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Morning all

Apologies for the late note as I was waylaid in a meeting with the NAB IR team to give us an update on where NAB was….nothing new I am afraid.

As to the market expect a wait and see mode as we head into reporting season..CBA at a record high..banks continue to attract the smart money..nothing changes..Resources a little under pressure today as dollar rose and commodities fell a little. Suspect we will waft around..

Japanese inflation strong..they want that!!

China remains the big question? Hard or soft..and we are not talking boiled eggs..FOMC next week …US earnings are mixed..banks killing it..Faceplant killing it..Amazon getting killed and in the real world BASF was disappointing..feel there is room for disappointment from the US next week.16.3 P/E for US market ..not too hot not too cold..Goldilocks would be proud…continue to like Gold and Gold miners at these levels

Tried to buy MMS yesterday at 6.85 ..missed it by two minutes as they soared away…that’s the issue we have at the moment downgrades and savage reactions as the computers jump every which way ..doesn’t help confidence or volumes…Index will try to go better again today …Asia looks ok..it’s just China that isn’t

Will make this short and sweet today …but no reason to get too bearish..yield will support market and the one thing NAB did say was that costs are stillbeing cut,technology is imperative and capital management to the fore..I think he was suggesting special divs..it is a possibility and the UK is improving…

And last night I popped into Coles to do some shopping, buying a bag of Purina dog food for Toby and was in the checkout queue when the woman behind me asked if I had a dog.

What did she think I had – an elephant?

So, on impulse I told her that no, I didn’t have a dog, I was starting the Purina Diet again.

I added that I probably shouldn’t, because I ended up in hospital last time, but that I’d lost 10 kilo’s before I woke up in intensive care with tubes coming out of most of my orifices and IVs in both arms

I told her that it was essentially a perfect diet and that the way that it works is to load your pockets with Purina nuggets and simply eat one or two every time you feel hungry.

The food is nutritionally complete so it works well and I was going to try it again.

(I have to mention here that practically everyone in the queue was now enthralled with my story.)

Horrified, she asked me if I ended up in intensive care because the dog food poisoned me.

I told her no, I stepped off the curb to sniff a Rottweiler’s bum and a car hit us both.

I thought the guy behind her was going to have a heart attack he was laughing so hard.

I’m now banned from Coles.

Have a great weekend.

Clarence

xxxx

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.

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