Morning sports fans,
Overseas markets turned nasty last night, especially in tech stocks and financials, and with the lack of commitment from punters here, I would expect a similar performance out of us today…maybe down to 5450…expect more ‘fear of god’ type statements from the Government as Jokin Joe gets set to hold his $3000 a plate Budget party. Some years ago when I worked for Macquarie ,I went to spend budget night at Parliament House and had dinner in the Great Hall, drinks with Joe and a bunch of his cronies and I must say I paid nada for the priviledge..it was interesting in so much as two of the MPs there got done for rorting travel expenses about a month after but there is no way I would have paid $3000!!But then he wasn’t Treasurer then I guess..only an up and comer…
My caution ahead approach is still in place..I am a fan of the Sell in May and go away routine..doesn’t work every time but I think after the run we have had its time has come again…despite shooting the lights out the banks ,which are the engine room of the market ,have struggled to push ahead.
So here we are at 5480..pretty elevated..not suggesting that there is going to be a rout but sideways to down to around 5300 by the end of May perhaps…banks and financials to struggle after their numbers..the key..resources are going nowhere in a hurry due to Chinese exodus to sunnier climbs as the property market there deflates quicker than a Liverpool fan at 90 minutes…budget and tax loss selling will weigh too..what’s to like?
Idea of the Day-NTC and MQG doing well…in fact very well…
For those that follow my recommendations it is nice to see NTC hitting the high 60’s…I first recommended them at mid 30’s..so a two bagger…MQG have also been stand out as I suggested the day of their results…there is $1 trillion worth of M&A activity and Alibaba have just filed a huge $1bn IPO…you can’t tell me these guys aren’t making off like bandits with rates so low and money so cheap!
So a couple of winners there..Ok I have losers too…otherwise I wouldn’t be working right…so mea culpa..maybe some just take longer..I like to think so..
Gimme us another one I hear you cry..gimme gimme gimme!!!Well patience Grasshopper…timing is everything!!I even said this on Sky Biz last week…got a titter or two!
Things to make me go mmmmmm!!!
Lucas O’Neill left out of the socceroos squad!
Hope you are all dusting off your glitter and Baboushka dolls as Eurovision 2014 looms this weekend…this is the reason the internet was invented…the twitter and facebook conversations are just the best!!And always nice to see Julia Zemiro on TV..
China’s $1.4 billion move on Aquila Resources is a “low-ball” offer that is unlikely to succeed in its current form, analysts have argued.
OECD downgrades world growth citing slowdowns in the US and China!!! The Organisation for Economic Co-operation and Development predicts. It expects 3.4% world growth this year, down from its 3.6% November forecast. In 2015, however, it still expects growth of 3.9%.It cut forecasts for China and the US.UK the star…
Tweet tweet…Shares in Twitter closed down 17% + after 480 million shares from insiders became eligible for sale, more than quadrupling the amount available for trading. In more internet news……
Alibaba has filed for IPO…could be the biggest ever!!! The firm had 20,884 employees with more than 7,000 in engineering and data departments. ALIBABA HOLDER YAHOO BENEFICIALLY OWNS 22.6% 2013 EBITDA: $2.7 billion, 2013 Free Cash Flow: $3.2 billion Pro Forma cash $7.9 billion
Meanwhile in the real world..actually maybe that is the real world!!… The IRS collected $5.7 billion in 2011 from penalties, meaning that Americans took out about $57 billion from retirement funds before they were supposed to. The new ATM is the 401K not the house like it used to be…do you want fries with that?
Barclays fell the most since July, closing down 5.2% after reporting a drop in pre-tax profit….
Over in the US there is a whole new immigration wave hitting as cashed up foreigners buy US homes at knock down prices and with it comes a visa..ok you have to spend a bit and there are conditions attached but I have a friend who is doing just that…meanwhile in Detroit…Gov. Rick Snyder will request 50,000 special federal immigration visas over the next five years to attract foreign professionals who are willing to work and live in the city….seems it is very popular in China at the moment…
And in more austerity measures it looks like not only will you have to put a stamp on a letter to send it but you will have to pay to receive it as Aussie Post looks set to revamp the entire postal biz…now you know what I am happy to never receive any mail(bills again)..that’s the only thing that comes through the mail..that a real estate agents telling me how much I could get for my house!!!
I wrote yesterday in my afternoon report about the Glasgow Kiss ,The Billionaires Biff and the Liverpool Choke…I hope the latter pass into the dictionaries!!If you want to access the afternoon report sign up for all things on www.beeksdownunder.com or follow me om twitter @henryj007
And finally…my thanks as usual to my cult followers for the jokes and the cartoons…this one I like..
And of course for the joke fans amongst us…
Did you ever wonder why there are no dead penguins
On the ice in Antarctica – where do they go ?
Wonder no more!!!
It is a known fact that the penguin is a very ritualistic
bird which lives an extremely ordered and complex life.
The penguin is very committed to its family and will
mate for life, as well as maintaining a form of
compassionate contact with its offspring throughout its life.
If a penguin is found dead on the ice surface, other
members of the family and social circle have been
known to dig holes in the ice, using their vestigial
wings and beaks, until the hole is deep enough for
the dead bird to be rolled into and buried.
The male penguins then gather in a circle
around the fresh grave and sing:
“Freeze a jolly good fellow”
“Freeze a jolly good fellow.”
“Then they kick him in the ice hole.”
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