push back against Austerity will continue..everyone wants more time to pay and more lee way…new Italian PM..’Lettas Pray’ will have his work cut out trying to appease ‘Moaning Mertle’ and providing Bungasconi with party time!

4.BHP Billiton has got off to a flying start in its fresh round of asset disposals by pulling in a better-than-expected $US650 million ($629.5m) from the sale of its Pinto Valley copper mining operation in Arizona. Pinto Valley was one of more than 10 non-core assets flagged early last month that BHP could have on the chopping block. The cash proceeds will come on top of the $US4.47 billion already pulled in since last August from asset sales.

5.IOOF Holdings is assessing the merits of an offer for The Trust Company (TTC), which would rival an all-scrip tilt by Equity Trustees. IOOF is considering an offer which may include a cash component as well as shares, but is yet to decide whether to lob a formal bid.

6.Woolworths  is under increasing pressure to reveal more details about the financial performance of its $1.5 billion hardware joint venture after a broker report foreshadowed escalating losses and asset write-downs. In a report on Monday, an analyst estimated that Woolworths’ home improvement joint venture with Lowe’s Companies of the US, could lose $135 million before interest and tax this year, well above Woolworths’ guidance for a loss of $80 million.

7.Dreadful volume on the Dow suggests that big investors are waiting to see what this week holds from the Fed and Chinese PMI numbers plus Fridays jobs numbers…does seem that bad news means the Fed will pump money in for longer and good news..well it’s just good news!!

8. Confidence in the eurozone economy fell in April for a second consecutive month, increasing the likelihood of a cut in interest rates later this week.Economic morale in the 17 countries using the euro slipped 1.5 points to a worst than expected 88.6, according to the European Commission.

It is now at a 4-month low…..looks like a rate cut to 0.5% is on the cards..not sure that is really going to help the man in the street…6m Spaniards don’t have jobs..3m French and 2.6m Poms! Still 25bps could help them…

9.Back in September 2011 the big four banks were a package price of around 100 bucks …now they are 168 bucks…there your rally in the market!!!We are going on a yield hunt, we are going to catch a big one.I am not afraid!

And finally…

A golfer playing in Ireland hooked his drive into the woods. Looking for his ball, he found a little Leprechaun flat on his back, a big bump on his head and the golfer’s ball beside him.

Horrified, the golfer got his water bottle from the cart and poured it over the little guy, reviving him.

‘Arrgh! What happened?’ the Leprechaun asked.

‘I’m afraid I hit you with my golf ball,’ the golfer says.

‘Oh, I see. Well, ye got me fair and square. Ye get three wishes, so whaddya want?’

‘Thank God, you’re all right!’ the golfer answers in relief. ‘I don’t want anything, I’m just glad you’re OK, and I apologize.’

And the golfer walks off.

‘What a nice guy,’ the Leprechaun says to himself.

I have to do something for him. I’ll give him the three things I would want… a great golf game, all the money he ever needs, and a fantastic sex life.’

A year goes by and the golfer is back. On the same hole, he again hits a bad drive into the woods and the Leprechaun is there waiting for him.

‘Twas me that made ye hit the ball here, ‘ the little guy says. ‘I just want to ask ye, how’s yer golf game?’

‘My game is fantastic!’ the golfer answers. I’m an internationally famous golfer now.’ He adds, ‘By the way, it’s good to see you’re all right.’

‘Oh, I’m fine now, thank ye. I did that fer yer golf game, you know. And tell me, how’s yer money situation?’

‘Why, it’s just wonderful!’ the golfer states. ‘When I need cash, I just reach in my pocket and pull out $100 bills I didn’t even know were there!’

‘I did that fer ye also.’ And tell me, how’s yer sex life?’

The golfer blushes, turns his head away in embarrassment, and says shyly, ‘It’s OK.’

C’mon, c’mon now,’ urged the Leprechaun, ‘I’m wanting to know if I did a good job.

How many times a week?’

Blushing even more, the golfer looks around then whispers, ‘Once, sometimes twice a week.’

‘What??’ responds the Leprechaun in shock. ‘That’s all? Only once or twice a week?’

‘Well,’ says the golfer, ‘I figure that’s not bad for a Catholic priest in a small parish.

Have a good day!!





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