Morning sports fans,
Vale Phil Hughes…just so sad …thoughts and prayers are with his family and that of Sean Abbott…cricket will never be the same again…
Thanksgiving in the US last night but the real big story is the fall in the oil price as the OPEC ministers proposed no production cuts…Canute would have been proud…much like RIO and BHP these guys are pumping product into a market that is awash with the stuff and demand is falling…either they all have a really cunning plan to put their competitors out of business in oil and Iron Ore or the are just dopey..I know the conspiracy theorists will go with the former but I don’t think they are that organized…my worry is Russia..these guys are going to be bleeding…they are already in the hole for the sanctions and the oil price is gonna really hurt…an angry bear sometimes lashes out…it does happen..Still the lower oil price does help consumer sentiment so Black Friday in the US and the rest of the world will be pretty good I suspect..
Meanwhile in an Aussie back water…are these boys and girls in Canberra so out of touch with what the rest of the country is doing…18 MPS ejected from question time yesterday..a new record…this is the sort of behaviour we expect from Eastern European early day democracies..we must be a laughing stock around the world…I mean really people,get it together and lead this country…nature abhors a vacuum and if the pollies don’t, we will see others rise in their place..not business leaders perhaps as they have their noses in the trough but someone out there will…no wonder the Aussie dollar is sinking…only economy going well is Sydney these days and that’s built on house prices and financial services!!!MYEFO will be a disaster and the blame game will start..really good look..
So what today..I expect the Medifloat will sink a little pre the weekend and the deluge of mums and dads that will be allowed to sell their stock next week…miners will rally as Iron Ore was up a tad but energy stocks are going to be plugged and abandoned…retail stocks may anticipate better days ahead for Xams ..oil and black Friday sales and so we may scrap a positive day…although banks may drag..
Idea of the Day
Yesterday I talked about make or break day from WOW which I had been recommending…well it seemed to be make as the company stood by their years sales growth forecasts and the shorts ran for cover…now they are not out of the woods yet especially as the Masters Hardware business is hemorrhaging money faster than Channel Ten…that will not stop…the issue is that they have come late to the hardware party,not got the best sites and Bunnings is almost a verb !!!Of course a demographic change will not help either of them long term…who can afford houses now from Gen Y to fiddle with at the weekends..and besides they are way too cool and hip to do any DIY…they just do BYO …too busy pruning their designer beards!!
Anyway I digress the upshot is that WOW are still behind the eight ball and although I feel more comfy with my recommendation to buy these babies I am happy to be patient…this stock is not for chasing the short covering will fade..questions have to be asked too about how they gave away the Dick Smith business…are they that bad at running a retail business and Dicks new men are that much better..as they are on target to lift sales by 10%
LYC AGM today..should be a fun day out!!
Things to make me go mmmmm!!!
Seems that everyone wants to float these days..Wisetech(??), Godfreys,Winning group…they are all doing it.
Home loan approvals at Bank of Queensland jumped 20 per cent between September and October driven by brokers and an advertising campaign
Concerns over fraud and visa rorting have led listed education giant Navitas to halve growth in student numbers for its Australian business, with fears growing some international students were enrolling merely for visa reasons.
Rule number one…never invest in a company that has an ex pollie on its board…yesterday John Dawkins resigned as chairman of VET as it emerged that they had a few more eeny weeny problems to address…this could just go!!
Better numbers from Germany and even Spain and Italy last night but France au revoir mes amies!!
As Joe Walsh once said …life is good…the sales of homes in the US worth $1m or more is up 16%…BUT the number of homeless children in the U.S. has reached a new all-time high of 2.5 million. And right now one out of every seven Americans rely on food banks to put food on the table…
We had another interesting disruptive tech lunch in house yesterday with one company presenting that seemed to be so secret that there seemed little reason to present really…did lots of stuff for the CIA and caught Bin Laden…whats not to like…geeks with ouzis!
And finally…for those of you who care…my diet has been a success I guess..I was on the only juice diet for 10 days and now have adjusted back to two juices a day and a low carb diet with lots of salad and protein…the weight loss so far is 7.6 kg since Melbourne Cup…since going off the diet things have slowed as I have only lost a kilo in the other ten days …but I was worried that too fast would result in it going back on too quick…anyway feeling good!
And here it is….
Paddy and Murphy are working on a building site.
Paddy says to Murphy “I’m gonna have the day off. I’m gonna pretend I’m mad!” He climbs up the rafters, hangs upside down and shouts “I’M A LIGHT BULB! I’M A LIGHT BULB!”
Murphy watches in amazement!
The Foreman shouts “Paddy you’re mad, go home” So he leaves the site.
Murphy starts packing his kit up to leave as well. “Where the hell are you going?” asks the Foreman.
“I can’t work in the friggin’ dark!” says Murphy.
Have a great weekend