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Morning all,

After talking about the Hindenburg Omen for a few days we finally saw a crack in the US last night….strange days indeed when good economic numbers are the reason for the market to fall…Dow acting like a sulky teenager that is about to have their smart phone taken away..waaaaa! Dont take away our stimulus, it’s not fair…any reasonable person would realise that the free money will not last forever ,they have been hinting at that for months now as the Dow has gone nowhere really…September is the likely start of Tapering and the market will just have to get used to it! Wasn’t it earnings that were so good in the US that was going to drive the market higher ..absolute tosh! Anyway the end of free money is bad for Gold right..apparently wrong as Gold went for a good trot last night…maybe it was the inflation data that helped it ..that and the physical demand from China and India etc…suspect that the reality of tapering won’t be as bad as the thought of it..like the Dentist really!

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Anyway to our little backwater..we have been clinging to 5150 but suspect today we will throw in the towel and try to stabilise around 5100…some of the numbers yesterday were mixed to say the least with concerns for WES on their Gok inspired ad campaign..another UK D grade import…

ANZ are out today with some numbers showing a cash profit of $4.7bn..not too shabby..up 7% on last year..apparently banks don’t have any growth in them..really?anyway they even spoke with optimism about the future..doesn’t Mike ‘007’ Smith know that is not the way ..you have to talk yourself down so the Government doesn’t look too hard at any tax increases…its SOP for these guys.

Finding it increasingly hard to take this election seriously though…Kev13 looks like a shot duck and maybe they should have stuck to Jules after all..Bounce hasn’t lasted…I reckon though if I started a party called none of the above they would win in a landslide!!!Unless Clive palmer starts it of course! Or the Greens!

Idea of the Day

Gold will be the focus..shame this run couldn’t have happened a week or so ago for Cost cutter and Cancellers(Diggers and Dealers) they would have been a lot happier..now I have been banging on about BDR for some time now and some of you have even listened which is nice…but if they get carried away and head toward 90 I would be getting out..not sure I completely trust the Gold rally..yet..although I have seen one report that suggests that JP Morgan is actively buying the stuff as they have to deliver physical..not that hard to come by apparently ..and the good news is that all the high profile players like Paulson and Soros have been selling Gold!

Good to see ADJ doing well..still a fan ..buy below 5c for punters who like risky stuff….

Things to make me go mmmmm!

In China they have tried to pass off a Mountain Dog as a Lion!!All was going well until it barked!!

Good to see how NSW has cleaned up its act ..O’Farrell reappoints Chairman of the Sydney Cricket ground after retiring him thanks to a call from Alan Jones..Eddie would be proud!

And with a new game in town in the US called Flip that house..remember that one from the pre GFC days..houses as trading chips ..Goldmans has revealed that a massive 60% of homes are bought for cash in the US!!!Didnt we learn our lesson last time around…apparently not!!And don’t forget 377bn worth of margin loans out there too!!

Is this really happening.. CBA  has increased staff numbers on the way to its record annual profit of more than $7.8 billion, bucking a trend of job cuts in the financial sector. Australia’s biggest bank added more than 600 full-time positions in 2013, at a time of finance services job losses.

I have been a fan of this one..mainly on the basis of someone should be brought in that knows how to run digital media and not printing presses…someone brave someone who does not respect tradition..someone like Kerry Packer or Rupert Murdoch…anyway these guys have a problem and they need a solution..it was reported today that the pace of decline in circulation of printed newspapers has accelerated, underlining the pressure traditional publishers are under as they strive to boost their digital offerings and re-invent their business models. Average net paid print sales for both national and metropolitan newspapers fell more than 10 per cent on year in the three months ended June, an analysis of the latest figures from the Audit Bureau of Circulations reveals.

Shares in Wal-Mart fell on Thursday after the firm revised down its sales expectations for the year.The company said it now expected net sales to grow between 2% and 3% in 2013, compared with a previous range of 5% to 6%.

The firm said cautious shoppers had been hit by higher petrol and payroll taxes, which are similar to UK national insurance.

Another Childhood memory is forever tarnished. Former BBC Radio 1 presenter Dave Lee Travis has been charged with 12 historical sexual offences, police say. The 68-year-old faces 11 counts of indecent assault and one of sexual assault, and will appear before Westminster magistrates on 23 August. Mr Travis, of Mentmore, Bucks, said he was “disappointed and surprised” to be charged and denied the allegations.

And who needs Centrebet or bloody little Tom when you have MMS… the opportunity to recoup maximum profits from the trade may have passed, rallying nearly 40 per cent this month, indicating the equity market is growing in confidence that Opposition Leader Tony Abbott will triumph on September 7.

Wesfarmers is investing another $2.3 billion in its retail and industrial operations and eyeing acquisitions after it lifted returns above its cost of capital for the first time since the $19 billion Coles Group deal in 2007. After all but ruling out a capital return only three months ago, Australia’s largest private sector employer plans to reward investors by handing back $579 million or 50¢ a share cash, its first capital return since 2005.

In more animal news a new mammal has been discovered in South America..in the 21st Century ..pretty impressive.

Few bits of economic news out there from US …Holdings of Treasuries in China, the largest foreign lender to the U.S., declined in June for the first time in five months on the outlook for a possible reduction in Fed asset buying. China’s stake fell by $21.5 billion in June, or 1.7 percent, to $1.276 trillion, according to Treasury Department data released yesterday. And the number of applications for unemployment insurance payments in The U.S. declined by 15,000 to 320,000 in the week ended Aug. 10, the fewest since October 2007,

And finally…..

A couple take on an 18-year-old girl as a lodger. She asked if she could have a bath but the woman of the house told her they didn’t have a bath but she could use a tin bath in front of the fire…….

“Monday’s the best night, when my husband goes out to darts,” she said.. So the girl agreed to have a bath the following Monday….

After her husband had gone to the pub for his darts match, the woman filled the bath and watched as the girl got undressed. She was surprised to see that the lass didn’t have any pubic hair, and told her husband when he came home. He didn’t believe her, so she said, “Next week I’ll leave a gap in the curtains so that you can see for yourself..”

The following Monday, while the girl again got undressed, the wife asked, “Do you shave?”

“No,” replied the girl. “I’ve just never grown any hairs down there. Do you have hairs?”

“Oh, yes,” said the woman, and she showed off her hairy area.

When the girl went to bed the husband came in, and the wife asked, “Did you see it?”

“Yes,” he said, “but why the hell did you have to show her yours.”

“Why not?” she said. “You’ve seen it before.”

“I know,” he said, “but the darts team hadn’t!!”

Have a great day back… on Sky TV this afternoon at 5.30 pm

 Clarence

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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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