• Nowhere to run to. Nowhere to hide! Taper talk gathers momentum as December is Ben’s last at the helm and he may want to leave a little Xmas gift of his own! Another big down day today as the big red blob of the financial sector washed over all before it. Trade numbers and the horror of Qantas Airways Limited (A$1.07, -11.2%) gave the shorters and profit takers a reason to sell and sell they did with momentum gathering pace as we careered into the close. In the final countdown we tested 5200 with a drop of nearly 76 points. Did seem that someone wanted it to hit 5200.Not a conspiracy at all. Banks were especially weak today as Westpac Banking Corporation (A$31.49, -2.7%) led the falls followed by National Australia Bank Limited (A$33.66, -2.1%) and Australia and New Zealand Banking Group Limited (A$31.19, -1.8%).Insurance Australia Group Limited (A$5.81, -2.8%) took things to heart today as did other insurers like QBE Insurance Group Limited (A$15.45, -1.8%) and Suncorp Group Limited (A$12.50, -3.3%). Property trusts also fell badly today with Stockland (A$3.72, -2.4%) leading the way together with Westfield Group (A$10.53, -2.3%) and Westfield Retail Trust (A$2.91, -2.7%) as the implications of the new entity sank in. The only bright spots in the market were the Iron Ore space led by BHP Billiton Limited (A$36.78, -0.1%) ,Atlas Iron Limited (A$1.195, +0.4%) and Fortescue Metals Group Ltd (A$5.69, +1.1%).RIO Tinto Limited (A$66.00, -0.4%) dragged its sorry self up a tad but closed well off their highs and in the final analysis couldn’t keep their gains closing down. It seems that the weight of money that is waiting on the sidelines doesn’t want to play at the moment. Santa is too busy filling in application forms for new issues to get the sleigh out!

• Defensives were also hit today as Wesfarmers Limited (A$41.76, -1.3%),Woolworths Limited (A$32.82, -1.8%),Telstra Corporation Limited (A$4.98, -1.4%) and Csl Limited (A$67.79, -0.8%) all found gravity hard to defy. A few small rises in gold stocks today but nothing of substance Kingsgate Consolidated Limited (A$0.895, -0.6%) ,Regis Resources Limited (A$2.82, +1.1%),Newcrest Mining Limited (A$7.16, unch) and Beadell Resources Limited (A$0.705, +4.4%). Baby steps but at least they are not falling 7% a day!

• On the podium today were #AAI#,Panaust Limited (A$1.585, +9.3%),Lynas Corporation Limited (A$0.29, +7.4%),Fairfax Media Limited (A$0.635, +5.8%),Energy World Corporation Ltd (A$0.395, +2.6%),Beadell Resources Limited (A$0.705, +4.4%),Oz Minerals Limited (A$3.08, +4.8%) and #AIZ# whilst dragging up the rear were Qantas Airways Limited (A$1.07, -11.2%),Nufarm Limited (A$4.40, -7.6%),Chorus Limited (A$1.235, -6.8%),Transfield Services Limited (A$1.085, -7.3%),Southern Cross Media Group Limited (A$1.49, -5.1%),Ten Network Holdings Limited (A$0.27, -5.3%) and Mermaid Marine Australia Limited (A$3.16, -3.4%).

• Volume was still on the low side as many players start the season to be silly and IPOs and capital raisings rush to get in before Xmas. Volume was around $4bn for the day with the Aussie dollar flirting with the psychological 90 cents for most of the day and the value of Bitcons hitting $1355!

• Asian markets were slightly weaker with the S&P Asia 50 CME down 0.6%

Stocks and Stories

• New boots and panties today with #VED# and #LHC# starting life as ASX listed entities. One good ,one not so good. Dicksmith perked up a little as the sellers dried up but still hardly a stellar performance. Channel NINE tomorrow. Priced at lower end of the range so maybe some in it for the stags. We shall see.

• The latest disaster was Qantas Airways Limited (A$1.07, -11.2%) today as it plunged to Earth and continues under serious pressure. Never a fan of airline stock myself. Too many moving parts for my liking and so Nationalistic so I tend to avoid. Today’s news of a shocker loss and more job cuts to come. Looking to cut $2bn from their cost base. Not sure if there will be anyone left in QAN the way it is going. A Flying Kangaroo brought to its knees by a Virgin.
• Nufarm Limited (A$4.40, -7.6%) held their AGM today and shareholders weren’t impressed. Old MacGauchie sold his Nufarm, e,i,e,i,o!

• More misery in the mining services sector as Canadian driller Major drilling last night revealed more horros which didn’t help Boart Longyear Limited (A$0.27, -6.9%) at all.

• In house stocks APN News & Media Limited (A$0.495, +5.3%) rose as it updated the market on its sale of APN Outdoor. GrainCorp Limited (A$8.22, +0.7%) continued to recover tentatively as Chairman of the Resource Council Mitch Hookes got stuck into the Government on the knock back and the message it sends to the outside world.

• Balance of trade figures didn’t help matters today with exports to China going really well up 7 per cent on October to a new record high of $9.1 billion, however there were bigger falls in exports, especially to Japan: Australia’s trade deficit has widened to a seasonally adjusted $529 million for October, after hitting $271 million the month before, the ABS reports. Exports remained flat at $27.27 billion while imports rose by 1 per cent to $27.80 billion.

• China’s Cinda has raised $2.5bn in the largest float in HK this year.

Tomorrow’s News Today

• Carl Icahn has dropped his demand for Apple to return an extra $150bn of its cash pile to investors, after finding little support among fellow shareholders in the iPhone maker.

• Should be an interesting day in London as the Chancellor announces his autumn statement. Expect to see the UK raise the pension age to 70 and Capital gains tax to be introduced for foreign buyers of homes! Sure the Russian and the Middle Eastern Sheiks will find a way round it but it’s a start!

• More juicy revelations in the Nigella Lawson trial as well.

• Looks like ‘Mystic Meg’ Whitman has become Scrooge as she announces 1120 HP UK jobs to go.

• And in an announcement this afternoon the prices for the Stones concerts have been announced. I may have to crowd fund! Blimey!

• Things must be bad in Spain as 20,000 people applied for 400 jobs in a Spanish IKEA store. The ones who bring their own allen key got the job.

• Finally news that Alan Greenspan thinks that the Bitcon fad is a huge bubble(and he should know as he has created a few!) and that any currency not backed by anything is inherently worthless. Wait a minute, what about the US Dollar?