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Morning sports fans,

Nothing much to go on last night form overseas as consolidation is the name of the game…now here we are in US reporting season and most (75%) of their companies are beating expectations and still the market cannot find the next leg up…economic data is coming in mixed.. more numbers  tonight and the jolly old IMF have downgraded their World growth forecasts for this year and next…new housing sales in the US were woeful..manufacturing was a tad disappointing whilst over in Zombieland they are hanging out the bunting cos Spain has got it’s unemployment down to under 25%…yes that’s right folks under 25%..can you imagine Australia with that number….great result for Spain though 24.47%!!!!!!!They must be proud…workforce participation amongst the young is at the lowest on record at 39%!!!

Our market has now rallied for 7 days straight….can we make 8….NO …today despite the SPI up 8 or so I suspect we will back and fill…gold down, iron ore down, banks may feel the harsh winds of margin pressure after fighting each other on mortgage rates…

 

We tried to test the 5600 level but didn’t make it through..maybe we will fall back to 5550 before another go at it..results season coming soon….Mid August is the big period..analysts will be busy!!

 

Down 10 today…and rest….

 

 

Idea of the Day

 

Good to see my recommendation of LYC hitting 22.5 yesterday for a nearly 100% gain since I first talked all things rare earths…stock has dropped back and buying around 17 again will be rewarded with a potential move back to 25 I reckon in the months to come…

 

Graphite is hot…UNX and BUX have both reported good drill results this morning…CHZ has had a bid for its Turkish Gold assets at more than the entire market cap of the company…small resources are on fire ..especially Vanadium, Graphite, Tungsten, Zinc and Nickel…Gold, coal, Iron Ore…nah!!

 

BUX will go for a run again..127 m at 13.4% TGC..total graphitic carbon…expect to see mid 40s before too long…

 

 

Things to make me go mmmmmm!!!

 

Chines PMI blew the lights out yesterday with the second biggest reading ever..ever …52 …whatever that means..

 

Finished the first season of Newsroom last night..by god that Aaron Sorkin guy can write..it’s almost Shakespearean…highly recommended..

newsroom

 

Commonwealth games…Anna Meares and the Brownlee boys in the Triathlon..pretty impressive and they wouldn’t let Chris Hoy into his own stadium!!!

 

Healthscope will list on the sharemarket at a 9 per cent discount to Ramsay Health Care on a price-to-earnings multiple basis. Chief brokers Macquarie Capital and UBS, were allocating shares last night after the equity raising closed at $2.10 a share.

 

Macquarie Group has halved the number of its financial advisers in its private wealth business since January 2013’s regulatory crackdown…apparently uit has cost them $49m to get its house in order..not sure the goals and values lecture was listened too..shares got whacked yesterday would suggest this is a buying opportunity…securities side suffereing due to low volumes but second half will be good …apparently!

 

Newcrest should just admit once and for all that Lihir is worth sod all…paid way too much for it and this piecemeal write off strategy is fooling no one…the new kid has a big job to do…management have been shocking!!!Can’t blame the gold price forever especially when you could have HEDGED!!!!!

 

US numbers last night…. new home sales fell 8.1% in June with the May outcome revised down 12.3%….Jobless claims at eight year lows

 

Amazon losing more money than ever…this one has been an exercise in hubris…more investment in taking over the world…seem to be on the right track…NOT… chart says it all…

AMZN Q2 Op Margin

 

 

 

The Portuguese bank at the centre of a mini storm last week has filed for protection from its creditors in Luxembourg…suspect it needs some protection elsewhere too!!!!

 

If you are in the city ,I went to  lunch at a new place yesterday where Wagamamas used to be on Bridge Street…now a Japanese..you order through an iPad on your table…good food and nice atmosphere..upmarket and only 20 bucks for a great meal..won’t last though!!!Way too cheap for CBD… Yayoi is its name…

 

 

 

From the most powerful man in the Universe last night…no, not Rupert..

 

*OBAMA SAYS HE’S INTERESTED IN `ECONOMIC PATRIOTISM’

*OBAMA: U.S. SHOULD REWARD COS. PAYING FAIR SHARE IN U.S.

 

Facebook hits a record high…LIKE….

 

Last night the Ukrainian PM resigned…more chaos over there …

 

And finally…

 

Paddy bought a donkey from a farmer for £100.

The farmer agreed to deliver the donkey the next day.

In the morning he drove up and said, ‘Sorry son, but I have some bad news. The donkey’s died.’

Paddy replied, ‘Well just give me my money back then.’

The farmer said, ‘Can’t do that. I’ve already spent it.’

Paddy said, ‘OK then, just bring me the dead donkey’

The farmer asked, ‘What are you going to do with him?’

Paddy said, ‘I’m going to raffle him off.’

The farmer said, ‘You can’t raffle a dead donkey!’

Paddy said, ‘Sure I can. Watch me. I just won’t tell anybody he’s dead.’

A month later, the farmer met up with Paddy and asked, ‘What happened with that dead donkey?’

Paddy said, ‘I raffled him off. I sold 500 tickets at £2 each and made a profit of £898′

The farmer said, ‘Didn’t anyone complain?’

Paddy said, ‘Just the guy who won. So I gave him his £2 back.’

 

Paddy now works for the Commonwealth Bank.

 

water to wine

 

 

 

 

 

 

 

 

 

 

Back on Sky TV at 5.30 this afternoon

 

Have a great weekend

 

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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