Morning sports fans,
There is a T Shirt that says “I hate being Bi Polar it’s awesome!” Pretty much sums up the US markets at the moment. Last night they took a big hit just a day after the Fed Cat Bounce! NASDEAD was the biggest loser with a massive spike to the downside as the Emperor seems to have lost his dignity…of course it’s different this time..stocks trading on multiples of 700…yeah that’s different..so it’s hardly surprising that the hot air is escaping faster than friends on Bob Carr’s Xmas card list! Will anyone buy that book…anyway I disgress…caution peeps..have talked about it, have talked about lofty valuations, so last night’s move was no surprise…given the Bi Polar nature of the US computer though I would expect a binary outcome on Friday…maybe up 200 or down another 200!!
But I got the radio on…
Yesterday’s unemployment numbers would have put the final nail in the rate cut call…no way Jose…just look at The Block’s prices to see that is never going to happen..looks like the local economy has turned the corner and only the Budget and Bad Tempered Joe can hurt us now…that and the dollar and the …….whatever.
So expect our market to take a bit of a hit..SPI was down 51 and CCL have come out with yet another profit warning…should not be a shock..have you seen the price they sell Coke for in Woolies and Coles these days…its about 18 bucks for a case of 30!!!No wonder they aren’t making any money!!we will not be as bad as the Dow though but 45 maybe…it’s a Friday after all!
We are heading into Easter so look out for trouble. Even the best of us can come a cropper at Easter..short week next week and next and Anzac day so with all the gyrations in the US it pays to be cautious and then we have May!!
Idea of the Day-BDR gold hits today..pretty good results.
Long a favourite of mine and I have to say looking pretty crappy recently due to a combo of gold price ,suspension of production and no new news.So I have been wrong for a while I have to admit…. But yesterday they announced resumption of production and no change to yearly targets and now today they have announced some pretty interesting grades of gold from recent drilling…at 64 cents there could be more upside to come…of course they are leveraged to the gold price but low cost producer and have Iron Ore offtakes and their costs are in Brazilian Real…
A quick summary of today’s results…from their press release
Beadell Resources Limited is pleased to announce the highest drill intercept received at the Duckhead deposit of 31 m @ 490.8 g/t gold including a metre assay of 14,018.6 g/t or 1.4 % gold in FVM351 Drilling to target a potential down plunge extent of this result, has commenced.
Probably will be ignored by the market today but one to watch ,things are on the turn…
Things to make me go mmmmmmmm!!!
Things don’t go better with Coke!15% profit downgrade and god bless them…wait for it… a strategic review..
Chinese numbers yesterday were pretty shocking..We want stimulus!..when do we want it!..now!
Chinese Imports in March were down 11.3% and also a sharp turnaround from the 10.1% increase in February.Chinese exports fell 6.6%, with the forecast at +4.8%
A month ago the Canadian Finance minister resigned unexpectedly to pursue another chapter in his life. Sad news is that he has passed away..
Today’s numbers…Australia lending finance -China consumer and producer prices.
The Nasdaq Composite Index sank 3.1 percent at 4 p.m. in New York to a two-month low that erased its gain this year. Nasdaq Biotechnology Index plunged 5.6 percent, the most since 2011. Alexion Pharmaceuticals Inc. dropped 7.5 percent, the most in the S&P 500. The drugmaker, which trades at 101 times reported earnings, has lost 22 percent since closing at a record on Feb. 27.Faceplant down 5% .Linkedin down 3% and Twitter down 2.5%.
One SEC commissioner in the US has told the truth!!! “A lot of our rules were written for people and not necessarily for computers.”
VIX or fear index had a good day though up 15% to 15.9!!!!!remember at the height of the GFC it was trading well above 50 and peaked around 80!!
Good to see our Glorious leader (dial) Tone knows how to take a selfie on the phone..I heard that he is travelling with 700 Australian business leaders..I didn’t think we had that many..
KPMGHas declared Spanish-owned German construction giant Hochtief’s $1.2 billion takeover offer for Leighton Holdings as fair and reasonable, but has warned about a number of risks facing the Australian construction group, including its $5.1 billion in outstanding receivables and an ongoing inquiry by the Australian Federal Police.
Greece has issued a five year note with a 4.95% coupon…they are back..160% debt to GDP debt,28% unemployment, estimates that they will not get back to 2006 economic levels until 2025 but hey they are back!!! You are seriously deluded!!
UK kept rates on hold…no surprise there…
And Oscar Pistorius looks like he hasn’t got a leg to stand on..defence looking increasingly wobbly!
A young Ventriloquist is touring Melbourne and one night he’s booked to do a show in
a RSL club. With his dummy on his knee he starts going through his repertoire
of dumb blonde jokes.
Suddenly, a blonde woman in the fourth row stands on her chair and starts
“I’ve heard enough of your stupid dumb blonde jokes. What makes you think you can
stereotype blonde women this way, especially us Melbourne wives?
What does the colour of a woman’s hair have to do with her worth as a human being?
It’s men like you who keep women like me from being respected at work and in the
wider community and from reaching our full potential as people. It’s people like
you who make others think that all blondes are dumb, whether they’re from Melbourne
or not. You and your kind continue to perpetuate discrimination not only against
blondes but women in general and pathetic, all in the name of humour.”
The embarrassed Ventriloquist begins to apologize and the blonde yells:
“You stay out of this big boy I’m talking to that little bugger on your lap.”
Enjoy the weekend. Back on Sky TV this evening at 5.30…CNBC was kind enough to send me the “talking head” script!!! See if I stick to it!!!
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