Morning all,

We seem to have a new game in town..as it’s a given that on Tuesday’s the market will go up ,the new game is front running the Tuesday bounce.US markets had a sparkling end to the session as buyers anticipated this new normal..21/21 perhaps tomorrow? Go on let’s try for Black Caviar’s record.

Yesterday’s fall in resources came despite the better than made up Chines numbers but the Tokyo drift continues to sap optimism! Another 4% yesterday..yikes…

Anyway expect our market to stage a small Sir Walter (rally) today and push a little higher..but won’t get too carried away until we see the RBA announcement at 2.30pm..if they cut you know things are really bad!!Would also expect banks to be muted whilst we rotate back into resources…banks had their day yesterday and need to breathe.

Idea of the Day

Just been to a presentation on OSH from our very good oil analyst…he is positive on this one and believes that as the PNG LNG Gas train commissioning draws to an end we will see this one get rerated as a LNG producer..it then starts to throw off lots of cash and that is then available for lovely dividends..Exxon is the operator of the PNG project and cost blow outs and delays seem to be the biggest threat to the thing…NOT the vast amount of US gas that is going to be available to ship to Asia..according to Scott and he knows a thing or two about this stuff,the US gas will be the same price as good old Aussie or PNG gas…so not so much of an issue as some would make out…so the upshot in all this is that OSH are a good alternative to WPL and a pure(ish) play on an emerging LNG producer..he has a valuation around 10 bucks …its certainly one to keep an eye on and buy as a good leveraged play on rising energy prices…any weakness below 8 should be an opportunity..

Things to make me go mmmmm…

1.Analysts’ sell ratings for ASX 200 companies compiled by Bloomberg rise above 20% of total ratings for the first time since at least the start of 2008. That compares with 15% of total ratings 1 year ago 551 sell ratings as of June 1, 2013, highest since at least Jan. 2008; 372 sell ratings a year earlier…mmm..good to see they are now bearish after we have fallen from 5220!!

2.CBA, ANZ, WBC, NAB : The BIS has proposed that faltering “too big to fail” banks such as Australia’s big four lenders in the event of a crisis be wound up over a weekend and their assets carved up and sold, so that shareholders and creditors, not taxpayers, would incur the losses.

3.Reckon the sell off in COH was overdone yesterday…seems more of a timing issue than anything as new buyers wait for the super doper model…still looks like the CEO’s comments are falling on deaf ears!

4.Now if you cant get the rights yourself ,make sure that whoever does pays so much they can never make any money from it..well done TEN…Nine Entertainment Co: has secured the rights to international cricket games for $450 million, using a series of deals with WIN Corp to offset the hike in fees it will pay to Cricket Australia. CA struck a separate agreement with Ten Network for the Big Bash competition, costing $100 million…all part of a plan so cunning it has been to the International School of Cunning in Lucerne!

5.May was the worse month in US bonds for nine years!

6.The “Special One” Mourhino has been confirmed as the new Chelsea manager…

7.Good news for Copper bulls and you know who you are.. Copper futures climbed the most in more than three weeks as a shutdown at the world’s second- biggest mine and an unexpected increase in a Chinese manufacturing gauge fueled supply concerns. Freeport-McMoRan Copper & Gold Inc. said a probe of accidents at its Grasberg mine in Indonesia may halt work for as long as three months.

8.Poor old TLS seems to be bearing the brunt of the asbestos liability issue…feel a bit sorry for them as no one would be disturbed and threatened if those nice people from the NBN were not out there disturbuing their tinnels..maybe the $11bn they get form the government will help pay for this!!

9.BBG are back…now I had a chat to my 16 year old son and his mates on eth weekend about this baby..how to solve the problem that is Billagone…as I suspected all along kids won’t buy stuff their dads wear..the marleting team at Billagone have not changed their target market at all..it just grew up and the company continues to s ell to the ever ageing population..in short the brand is stuffed ..according to Will anyway..looks like everyone has walked away from this..I expect this to end badly!

And finally…

A girl asks her boyfriend to come over Friday night to meet, and have a dinner with her parents.

Since this is such a big event, the girl announces to her boyfriend that after dinner, she would like to go out and make love for the first time.

The boy is ecstatic, but he has never had sex before, so he takes a trip to the pharmacist to get some condoms. He tells the pharmacist it’s his first time and the pharmacist helps the boy for about an hour. He tells the boy everything there is to know about condoms and sex.

At the register, the pharmacist asks the boy how many condoms he’d like to buy, a 3-pack, 10-pack, or family pack.

The boy insists on the family pack because he thinks he will be rather busy, it being his first time and all.

That night, the boy shows up at the girl’s parent’s house and meets his girlfriend at the door. “Oh, I’m so excited for you to meet my parents, come on in!”

The boy goes inside and is taken to the dinner table where the girl’s parents are seated.

The boy quickly offers to say grace and bows his head. A minute passes, and the boy is still deep in prayer, with his head down.

10 minutes pass, and still no movement from the boy.

Finally, after 20 minutes with his head down, the girlfriend leans over and whispers to the boyfriend, ‘I had no idea you were this religious…’

The boy turns, and whispers back, ‘I had no idea your father was a pharmacist.

Have a great day and can the Dow make it 21/21 tonight!!!!I am betting against it BTW…was all done on Monday!!!

Have a good day

Clarence

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