Slip sliding away! Slip sliding away! The push me pull you world of banks v resources was broken today as both sectors fell in a heap. Iron Ore stocks plunged despite the underlying going nowhere. Must have been the bearish calls on the ore price from some high profile commentators. Smokin’ Joe Hockey will not be a happy chappy with $60 a tonne iron ore. Will make a big hole in his plan. The killer today was Commonwealth Bank of Australia (A$81.85, -1.4%) comments on regulation, Macquarie Group Limited (A$60.05, -2.9%) going ex div, consumer figures and Myer Holdings Limited (A$1.76, -7.4%) sales number ,piled on top of the rotting carcass of iron ore stocks like Arrium Limited (A$0.29, -3.3%),Atlas Iron Limited (A$0.21, -14.3%),BC Iron Limited (A$0.775, -10.4%) and Mount Gibson Iron Limited (A$0.405, -4.7%). Big ones did not escape the carnage with BHP Billiton Limited (A$33.20, -2.8%),RIO Tinto Limited (A$59.41, -1.8%) and Fortescue Metals Group Ltd (A$2.96, -2.0%) all in trouble. After a timid start the downside accelerated as the transition to a new economy continues to be a long way off. In fact, apart from the housing bubble there is not much else going for the local economy. Financials clobbered, miners also in the mire together with consumer stocks and energy stocks once again. REITS also fell with #WFD#,#SCG# and Goodman Group (A$5.65, -1.4%) leading the pack. In the final countdown we closed down 54 points at 5463 with a low of 5462 and a high of 5513.

Winners today were few and far between but golds were in bargain territory. Regis Resources Limited (A$1.385, +4.1%),Northern Star Resources Ltd (A$1.05, +5.0%),G8 Education Limited (A$4.78, +2.6%),Silver Lake Resources Limited (A$0.25, +4.2%) and Aurizon Holdings Limited (A$4.80, +2.1%) in the big caps and #NEU#,#ASF#,#RHP# and Toro Energy Limited (A$0.09, +7.1%). Losers included Myer Holdings Limited (A$1.76, -7.4%),Virtus Health Limited (A$7.11, -4.8%),Senex Energy Limited (A$0.455, -4.2%),New Hope Corporation Limited (A$2.49, -2.4%),#CPU$,Iluka Resources Limited (A$6.83, -4.1%) and APN News & Media Limited (A$0.76, -3.2%) with small caps Unilife Corporation (A$0.545, -16.2%),Atlas Iron Limited (A$0.21, -14.3%) and #MCS# rounding out the bottom spots. Volume was a decent $4bn despite brokers spending their free time filling in Medibank forms online. Aussie dollar at 86.78 and Bitcons at $435,Gold at $1163.

In Asia, Japanese stocks have scaled new seven-year highs on growing expectations Abe will postpone a planned sales tax hike to avoid damaging a fragile recovery, and call a snap election to bolster his political standing. Trouble is the sales price rise was the inflation he wanted! China and Hong Kong still seem to be drawing strength from the impending exchange tie up and were neither here nor there.

Stocks and Stories

Myer Holdings Limited (A$1.76, -7.4%) Horror numbers .Market was expecting 3.5% sales growth came in at 0.1%!!Not good Bernie but what I find really worrying is the highlights are toys, make up and menswear. Now forgive me if I have the wrong end of the stock but isn’t the new ‘find wonderful’ campaign aimed at women’s fashion. Judging by the queue at H&M ,Zara and Uniqlo, they have a bit of ground to make up. Time for a younger hip CEO methinks. Someone who doesn’t wait for the dial up tone when connecting to the internet.

BHP Billiton Limited (A$33.20, -2.8%) announced that it was unable to get a good price for its WA Nickel assets, so had decided reluctantly to keep them.

Computershare Limited (A$11.56, -5.0%) A few words of warning as markets had softened since August and the strength of the US Dollar is now proving a slight headwind. That’s enough to send the punters scurrying.

Unilife Corporation (A$0.545, -16.2%) Hell hath no fury like a hedge fund sweet talked eh. Seems the long awaited revenue gains are still long awaited. Further losses today following underwhelming 1st quarter sales numbers.

Neuren Pharmaceuticals Ltd delivered some good results on their Phase two trials for a new treatment of Rett Syndrome. There are currently 50,000 sufferers around the world of this genetic mutation. Hope they have another drug because that doesn’t seem a big market to me. Not for a $200m company.

Seven West Media Limited (A$1.755, -2.0%) expects first-half profits to slide by as much as 10 per cent due to a softer than expected advertising market, yet the broadcaster is confident of meeting its full-year guidance.

Wage inflation remained steady at 0.6 per cent in the September quarter, in line with expectations, but in a sign of the times mining had the smallest quarterly growth of all sectors.

Consumer sentiment is worse than during the GFC! This is madness! Sydney’s median asking price for detached houses has topped $1 million for the first time as sellers raised expectations in a booming market. Maybe the two are linked!

Gail Kelly’s pay jumped to $12.8 million last financial year, making her the highest-paid bank big four CEO in Australia.

Tomorrow’s News Today

A positive to come out of APEC. In a rare show of agreement the US and China have vowed to work hard on reducing emmissions. In a joint statement, the US said it planned to reduce emissions by up to 28 per cent from 2005 levels by 2025, while China said it expected its emissions to peak by 2030, though it would work on trying to get them to peak earlier. China added that it would also increase the non-fossil fuel share of its energy mix to around 20 per cent by 2030.(Not a positive for our lovely brown coal then!)Meanwhile here our RET policy is in tatters and the incumbents don’t believe in Climate Change anyway!

As a British Medical journal reckons that 1.2m people in China die each year from pollution related illness. It is starting to take it seriously. It is the world’s largest investor in solar and wind energy. Additionally, it has barred coal-plant construction in some regions. Such construction has dropped from more than 90 gigawatts in 2006 to 36.5 gigawatts in 2013, according to the World Resources Institute.

G20 leaders starting to arrive in BrisVegas. Not sure if the fences are keeping the protesters out or the leaders in .Another expensive talkfest where nothing will happen.

Here is a depressing thought .I was on Sky TV this morning with a well-known technical analysis from the States who has been predicting the market trends for 50 years. Anyway not that I have huge faith in these guys, but he was so,so bearish on the US. Suggesting a massive fall in the market. Time frame. A week or two he said! Would stuff up Medibank Public for sure!

These Russian really know how to rub the Yanks up the wrong way. First they sign not one but two huge gas deals with China and with the ink barely dry, they have signed a deal with Iran to give them Nuclear Reactors. I mean are you kidding me. Need to send big Tone back in to scare RasPutin.

According to one cassino boos in Macau he thinks the anti-corruption blitz by the Chinese premier has another six months to run. Sorry Jamie.

Technology giant Yahoo said it will buy digital video advertising service BrightRoll for $640m .The move would allow Yahoo to grow its video advertising platform, “making it the largest in the US”.

Tomorrow is the final day for mums and dads to throw their hard earned cash into the biggest hype of the year. That is Medibank Public. Don’t miss out. Of course it would be good to know what price you are paying but that won’t happen until next week and the Instos get to bid for stock.

Expect the Bollinger to be flowing at the UK Treasury tonight as a raft of big fines to major banks will be announced. Six banks – including Barclays, HSBC and bailed out Royal Bank of Scotland – are thought to be facing fines of up to £250m each for manipulating the £3.5tn a day foreign exchange markets.

That is all