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It’s all about Woodside Petroleum Limited (A$40.90, -4.6%) today! Oh those lucky participants at $41.35 are now not quite so happy today as the weight of all that stock bore down on the market and the sector in general. Hedge funds waving their burnt fingers in the air and crying foul. There were a number of commentators talking it up as a takeover stock. Really? Who? Would have to be pretty big and we know that Shell got knocked back so only BHP Billiton Limited (A$35.28, -0.2%) really. Anyway the rest of the sector was hit with peripheral stocks especially hard hit as Karoon Gas Australia Limited (A$3.26, -4.7%),Drillsearch Energy Limited (A$1.475, -3.9%),Dart Energy Limited (A$0.175, -2.8%) and Beach Energy Limited (A$1.695, -0.6%) down with the heavyweights like Santos Limited (A$14.31, -1.3%) also underwater. Material stocks steadied except for BHP Billiton Limited (A$35.28, -0.2%) but at least RIO Tinto Limited (A$57.90, +0.8%) ,Arrium Limited (A$0.775, -3.1%) and Fortescue Metals Group Ltd (A$4.02, +2.0%) had a better time. Gold stocks were mixed with Newcrest Mining Limited (A$10.15, +1.8%) finding friends whilst others still in the dog house, Evolution Mining Limited (A$0.73, -3.3%) and Kingsrose Mining Limited (A$0.44, -4.3%) chowing down on Pedigree chum. In the end we finished down 18 at 5383 on our lows after trying really hard to rally and at one stage popping up above the parapet at 5405.

In the industrial space the big story was ‘Secret Solly’ buying nearly 10% of David Jones Limited (A$3.90, +0.5%). Two weeks away from the crucial vote and things are getting truly ‘House of Cards’Sahreprice static though as the SA Shareholders of Woolies approved the takeover bid. Telstra Corporation Limited (A$5.17, -0.8%) continues to back pedal as the competition in data and SMS pricing continues to weigh on yield punters minds .Financials also dropped on profit taking although my bucket of Banks is still $182 for all four and a corona thrown in too. Interestingly you could line up the three smaller ones at $25 some time ago and now they are all pretty close again at $33.Bit simplistic but coincidence, I do not believe in them. The Red Right hand is at work!

Scoring goals today were Greencross Limited (A$9.85, +8.5%),Atlas Iron Limited (A$0.625, +7.8%),Aquila Resources Limited (A$3.35, +7.0%),Liquefied Natural Gas Limited (A$2.26, +5.1%)(when will it end?)Bradken Limited (A$3.49, +4.5%) and Mount Gibson Iron Limited (A$0.69, +3.8%) in the bigs with #BLT#,#NEU#,Grange Resources Limited (A$0.155, +3.3%) and Bionomics Limited (A$0.44, +10.0%) in the smalls.Looking like Rooney were #CVO#,Mesoblast Limited (A$4.23, -4.9%),Woodside Petroleum Limited (A$40.90, -4.6%),Karoon Gas Australia Limited (A$3.26, -4.7%),TWE#,IPP# and in the smalls Iron Road Limited (A$0.31, -12.7%),Donaco International Limited (A$0.87, -5.9%) and MaxiTRANS Industries Limited (A$0.895, -9.6%). Volume was good today with Woodside snaring the lion’s share.Worryingly so given the volume elsewhere. ASX Limited (A$35.45, +0.5%) should be worried.

Asian markets were mixed with Japan better but the rest were slightly off. Aussie Dollar was 93.34 and Digital tulips $655.Gold trading at $1267.

Stocks and Stories

Aquila Resources Limited (A$3.35, +7.0%) jumped today after the guys from Mineral Resources Limited (A$9.35, -2.1%) walked away from a scrip/cash merger at around $3.75 and suggested that punters should be happy with the $3.40 that Baosteel is offering.

Cover-More Group more issued a trading update which looked underwhelming and also enunciated their push into Asian travel insurance and the appointment of some new execs.

The ‘imaginary’ metal curse continues as officials at Qingdao port in China have now found 100,000 tonnes of alumina stored there was missing. They seem to have misplaced or double counted rather a lot of stuff recently. Copper gone too! Wonder if they checked down the back of the sofa. “To lose one metal, Mr. Worthing, may be regarded as a misfortune. To lose two or more looks like carelessness.”

Slap on the wrist? You bet. Newcrest will pay $1.2 million in penalties over claims it selectively disclosed information to analysts, under a settlement proposed in the Federal Court.Still could have been worse.

Tomorrow’s News Today

FOMC people. Origin and Socceroos. Not sure which is the biggest!

China’s new-home prices fell in half the cities tracked by the government for the first time in two years as a slowing economy and excess supply deterred buyers.Prices fell in 35 of the 70 cities last month from April.

The Westpac/Melbourne Institute Leading Index, which indicates the forecast pace of economic activity three to nine months in advance, rose in May but is still at a level low enough to indicate a below-trend rate of economic activity in the second half of the year and into 2015.We don’t have a spending issue but looks like the revenue issue will be around for longer than they think.

From John Simpson of the BBC “In Baghdad, bullets and pistols have tripled in price, and you can scarcely buy a Kalashnikov at all. But this is not because nervous citizens are arming themselves against the ISIS onslaught; it is due to the huge demand from the Shia volunteers.” This will get messy! Obviously they aren’t watching the World Cup

Our supporters on Climate change Canadia today announced they had conditionally approved a pipeline to bring oil from the Alberta oil sands to the Pacific coast The 1,177-km (731 miles) pipeline project, known as the Northern Gateway, is expected to transport 525,000 barrels a day to Asia-bound tankers. Oil sands is even more horrible than coal. But Harper loves it.

Facebook has launched its new ‘Poke ‘ system to rival Snapchat.It’s called ‘Slingshot”. How do they dream up all these cool names?

Rasputin has turned off the gas. Didn’t he learn from the UK mIners’ strike. Don’t threaten when stockpiles are high and its summer! Never works.

Finally here’s a conundrum. Where is all the inflation the Central Bankers have been talking about? Not in UK,US or Zombieland. Well, except the share market that is.

That is all