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Morning sports fans,

 

The Dow soared last night as Fed members seemed to contradict Yellen (Not Screamin) on the timing of upward moves on interest rates..apparently the market should not be joining the dots but watching her lips…beats me..still was enough to get us rocking and rolling again with a big jump up 180…SPI followed suit and is now heading for 5500…so was I wrong to be cautious..I don’t think so …but time will tell…its US reporting season so we will see how reality matches expectations…Beep! Beep!!!

Road Runner Coyote

 

Going faster miles an hour..but I have the radio on!

 

Here the big news was the South Africans who are going to teach us about retailing…we are terrible at it so I read..lots of Johnny Foreigner running Aussie retail these days..anyway we will have to wait and see how they go but it was enough to come on baby light my fire! Expect more of the same today as commodity stocks continue to rampage ahead..now I know the Iron Ore price is strong but so is the dollar…was talking a week or so ago that we would see 94 cents..and so it has come to pass  …Poor old Glenn no one is listening it seems…all that Jawboning and still 94c…get on to Flight Centre and start booking that trip..while it lasts..short covering will only take it so far!

 

Jobs number today….11.30am…Employment Change for March which is forecast at +2.5k jobs and lower than the prior month’s increase of 47.3k. The unemployment rate is forecast at 6.1% in March.

 

 

Idea of the Day

 

Big changes heading our way in banking….seems that Coles is looking at getting into the mortgage market!Another POM is now at the helm of this push…previously with Tesco in the UK should be interesting…and also there is a player looking to establish the equivalent of Betfair for finance in matching borrowers and lenders to each other rather than punters on nags!!

 

It’s a changing world out there in banking…when I go to the gym I am bombarded with companies offering me cheap money and lines of credit..Nimble and other money lenders…just so 2006!!!

 

In more stock specific news I like what I am seeing from the new head winemaker at TWE…saying all the right things…interestingly he is looking to beef up marketing…they only spend 4% of their revenue on it whereas Diageo spends 12%!!!Good for ad agencies and other media companies…I believe that with so much corporate cash washing around someone will have a run at this one and it will open the flood gates on more..could be very 1986 with Guinness/United Distillers etc!!…good article on bloomberg on this one…

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Things to make me go mmmmmm!!!

 

Good to see Bob Carr dumping on his Labour mates…here is what one MP said about him.. ”Here’s a bloke plucked from obscurity. . . a former provincial premier who dumps on Gillard and the former Labour government . . . the Labour Party supported him all his political life, how about a bit of decency?’

 

How does Eddie do it..why is he not in Jail!!!

US fear index drop 7% as worries on rate rises left the building!!

This is the key passage from Sir Humphrey Appleby at the Fed last night!!!!

SirHumphrey

 

”A few participants suggested that new language along these lines could instead be introduced when the first increase in the federal funds rate had drawn closer or after the Committee had further discussed the reasons for anticipating a relatively low federal funds rate during the period of policy firming. A number of participants noted the overall upward shift since December in participants’ projections of the federal funds rate included in the March SEP, with some expressing concern that this component of the SEP could be misconstrued as indicating a move by the Committee to a less accommodative reaction function. However, several participants noted that the increase in the median projection overstated the shift in the projections. In addition, a number of participants observed that an upward shift was arguably warranted by the  improvement in participants’ outlooks for the labor market since December and therefore need not be viewed as signifying a less accommodative reaction function. Most participants favored providing an explicit indication in the statement that the new forward guidance, taken as a whole, did not imply a change in the Committee’s policy intentions, on the grounds that such an indication could help forestall misinterpretation of the new forward guidance”….Clear as mud!!!.

 

And still in the US…the powers that be have just released the run down of what doctors in the US charge for… Medicare paid almost 4,000 doctors and medical providers more than $1 million apiece in 2012, including seven who received more than $10 million. Eye doctors were among the highest compensated, including one Florida ophthalmologist who received $21 million.The Doctor who got $21m had only 894 patients in Florida…that’s $23,458 a patient…no wonder so many kids want to be doctors!!!

Russian issue is not going away… Prime Minister Dmitry Medvedev said the country owes Russia $16.6 billion in energy debts. So any bailout goes to them!!Gotta love this guys honesty…German Vice chancellor Gabriel has told reporters,

“In the debate over Europe’s dependence on Russian natural gas it is often falsely pretended that there are many other possibilities. This is incorrect.” So suck it up boys RasPutin has outmanoeuvred you big time!

Here’s something to think about on Iron Ore.. we are the largest supplier and sent 504 ships from Port Hedland during the first quarter carrying enough iron-ore exports to build more than 700 Golden Gate Bridges. Australia will ship 687 million tons of iron ore this year, 19 percent more than last year, the Bureau of Resources and Energy Economics estimates. More than 70 percent is shipped to China, according to the Australian government.

The Chairman of DJ’s has only been in the job a month and he has already secured a CEO and a bid for the stock…and now he is happy to entertain higher bids if someone else pops their head up…shareholders will be happy..makes the other lot look like a bunch of clowns!

The Baltic Dry(which is the cost of shipping bulk stuff around the globe and looked at as an economic indicator) has dropped 12 days in a row and is now back to its lowest levels since August 2013… and almost post-crisis lows…

20140409_bdiy

 

The Nasdaq Biotechnology Index climbed 4.1 percent, the most in a year. The gauge fell as much as 17 percent after reaching an all-time high on Feb. 25. Regeneron surged 6.9 percent to $306.26. The drugmaker, which trades at 80 times reported earnings, slid 18 percent after the shares closed at a record on Feb. 24.

 

Facebook jumped 7.3 percent, its largest gain since Jan. 30, to $62.41. The shares have rallied 10 percent in three days. The social-networking company slipped as much as 21 percent from a record $72.03 on March 10.LinkedIn Corp., which trades at more than 760 times reported earnings, increased 4.2 percent to $176.18. The company jumped 5.9 percent yesterday, after falling in five of the previous six sessions. Twitter Inc. added 1.7 percent to $42.49, its first gain in six days, and Yahoo! Inc. rose 3.1 percent to $34.87.But it’s different this time right???

 

 

And finally……

Paddy  died. His will provided £40,000 for an elaborate funeral.

As  the last guests departed the affair, his wife Colleen turned to her oldest  and dearest friend.
“Ah  well, Paddy would be pleased,” she said.

“You’re right,” replied  Mary, who lowered her voice and leaned in close.
“So go on, how much  did this really cost?'”
“All of it,” said Colleen. “Forty  thousand.”
“Aw  No!” Mary exclaimed, “I mean, it was very grand, but  £40,000?!!!”

Colleen  answered, “The funeral was £6,500. I donated £500 to church. The whisky,  wine and snacks were another £500.  The rest went for the Memorial  Stone.”
Mary  computed quickly.

“For the love of God, Colleen, £32,500 for a  Memorial Stone?

How  big is it?”ring

 

 

And I thought I would leave you with a true genius of Rugby..at least in Post-Match Interviews..Nick “the Honey Badger ‘ Cummins…for those not familiar with his oeuvre I suggest you youtube him ..but he is a classic..here’s a taste…

 

Interviewer: “So you nearly got a try on that left hand side, what happened?”

 

CUMMINS: “I’ve gone up and over and bloody, head over biscuit. It wasn’t enough stability there for meself, but umm, no I was bustin’ for a bit of meat this game but it didn’t seem to work out.”

 

 

Have a great day ..on the Radio at 12.20 in Newcastle.. is someone listening?

 

Clarence

XXXX

Get a Global take on things at www.ntmarkets.com

Get a Global take on things at http://www.ntmarkets.com

 

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