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Morning sports fan,

 

Been in a meeting!!So will keep it briefish!!

 

It’s always the little things or the things you don’t see coming that have the ability to really stir things up.

 

The emerging civil war in Iraq perhaps or more importantly the move from Mark ‘circus’ Carney to warn markets in the UK to expect rate rises sooner rather than later. For those of us old enough to remember the ‘87 crash I seem to remember a similar move by ze Germans to raise rates surprised a complacent market, everyone then looked round and saw the emperor had long ago removed his clothes and was dancing around a takeover fuelled fire absolutely butt naked with no shame at all and he wasn’t even a good looking emperor. Now if it had been Becks, maybe we could have forgiven him but it was more Palmeresque!!

 

416340-net es

 

Now I don’t for one minute believe that we are in for a crash(not again!) at least not while the central banks of the world print and print often,however I do believe that complacency is misplaced. Iraq and the rising oil price shows that. Of course Obama will do something and banish the baddies but he is looking more and more like a weak lame duck president hoping to leave a legacy beyond a country with 47m on food stamps and rampant school yard shootings …maybe climate change and Iraq. Still if Jeb Bush has a run at the top job it may feel a bit like old times. Invasion of Iraq with a Bush at the helm.Lovely! He could get a turn on the aircraft carrier perhaps. George senior jumped out of a plane for his 89 th birthday. Just a shame the parachute opened!!

 

Anyway to our little market. Sucking eggs time. Falls in commodities coupled with a rise on oil prices coupled with IPO overload will continue to weigh. SPI was down 39 so it’s pretty obvious where we are heading. Upward momentum has stalled and the pullback I have talked about is well and truly underway. Ok so my Sell in May call needed to be extended a little but still…give the guy a break I am not a fortune teller!!

 

Idea of the Day

 

Friday 13th..le’s be careful out there.

 

Things to make me go mmmm!!

 

World Cup has started and so the early rises and late to work routine …uk

 

Is it only three years since the US pulled out of Iraq. Now looks like it’s kicking off again and will they learn the lessons for Afghanistan … Nope

 

For football fans I would highly recommend watching the SBS doco the class of 92 its on their catch up TV service. Charts the rise of Man Utd youth players like Beckham and Giggs to winning the champions league. Brilliant!

 

And I’m a Chelsea supporter!!

 

Mineral Resources yesterday confirmed it had purchased about 50 million Aquila shares at $3.75 a share, giving it a 12.78 per cent stake. The move on the coal and iron ore company has secured Mineral Resources a firm seat at the negotiating table as Bao¬steel and its joint-venture bidder, Brisbane-based freight operator Aurizon, attempt to sell its $3.40-a-share offer.

 

Retail brokers will have just three days to take orders for Asaleo Care’s $633 million-plus initial public offering, after the corporate regulator requested more time to study the ASX-hopeful’s prospectus. Bell Potter, CBA Equities, Macquarie Equities and Morgans Financial were due to start taking client orders on Tuesday, but it is understood the opening date has now been pushed back to June 17.

 

James Packer’s Macau joint venture has seen its valuation slashed over the past week as investors worry about the outlook for the Macau gambling industry. Since the end of May, Melco Crown Entertainment has lost 11.7 per cent of its value, with investors particularly concerned about signs of slowing growth and the prospect of tighter restrictions on credit.

 

And finally back on Sky Biz at 5.30 tonight…

 

Angela Merkel arrives at Passport Control at Athens airport.

“Nationality?” asks the immigration officer. 

“German,” she replies. 

“Occupation?” 

“No, just here for a few days!”

 

Have a great weekend..Go Socceroos ..Go Engerland!!!

 

Clarence

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