Happy Thanksgiving…don’t be a Turkey!!
Another bunch of records fell again last night as the DAX hit an all-time high as did the Dow..seems an everyday occurrence these days, bit like East German records at the Olympics….maybe they are all on drugs…anyway good employment numbers in the US(usually a bad thing as it brings tapering closer) and good numbers from Germany were enough to inspire the buyers..the problem at the moment is that everyone is long ,margined to the hilt, bullish as all get out and waiting for the big run…trouble is if everyone is long unless we get an alien invasion who is going to buy it from here…anyway let’s not get too bogged down with details…
Expect a slight up day today with the banks continuing to find support due to the share buy backs…question is whether we see the big resource stocks join in…Aussie Dollar testing 90 cents Iron Ore pushing 136 buckaroonies…in Aussie that is 150 bucks..not too shabby but the bears are still to back flip…suspect they are taking lessons from our current leadership team on how to backflip with style..not…anyway expect the iron ore analysts to throw in the towel on their predictions for 2013 iron ore at about 2.30 on Xmas Eve…
The only bad event that most commentators see on the horizon are the debt ceiling negotiations in the US in early 2014..and Tapering in March…so there you go all clear til then…maybe?
Idea of the Day
Anyone seen one of these recently…
Nah me neither…more like one of these…
An event that is unthinkably rare, immensely important and blindingly obvious.
Is that what is happening now…time will tell…
Things to make me go mmmmm!
Well that’s one less IPO hitting the boards as BIS has pulled it due to the hate against mining services raging at the moment….. The mining services sector has suffered another horror day with the $1 billion float of BIS Industries pulled and two other companies forced to negotiate balance sheet-restoring capital raisings amid the release of worrying new statistics on investment in the resources industry. BIS had hoped to get the $1 billion-plus float in the pre-Christmas rush.
BHP Billiton’s: principal geometallurgist, Kathy Ehrig, will today lift the veil of secrecy over the Wirrda Well discovery near BHP’s monster copper-gold-uranium operation in South Australia. The discovery has been talked about in industry circles for the past couple of years. BHP has only ever said that exploration in areas around Olympic Dam was part of its normal business.
QLD Premier Campbell Newman wants US grains giant Archer Daniels Midland to be forced to divest two of its seven grain ports on the east coast as a precondition of federal government approval for its $3.4 billion takeover of the nation’s largest agribusiness, GrainCorp.
Leighton Holdings: has been advised by teams sent to recover debts owed to its Middle East joint venture, the Al Habtoor Leighton Group, that it will struggle to recover all of the $1.1 billion it claims is owed for construction work.
Qantas, Virgin: Australian Treasurer Joe Hockey favors lifting Qantas foreign ownership cap.
Here’s an interesting thing…investors and big funds have been buying properties around the world from distressed sellers and foreclosures…even in Spain where funds are piling into property to rent back to the people who have lost their houses,have had their credit rating slashed and now have to pay expensive rents to instos that borrow free money and get a great yield off these poor people…I know this is capitalism but seems there is a massive shift of wealth from the middle class and poor to the uber wealthy and the banks and instos…too big to fail…
“Bungasconi” has been expelled from the Italian Senate..hardly a surprise to anyone it seems but Silvio himself…has been quiet from all the colourful Euro cartoon characters recently so it’s good to have the bad boy of Bunga Bunga back in the press!
Seems strange to think that it is only now that the Germans have had a Government..finally..elections were in September by now Moaning Mertle has done a deal with the Social Democrats to form a Government..
Seems that East Timor is the latest to object to being spied on…trying to renege on some of their deals as it appears ASIO was listening…this one will be interesting..big money at stake!!
US is backing Japan on their disputed islands claim in the South China Sea…and seems Julie Bishop has put her foot in it to…seems the Abbott Government is having trouble taking its training wheels off..few wobbles and the Gonski thing is just dishonest…
This from Alan Greenspan… “This does not have the characteristics, as far as I’m concerned, of a stock market bubble,” Greenspan said in an interview on Bloomberg,” airing this weekend. “It could come out that way but I don’t see it at this stage”.Course he doesn’t he didn’t see the last one or the one before that or the one before that…amazed he is still being wheeled out..he must be 100 by now…
See any similarities…..
Bitcons hit over $1000 last night!! Digital Gold is booming!
5…4…3..2..1 …..Thunderbirds are go…
These things are being built to transport mining equipment to remote mines..!! FAB Virgil!
Few numbers out from the US last night…
Weekly jobless claims fell to 316,000 with expectations calling for a rise to 336,000, which suggests the labour market is improving steadily.
The Uni of Michigan Consumer Confidence index rose to 75.1 and the Chicago PMI printed at 63.0, which also exceeded expectations which added to indications of improving economic conditions.
And in China
China’s eastern cities of Nanjing and Hangzhou raised minimum deposits for 2nd home purchases from 60% to 70% as more cities tighten property policies in response to surging property prices and government directions
And finally…I am indebted to another reader Barry for this gem…
|Irish Burial at SeaMick and Paddy had promised their Uncle Seamus, who had been a seafaring gent all his life, to bury him at sea when he died.
Of course, in due time, he did pass away and the boys kept their promise.
They set off with Uncle Seamus all stitched up in a burial bag and loaded onto their rowboat.
After a while Mick says, ‘Do yer tink dis is fer enuff out, Paddy?’
Without a word Paddy slips over the side only to find himself standing in water up to his knees.
‘Dis’ll never do, Mick. Let’s row some more.’
After a bit more rowing Paddy slips over the side again but the water is only up to his belly, so they row on.
Again Mick asks Paddy, ‘Do yer tink dis is fer enuff out Paddy?’
Once again Paddy slips over the side and almost immediately says, ‘No dis’ll neva do.’ The water was only up to his chest.
So on they row and row and row and finally Paddy slips over the side and disappears.
Quite a bit of time goes by and poor Mick is really getting himself into a state when suddenly Paddy breaks the surface gasping for breath.
‘Well is it deep enuff yet, Paddy?’
‘Aye’tis, NOW hand me dat shovel!’
Have a great Thursday…if you are a American ..Happy Thanksgiving…now go out and spend I say!!!Isn’t that what this holiday season is all about!!!
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