The only issue at the moment is the US debt negotiations and it looks like things are at least heading in the right direction…a default is unthinkable and will not happen …sounds like they are close to a deal and the SPI is up 46 points ,whilst the dollar is around 95 cents, even Gold is up a little and Iron ore back to $133.60.Not sure we will get a massive day but 40 early then maybe drift back a little …does seem to be stuck around the 5250 level at the moment with noise and volatility providing a few trading opportunities. AGM season is now fast approaching with TLS today I believe. Expect more shareholder unrest on mediocre management being paid extraordinary sums for doing Sweet Foxtrot Alpha.
Calling it up 35 today…
Award for most improved is QANTAS..flew with them down to Melbourne and back and so much better than Jetstar…actually quite a pleasant experience so well done QAN..still hate buying airline stocks but they do seem to be on the right track… maybe one to buy on weakness…can’t believe I just wrote that!!
Idea of the Day
Maybe time to get on board the big Kahuna again…BHP…seems that the bearish view on Iron Ore is really not playing out as expected and with Iron Ore at 133.60 and Chinese numbers still good, this one has the capacity to surprise…new management, better cost control, tighter focus, Iron ore doing well and at around 35 bucks has plenty of potential again..especially as we run into Xmas…analysts have been too conservative and will need to upgrade their numbers..it’s Mid October now and still no Iron Ore collapse!!Target price around 38 bucks…10% upside so not a wealth changer unless you gear it through options or warrants but should be owned in a portfolio….
Things to make me go mmmmm!!
No other Western nation has defaulted on its debt for 80 years…last one was Germany when it unilaterally ceased payments on long-term borrowings on May 6, 1933, three months after Adolf Hitler was installed as Chancellor.
Gotta love Privatisation…always confused me that an asset that the public owned was sold to the public!!
Andrew Forrest hard hats off to you for your generosity in donating $65m to University of Western Australia…you da man!
Queensland may issue three new casino licences!!!well played Echo…whoever handles your Government relations should be shot!Packer gets into Sydney now looks like Native American Indians are having a go at Queensland…they might as well..seems its game on!!
Housing bubble continues to build in the UK , in July, homebuyers took out 3,900 loans of 500,000 pounds or more, the most since September 2007, as the “Help to Buy” scheme continues to kick prices ahead., according to the Council of Mortgage Lenders…….and in more good news… European finance chiefs said Ireland and Spain will soon be weaned off financial aid and Greece’s mounting bills will be paid, declaring a tentative victory over almost four years of turmoil that came close to shattering the euro.
Bluescope Steel will buy Arrium’s OneSteel sheet and coil business for about $23 million. The steel manufacturer said the agreement included processing and distribution businesses in Sydney, Brisbane, Adelaide and Perth.
They need to get that bloke from the Ads to run this one.iSelect!!. CEO Matt McCann has left the troubled company just four months after listing, following disagreements over acquisition plans and his ability to communicate strategy to investors.
Should be a fiery meeting at NCM next week as looks like investors still want blood and they want it quicker than NCM are providing it…may need more than Tea and Biscuits for that one..something stronger!
Another Mining disaster…there do seem to be a lot of them…digging stuff up is a hard business it seems……OZL said copper grades at Prominent Hill in South Australia had proved to be lower than hoped during the period. Copper production will slide by as much as 14 per cent to somewhere between 70,000 tonnes and 78,000 tonnes, the company said .
From the Australian today…Paladin Energy’s: shrinking cash bank, amid resolutely weak uranium prices, has put the former market darling on the radar of insolvency firms, some of whom are wondering if it could go the way of Mirabela Nickel. With production costs well above prices received and a looming debt payment, Paladin is under pressure to either sell off assets, secure pre-payments from customers or bite the bullet and tap shareholders in another raising despite its woeful share price.
Good to see Obama taking time out from the talks to make some sandwiches!!!Maybe this is a Budget Sandwich!
And finally….. a couple of quickies!!
TEACHER: Clyde, your composition on ‘My Dog’ is exactly the same as
your brother’s… Did you copy his?
CLYDE: No, sir. It’s the same dog.
FOR SALE BY OWNER. Complete set of Encyclopaedia Britannica, 45 volumes.
Excellent condition, $200 or best offer.
No longer needed, got married, wife knows everything.
Have a great day….Heading out to the Gold Symposium in Sydney tomorrow ..not too many others though I suspect!!
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