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Morning all,

The ‘Summers’ rally in the US continues as Lounge room Larry pulled out of the race for Ben’s job and it was back to risk on..front runner Yellen loves to print money so equities and other assets celebrated…optimism in the US did not extend into the NASDAQ though with Apple down hard and Faceplant also hit…we also had another market outage as the options market suffered a 12 minute glitch…Gold swooned and then rallied back and our look alike Canadian Markets had a good day but the SPI was down 22..go figure!..anyway expect a modest start as we await news from the RBA minutes this afternoon and the FOMC meeting tomorrow..5 year high though and Zombie markets heading towards highs as well..

keep-calm-and-print-money-4

So what is in store for our little market…today expect modest gains but the next leg up on the markets is definitely going to have to be the resource stocks on the back of an improving China and Zombieland..it does look like the World is healing and heading in the right direction..there is an Abbott in the ‘da house’ and all is right with the World .Housing market is going gangbusters as all that money sitting in deposit accounts is now chasing three houses in the Inner West to rent out …rising property prices do more for general confidence than anything else…everyone loves it when their house becomes an ATM again…cheap money ,distrust of shares and lack of choices will ensure the bubble will grow…still like to have some insurance though, but happy not to claim!!!

Idea of the Day

Good to see my little GEMs heading up towards my target of 3.30…so trying to find another one!

Value is getting harder to find in the majors so maybe it’s a good time to look at small caps…have been a fan of ADJ for a while…they are launching a product to aggregate display advertising around the world by making it easier for publishers like the Daily Mail to sell ads to media buyers…they launch this month and have recently bought a Buy Side business called Facilitate (FAC) to give them more input into their publishers…looks promising..its only small but below 6.9 they are worth a look for speculative purposes only…if you like the mid to micro space you can always look at something like CTN which is a fund manager specialising in this space..spreads the risk but gives you a foot on some minnows….

And for those who have a Bio Tech bent…the Regeneus IPO that we have been involved in lists on Thursday so that will be interesting to see how it goes in the after life…..

Things to make me go mmmmm….

In shock news today it seems that ‘Shurley’ is no more..Liz Hurley and Shane are rumoured to have split..as have Miley ‘Twerking’ Cyrus and one of the many Hemsworths!!

Yet another mass shooting in the US is tragic …when will they do something about this epidemic…

Good to see Nick Curtis has been paid nearly a $1m in termination fees by Lynas even though he is still working there…they reported a bigger loss yesterday but looked to have renegotiated a debt moratorium with their Japanese lender due to production delays…market seems to like this move but they are languishing somewhat at the moment..

Obama is ramping up his rhetoric against his Republican foes on the economy now Syria is fading fast…new budget coming up on 1st October and the US will be technically bankrupt around mid October without Congress agreeing to raising the ceiling..currently $16.7 trillion on the AMEX card…that will do nicely Mr Pres!

JPMorgan Chase & Co. has agreed to pay at least $750 million to resolve U.S. and U.K. regulatory probes of its record trading loss last year, people with knowledge of the negotiations said.

A booming Aussie dollar heading towards 94 is going to start to undo some of the benefits to manufacturing etc…may need the RBA to step back in with another rate cut or more jawboning perhaps…

Well at least Fed Chief front running Janet  Yellen is honest..may be too honest for some.. This is what she told the Financial Crisis Inquiry Commission in 2010 “For my own part,” Ms. Yellen said, “I did not see and did not appreciate what the risks were with securitization, the credit ratings agencies, the shadow banking system, the S.I.V.’s — I didn’t see any of that coming until it happened.” ….let’s hope she has more foresight if she gets the Fed gig!

Freedom Foods has raised $30 million to fund its growth strategy for its gluten and allergy-free product range after reporting a bumper profit result last month. A $27m institutional placement through Veritas Securities was fully subscribed after the group had attracted big fund managers such as Perpetual Investments, LHC Capital and Colonial First State on to its register over the past year.

Coal miner New Hope Corporation has seen its full year profit cut by more than half, due to lower prices, a high Australian dollar and one-off writedowns.New Hope made a net profit of $74 million for the 12 months to July 2013, down from $167 million the previous year.

The TV stations should be thanking PUP and Clive Palmer for this…… Television advertising revenue surged in August compared with the same month last year, benefiting from government spending in the lead-up to the federal election. Total television advertising revenue including pay-TV and regional broadcasters grew by 12 per cent to $330 million, according to Standard Media Index data which measure ad spend by media buyers.

One of my old bosses in London always told me “you can only sell them when there are buyers”..seems Westfield has been listening to this as well… WESTFIELD Group has capitalised on the improving US market through the sale of a further seven malls to Starwood Capital Group yesterday for $US1.64 billion ($1.75bn) It takes the value of properties bought by the private equity giant Starwood from the global landlord Westfield to about $US2.6bn in the past two years and comes amid a strong uplift in retail sales in the recovering US economy.

Another honest moment from the Greek PM, Antonis Samaras: “You have to tell people the truth but you have to give them hope as well.”…which is Greek speak for Lie I guess!!!

And in more good news another bunch of Springsteen shows have been announced…must get tickets to Hope Estate…

And finally…..

One day a biker dies and finds himself in hell. As he is wallowing  in despair, he has his first meeting with the devil…

Satan:  “Why so glum?”

Biker : “What do you think? I’m in  hell!”

Satan: “Hell’s not so bad. We actually have a lot of fun down here. You a drinking man?”

Biker : “Sure, I love to  drink.”

Satan: “Well, you’re gonna love Mondays then.  On  Mondays, that’s all we do is drink. Bombay Sapphire, tequila, Guinness, red wine, single malt scotch. We drink ’til we throw up and then we drink some more! And you don’t have to worry about getting a  hangover, because you’re dead anyway.”

Biker : “Gee that  sounds great!”

Satan: “You a smoker?”

Biker : “You better  believe it.”

Satan: “All right! You’re gonna love Tuesdays. We get  the finest cigars from all over the world, and smoke our lungs out.  If you get cancer, no biggie, you’re already dead,  remember?”

Biker : “Wow…that’s awesome!”

Satan: “I bet you  like to gamble.”

Biker : “Why, yes, as a matter of fact I  do.”

Satan: “Good,’cause Wednesdays you can gamble all you  want.  Craps, blackjack, roulette, poker, slots, whatever. If you  go bankrupt, it doesn’t matter, you’re dead anyhow.”

Biker  :  “Cool!”

Satan: “What about Drugs?”

Biker : “Are you  kidding? Love drugs! You don’t mean…?”

Satan: “That’s right!  Thursday is drug day.. Help yourself to a great big bowl of crack or smack. Smoke a doobie the size of a submarine. You can do all the  drugs you want. You’re dead so who cares.”

Biker : “Wow! I  never realized Hell was such a cool place!”

Satan: “You  gay?”

Biker : “No…”

Satan: “Ooooh, Fridays are gonna be  tough…

And just as a heads up, I am heading down the South Coast for a couple of weeks next week…Chloe will be able to handle any issues and I am contactable on my mobile, Optus permitting, in an emergency..

Have a great day

Clarence

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