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Morning sports fans,

Shocking events in Ottawa…innocence so easily shattered…markets in the US fell back to earth a bit following benign inflation numbers and profit taking…volatility is well and truly here to stay til Xmas…here our market nearly made the 50% bounce I talked about the other day…nearly…5400 so close..anyway today we should see a modest fall…only modest but the fuel for the rally is running out…CPI numbers yesterday bear no relation to the real world as I argued with Dr Shane Oliver on Sky the other night…probably off his Xmas card list now..anyway fuel prices dropping and electricity down around 5% after the removal of the Carbon Tax…that one is a one off ..still dollar rallied as did the market..banks as usual running the show but nice to see some of the miners join in..my bank index was 178…low around 167 high around 187…so here we are stuck in the middle with you…Steelers Wheel….

There were some outliers yesterday suggesting that the CPI gave the RBA a reason to cut rates…tell ‘em they are dreaming…they are too worried about house prices in Sydney’s Inner West to move on that puppy…stuck for a long time to come…no ticker Glenn…

I reckon, and I have been wrong on the market falling back to 5000, that we may have seen a short term top…bank results next week so nerves will start to fray plus we have the ECB stress test out soon…rumours that 7 banks have failed..course no one cares as that is a positive as the Central Bank will need to print more Euros…Zombieland is the sick man of the world…Japan going ballistic at the moment with thoughts that Abe and Aso (there’s a pun there somewhere) will delay the sales tax rise and pump in even more money!!

So here is my latest thoughts on the direction of the market for what it’s worth..we will ease back gently to 5300 and then go sideways before Santa comes to town…however I think even Santa will struggle to lift it much beyond 5500 and we should have a small rise for the year…2015 will be a year of more volatility…goodo…

Idea of the Day-Medibank Private-Interested?

mediabnkl

Medibank Private….please let me know if interested as we need numbers by Monday…

Bought some LYC for myself yesterday…could be really stupid…anyway at 8cents the downside is limited…8c really…

Like MOC at 250 still…and if you are looking for exposure to the small end of town might be worth looking at IBG …they are a Zinc play and Zinc is going well…Greenland…backed by Glencore and being helped by China’s NFC…at 9.2 its one to buy and put away for a few months…anyway happy to run through the story in more detail on request..

Things to make me go mmmmmmm!!!!

 

Boart Longyear has confirmed that private equity and distressed debt firm Centerbridge Partners will take control of the fiscally challenged driller in a deal worth over $US300 million ($342 million).

AGL on Thursday said it expects to report an underlying net profit of between $575 million and $635 million for 2014/15, up from the $562 million recorded last financial year.

The challenges facing the next wave of Australian liquefied natural gas projects may have become even steeper after rival developments in Canada won a significant watering down of tax rates. LNG projects in the western Canadian province of British Columbia will now start at a tax rate of 1.5 per cent while they recoup their capital investment, with the rate to rise to 3.5 per cent after four years and 5 per cent after 20 years…and it appears that $80 is crunch level for the US shale industry..no wonder the Saudi’s aren’t cutting back production..they sure don’t want the US shale industry to thrive…puts them out of business…

 

Jackie Lambie!Really…….maybe she has been reading my newsletter…

Yesterday the man who played the Sax on Gerry Rafferty’s baker Street died aged 60…seminal song and stunning sax solo …he got paid 27 quid as a session musician for that solo…and the cheque bounced!!!!

One of my favourites G8 Education is seeking to raise $100 million in an institutional placement through UBS. UBS was seeking to sell 20.4 million G8 Education shares at $4.91 each…I would be looking at AFJ…much cheaper ..still the G8 Gravy train for corporates contuinues…every month another placement it seems..

We saw a company yesterday…shouldn’t mention their name ..but they suggested that revenue was NOT part of their business model…plenty out there seem to agree!!!!!

US VIX up 11% yesterday..to 18…

Now we have reports about the budget emergency here and the lavish cost of a table to seat the G20 members…but over in the US…The most lavish expenditure on record was for the Obamas’ 2013 Africa trip and Honolulu vacation, which cost taxpayers $15,885,585.30 in flight expenses alone.

 

Once more the crowded trade is back… hedge funds raised net exposure to a new record high of $683bn at the beginning of 3Q 2014, while reducing cash holdings to a record low of 3.5%. Gross exposure is back to the 2007 peak… In other words, hedge funds have never been more bullishly positioned…hold on…

Earnings  reports from Boeing and Biogen resulted in those two stocks falling 5.1% and 4.4%.

wallabioes

And finally……bit Un PC but what the hell!!!

Back on January 9th, a group of Gold Coast bikers were riding west when they saw a girl about to jump off the Story Bridge in Brisbane. So they stopped.

George, their leader, a big burly man of 53, gets off his Harley, walks through a group of gawkers, past the police who was trying to talk her down off the railing, and says,

“Hey Baby…..whatcha doin’ up there on that railin’?”

She says tearfully, “I’m going to commit suicide!!”

While he didn’t want to appear “sensitive,” George also didn’t want to miss this “be-a-legend” opportunity either so he asked ………..”Well, before you jump, Honey-Babe..why don’t you give ole George here your best last kiss?”

So, with no hesitation at all, she leaned back over the railing and did just that …….., and it was a long, deep, lingering kiss followed immediately by another even better one.

After they breathlessly finished, George gets a big thumbs-up approval from his biker-buddies, the onlookers, and even the policeman, and then says,

“Wow! That was the best kiss I have ever had, Honey! That’s a real talent you’re wasting, Sugar Shorts. You could be famous if you rode with me. Why the hell are you committing suicide?”

“My parents don’t like me dressing up like a girl.”

It’s still unclear whether she jumped or was pushed.

Have a great Thursday

Clarence

XXXX

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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