Strong leads overnight after the good Chinese data inspired another strong day. Would be nice to see some volume behind it but then you can’t have everything. The market did tend to flat line though for most of the day as we watched Obama on the TV address his peeps and give Syria a stay of execution. For now. One Republican senator said that he would be happy to vote for a strike if Obama gave back his Nobel Peace prize! In the end though the market closed up a nice 0.65% at nearly at 5235 as it looks set to launch itself at 5250 in the next day or so.

It was good to see some gains in resource land especially in the bulk commodity space with BHP Billiton Limited (A$36.33, +1.2%),RIO Tinto Limited (A$64.15, +2.0%),Atlas Iron Limited (A$0.90, +3.4%),Iluka Resources Limited (A$11.84, +3.8%) and Fortescue Metals Group Ltd (A$4.80, +6.4%) all looking especially good. Naturally financials were strong as usual but Westpac Banking Corporation (A$32.48, +0.2%) was slightly in the dumps whereas Macquarie Group Limited (A$48.55, +3.4%),MFF and AMP Limited (A$4.70, +1.7%) all very strong.

In the sectors Golds suffered led as usual by Newcrest Mining Limited (A$12.50, -3.0%) which fared far worse than others like Kingsgate Consolidated Limited (A$1.95, -1.5%),BDR#,Evolution Mining Limited (A$0.87, -0.6%),Regis Resources Limited (A$4.21, -2.1%),Silver Lake Resources Limited (A$0.815, -1.2%) and St Barbara Limited (A$0.66, -1.5%). Energy stocks also ran out of juice as Syria looked to be headed for the third umpire, the UN.Woodside Petroleum Limited (A$38.60, -1.2%),Santos Limited (A$14.83, -0.5%),Origin Energy Limited (A$14.15, +0.3%) and Oil Search Limited (A$8.46, -0.5%) all eased. Retailers took heart from the consumer confidence numbers with JB Hi-Fi Limited (A$20.00, +1.3%),Myer Holdings Limited (A$2.88, -1.4%),DJS#,Harvey Norman Holdings Limited (A$3.18, +2.3%) all looking a little better. Woolworths Limited (A$34.37, -0.8%) went backwards while Wesfarmers Limited (A$41.22, +0.8%) forged ahead. In other defensives Telstra Corporation Limited (A$4.83, -0.2%) was pretty much unchanged whilst in healthcare Ansell Limited (A$21.09, +2.8%) bounced and ResMed Inc. (A$5.61, +2.4%) awoke but Csl Limited (A$65.86, -0.1%) lost a little blood and Ramsay Health Care Limited (A$35.98, -0.9%) and Primary Health Care Limited (A$5.10, -0.6%) all fell too. Media stocks continued to enjoy gains under the new Gov ,Ten Network Holdings Limited (A$0.335, +4.7%) better, Ten Network Holdings Limited (A$0.335, +4.7%),Fairfax Media Limited (A$0.575, +2.7%) and Seven West Media Limited (A$2.55, +2.8%) all drew fans.Building stocks also had a good day with Adelaide Brighton Limited (A$3.58, +2.0%),James Hardie Industries PLC (A$9.95, +3.5%) and Boral Limited (A$4.85, +1.5%) cementing their gains.

In the grinners club today were Fortescue Metals Group Ltd (A$4.80, +6.4%),Energy World Corporation Ltd (A$0.47, +6.8%),Arrium Limited (A$1.315, +4.4%),Nufarm Limited (A$5.17, +4.2%),Sims Metal Management Limited (A$10.00, +4.3%) and Seven West Media Limited (A$2.55, +2.8%) whilst looking for a stick to chase were Village Roadshow Limited (A$6.29, -6.0%),Oceanagold Corporation (A$1.775, -4.8%),Karoon Gas Australia Limited (A$5.26, -4.0%),Flexigroup Limited (A$4.14, -3.7%),#AAI# and Drillsearch Energy Limited (A$1.33, -2.9%). Volume was again nothing to rouse a supermodel like myself.

Asian markets were green across the screen with Tokyo still sipping celebratory sake following their Gold medal performance and China was to the good as it looks to have turned the corner as the World recovers.

Stocks and Stories

Ingenia Communities Group (A$0.415, unch) into a trading halt following a rights issue to raise $61m with a 1:3 at 36.5c.

Buru Energy Limited (A$1.77, +1.1%) announced their SPP has closed heavily oversubscribed. Well it would be at 1.65!Karoon Gas Australia Limited (A$5.26, -4.0%) announced their September review but the slippage was more oil related than review I suspect.

Southeastern Asset Management has acquired a 12 per cent voting stake in News Corp, making it the largest holder behind chairman Rupert Murdoch. Southeastern’s 23.8 million-share Class B stake is valued at about $US397 million, based on the closing price of $US16.72.

In economic news ,the Abbott revival is gathering pace and only three days into the job! Consumer confidence has risen to the highest level since December 2010 as the prospect of a change of government and lower interest rates boosted sentiment among households.The sentiment index for September climbed 4.7 per cent to 110.6, a Westpac-Melbourne Institute survey taken September 2-8 of 1200 adults showed today.

Personal finance loans were up 7 per cent in July, but business loans are struggling. Personal finance commitments, seasonally-adjusted, rose to $8.070 billion in July, from $7.539 billion in June, the ABS says.

Tomorrows News Today

Apple has announced a new range in iPhones. Crazy world when this sort of news takes the front page.Not sure a $739 phone is a budget job! Not enough to scare Samsung me thinks! Fingerprints though..easy to change a password ,tough to change your fingerprints!

Apple suppliers in Asia have had a tough day after the latest models were announced. Seems the market is not happy Tim. Shares of Taiwan-listed contract manufacturer Hon Hai Precision Industry fell 2.3 % and camera phone lens maker Largan plunged 6.9%, while microphone and mini-speaker supplier ACC Technologies (ACC) declined 5.2 %t in Hong Kong.

The Dow Jones industrial average, one of the world’s best known measures of stock market performance, is having a revamp. Alcoa, Bank of America and Hewlett-Packard are being dropped from the index of the top 30 US companies. From 23 September they will be replaced by Goldman Sachs, Nike and Visa.

Verizon look to become the company breaking records as they are set to announce the World’s biggest debt sale at $49bn, three times bigger than Apple’s. Crazy stuff indeed. Let’s hope it goes better than the Apple issue!

The Bank of England is moving closer to ditching paper pounds and following Australia and Canada into switching to plastic banknotes instead. I used to use rubber cheques, so why not plastic money!Brings a whole new meaning to floating the pound!

Seems everyone is now comfy with all the risks out there and FOMO is taking over.(fear of missing out)