Morning all,

Budget week and the excitement is palpable..Not sure if I am more excited about the ‘Swan Song’ or the Eurovision Song Contest…now for anyone who ever wanted to understand why the Euro Union will ultimately fail, this is the program to watch…well worth brushing up on the rules for the Eurovision drinking game to really enjoy the fun though..happy to explain if you are keen..I know I am!!

So what has this week in store…quiet start expected with focus once again on stocks that benefit from a collapse in the Aussie Dollar…at least against the US!……once again we may see the buying in resource stocks out-weigh the buying in banks…WBC and MQG are ex-dividend today so don’t panic if you see lots of red in their share price…that will cause a negative opening I suspect. Commodities were a little weaker on Friday so enthusiasm for Resources may be a little limited…not expecting much today…all eyes will probably be on the dollar and the parity party!!

Friday’s action was pretty pathetic with the market slipping most of the day after being up nearly 50…5200 on the index again and may slip beneath it this morning….BUDGET and DOLLAR will be the focus!!

Nice to see my pick MOC pushing up to 2.20..if you have been long maybe around 2.25/2.30 is the time to take profits…It’s been a nice ride!!

Idea of the Day

For those looking at stocks to benefit from a lower dollar here are a few suggestions….

Company	Ticker	Revenue USD (%)
James Hardie Industries Plc	JHX	68.01
Amcor Limited	AMC	60.75
Sims Metal Management Limited	SGM	59.60
News Corporation	NWS	56.15
Resmed Inc	RMD	54.73
Cardno Limited	CDD	50.52
Nufarm Limited	NUF	49.49
Brambles Limited	BXB	47.53
Aristocrat Leisure Limited	ALL	46.58
Treasury Wines Estates Limited	TWE	44.45
Breville Group Limited	BRG	42.28
Cochlear Limited	COH	40.85
Westfield Group	WDC	39.45
Ansell Limited	ANN	38.51
CSL Limited	CSL	38.13

Things to make me go mmmm….

1.Chelsea win!!yay..Champions League looking good for next year!

2.The More Joyous Affair is set to get more interesting today with Suzee Fenech joining the fun and Eddie Obeid is back in the box at ICAC…

3.European policy makers expressed a willingness to consider new ways to revive their ailing economy as they confronted fresh U.S. pressure to take action.The bloc’s finance ministers and central bankers left weekend talks of the Group of Seven signaling that they’re poised to scale back austerity, are open to increased monetary aid and looking to unfreeze bank lending.

4.The big banks have cut more than 1600 jobs over the first half of 2013 as part of a drive to bring down costs and maintain record profits. ANZ Banking Group has made the deepest cuts to its workforce, but Commonwealth Bank of Australia and National Australia Bank have also shed hundreds of jobs, while Westpac Banking Corp was the only one of the big four to increase employee numbers.

5.17 shot in a US Mother’s day Parade…NRA will defend this madness from their Cold Dead Hands!

6.Dylan ,a 25 year old US day trader’s comments sum it up nicely  “I understand the idea that maybe you’d want to do something more meaningful, but I don’t think I need to worry about that at my age.”

7. German Finance Minister, Wolfgang Schaeuble, said the eurozone crisis is no longer the main risk for the global economy. He said a “relatively high level of liquidity” could cause problems and that he had told Japan there are already consequences of its policy to pump money into its economy.

8. “We have nothing to fear but the lack of fear itself” according to Zerohedge this morning…that and NYSE margin debt at extremes once again, complacency at all-time highs, valuations (across equity and credit) frothy…what could possibly go wrong?

9.Another trading update this morning from Mining Services company Coffey..scythe will be put through this one…gonna be like a Game of Thrones episode..lots of blood  and a few things laid bare…significant softening in Australian conditions..economy contracting!No Final Dividend..digging deeper, thinking smarter! Not at the moment!!

10.Overseas trips getting a bit more expensive by the day!

And Finally………
If the greatest trick the devil ever pulled was convincing the world asset bubbles don’t exit, the question is who really is QE Soze?

And for those looking for the Ultimate Euro Party game…http://www.crikey.com.au/2010/05/28/daily-proposition-the-eurovision-drinking-game/

Have a good day

Clarence

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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