Morning all,

Everything up as the Mighty Greenback gets an Uncle Ben Whack!!

Last night the Fed Chief spoke and nothing new really….until after the scripted part of his speech he started ad libbing…as a result the futures markets rallied after hours and the USD fell…he keeps on saying that any tapering will not affect the low interest rate environment…his two targets for the US economy are inflation above 2.5% and Unemployment below 6.5%..he also interestingly said that the current unemployment rate is overstating the health of the US economy.So really he has said that when he leaves in February he has handed the ball of getting out of money printing to his successor.It will be someone else’s problem …of course all that money continuing to be pumped in is bad for the US dollar and it slumped causing the Aussie to rally 2 cents!!

Anyway yesterday all was going fine until the Chinese trade numbers which showed that things aren’t too flash..of course the Shanghai market took that as a positive and had a  big rally as stimulus hopes emerged..but it did nothing for our market..well it did..it killed it! From a high around 4950,which was my suggested target ,we retreated all the way back closing up a mere 19 points…so today we may see some buying again as China stabilises and the US market points higher.Of course the Dollar will help sentiment and we have Kev13 at the poress club today plus Unemployment numbers to come ..so plenty to think about..be nice if the volumes were greater all round but we can only hope.

Expect another go at 4950 today or tomorrow in light of Uncle Bens comments and Shanghai gains…free money forever!!

Idea of the Day

Still think NCM is one to look at ..under 10 bucks..at some stage the incumbent lousy management are going to have to fall on their swords either voluntarily or the board will just have had toio much..more job losses and more cost cutting…how bad can it get…somebody should put them out of their misery!!

Things to make me go mmmm…

Interesting first day at Trent Bridge..looks like Warner has been sent to Africa for a (Joe) Root.

Uncle Ben gave his retirement speech last night..killed the US Dollar and pushed everything else!!Look out Princetown!Hes coming back..

Some rare good news in the Rare Earth markets.Rare earth cos. advanced today, Medallion Resources, Molycorp, Avalon Rare Metals among outperformers. Recent China events may be acting as catalyst, analysts say. Some funds may be buying a basket of companies since not all rare earth stocks up. Established names traded well; short squeeze also possible.

In my experience its hard not to make money out of roads in the right place..once again TCL has shown the way forward. Transurban’s: road improvements have started to pay off with stronger traffic flows, helping the tollroad group increase 2013 proportional revenues by 5 per cent to $991.4 million. Transurban – which reports revenue on a proportional basis, measuring ­revenue relative to the group’s own­ership stakes in its assets – generated traffic increases on all its roads in ­Australia and the US, with the exception of Sydney’s M5 south-west motorway, which is being widened.

Australia Unemployment Rate today at 11.30am Jun – Survey: 5.60% Prev: 5.50%..I reckon we will see more …

Westpac: is seeking to raise about $750 million from an issue of Basel III-compliant securities, as the banks continue to get their balance sheets into shape for the new global banking rules.

Things are getting spiced up at the old RAMS home loan business..another erason to like MOC I reckon!I Investors are betting Resimac will raise its takeover bid for mortgage firm RHG, after Pepper Australia launched a rival offer for the company previously known as RAMS.Two days after RHG urged its shareholders to support a 44.1¢ a share takeover bid from Resimac, Pepper offered 46¢ a share for the business on Wednesday.

Under the latest proposal, shareholders in RHG would receive a total of $142 million for the company – while RHG is set to pay a separate dividend of 3¢ a share.

And finally….

A young Sydney woman was so depressed that she decided to end her life by throwing herself into the Harbour.

Just before she could throw herself off Circular Quay, a handsome young man stopped her.

“You have so much to live for,” said the man. “I’m a sailor, and we are off to Italy tomorrow. 

I can stow you away on my ship. I’ll take care of you, bring you food every day, and keep you happy.”

With nothing to lose, combined with the fact that she had always wanted to go to Italy, the woman accepted.

That night the sailor brought her aboard and hid her in a small but comfortable compartment in the hold.

From then on, every night he would bring her three sandwiches, a bottle of red wine, and make love to her until dawn.

Two weeks later she was discovered by the captain during a routine inspection.

“What are you doing here?” asked the captain.

“I have an arrangement with one of the sailors,” she replied. “He brings me food and I get a free trip to Italy.”

“I see,” the captain says.

Her conscience got the best of her and she added, “Plus, he’s screwing me.”

“He certainly is,” replied the captain “This is the Manly Ferry…”

Back on Sky TV at 6.30am tomorrow!!!See you then!

Clarence

XXX

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