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Morning all,

Another down night overseas and Gold smashed so expect nothing good to come out of today I am afraid. Uncle Fester(Glenn Stevens ) has done a good job in jawboning the Aussie battler down and last night he pushed it below 90 cents. I find it weird that everyone is blaming the high dollar for all our woes..it is 90 cents..was 1.10 not that long ago peeps…surely that should be helping things and taking some pressure off the manufacturers…Here’s a thought if Clive Palmer wants to remain a National Treasure, he should buy the Holden plant and start a car biz..Dick Smith did it with Vegemite after all…

Have to say that the market does look pretty stuffed at the moment as our economy is playing catch up with the rest of the world..we gloated whilst everyone else was in the soft and smelly but does seem that we were delaying the inevitable..I remember that film ‘On the Beach’ where Australia waits for the impending radioactive cloud to hit after the rest of the world has been devastated…the cloud does get here eventually..anyway just saying….

It certainly seems at the moment our glorious leadership is failing miserably..it’s not just Holden but now the NBN ….now I know we have two plans but it shouldn’t be that hard to get a bipartisan agreement on this critical infrastructure and get it done…and what genius appointed the ex head of Vodafone to get it done…I mean ask a Vodafone customer what they think of their infrastructure and you will get some pretty nasty answers!!!I reckon the man for the job would be the Mexican Sol…he did a great job in building TLS a fantastic network to rule all the others..he did rub everyone up the wrong way in the process but he did get it done…that’s why TLS is now in the position it is in now…it’s called vision and planning…something sorely missing in our economy at the moment…

It’s a bit sad that after the biggest resource boom in a generation we have so little to show for it..more shiny new cars on the road ..no Holdens though…and happy to pat ourselves on the back and drink to our good fortune…

Anyway looks like we will have a look at 5000 in the next few days..does seems that we don’t like the Aussie going down..does mean that the overseas guys are voting with their feet and wallets and leaving the country for more sunny climes…cannot blame them! And the MYEFO is going to be a shocker..blame it on the last lot…its tradition and it is that time of the year…

Idea of the Day

 

I think my 5600  looks totally out of the question…Ben has transformed into the Grinch and Xmas is cancelled!!All depends on the FOMC next week and we may need a Miracle on 34th Street to get even to 5300!!

 grinch picutre

 

 

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Sheriff of Nottingham: Wait a minute. Robin Hood steals money from my pocket, forcing me to hurt the public, and they love him for it?

[Scribe nods]

Sheriff of Nottingham: That’s it then. Cancel the kitchen scraps for lepers and orphans, no more merciful beheadings, and call off Christmas.

Things that make me go mmmmmm!

 

Cricket starts today!!!May have to hide!! However on Sunday I am playing cricket in the Avalon Ashes…should be more fun than Perth!!

A journalist who writes for FN Arena called my afternoon report the second best in the market…was very flattered…second best eh!!Second best?

APN News & Media: has launched an internal review of some of its accounting processes and procedures after acknowledging there was a $50 million-plus mistake in its financial statements for the 2012 calendar year. As a result of the error its loss for the year ended December 31 was $51.5m worse than reported at the time. The company’s intangible assets in the 12 months had been overstated because of an error in the impairment modelling on the accounts of its Australian Regional Media business.

Qantas: A380 super jumbos heading from Dubai to Australia sometimes leave half full as the flying kangaroo struggles to fill the giant planes in quiet travel periods. Figures obtained by The Australian show some 484-seat A380s heading to Melbourne in November and early December had more than 200 of their 406 economy and premium economy seats unfilled a day before departure.

The Chicago Board Options Exchange Volatility Index (VIX), the gauge of S&P 500 options known as the VIX, rose 0.8 percent to 15.54, after yesterday climbing the most since Oct. 15. The gauge has fallen 14 percent this year.

Fair to say these guys don’t mess around…..”Despicable Human Scum” Uncle Of Kim Jong-Un Executed For “Attempting To Overthrow The State”….photo-shopped out then executed…nice work….that’s North Gangnam style!

The global index of house prices….higher than pre GFC!!

Good to see the US Fed has now got everyone so confused and in a lather over the timing of the Taper…let’s face it guys if the world is completely fixated on the Taper not sure this Ponzi scheme is anywhere near sustainable…if Uncle Ben pulls back from $85bn a month to $85bn what does that really mean? Will it affect the man in the street..whose is likely to be on the dole anyway…may affect Wall Street but after 5 years of this printing its hardly budged Main Street!!

Is this the British dream..or at least in London…soaring rents mean that one enterprising company is looking at solving the problem by converting shipping containers from China into a tiny low cost home for hard up and desperate Londoners. The boxes, called mYpads, cost GBP75 per week – around one-quarter of the rent of most distant yet commutable borough in London – and are affordable for even those on minimum wage.So let’s put people into a small box ..isn’t that a coffin……great quality of life…coming soon to Sydney!!!!!

US  data showed a rise in weekly jobless claims to 368,000 but the increase was attributed to a data skew caused by the Thanksgiving day holiday last week.

Today’s profit downgrade comes from Silver Chef..market darling will probably get whacked big time!!!

 

And here’s something to think about…how fat and lazy must the resource stocks have been during the boom(that was going to last forever) that they can calmly rip billions of dollars out of their costs without breaking a sweat…they are all at it..especially BHP and RIO which seem to be on a race to rip the most costs out of their business…

Rio Tinto: chief of energy Harry Kenyon-Slaney said it remains on track to deliver its target of $US1 billion ($1.1 billion) of ongoing cost savings by the end of next year amid a flat outlook for the coal market.

And finally…………………apologies for the bad language but it is better told that way and we are all adults righ   and not easily offened..if you are stop reading…NOW

 

Paddy had been drinking at his local Dublin pub all day and most of the night celebrating St Patrick’s Day.

 

Mick, the bartender says, ‘You’ll not be drinking anymore tonight, Paddy’..

 

Paddy replies, ‘OK Mick, I’ll be on my way then’. Paddy spins around on his stool and steps off. He falls flat on his face. ‘Shoite’ he says and pulls himself up by the stool and dusts himself off. He takes a step towards the door and falls flat on his face,’Shoite,Shoite !’

 

He looks to the doorway and thinks to himself that if he can just get to the door and some fresh air he’ll be fine. He belly crawls to the door and shimmies up to the door frame. He sticks his head outside and takes a deep breath of fresh air, feels much better and takes a step out onto the sidewalk and falls flat on his face.

 

‘Bi’ Jesus… I’m fockin’ focked,’ he says.

 

He can see his house just a few doors down, and crawls to the door, hauls himself up the door frame, opens the door and shimmies inside.. He takes a look up the stairs and says ‘No fockin way’. He crawls up the stairs to his bedroom door and says ‘I can make it to the bed’. He takes a step into the room and falls flat on his face. He says ‘fock it and falls into bed.

 

The next morning, his wife, Jess, comes into the room carrying a cup of coffee and says, ‘Get up Paddy. Did you have a bit to drink last night ?’ Paddy says, ‘I did, Jess. I was fockin’ pissed. But how did you know?’

‘Mick phoned .. . . You left your wheelchair at the pub.’

 

Have a great weekend

Clarence

XXXX

 

Any financial product advice contained in this email is general financial product advice only and does not take into account any one person’s objectives, financial situation or needs. Therefore, before acting on any financial product advice in this email, you should consider, with or without the assistance of an independent adviser, the appropriateness of the advice, having regard to your objectives, financial situation and needs.

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