“Green, green across my screen, where I go live” to paraphrase Mr Bowie. After a brief flirtation with a down day the market took heart from global low interest rates (Fed tonight?) and RBA joining the fun to bid everything up. Having topped out at 5631 we settled for a resistance busting 34 points up at 5623.A low of 5588 . The market was so bullish punters even bought QBE Insurance Group Limited (A$11.04, +4.4%) and Macquarie Group Limited (A$58.23, +0.3%). Hard to find any negatives in the big stocks ,only BHP Billiton Limited (A$39.00, -0.2%) really despite Iron Ore price rises ,RIO Tinto Limited (A$66.07, +0.5%) and Fortescue Metals Group Ltd (A$4.96, +2.1%) fared better. Financials were in demand as Commonwealth Bank of Australia (A$83.13, +0.9%) hit an all-time high but others less enthusiastic but #SCG# and the property trusts like Goodman Group (A$5.34, +1.7%),Stockland (A$4.09, +1.5%),Dexus Property Group (A$1.18, +1.3%) and Mirvac Group (A$1.81, +1.1%) all looking hot to trot. Builders were also in demand with fluffy dogs Duluxgroup Limited (A$5.59, +3.1%) ,Csr Limited (A$3.76, +1.9%),Adelaide Brighton Limited (A$3.67, +2.2%),James Hardie Industries PLC (A$13.48, +2.4%) and Boral Limited (A$5.32, +0.9%) doing well. Energy stocks flying led by Woodside Petroleum Limited (A$42.88, +0.6%) and Liquefied Natural Gas Limited (A$3.73, +14.8%).Santos Limited (A$14.45, +0.5%) and Caltex Australia Limited (A$24.74, +1.8%) also feeling the love. Healthcare stocks like Csl Limited (A$67.40, +0.8%) and Telcos like Telstra Corporation Limited (A$5.49, +0.5%) also well bid.

Volume was better at close to $4bn on the solid move with big winners Liquefied Natural Gas Limited (A$3.73, +14.8%),#GMA#,ALS Limited (A$7.95, +6.0%),QBE Insurance Group Limited (A$11.04, +4.4%),Mesoblast Limited (A$4.26, +3.9%),Cabcharge Australia Limited (A$4.66, +4.7%),Syrah Resources Limited (A$5.77, +3.0%),Duluxgroup Limited (A$5.59, +3.1%) and Infigen Energy (A$0.23, +9.5%) and Acrux Limited (A$1.75, +10.4%) in the smaller end. Losers included Iproperty Group Limited (A$3.56, -5.3%) (after REA Group Ltd (A$47.25, -1.2%) bought in),Lynas Corporation Limited (A$0.205, -4.7%),Energy World Corporation Ltd (A$0.36, +1.4%),#XRO# and in the smaller end Boart Longyear Limited (A$0.20, -11.1%), Lamboo Resources and Poseidon Nickel Limited (A$0.215, -6.5%).

Punters special today making strong showings were Zeta Petroleum, Blina Minerals and Blaze International

Asian markets joined in the low rate fun although off their best Japan up 0.18%,HK up 0.7% and Shanghai down 0.45%.

Stocks and Stories
Liquefied Natural Gas Limited (A$3.73, +14.8%) announced they had successfully raised nearly $40m(probably killed in the rush) to buy a project in Canadia called Bear Head.

Genworth Mortgage Insurance Australia earnings out today and expects its full-year underlying net profit after tax in the range of $231.1 million to $250 million. It reported new insurance written of $17.3 billion compared with $17.1 billion in the previous corresponding period and a reported loss ratio of 19.6 per cent and said it would pay a franked interim dividend of 2.8¢ per security.

ALS Limited (A$7.95, +6.0%) nice bounce today after yesterday’s shocker as analysts poured over the number s and things may not be as bad as first though. As they say shoot first, ask where to bury the body later.

Programmed Maintenance Services Limited (A$2.71, +2.3%) held their AGM today and shareholders liked what they heard from the chairman and CEO as they company reiterated its forecast to be broadly ‘in line’.

Interestingly Trade Me Group Limited (A$3.06, -4.1%) announced they had reviewed their pricing scheme for real estate ads in NZ and were now providing a more flexible range of options to list,ie cheaper!

Westpac-MNI’s China consumer confidence survey shows a pick-up in sentiment to 114.8 in July from 112.6 in June. It is still below average however and the monthly reading was dragged down by a poor outcome in household perceptions of their current personal finances which is at the lowest level since August 2013.

Tomorrows News Today
Fed will be the highlight tonight. Gaza the lowlight. More sanctions on Russia. They don’t seem that bothered yet.

Argentina is in last minute talks to avoid a default. The first since 2001 looks possible as the deadline on $29bn of missed interest payments loom.

Japan’s factory output fell 3.3% from May to June, the latest sign to highlight that the recent sales tax rise is affecting consumer demand. It is the biggest decline in output since the 2011 earthquake and tsunami.

Meanwhile in ‘blighty’, there were 27,029 personal insolvencies in England and Wales in the second quarter, a 5.1% rise on a year earlier while BOE figures suggest that the recent slowdown in housing is over as mortgage approvals increased more than expected to 67,196, up from 62,007 in May.

Not sure this was totally unexpected given the big miners wrote the tax framework for the MRRT but Jokin’ Joe has announced it has only raised $600,00(!) in the last three months. Well played the miners. Must be a few other industries looking to write their own tax laws after that one.

All eyes on Twitter tonight after a massive short squeeze on revenue numbers last night sent the bears into the woods to look for some stock. Pushed it up 30% after hours! That hurts! Especially after Yellen told all and sundry she thought social media stocks were overpriced. Pointed at Myspace perhaps.

And in China, the President is again stretching his anti-corruption muscles by investigating the former head of security Zhou Yongkang and ally of ousted Chongqing party boss Bo Xilai.The probe was announced on International Tiger day. “No matter how big the tiger, as long as it commits evil and violates party discipline, it won’t be able to escape the cage,” the People’s Daily said. They do have a nice turn of phrase don’t they?

That is all