Morning all,

A good night last night as US markets took heart from the Chinese economic numbers and hopes that a strike on Syria can be averted. John Kerry ad libbed a thought bubble about Syria surrendering its chemical weapons and was instantly seized upon by Russia as a great idea. Now it seems even Obama thinks it might be worth pursuing but he thinks it’s unlikely they will…we shall see ..anyway it was enough to get the Dow on a roll as the shorts ran for the hills…NASDAQ is at a 13 year high!!!…Zombieland was less impressed but will catch the scent tomorrow. Volume is still pretty thin but maybe that’s something everyone needs to get used to…

Expect our market to push up to 5200 today….all this optimism around is contagious….new Government too….lots of money here being thrown at the property market by investors, as witnessed by the home loan numbers yesterday..SMSF’s can also buy investment property now..and why wouldn’t you, rents are pretty attractive and safe as houses.

Aussie Dollar looking good too as it looks set for 94 on short covering!!

Sorry to be brief today but lots of meetings…..

Idea of the Day

We have a PNG conference today which should be interesting..KPL ,OSH,HZV and NGE are presenting..am a fan of OSH and KPL…

Things to make me go mmm!!

 

Good to see San Fran Fed Chief John Williams admitting that all this cheap money has created asset bubbles.Asset bubbles crash and are a consequence of human nature! Truth serum anyone?

Julie Bishop has sacked Steve Bracks before he has even started as Consul General of NY…death stare gets ‘em every time!!

Tomorrow is the anniversary of 9/11…has been very quiet in the media this year or is just me?

In the US Bank of America has announced it is sacking another 2100 people involved in their mortgage business as demand weakens on higher rates.. Bank of America’s pending home loans fell 5 %t at the end of June from the previous quarter.

 

“I state that the Syrian Arab Republic welcomes the Russian initiative, motivated by the Syrian leadership’s concern for the lives of our citizens and the security of our country, and also motivated by our confidence in the wisdom of the Russian leadership, which is attempting to prevent American aggression against our people”- Syrian Foreign Minister Walid al-Moualem..that’s a bummer Obama was so looking forward to using his toys!

Nine Entertainment/Seven West/TEN Network – Australia’s commercial free-to-air ­television networks are preparing to lobby the incoming Abbott government for a further cut to their $160 million broadcast licence fees as part of a package of measures to overhaul regulation of the industry.

NBN – MEDIA bosses have welcomed the prospect of a Coalition-style national broadband network, proclaiming a cheaper and quicker rollout as a boon for business that will allow them to price products more competitively. The Coalition has also received support for its plan to introduce a new rollout timetable that will prioritise those most in need, rather than the most commercially viable installations.

From the Australian today.. BHP – THE Northern Territory government has effectively revoked exploration tenements granted to BHP Billiton and two other companies, exposing it to huge compensation claims and threatening the NT’s reputation as being “open for business”. One of the companies, listed junior Perth miner Northern Manganese, has lodged a claim with the NT government for what some might consider an ambit claim of more than $1 billion in compensation over the shock decision in June to impose a ban on seabed mining off Groote Eylandt in the Gulf of Carpentaria.

And finally….

 

Sitting   on the side of the highway waiting to catch speeding drivers, a Police Officer  sees a car puttering along at 22 KPH.
Says  he to himself: “This driver is just as  dangerous as a  speeder!”
So   he turns on his lights and pulls the driver  over.
Approaching   the car, he notices that there are five old ladies,
two in the front seat and  three in the back…wide  eyed and white as ghosts.
The driver,  obviously  confused, says to him “Officer, I don’t understand, I was  doing  exactly the speed limit!
What seems to be the  problem?”
“Ma’am,” the  officer replies, “you  weren’t speeding, but you should know that driving   slower than  the  speed limit can also be a danger to other drivers.”
“Slower than the speed  limit? No sir, I was  doing the speed limit exactly…Twenty-two kilometers an   hour!”  …..the  old woman says a bit proudly.
The Police officer, trying  to contain a chuckle  explains to her that 22 is the highway number, not the   speed limit.
A bit embarrassed, the woman grins and  thanks the officer  for pointing out her  error.
“But before I let you go, Ma’am, I have to   ask…is  everyone in this car OK?  These  women seem awfully  shaken, and they haven’t made a peep this whole time,”  the  officer asks.
“Oh, they’ll be all right in a  minute officer. We just  got off Highway 189..”

Clarence

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