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Morning sports fans,
Nasty day yesterday and not much to get excited about last night…was surprised that gold didn’t have a good night what with the Russian manouevers…anyway the focus today will be on Gail Kelly leaving and the upcoming G20 meeting…$100m for security…wow!!Anyway we may try to find our feet after yesterdays’ drubbing but don’t bet on it…feeling a bit nervous myself..the find the lady(stimulus) diversion only lasts for so long until the spectre of more political tensions, cratering Europe, desperate Japan and higher rates in the US take all the fun out of the market!
My conclusion …proceed with caution..stock moves can be savage and certainty is king…that’s why TLS look so darn strong…hard to argue with the TLS story..
Consumer Inflation expectations, listed for 11.00am today.
Idea of the Day
Yesterday we saw the full horror of what Myers has become..I have been banging on about this one for a while purely on my belief that a takeover would put everyone out of their misery…anyway the pathetic figures from the sales confirmed to me that something more than a new slogan needs to be done…Find Wonderful!!!Not sure anyone has…the really concerning thing is that the growth was in cosmetics,toys and menswear …aren’t they supposed to be the fashion for women experts…the sad truth is that the Gen Y want instant fashion, throwaway fashion and value fashion..hence the queues at H&M and Zara…Myers is tumbleweed…things have to change fast…internet and the overseas raiders continue to kill them…time to go Bernie…me I stick with my view that this one will get knocked off ..just hope it is above the current price!!!Xmas will not save them…much like a turkey!!
Things to make me go mmmmmm!!!
Pretty impressed with the European Space program..way to go boys!
Yesterday I was on TV with a gentlemen from the States called Larry Pesavanto from a US Hedge Fund(guest of CMC)…he was a chartist of fifty years standing and I tend to listen to people that are richer than me….they must be clever I reckon…anyway he was very bearish about the US markets…he was calling for a significant drop…really significant…I asked him the time frame and he said in a week or two..now he did preface this on TV with the I could be wrong and hope I am …but as he was leaving I said to him I hope you are wrong too…under his breath he said I am not!!So there you go…he said he had never seen more bearish signals in his fifty years of charting….you have been warned…
Let’s talk banks people….every hedge fund expert around the world continues to remind us that the Aussie banks are expensive by comparison..you know what, there is a reason…they aren’t fined constantly for money laundering, Interest rate fixing, FX rigging, gold price rigging, sending money to terrorists and ripping off gullible punters pre GFC with products they know nothing about!!That is except CBA! Anyway folks, the worse the Aussie banks have done is Timbercorp ,Financial Planning and overcharging(NAB settles for $40m).So that is why they are at a premium…
Banks including UBS, HSBC and Citicorp were fined $4.3 billion….in Italy the worlds’ oldest bank the Banca Monte dei Paschi di Siena SpA, is seeking to raise 2.5 billion euros ($3.1 billion) to plug a capital deficit that emerged in Europe’s bank health check, reported a 10th straight quarterly loss..
Good to see that Gail Kelly has the foresight when to go out on a high…it reminds me of Alan Moss..he knew when to go too..at the top…suspect the looming regulations and other issues were enough to ensure Gail went out in style..highest paid bank CEO …has done a great job but I suspect the hard thing is getting to be CEO and the easier thing is running the company..suspect the bank machine pretty much runs itself..
Am I missing something…our wonderful PM has shirtfronted RasPutin and what does he do…sends a fleet to Australia…plus Russia troops cross over in Ukraine..now there was a time when that was considered poor form and used to be known as an ‘Invasion’.Ask a Pole…but this seems to have barely raised the heartbeat of the markets and the media…strange days indeed..
Things to make me go mmmmmmm!!!
Russia plans to extend long-range bomber patrols as far as the Gulf of Mexico and the eastern Pacific Ocean, its defense minister said…for a country with an economy the size of Italy they have some balls!!
Oil below $80…oil, oil everywhere and not a lot of reasons to frack!
Paint maker DuluxGroup expects to lift its profit this financial year after posting a healthy rise in annual earnings. Dulux’s (DLX) net profit rose 39.4 per cent to $104.528 million in the year.
Trading and mining giant Glencore has been forced into an extra $6 billion of 2013 writedowns on its Australian subsidiary beyond those already booked by the Swiss-based parent company, because of a weak economic environment since taking over Xstrata last year.
Last day tomorrow to apply for the big hype…Medibank Public…expect a big scale back and rarer than a brain cell in Jackie Lambie’s head!!
Saw this one and sums up the GFC nicely I thought!!
30% of UNI funding is International students…and they seem to be cheating like buggery!!!
From the lovely boys at www.zerohedge.com “In the last 4 months, if you bought the S&P 500 at 1100ET and sold at 1130ET, you would have won 55 times (garnering 129 points of profits) and lost 31 times (losing 70 points) for a total profit of over 59 points. This compares to the 53 point gain in the S&P 500 if you had just ‘buy-and-hold’-ed over that period” That is the closing period in Zombieland!!
And finally…it was pointed out to me yesterday that with my succession of Irish jokes I was in danger of losing my readership in Ireland completely!!!As a result it’s time to pick on some other target…have done blondes so suggestions welcome..and jokes as always!!
As the Xmas party season is approaching here is a salutary lesson for all of us …
Jack wakes up with a huge hangover after attending his company’s Christmas Party. Jack is not normally a drinker, but the drinks didn’t taste like alcohol at all. He didn’t even remember how he got home from the party. As bad as he was feeling, he wondered if he did something wrong.
Jack had to force himself to open his eyes, and the first thing he sees is a couple of aspirins next to a glass of water on the side table and, next to them, a single red rose!! Jack sits up and sees his clothing in front of him, all clean and pressed. He looks around the room and sees that it is in perfect order,spotlessly clean.
So is the rest of the house. He takes the aspirins, cringes when he sees a huge black eye staring back at him in the bathroom mirror.
Then he notices a note hanging on the corner of the mirror written in red with little hearts on it and a kiss mark from his wife in lipstick:
“Honey, breakfast is on the stove,
I left early to get groceries to make
You your favourite dinner tonight.
I love you, darling!
He stumbles to the kitchen and sure enough, there is hot breakfast, steaming hot coffee and the morning newspaper. His 16 year old son is also at the table, eating.
Jack asks, “Son… What happened last night?”
“Well, you came home after 3 a.m., pissed out of your mind, you fell over the coffee table and broke it, and then you puked in the hallway, and got that black eye when you ran into the door. All in all, one hell of a performance Dad.”
Confused, he asked his son, “So, why is everything in such perfect order and so clean? I have a rose, and breakfast is on the table waiting for me??”
His son replies, “Oh THAT… Mum dragged you to the bedroom, and when she tried to take your trousers off, you screamed….
“Leave me alone, I’m married!!”
Broken Coffee Table $240.00
Hot Breakfast $10.20
Two Aspirins $1.00
Saying the right thing, at the right time. . PRICELESS
Have a great Thursday