Morning all,

Well was that the rest? …crikey not much of a rest at all really..Chinese Flash ,and I mean Flash, PMI  was better than expected and shows continuing strength in the World’s second biggest economy. Another go at 5400 today as US and Zombie equities rallied hard. Tech stocks cheered the arrival of their latest baby Twitter to list and Amazon bounced hard as did Microhard…all looking pretty positive…there are even a few serious players now suggesting that instead of tapering the Fed will actually increase their stimulus…I know, sounds crazy when I said it on TV the other day and the bloke from the Wall Street Journal laughed at me but Deutsche have mentioned it now…anyway that won’t happen but the fears of tapering will fly out of the window leaving everyone with a warm and fuzzy at least until Ben retires to academia!

So to our little ol market…onwards and upwards…Cyclicals and industrials to lead the way ..Gold had another good night last night as free money for longer helps these guys…one of my favourites BDR will hit 1.00 today…these guys are pulling the shiny stuff out of the ground at $450 an ounce!!Bandits!!!Anyway one of my preferred Gold stocks as you know…

Now everyone is hoping for a pullback so they can buy something…newsflash..when everyone is waiting to buy probably will not happen…when we hit 5450/5500 the penny will drop and there will be a capitulation and boots will have to be filled…everyone will be dragged kicking and screaming into the market whether they like it or not…FOMO is alive and well…(fear of missing out)…there is another one to think about too…BTFATH…(Buy the Flipping All Time High!)..works in the US!!UK,DAX, etc….

Idea of the Day

 

Talking golds…I wrote up SLR yesterday before the quarterly which according to our expert here was disappointing…however I still like this one purely for a bounce on the gold price and the fact that it is so bombed out…maybe the numbers won’t sustain a run to over a buck but at 75/76 that leaves plenty of upside…

Our Iron Ore man is back from his FMG site visit..he came back quite positive on this one…but feels there is more upside in AGO …feel the same myself…

I was lucky enough to attend the AGM yesterday of a minnow MWR (MGM Wireless).I am a shareholder and these boys are back having gone close to the brink after the GFC and now doing very well…still tiny but interesting that there was quite a lot of interest in the stock and professional investors really looking hard at stocks like these…risk is back baby…anyway I remain a shareholder…happy now…and thanks for lunch too!

And one for the brave….DNA…owns a casino in Vietnam..building a 430 room resort up from 34 rooms before..confident of obtaining approval for up to 20 tables…high risk but running hot at the moment!!

From the latest presentation!!!

Lao Cai International Hotel currently has 34 rooms, 8 gaming tables and approval to operate up to 300

electronic gaming machines, including 150 slot machines and 150 video gaming machines

 New hotel with 428 rooms and expanded casino business currently under construction; scheduled to be

operational in early 2014

Things to make me go mmmmmm!

 

Twitter is on!!500m tweets a day ..raising up to $1.4bn with 70m shares offered at 17-20 bucks….now all they have to do is make money from all those tweets..biggest IPO since the last big one.. Twitter would be valued at 9.5 times estimated sales in 2014 of $1.15 billion.

Seems like the NSA has been spying on Moaning Mertle as well…gotta love being friends with the Americans!

ANZ, CBA, NAB, WBC: are paying much lower rates for retail deposits than a year ago, boosting profits and fuelling stockmarket and property prices as investors chase better returns. Ahead of results next  data exclusive to The Australian shows rates on term deposit and online savings accounts have materially fallen over the past 12 months, particularly as the banks’ own programs to dramatically lift their deposit base to meet new capital requirements ease.

Amazon.com Inc. (AMZN) reported third-quarter revenue that topped analysts’ estimates as consumers flocked to the world’s largest online retailer ahead of the holiday shopping season, helping to curtail losses.

Revenue rose 24 percent to $17.1 billion, the Seattle-based company said in a statement today. Analysts projected on average $16.8 billion, according to estimates compiled by Bloomberg. The net loss narrowed to $41 million from $274 million a year earlier. Amazon shares rose as much as 9.6 percent.

So despite the US economy recovering and a housing boom in place…Bank of America is cutting about 4,200 jobs as it responds to changes in the housing market, echoing moves by other banks. The country’s second-largest bank laid off 1,200 employees this week, primarily from a unit that handles mortgage origination. They said the move was a response to a “significant” drop in refinancing applications that has been happening since the middle of this year. Seems they are all paying cash..at least 62% of US homes are bought for cash…Breaking Bad anyone!

My thanks to Zerohedge for this chart on margin money and the market…seems everyone is geared to the hilt and buying anything there..just like 2007!!!And 2000 and the time before that…

 

Warrnambool Cheese & Butter Factory-The battle to win control of WCBF has taken yet another twist. Canadian dairy giant Saputo is expected to boost its offer by $1 a share today, taking its bid from $7 a share to $8 a share. It is a bold move that values the venerable 125-year-old company at $448 million, trumping the counter $7.50-a-share offer from dominant Victorian co-operative processor Murray Goulburn last week, which bettered Saputo’s earlier bid by 50c a share.Actually as I write this another twist as the Canadian’s try to get their man with yet another bid..there must be gold in them there cheeses.

In the US where things are going really well for the majority of people..not…Wallmarts latest jobs ad really means that 52% of full time Wallmart employees earn under $25,000 a year!)America where the Rich get richer and the poor get forgotten!

 

France reported a big “improvement” on unemployment in August. Now the labor minister Michel Sapin had to backtrack. Apparently a significant part of the improvement (20,000) was due to the fact that network provider SFR “forgot” to send 20 000 SMS messages. As these folks didn’t reply to the SMS, they assumed they were employed again…

This brings a whole new sense to Offshore drilling…

 

And finally…here are a few travel complaints from UK tourists to their travel agents….bless…

-“I think it should be explained in the brochure that the local store does not sell proper biscuits like custard creams or ginger nuts.”

– “It’s lazy of the local shopkeepers to close in the afternoons. I often needed to buy things during ‘siesta’ time — this should be banned.”

-“On my holiday to Goa in India, I was disgusted to find that almost every restaurant served curry. I don’t like spicy food at all.”

-“We booked an excursion to a water park but no-one told us we had to bring our swimming costumes and towels.”

-A tourist at a top African Game Lodge overlooking a water hole, who spotted a visibly aroused elephant, complained that the sight of this rampant beast ruined his honeymoon by making him feel “inadequate.”

-A woman threatened to call police after claiming that she’d been locked in her hotel room by staff. In fact, she had mistaken the “do not disturb” sign on the back of the door as a warning to remain in the room.

-“We found the sand was not like the sand in the brochure.Your brochure shows the sand as yellow but it was white.”

-A guest at a Novotel in Australia complained his soup was too thick and strong. He was inadvertently slurping the gravy at the time.

-“Topless sunbathing on the beach should be banned. The holiday was ruined as my husband spent all day looking at other women.”

-“The brochure stated: ‘No hairdressers at the accommodation.’ We’re trainee hairdressers — will we be OK staying there?”

-“We had to queue outside with no air conditioning.”

– “There are too many Spanish people. The receptionist speaks Spanish. The food is Spanish. Too many foreigners now live abroad.”

Proud to be  Pom sometimes!

Have a great weekend ..back on the Telly this afternoon at 5.30PM.

Clarence

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