· Whoosh! The Spring Carnival seems to have begun early as the news of a deal on the US Debt ceiling warmed the punters pockets today. Surprisingly the market stayed strong and dint wimp which it usually does. On the close we finished the week with a whooping rise of 80 points to close at 5225.Green screens all around as the financial blob cheered the Bank of Queensland Limited (A$11.10, -0.4%) numbers and were extrapolated to the other banks. News that Westpac Banking Corporation (A$32.99, +2.5%) had taken out the Lloyds Bank assets in Australia also helped sentiment but good performances all round. Other financials also did well Macquarie Group Limited (A$48.05, +2.2%),QBE Insurance Group Limited (A$14.29, +1.0%),Lend Lease Group (A$10.47, +2.8%).Bank of Queensland Limited (A$11.10, -0.4%) took a breather after the results surge yesterday. Over in the much maligned materials sector BHP Billiton Limited (A$35.13, +1.5%) ,RIO Tinto Limited (A$61.58, +2.3%) and Fortescue Metals Group Ltd (A$5.00, +2.5%) all did well as did Arrium Limited (A$1.30, +4.8%) ,#MGIX#,BC Iron Limited (A$4.64, +2.0%), and Atlas Iron Limited (A$0.975, +3.7%).Despite Gold falling overnight the stocks were ok ish.Evolution Mining Limited (A$0.76, +4.1%) did well, Kingsgate Consolidated Limited (A$1.51, -1.0%) unchanged and #RRL # better as were Beadell Resources Limited (A$0.845, +1.2%).

· Others to do well included energy stocks like Origin Energy Limited (A$14.23, +1.9%) and Woodside Petroleum Limited (A$38.00, +1.3%) ,Health care bounced back from its recent headache with Csl Limited (A$65.95, +1.3%),Ramsay Health Care Limited (A$35.79, +3.4%),ResMed Inc. (A$5.87, +1.0%),Cochlear Limited (A$60.64, +1.1%),#ANS# and Sigma Pharmaceuticals Limited (A$0.59, +7.3%) all going well. Telcos were in demand led by Telstra Corporation Limited (A$4.97, +1.0%),Tpg Telecom Limited (A$4.26, +2.4%),M2 Telecommunications Group Limited (A$6.05, +2.9%) and Vocus Communications Limited (A$2.58, +1.6%). Consumer stocks were good with Wesfarmers Limited (A$41.73, +0.9%) and Woolworths Limited (A$34.06, +0.7%),Flight Centre Limited (A$49.39, +2.9%),Super Retail Group Limited (A$13.09, +3.9%),Myer Holdings Limited (A$2.54, +3.3%),David Jones Limited (A$2.80, +1.8%),Twenty-First Century Fox, Inc. (A$34.80, +0.9%) and JB Hi-Fi Limited (A$20.91, +2.9%) heading north. Industrials also fared well Brambles Limited (A$9.19, +1.9%),Qantas Airways Limited (A$1.47, +4.6%),Aurizon Holdings Limited (A$4.70, +1.5%),Sydney Airport (A$4.05, +1.3%),Transpacific Industries Group Ltd (A$1.045, +5.6%),Seek Limited (A$11.76, +3.2%),ALS Limited (A$10.05, +3.5%),Skilled Group Limited (A$3.71, +3.9%) and Downer EDI Limited (A$4.66, +4.7%)

· Big grinners today were pretty much everything but standouts included Hutchison Telecommunications (Australia) Limited (A$0.088, +20.5%),Sigma Pharmaceuticals Limited (A$0.59, +7.3%),Independence Group NL (A$3.70, +5.7%),Linc Energy Ltd (A$1.225, +10.4%),Skilled Group Limited (A$3.71, +3.9%) and Evolution Mining Limited (A$0.76, +4.1%) whilst stuck in the slow lane today were Energy World Corporation Ltd (A$0.415, -7.8%),Yancoal Australia Limited (A$0.66, -3.6%),Carsales.Com Limited (A$10.79, -3.1%),#MYT#,WorleyParsons Limited (A$22.15, -1.2%),ALE Property Group (A$2.65, -0.7%),Virgin Australia Holdings Limited (A$0.41, -1.2%) and of course Newcrest Mining Limited (A$10.50, -1.3%).

· Wish the volume could have been more convincing but you can’t have everything where would you put it. Still maybe it’s the new normal $3 or 4Bn a day, even when we celebrate the end of uncertainty. Expect there is more to come .Cannot believe it was that easy.

· Asian markets were also firm as you would expect with some Chinese data to come over the weekend, Duck Pancake Index I believe or maybe import and export numbers to pour over by Monday. Aussie Dollar at 3 week high though.

Stocks and Stories

· IPOs are back. #OFX# roared into life today as a listed company with punters lucky enough to pick up stock in the float at $2.00 jumping up and down with a 30% gain today! Newly listed house stock #RGS# put in a solid day. Not quite as solid debut as #OFX# but..

· Carsales.Com Limited (A$10.79, -3.1%) took a small battering after media reports that new car manufacturers had pulled the pin on advertising on the web site.

· Commonwealth Property Office Fund (A$1.19, +3.0%) attracted some predatory fiends in Dexus Property Group (A$1.06, +1.9%) launching a takeover bid at a value of around $1.155.

· G8 Education Limited (A$3.32, +1.8%) continue to push ever higher as one of our favoured house stocks. Warrnambool Cheese & Butter Factory Co.Hold.Ltd (A$7.27, +0.7%) is going to turn into a big cheese war and continues to trade well above their takeover price. Other house stocks announcing stuff today included Buru Energy Limited (A$1.58, +2.6%) with an increase in acreage in their Laurel project.

· Westpac Banking Corporation (A$32.99, +2.5%) announced they are spending $1.45bn to buy Lloyds banks Australian assets. Looks to be a good move.

· Mesoblast Limited (A$5.74, +4.7%) also in the news today as it has purchases another bio tech company in a similar space for around $50m with big earn outs for the company if targets are met. Osiris is the acquisition and they are in the Cultured Stem Cell Business. Those are the ones that wear a bow tie and read Proust!

Tomorrow’s News Today

· Now I know that the US debt crisis is solved but interestingly the HK Stock Exchange moved to down grade the collateral quality of some short dated US bits of paper. Seems it won’t do as nicely as it once did.

· Royal Mail lists in the UK today. It was almost a ‘Back to the Future’ moment as over GBP27bn chased an offering of only GBP1.7bn.Mums and Dads got GBP750 worth if they applied for up to 10 grands worth. Multiple names is harder these days .I remember my dog applying for shares back in the 80’s.Think he may still have British Airways!

· In further proof of the return to the 80’s, two Russian Billionaires competed with each other in a new London Club to see who could spend the most. The combined bill was $220,000!!Russians are the new Yuppies…Yupskis!Get me an invite!!

· China has knocked the US from its top spot as the world’s biggest net importer of oil, US government data shows.

· Smoke and a pancake anyone? The old Dutch shuffle is alive and well ,Google’s Dutch subsidiaries funnelled €8.8bn of royalty payments to Bermuda last year, a quarter more than in 2011, underlining the rapid expansion of a strategy that has saved the US internet group billions of dollars in tax. By routing royalty payments to Bermuda, Google reduces its overseas tax rate to about 5 per cent, less than half the rate in already low-tax Ireland, where it books most of its international sales.

· The Libyan PM was returned after being rescued by friendly troops. It seems this is a new game similar to kidnapping Gnomes and sending pictures of them back to their owners of exotic locations. Great sport for all!

· On the TV this afternoon on Sky Biz at 5.30pm if interested.

Have a great weekend