Morning all,

Feeling a bit drained this morning after all the excitement of Eurovision last night! If you ever wanted a snapshot of all that is wrong with Zombieland and who they will ally themselves with when the chips are down, this is it in a nutshell….the real joy of Euro of course is now twitter and facebook..it really was made for these sorts of events..fabulous fun and the humour is just brilliant..anyway Denmark won and now have to stump up the money to put on next year’s event!!Unlucky!!

Highlight had to be the Romanian entry with a Falsetto singing Transylvanian Vampire!!!Oh and the Greeks have worked out how to save their economy with their entry..’Alcohol is Free’!!!(their entry)Takes Happy hour to a whole new plain!!But I am all for it!!! What a way to get the tourist dollar back!!!

US markets once again surged on Friday breaking new records so expect some warm and fuzziness to spill over to our market..and maybe now that we have the Budget behind us we can all get on with our lives…Gold of course is more unloved than Julia Gillard at the moment…everyone is a bear and selling it..another terrible night on Friday so expect the miners to be under a cloud ..

 

Expect a mildly positive day but resources once again likely to lag given but Iron Ore,Copper and Oil all mildly positive will help

Idea of the Day

As a friend of mine wrote today(you know who you are Richard!!) the world of cheap or even free money cannot last forever…couple of Fed Chiefs are already hinting at that…at some stage the US will withdraw ‘Benny and the Inkjets’ stimulus…of course Japan is just getting started but keep an eye on the employment numbers in the US…the bubble that is being blown by the Inkjet printing has potential to burst over their faces so they will do everything they can to ensure it should not come as a complete surprise…I think we will see the US outperform our market for some time as the election gets nearer and nearer and the polls get closer and closer…this election is NOT a lay down misere…nothing ever is..so enjoy the bubble while it lasts but expect better performance from the US dollar earners…the CSL,RMD,JHX,NWS,BHP, etc..I can send the list again of high US dollar earners…

Things to make me go…..Torres!!!!

1.Torres finally scored this season for Chelsea to beat Everton 2-1 to clinch third!…..and Sir Alex goes out with a 5-5 Draw for Man United.

2.Challenges continue to grow for the Chinese leadership as it grapples with how to grow whilst not allowing bubbles to continue.. China’s new-home prices rose last month in 68 out of 70 cities tracked by the government. Increases in Guangzhou, Beijing and Shanghai were the biggest on a yearly basis since a change in data methodology in January 2011.

3.And of course it’s the Government’s fault but Mortgage wars have broken out with WBC leading the charge.. one-year fixed-rate home loans to 4.79 per cent, while its Bank of Melbourne and St George divisions lowered their one to five-year fixed rates to below 5 per cent. Mortgage rates are at their lowest since the global financial crisis.

4.LNG risks rise as US approves gas terminal in Texas. The threat posed to future Australian liquefied natural gas projects by US shale gas has deepened with the Obama administration approving a terminal in Texas as the first allowed to send shipments to Japan. Exports to countries that the US does not have free-trade deals with, including Japan, Russia and China, are banned under US law unless they receive an exemption from the Department of Energy…this could be a positive for BHP given they paid a lot of money for Petrohawk.

5.Yellow Brick RoadCEO Matt Lawler has warned the big four banks and AMP that financial planners are agitating to break ranks from institutional control and set up, or join, independently owned businesses.

6.South Africa’s National Union of Mineworkers said it would seek pay rises of up to 60 % from gold and coal producers, raising the prospect of fresh strikes in an already volatile climate.

7.Yahoo buys Tumblr for 1.1bn …really? There’s a quick Bill gone down the drain!

8.Andrew Forrest’s Fortescue Metals Group has been told to change the way it charges for access to its Pilbara railway, as regulators grapple with the ambitions of iron ore junior Brockman Mining.Western Australia’s Economic Regulation Authority has ordered Fortescue to supply a new pricing structure for the railway by Monday.

9.Looks like the coalition is contemplating a rise in the rate of GST…retailers will be happy…online will just kill these guys if that happens…may not be too smart Tony…Gerry Harvey will run a  campaign bigger than the miners!!

10.Good to see Korea flexing its missile muscles again!!Had forgotten about them in all the Wall Street euphoria!

And finally……

A blonde, brunette and a redhead run to the top of a burning building. Below, a few firefighters are holding a blanket telling the redhead to jump.

When the redhead jumps the firefighters snatch the blanket away and she hits the concrete.

When the firefighters ask the brunette to jump she jumps and again they pull the blanket away.

 

When the firefighters ask the blonde to jump she replies, “I don’t trust you, so just put the blanket down and back away.”

Have a good day!!

Clarence

XX

PS. The joke is the hardest thing in the morning to find so pleeeeasse help and send in your recommendations for joke of the day…

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