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Morning all,

As the police media man said on Radio this morinng after the theft of a lorry load of toilet rolls…not much to go on! No real leads from either US or Zombieland…so expect a drifting kind of day..maybe some early weakness on copper,gold and oil prices but nothing very dramatic…we are in wait and see mode this week..more US earnings numbers to come and the FOMC and then next week we have the RBA meeting and the rate cut pronouncement. Not sure it really makes a difference…what we need is the election and the state of the economy to be revealed by Rudd.

Still expect a +/- 10 day today unless something happens..most players will sit on the side lines watching and waiting for the results to come through..Am still mildly bullish and fell that we are still in a buy the dips kind of market..the banks have been squeezed higher again in the last few weeks which may not last so don’t chase them too hard..patience Grasshopper.

Idea of the day

As earnings season approaches IBES is forecasting consensus of flat growth followed by a much stronger 2014 at 12% growth..this is after they have pulled back the consensus numbers by 12% earlier this year..any that disappoint will be severely punished and those that do ok will be darlings!Few this week with TCL and RMD the first to come along but its easy to see why people love the banks…no major surprises or earnings downgrades unlike most of the others in the market.

And in stock specific..good to see the analyst team upgrading their numbers for GEM..you will remember I wrote about this little GEM a week or so ago..my target is 3.00..they are far more in depth than me and have a 3.20 target on them now..me I just guess..they have science!!

Things to make me go all Therese Rein!

Interesting that Kev13 took Therese with him to a war zone…not sure what that says…hey darling, have I got a surprise for you? Yeah you will love it..course I’m sure..you are such a romantic Kev13!You know how to show a girl a good time.

BHP Billiton is closing in on making a decision as to whether its foothold in the crop nutrient potash industry should be converted to a full-blown push into the world of fertilisers through a $US12 billion ($12.94bn) development of its Jansen project in Canada. BHP has already spent more than $US2bn on preliminary development work at Jansen, which sits above the world’s biggest deposit of the potassium-rich salt deep beneath much of Saskatchewan’s southern prairie region.

Echo Entertainment ,at an all time low , has lost the support of key local shareholder Ausbil Dexia after an $870 million redevelopment failed to lift performance at its Sydney casino. Ausbil Dexia CEO Paul Xiradis said that the fund, which has $9.5 billion under management, had sold all of its shares in Echo. The only good news for the star is that K T Lim has said that if allowed he would buy more of the shares…at these prices he may get killed in the rush!

Good to see the ASX copping some serious flak over the MMS share debacle..MMS wanted to suspend their shares until after the election after Kev13 announced the end of the FBT Lease thing…you would have though that a company that relies on a tax break would have contingency plans in place in case that loophole was closed..doesn’t seem like it…I think the ASX was right to get them trading again but maybe should have forced them to make more of an announcement of the impact and way forward if the tax loophole was closed.

In the US consumer confidence is at a six year high but worryingly according to AP who run a survey of the real America..80% of US adults are near poverty,rely on welfare or are unemployed…not sure the free money is working for all.

Looks like Chicago is next on the city that could list..after Detroit…debt has tripled and there is nothing left in the coffers…

Looks like Obama has picked his candidates for the Fed Job..suspect its out of Summers and Yellen…looks like Uncle Ben is set for Princetown and a nice big pension and fat consulting job at Goldmans.

As Zombieland heads for the beach in August ,its good to reflect on what they have to look forward to when they get back to work..well that is those that have jobs..which is not many..so here’s a quick round up of the woes of Europe…Greece…gone ..last one out turn off the lights…Spain..same and a political scandal brewing to boot…France..a welfare state where only17m of its 66m people work…Portugal…no one left there anymore and now Holland which is drowning under the highest level of private sector debt of any of the Zombie states..and Germany has to pay for all this!

And here’s some sobering thoughts from the experts on China…A copper price collapse of more than 60 percent, zinc cut by up to a half and oil down to $70 a barrel. That’s the fate facing world commodity markets should China’s growth dip to 3 percent in the next three years — a scenario economists at Barclays are now examining.

They’re not the only ones building models based on a steep decline in growth in the world’s second-biggest economy. Nomura estimates a one-in-three chance of a sharp drop by the end of 2014

Scary thought this year 1m Australians will turn 50!Good reason to own wealth managers I guess! And healthcare stocks..I know I should have shares in a Physio..especially with a hammy gone and City to Surf two weeks away..it’s a race against time!!

Third Ashes test starts Thursday..excited?

And finally….

A man in London walked into the produce section of his local supermarket and asked to buy half a head of lettuce.

The boy working in that department told him that they only sold whole heads of lettuce. The man was insistent that the boy ask the manager about the matter.

Walking into the back room, the boy said to the manager, 
”Some old bastard wants to buy a half a head of lettuce.”
As he finished his sentence, he turned around to find that the man was standing right behind him, so he quickly added,

”and this gentleman kindly offered to buy the other half.”

The manager approved the deal and the man went on his way.

Later, the manager said to the boy,”

I was impressed with the way you got yourself out of that situation earlier, we like people who can think on their feet here, where are you from son?”

”New Zealand, sir,” the boy replied.

”Why did you leave New Zealand ?” the manager asked.

The boy said, “Sir, there’s nothing but prostitutes and rugby players there.”

”Is that right?” replied the manager,” My wife is from New Zealand !”

”Really?” replied the boy, “Who’d she play for?” 

Have a great day




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