abbott, ASX200, Australian Sharemarket, banks, Ben Bernanke, Bernanke, BHP, cba, Charlie aitken, commonwealth bank, CPU, crash, diggers and dealers, ECB, economy, gold, inflation, insurance, Interest Rates, silver, tapering, Whitehaven Tinkler coal bid cash
Well there you go…having changed my middle name from ‘Danger’ to ‘Caution’ ,I am now going to have to throw that to the wind. Last night Uncle Ben surprised us all…he downgraded the outlook for the US economy and announced there will be no Taper in my time at the Fed!!Really..amazing everyone including me got it wrong…just goes to show that really all the so called experts are just whistling in the dark!!Just guessing really…coin toss would get it right half the time!!Anyway the news of a tepid recovery and the printing of money to continue at pace was enough to send markets soaring…looks like the Tapering is going to be someone elses problem…looks like Yellen will get the Hospital pass of all time..apart from Obama when he knocked off GWB!
So Gold soared, silver was up 6%, Copper was up 3%, Oil was up 2%..Ausssie dollar was up 1.5 cents and SPI up 60 on futures expiry day!!!This could be fun..expect a pretty decent move today as we will hit 5300…the risks are all receding fast now in the rear mirror…new Government, free money, no action on Syria, rates going to be low forever and a day..Japan and China going well…Zombieland recovering and Mertle looking pretty safe…..house prices going gangbusters and house ATM back on…looks like the ASX200 will keep on going..I was a 5500 kind of guy by year end and was expecting a wobble before then…last night’s action means no wobble!!! ‘Greed for want of a better word is Good…greed clarifies, greed cuts through’…FOMO (fear of missing out) is going to rule the day!!
Idea of the Day
Get back in there and Buy Mortimer!!! Golds will look interesting if the Gold price holds!!!expect a good bounce today then wait and see…but if the metal stays up here for a few days there may be more gains to come…
Things to make me go mmmm!!
Uncle Ben to shove the problem onto the next Fed Chief. Yell en all the way to the Fed!
“A little nonsense now and then, is relished by the wisest men.” Ben “Wily Wonka”Bernanke!
Seems that maybe he was looking at the Poverty figures from the US not the Dow! Currently there are 47m people classified as in Poverty in America!!47m people in the World’s richest country!277% of those are Black whilst 22% are Hispanic! Come a long way since I have a dream!!
From the Aussie this morning….Ongoing strength in iron ore prices has given rise to fresh confidence that the industry will continue to record strong production growth, with forecasts for a near 50 per cent rise in current annual output to more than 900 million tonnes in the next five years increasingly accepted as likely. Supply growth in 2014 alone from the Pilbara and lesser operations in Tasmania, the NT and SA, is tipped at 130 million tonnes, carrying annual output to more than 740 million, worth a staggering $103 billion (current price price of $US131.10 and at an exchange rate of US94c). Australia has never seen anything like it before
OZ Minerals reiterates 2013 copper, gold production guidance…
Cochlear shares could come under pressure after Swiss rival Sonova said it had won a big Chinese government tender. Sonova said at an investor day in Switzerland that its implant subsidiary Advanced Bionics had won an order for 1500 units in the second Chinese government tender for this year.
Gold’s best day since January 2009…. 5Y Treasury’s biggest yield drop since March 2009…..USD’s 3rd worst day in a year…… Homebuilders biggest rise since June 2012….. New all-time highs for Dow and S&P
On Monday Goldman Suks chief Gold bloke was writing the metal off..now he sees significant upside!!biggest flip flop since their last one!
Ben has a new theme tune nicked from West Ham United fans..I’m forever blowing bubbles…pretty bubbles in the air!!
New iPhone software launched today…you won’t recognise your old phone!!
Regeneus, our bio Tech IPO lists today..good day to list!!!
The Cash Store, one Australia’s largest payday lenders with 61 stores, has gone broke and appointed a voluntary administrator to work out how to repay its debts. ASIC claimed the company, which charged as much as 240 per cent interest per annum on some loans, had provided short-term loans to customers who couldn’t afford them.
Brickworks has posted a year to July net profit of $100.0 million up from $78.9 million a year earlier.Revenue rose to $606.5 million from $556.9 million. The property division put in a stellar performance with its contribution more than doubling to $49 million from $16.4 million a year earlier.
And a new acronym to learn…BTATH…Buy the all-time high!! Seems to be the new maxim out there…
And finally….. I just got sacked from my job with the Lifeline crisis centre.
A guy called Alan phoned and said, “My girlfriend left me so I’m lying on the railway track at Sydney Central waiting for the train to come”.
I swear, all I said was, “Remain calm and stay on the line”.
Have a great day
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