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Morning sports fans,

How long will it be until we see another record high in the Dow..it will happen pretty soon (17,350)…momentum continues ….last night yet another triple digit rise from the Dow ,Brazil bounced back and Zombieland shrugged off German import price rises ,showing a rise of 0.3% with the slowest pace of deflation since June..even Sweden chipped in with a rate cut to a big fat zero…zero people…this is after the Swedes pushed up rates starting in 2011….FOMC meeting tonight so although we will see the end of QEIII the wording from the Fed will be the important thing…

So onwards and upwards it seems …as long as the Central Banks keep pumping money we will see inflation in asset prices..nowhere else mind but at least houses and stocks will continue to go up…expect to see another strong day today with a knock on the door of 5500 perhaps…China rallying well (2% yesterday)with news starting to filter out from the 4th Dimensions(Plenum) ..Iron ore still stuffed though as is coal..too much supply for the demand and the majors continue to pump and dump…no respite for the underlying price as the tiddlers get crushed!!

Bank results will be the key…but let’s face it they will be great($30BN IN PROFITS BETWENN THE BIG 4!!!)….stocks will pause a little and then the punters will be transfixed by the allure of all those lovely dividends…the promised land…and so it came to pass that the banks continue on their merry way…30% OF OUR MARLET IS THE BANKS…where they go the rest follow…

The biggest issue we face is the dummies in Canberra…all sides of politics…here we are 6 months after the budget and still arguing about it..Joe Hockey, nowhere to be seen(can’t be long before he wants to spend more time with his family) …shouldn’t he be out selling the vision of Australia..they talk about all the infrastructure for the 21st century.(roads) and nothing really happening..in fact over a year into the Abbott experiment and apart from the stalled budget proposals can’t see much going on really…lucky country? Lucky? Maybe if we could get divorced from Canberra we would be lucky!!

 

Idea of the Day

 

The Medibank Private bombardment will start today for retail customers…big push ..it’s a lot of money but suspect that the appetite for this one will be strong!!

Things to make me go mmmmmm!!!

Jackie Lambie!!!Fine the parents for Burqa wearers!! Brilliant!

Would you be willing to be injected with some Ebola for $845…well that’s what some Swiss volunteers have been offered to test a new experimental vaccine..not sure the risk reward is that great!!!!

Madison Square Garden Co. jumped 11 percent after Bloomberg News reported it’s considering splitting the company in two. Twitter Inc. sank 9.8 percent as its loss widened and user growth slowed.

Zombie markets have rallied 8% since the recent low…amazing…whatever it takes!!!

US Consumer confidence rose to 94.5 in October, the highest reading since October 2007 which overshadowed a soft  Durable goods report. Nasdaq biotechnology index on the Nasdaq surged 1% to also post an all-time high.

China rebounded about 2% after yesterday’s Industrial profits data increased and President Xi Jinping signalled a nationwide expansion of free trade zones, in the first communique since the start of the 4th Plenum.

Worley Parsons says it is taking decisive action to improve margins and ensure the business is responding to difficult market conditions, but still expects relatively flat earnings growth in fiscal 2015.

Lloyds Bank confirmed it will axe 9,000 jobs and close 150 branches to reinvest in technology as it kicks off the bank reporting season.

The price of property in prime central London has reached record highs over the last year, costing £2,000 per square foot and making the UK capital the most expensive city in the world for high-end homeowners.

In the US the Russell 2000 has had its best 10-day run in 3 years, best day of the year, and managed to scramble back to its 100- & 200-day moving-average.

I know no one cares but this is interesting…rally starts when the volume drops!!!Still VIX back to 15!!

20141028_over1

And finally……One from a new reader today..Thanks to Alistair for this one

 

JEWISH MOTHER

The year is 2016 and the United States has
elected the first woman President, Susan Goldfarb.  She
calls up her mother a few weeks after Election Day and says,
‘So, Mom, I assume you’ll be coming to my
inauguration?’

‘I don’t think so. It’s a ten hour drive, your
father isn’t as young as he used to be, and my arthritis
is acting up again.’ ‘Don’t worry about it Mom,
I’ll send Air Force One to pick you up and take you
home. And a limousine will pick you up at your door.’

‘I don’t know. Everybody will be so fancy-schmantzy,
what on earth would I wear?’ Susan replies,
‘I’ll make sure you have a wonderful gown
custom-made by the best designer in New York.’

‘Honey,’ Mom complains, ‘you know I can’t
eat those rich foods you and your friends like to eat.’
The President-to-be responds, ‘Don’t worry Mom. The
entire affair is going to be handled by the best caterer in
New York, kosher all the way. Mom, I really want you to
come.’

So Mom reluctantly agrees and on January 20, 2017, Susan
Goldfarb is being sworn in as President of the United
States.  In the front row sits the new President’s
mother, who leans over to a senator sitting next to her and
says, ‘You see that woman over there with her hand on
the Torah, becoming President of the United States?

The Senator whispers back, ‘Yes I do.’

Mom says proudly, ‘Her brother is a doctor’.

 

Have a great day

 Clarence

XXXX

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