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Morning all,

The markets will take a breath today to remember Nelson Mandela, a giant on the World’s stage and one of the few truly inspiring leaders of the 20th Century.

On the markets side of things the US fell for the fifth day as the so called never going down in our lifetime market comes to grips with the impending Taper. Let’s face it the US has rallied over 25% this year so an excuse to take some money off the table was always on the cards.” Dectaper” seems to be gaining momentum as GDP numbers out of the US showed the strength of the US economy..all we need now is the employment number to confirm and Uncle Bens last act as Chief will be to play Scrooge at Xmas with some pullback in money printing…let’s hope that if he does Taper we get a clear road map of the steps the Fed will take…everyone including me was expecting March to be the Taper Time but odds are firming for Xmas..we shall see..anyway the markets are transfixed by this event and everything else is derivative…

Got it so wrong yesterday with my small up prediction..down 75 and down to 5200…well at least I got that bit right this week and called it to test 5200…of course now what..I did suggest that you get back in there and buy Mortimer…maybe not just yet…suspect we may have a little overshoot towards 5100 in the next few days…if it gets to 5100 then it really is a buy…don’t finesse too much but there is so much bad news out there at the moment..QAN was the culprit yesterday…which one is today?

Anyway as I continue to call it so badly I mat get it right one day….today we will see a drop early but some bargain hunting coming in at these lower levels..it is Friday and we have a US jobs number so the shorts may reduce their exposure a little ahead of the data.

Idea of the Day

Yesterday we held a meeting with the management of MOC..long been one of my favourites and its fair to say it still is…quality management team and a great business to be in at the moment…the increased competition between the banks for mortgage biz has resulted in brokers getting bigger commisisions and bigger trails..activity is string and the banks are handing out more logoed products to these guys than ever in an attempt to woe their business…the MDs comments were that it does not get any better than this..make hay while the sun shines…anyway the growth side of things is the financial planning business which seems to be gathering traction too and they are adopting a good model to roll out the business…relatively highly priced at 21 times earnings but certainly one to buy on any weakness and will grind ahead in 2014…Accumulate…

Things to make me go mmmmm!

Interesting day in store for the cricket!

APN News & Media: has agreed to sell its remaining interest in outdoor advertising group APN Outdoor for $69 million sending shares up 5 per cent.

Channel Nine today …midday…priced at low end of expectations so there may be something in it..we shall see…this one falls into the same basket as QAN..avoid!

I am a perennial bear of airline stocks..it is such a hard place to be.. so many moving parts..over in the US they seem to have got it right with cosy deals to ensure minimal competition but here it’s a different game…note to Alan Joyce..do not continue with a price war with your competitor if they are backed by people with bigger pockets..like playing poker with Warren Buffet…suspect he will always win…gotta say though one of the jobs to go out of the 1000 should be his..he has been disaster from start to finish..one of the best misses was Macquarie not buying QAN..how are you looking now Paul Fianni!!

Is this a sign of a turn in Coal stocks… Wealth Mining Pty Ltd, a subsidiary of China Kingho Energy Group, has put forward a bid for coal explorer Carabella Resources after taking a strategic 11 per cent stake. In a statement on Thursday, Wealth Mining said it would pay 42¢ a share for Carabella Resources, valuing the company’s equity at $66 million.

HOLDEN: has decided to end its Australian manufacturing operations but has postponed an announcement until next year, senior Coalition sources say. The Australian understands that General Motors was poised to announce it was ending its Australian manufacturing operations in 2016 as early as yesterday.

Qantas: The Abbott government is holding firm in the face of dire warnings from Qantas that it faces a financial crisis which has already forced it to axe at least 1000 jobs and consider major asset sales. Despite renewed calls from Qantas for urgent action, federal Transport Minister Warren Truss said it was important to realise that the airline was a strong company with substantial assets and cash.

Three floats in the past two days and VEDA was the standout..quietly went ballistic on the exchange with a 40% rise on first day of listing…

UK coastal towns being evacuated as a tidal wave is set to hit..even the Thames flood barrier is getting a workout as fears that a flood bigger than 1953 is about to engulf low lying areas…hurricane speed winds hitting Northern Europe too…it’s called Xaver…40 severe flood warning in place..

Anyone noticed the similarities between Boris and Clive..maybe Clive’s long lost younger brother…

Clive Palmer mocks government approach to bugging boris

It’s weird also that Nigella is looking more and more like Anne Hathaway …with a badfacelift!! Or is it just me…

nigellaanne hathaway

Given the wonderful stories coming out of the London court ..there must be a movie in this and Anne must be a shoe in for the role!!

And finally…..my thanks to big Al for reminding me of these gems from real life court rooms in the US…

ATTORNEY: What was the first thing your husband said to you that morning?
WITNESS: He said , ‘Where am I, Cathy?’
ATTORNEY: And why did that upset you?
WITNESS: My name is Susan!
____________________________________________

ATTORNEY: What gear were you in at the moment of the impact?
WITNESS: Gucci sweats and Reeboks.
____________________________________________

ATTORNEY: Are you sexually active?
WITNESS: No , I just lie there.
____________________________________________

ATTORNEY: This myasthenia gravis , does it affect your memory at all?
WITNESS: Yes.
ATTORNEY: And in what ways does it affect your memory?
WITNESS: I forget..
ATTORNEY: You forget? Can you give us an example of something you forgot?
___________________________________________

ATTORNEY: Do you know if your daughter has ever been involved in voodoo?
WITNESS: We both do.
ATTORNEY: Voodoo?
WITNESS: We do..
ATTORNEY: You do?
WITNESS: Yes , voodoo.
____________________________________________

ATTORNEY: Now doctor , isn’t it true that when a person dies in his sleep , he doesn’t know about it until the next morning?
WITNESS: Did you actually pass the bar exam?
____________________________________

ATTORNEY: The youngest son, the 20-year-old, how old is he?
WITNESS: He’s 20, much like your IQ.
___________________________________________

ATTORNEY: Were you present when your picture was taken?
WITNESS: Are you shitting me?
_________________________________________

ATTORNEY: So the date of conception of your baby was August 8th?
WITNESS: Yes.
ATTORNEY: And what were you doing at that time?
WITNESS: Getting laid.
____________________________________________

ATTORNEY: She had three children , right?
WITNESS: Yes.
ATTORNEY: How many were boys?
WITNESS: None.
ATTORNEY: Were there any girls?
WITNESS: Your Honor, I think I need a different attorney. Can I get a new attorney?
____________________________________________

ATTORNEY: How was your first marriage terminated?
WITNESS: By death..
ATTORNEY: And by whose death was it terminated?
WITNESS: Take a guess.
____________________________________________

ATTORNEY: Can you describe the individual?
WITNESS: He was about medium height and had a beard
ATTORNEY: Was this a male or a female?
WITNESS: Unless the Circus was in town I’m going with male.
_____________________________________

ATTORNEY: Is your appearance here this morning pursuant to a deposition notice which I sent to your attorney?
WITNESS: No, this is how I dress when I go to work.
______________________________________

ATTORNEY: Doctor , how many of your autopsies have you performed on dead people?
WITNESS: All of them.. The live ones put up too mu ch of a fight.
_________________________________________

ATTORNEY: ALL your responses MUST be oral , OK? What school did you go to?
WITNESS: Oral…
_________________________________________

ATTORNEY: Do you recall the time that you examined the body?
WITNESS: The autopsy started around 8:30 PM
ATTORNEY: And Mr. Denton was dead at the time?
WITNESS: If not, he was by the time I finished.
____________________________________________

ATTORNEY: Are you qualified to give a urine sample?
WITNESS: Are you qualified to ask that question?
______________________________________

And last:

ATTORNEY: Doctor, before you performed the autopsy, did you check for a pulse?
WITNESS: No.
ATTORNEY: Did you check for blood pressure?
WITNESS: No.
ATTORNEY: Did you check for breathing?
WITNESS: No..
ATTORNEY: So, then it is possible that the patient was alive when you began the autopsy?
WITNESS: No.
ATTORNEY: How can you be so sure, Doctor?
WITNESS: Because his brain was sitting on my desk in a jar.
ATTORNEY: I see, but could the patient have still been alive, nevertheless?
WITNESS: Yes, it is possible that he could have been alive and practicing law.

Have a great weekend

Clarence

XXX

 

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