Another day of downwards pressure today expected…as we head down to 5050…it’s been a big fall in the last month…a combo of massive shocks from corporate Australia, fears of the US tapering and profit taking in thin markets has taken its toll…we topped out at 5441 on October 28th…looking like a 10% retracement in a little over 6 weeks…
Seems that the deal the US has done on the budget now opens the way for Tapering…17th/18th December is Scrooge time from Uncle Ben in his last act as he looks like announcing a modest pullback in the taper…
Poor old Santa he looks to have had his sleigh stolen at the moment…suspect the only thing we have to look forward to is the FOMC meeting where hopefully we shall get some clarity about the Feds intentions and the market can breathe a sigh of relief and get on with it…will take some of the “Irrational Exuberance” out of things though!
Our market is struggling to come to terms with the negativity at the moment and with every day that passes we get another corporate shocker…OZL was the culprit yesterday..I would expect this to continue too…when you hear what BHP RIO etc are doing with their costs ,it is only a matter of time before the miniong services sector comes out with yet more bad news..it is inevitable..avoid this sector like the Aussie car industry!!
Looking to see what is today’s “Mea Culpa”..there has to be one…
Idea of the day
It’s a big day today with October jobs numbers out…if it’s a shocker we may see the ASX 200 break support and losses accelerate…same would appear to be the case in the AUD which looks like it is heading for 85 cents …expect to see around 10k jobs added and a rate of 5.8%.
With the current malaise in the markets there is some value returning to things…I would look at our old favourites the banks as they continue to suffer…if you are underweight them now is a good time to start to accumulate them…let’s face it the economy may be in the toilet but the great banking oligopoly rolls on…good times ..bad times…they still make squillions!!!And pay big dividends…hard not to like even in this market!!
Best strategy piece ever!!
Things to make me go mmmm!!
The funniest thing I heard was the guy who was doing the deaf sign language for Obama at the Mandela Memorial leaders conference, turns out to be a fake..didn’t know sign language at all!!Just a guy making funny signs…gotta worry about security around Obama!!Maybe it’s just me but I found it funny..
Hilton hotels looking at an IPO of $2.5bn in one of the biggest hotel IPOs ever…and Facebook to join the S&P 100 and 500!!!
After the disastrous start to Obamacare in October things are on the improve.. More than 250,000 Americans selected private health-insurance plans through Obamacare enrollment systems last month, twice as many as in October when the exchanges opened amid technology errors and outages..
BEGA Cheese: chairman Barry Irvin has conceded that the bidding war for Warrnambool Cheese & Butter could be heading for a stalemate, while announcing an extension to his company’s $475 million offer for the local dairy processor.
OZ Minerals: The latest production disappointment out of copper miner OZ Minerals has prompted another violent share price fall and raised fresh questions about the future of its management team. OZ, which operates the Prominent Hill copper-gold mine in SA, yesterday issued lower-than-expected production guidance for 2014 and cut the size of its resource base by more than a quarter.
Shares in Kerry Stokes’s Seven Group Holdings jumped 9 per cent after the company revealed it would embark on a shareholder-friendly buyback scheme representing 3.96 per cent of the company’s float. The share repurchase will be funded by a $542 million cash pile Seven has been sitting on since selling its stake in pay-TV vehicle Consolidated Media Holdings to News Corporation last year.
SHARES in Telstra’s majority-owned Chinese car sales website Autohome will list on the New York Stock Exchange today with an issue price of $US17 to give the company a value of $US1.63 billion. Some 7.82 million shares in Autohome will be released in the initial public offering and an additional 1.17 million could be added if underwriters exercise their option to purchase more of the stock.
So much for the Liberal Honeymoon… The Westpac Consumer Confidence index fell from 110.3 points in November to 105.0 in December….lowest level since July…
Gotta love the Russians as they calmly announce that they will nuke anyone if they attack them.. “One can experiment as long as one wishes by deploying non-nuclear warheads on strategic missile carriers. But one should keep in mind that if there is an attack against us, we will certainly resort to using nuclear weapons in certain situations to defend our territory and state interests.”So said the Vice PM yesterday..maybe he was thinking of the Ukraine!
Good to see that Miley didn’t make person of the year…went to the POPE instead!!!Went and saw the amazing Richard Roxburgh and Hug weaving in Waiting for Godot yesterday..I get it!Finally…never managed to see the end as always fell asleep…nothing happens!!!!
Here today ..snap chat tomorrow.. Snapchat, the mobile photo-sharing service popular among teenagers and twenty-somethings, has raised another $50m, according to a Securities and Exchange Commission filing.
The funding brings the total raised by the two-year-old company to more than $123m.
Third test starts tomorrow in Perth..not gonna be much fun to watch for an Englishman…think we need a bit of the Dunkirk spirit to make the series interesting..
Tim decided to marry his long time girlfriend.
One evening, after the honeymoon, he was cleaning his golf shoes.
His new wife was standing there watching him.
After a long period of silence she finally spoke.
“Tim Darling now that we are married I think it’s time you gave up golf.
Perhaps you should consider selling your clubs.”
Tim looked horrified.
She said, “Darling, what’s wrong?”
“For a minute there you were sounding like my ex-wife.”
“Ex wife!” she gasped, “You didn’t tell me you’d been married before”
“I haven’t been” said Tim
Have a great day