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Morning all,

It’s a boy!! Hooray…finally after nine months we know…now for the name..Joffrey perhaps?

Anyway another nothing night on the US last night,although there was some volatility, however commodities were stronger especially Gold as economic figures from the US suggested things are hardly going gangbusters over there. In fact the earnings numbers are hardly brilliant either so the biggest reason the US is where it is, is down to Uncle Ben and the Free money! Long may it last! Bill Gross from the World’s biggest Bond Fund manager thinks it’s good until 2016 but suspect there will be movement well before then ..at least the so called tapering may start if not a complete withdrawl..bit like the US getting out of Afghanistan really!

So to our market..good day yesterday although it did fail to maintain the rises as the index slipped back to 5000 again. Expect resources to pick up the reins today and a modest day in store…Aussie dollar is stronger ,Iron Ore a little weaker and Gold up 3.3%…and oil down a dollar or so..expect another more interest in the NCM’s of the world today..maybe banks going nowhere.

Still bullish on the market at the moment as the pressure cooker continues to boil away..of course earnings season may change that but as long as Central Banks around the world have the John Bull printing set at their command and the presses running faster than the Sun’s Royal Baby edition it’s hard not to think of any dips as an opportunity to buy…

Idea of the Day

TLS has quietly rallied back up to near that 5.00 mark having endured the profit taking and the asbestos issue ..we do have the figures coming up soon and that juicy dividend beckoning!!usually go ex around 20th August..and we know its going to be 14cents so as we head into this number we can look at the old three divs in 13 months routine…that would be 42 cents over 13 months..not too shabby and all fully franked…so no reason to sell TLS here..if you don’t own any then worth a look on any weakness..that’s a 8.5% yield fully franked in 13 months.

Gold obviously today..like BDR and should see them push higher and my idea to buy NCM on the fall below 10 bucks is looking better and better…shame more people didn’t listen but that’s the market at the moment and I guess I have to get one right every now and then.

Also nice to see my little GEM’s pushing higher as I suggested last week..hit 277 yesterday..more to come ..


Things to make me go mmmm….

Just when every talking head was predicting the end of Gold and the price slipping to 800 bucks up she goes..big rise last night to $1320..will be pretty positive for the Gold stocks. They have all been so bombed out expect to see some pretty good rises today.

Good to see Kev13’s new policies are doing so well…making it up as you go along is great for the polls but not so great for those it affects…and don’t get me started on the latest asylum seekers policy!!

Fleetcare car fleet management company says it has had to lay off a quarter of its staff as a result of federal government changes to tax concessions on company vehicles. Fleetcare, which bills itself as Australia’s largest independent fleet management company, says demand for salary-packaged vehicles has evaporated as a result of the government’s announcement last week. The company’s founder Nigel Malcolm said 20 staff – a quarter of Fleetcare’s workforce – would lose their jobs this week as a result of the changes

The price of petrol is getting out of hand and is set to go higher in the coming weeks..I paid 182c a litre for the good stuff this week..now we all talk the benefits of lower rates ,a lower dollar but this is one of the downsides of the dollar fall..it does hurt..gas guzlzling 4WD are not much fun in this environment. Does tend to put a brake on consumer spending too…especially those who need their car to drive to work down the M2 etc. Not good for the economy in some respects.

Cuadrilla Resources in the UK …..BHP Billiton’s former head of global petroleum production has described the UK shale gas opportunity as one of the most exciting he has seen in his career and flagged the potential start of pilot production within three years. Francis Egan, now chief executive of UK shale player Cuadrilla Resources, part-owned by AJ Lucas, said he was “very confident” in the industry’s technical ability to develop the UK’s huge shale gas resource.

Spain tapped its social security reserve fund for the second time in a month on Monday, the Labour Ministry said, to help with extra summer pension payments as unemployment and retirement costs deplete government funds.The government turned to the fund for 3.5 billion euros ($4.6 billion) on July 1 then for a further 1 billion euros on Monday. Spanish pensioners receive two cheques in summer and two over the Christmas holidays.

And to put the recent economic news from the US and elsewhere in perspective… Chinese GDP continued to deteriorate, U.S. core retail sales and the index of leading economic indicators for June were flat, industrial production was at the same level as in March, and housing, the lone oasis of prosperity, slowed as new starts plunged nearly 10 percent from the previous month. Toss in the city of Detroit filing the largest municipal bankruptcy in U.S. history and the tone of America’s economic outlook took a decisive turn for the worse…of course that means Ben will keep printing so that’s good right?

IPL looks like the latest to report a downgrade as its Phosphate Hill ammonia plant announced an outage  this month will reducing 2H13 ammonium phosphate production to 400kt vs 477kt in 2H12..looks like a 7% downgrade. So obviously the share price will fall a similar amount if the theory works of how these things react.

Sales of existing homes in the US dropped slightly in June, according to latest monthly figures. Sales fell 1% to an annual rate of 5.08 million, from a downwardly revised 5.14 million in May, the National Association of Realtors said. The surprise fall suggests a sharp rise in mortgage borrowing rates seen at the end of the month may have affected activity sooner than expected. The 30 year rate has risen from 3.68% to 4.07% in a month!!

For the bulls though…The Standard & Poor’s 500 Index’s advance to a record last week coincided with highs in the Russell 2000 Index of smaller companies, the Dow Jones Transportation Index, the S&P 500 Financials Index and a gauge of economically sensitive equities overseen by Morgan Stanley

Financial regulators in the UK and US have fined a high frequency trader and his firm more than $3m (£1.95m) for manipulating commodities markets.

Three bank officials in Greece have been given jail sentences of up to 10 years for failing to protect the lives of staff during a fatal arson attack by anti-austerity protesters in May 2010..Three Marfin Bank staff members died in the attack on a central Athens branch, including a pregnant woman.No-one has yet been convicted of causing the fire.

And I know my gorgeous daughter is doing her bit for the Greek economy partying hard on Mykonos..she is saying how expensive it is..and guess what no one takes credit cards…only cash..apparently the machine is broke!!!That’s why the black economy survives so well in Greece and that’s why they have such huge issues!!

I come to bury Ceasar not to praise him…in the trial of Fabulous Fab from Goldmans one former colleague has told the court just what Fab didn’t want him to say, saying she was “very impressed” with his detailed knowledge of the complicated mortgage-backed investments he created and sold….makes it harder for him to say he didn’t understand the products either I guess…

And finally…

Sex after Death!!

A couple made a deal that whoever died first would come back and …inform the other if there is sex after death. Their biggest fear was

that there was no after-life at all. After a long life together, the husband was the first to die.

True to his word, he made the first contact:

” Marion …. Marion… ”

“Is that you, Bob?”

“Yes, I’ve come back like we agreed.”

“That’s wonderful! What’s it like?”

“Well, I get up in the morning, I have sex. I have breakfast and then it’s off to the golf course. I have sex again, bathe in the warm sun and then have sex a couple of more times.. Then I have lunch (you’d be proud – lots of greens). Another romp around the golf course, then pretty much have sex the rest of the afternoon. After supper, it’s back to the golf course again. Then it’s more sex until late at night.

I catch some much needed sleep and then the next day it starts all over again”.

“Oh, Bob! Are you in Heaven?”

“No — I’m a rabbit somewhere near Mildura.”

Have good day..




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Still hanging in there!