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Morning sports fans,

 

There Janet said it last night “substantially stretched.” .She was talking about internet and biotech valuations..could be her “Irrational exuberance” moment..still it was enough to upset the normally bullish Tuesday apple cart. Good results from the US banks which are making a motza from all the takeover activities and enjoying the low volatility(trading desks aren’t but deal makers are)…now translating that effect to downunder you would have to assume that Macquarie are making off like bandits too…if you want leverage to equity markets and economic growth look no further than this baby..

markets-mixed-after-yellen-warns-some-valuations-appear-stretched

 

Our market yesterday had a bi polar sort of day after such a promising start the Murray inquiry into financial services upset the banks…more competition coming guys..Coles are starting up banking, Yellow Brick Road are getting aggressive on Mortgages as are MacBank and pay pal and technology is starting to creep into the payment system..of course they will always make record profits but some of the gloss may be fading…market thought so yesterday and from up 20 to down 20 and then unchanged as the rally on the close helped….Resources seem to be a punters playground at the moment…big takeover last night announced for a Lithium producer in the US..Graphite is hot but Lithium is hot too… fully electric vehicles contain 44 pounds of lithium carbonate in their battery packs, compared with just one ounce in a notebook computer…the hunt for lithium exposure begins!!

 

Expect a dull day again today as we wait for the Chinese to report economic data..and we get building approvals to here…feel that we are in waiting mode for our results season…

 

Idea of the day

 

Banks will be pushed to hold more capital..dividend growth to slow..probably a bit toppy at the moment..good time to sell some calls perhaps… Ever wondered why the three banks ex CbA are the same price…coincidence…no such thing ..it’s a conspiracy!

Things to make me go mmmmm!!!

FMG –RIO- and ILU production numbers today..

Good to see we have our very own CYNT…listed only in may FTH or Fifth Element Resources has soared from 20c to nearly $8.00!!!!!There has been no news and finally the stock exchange has suspended them!!!Either someone knows something and its insider or it’s the biggest pump and dump we have seen for many a long time!!!Even the company has said it knows of no reason for the rise!!Seems most of the shares are tied up in three hands..not much free float!!Not quite sure how they get away with this..

UK inflation through the roof to 1.9% as rate rises rear right royally for early next year..sorry practicing my alliteration today!

Looks like the Gov has got its way with carbon tax …and on the financial services reforms…finally..don’t expect your power bills to fall though…

Gold Plunges Back Below $1300 As “Someone” Dumps $2.3 Billion In Futures..17,000 futures contracts sold in a hurry!!

US Data showed retail sales rose by just 0.2% against estimates at +0.6%.

Portuguese Banco Espirito Santo sank 20% and their subordinated debt tumbled ahead of a maturity of short term debt tomorrow.

Oz Minerals has revved up a better-than-expected June quarter production effort by revealing a potentially large copper-gold discovery in Jamaica on ground once held by BHP Billiton. Copper production for (calendar) 2014 is now expected to be higher at 85,000-90,000 tonnes, from 75,000-80,000 tonnes previously.

The Federal Government has backed down on its plan to open Qantas to foreign ownership. Cabinet has approved a compromise proposed by Labor that will see foreign investment restrictions eased but keep the airline majority Australian-owned.

Listed graphite minnow Uranex is poised to strike an offtake deal with the state-owned China Materials Group for use in the lucrative high-tech batteries market.

The BRICS have teamed up to launch a $100bn fund to help smooth over issues in a crisis…IMF and World bank not good enough and too US centric it seems…

One of the winners in the last few years Macquarie Atlas Roads is raising $60m for more of their French Toll road..

 

And finally….

 

anks for the donations yesterday I have now qualified for a Starlight T shirt to run in!!!O the glory…anyway here’s the link if you want to help me reach my goal of raising $700

 

Click here to donate to Starlight Foundation

 

ZEN TEACHINGS

 

1. Do not walk behind me, for I may not lead.

Do not walk ahead of me, for I may not follow.

Do not walk beside me for the path is narrow.

In fact, just piss off and leave me alone.

 

2. Sex is like air.

It’s not that important unless you aren’t getting any.

 

3. No one is listening, until you pass wind.

4. Always remember you’re unique.

Just like everyone else.

5. Never test the depth of the water with both feet.

6. If you think nobody cares whether you’re alive or dead,

try missing a couple of mortgage payments.

7. Before you criticize someone, you should walk a mile in their shoes.

That way, when you criticize them,

you’re a mile away and you have their shoes.

8. If at first you don’t succeed, skydiving is not for you.

9. Give a man a fish and he will eat for a day.

Teach him how to fish, and he will

sit in a boat and drink beer all day.

I am also the key note speaker for next weeks’ Investor Roadshow run by Symposium at the Establishment. If you are interested in attending let me know and I willsee what I can do..four companies presenting as well…resource companies…

http://symposium.net.au/InvestorRoadshow/

 

Have a great Wednesday

 

Clarence

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Any financial product advice contained in this email is general financial product advice only and does not take into account any one person’s objectives, financial situation or needs. Therefore, before acting on any financial product advice in this email, you should consider, with or without the assistance of an independent adviser, the appropriateness of the advice, having regard to your objectives, financial situation and needs.

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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