Xmas is cancelled! Black Friday gives way to Black Monday as the year-end sales kick off in a disastrous fashion for the bulls. Todays’ fall was savage and there were few places to hide. Carnage everywhere with miners slapped ,knocked, plugged and abandoned and then slapped again. Oils were wiped out as falls accelerated after the OPEC meeting ,the Swiss vote and lacklustre Chinese PMI. Former high flyers like Liquefied Natural Gas got decimated, Santos were poleaxed as were Oil Search, Origin Energy, Woodside Petroleum and anything remotely connected with the oil industry like Worley Parsons. Gold stocks also fell in a crumbled heap after the Swiss vote over the weekend with Newcrest Mining, Evolution Mining, Silver Lakes Resources, Kingsgate, Oceanagold et al. completely smashed. The index actually stared in the black as it seemed the sellers has slept in this morning. But boy, when they woke up they were cranky. We managed to ring up the ton in points off in mid-afternoon before a wobbly close at 5207 down 105 points, as we continue to head down. The economic astrologists are running their fingers through the MYEFO and the budget numbers and ,as many commentators have speculated ,things are going to be pretty woeful. The joy of having adults in government is they really know how to spend! Commodity price falls have done them no favours much like the kids in power last time out. The big miners were trounced despite the Iron Ore price rising slightly, BHP,Rio Tinto and Fortescue Metals in the firing line but small caps like Arrium, Atlas Iron, and BC Iron suffered but the real casualties were the other metal stocks like CuDeco,Oz Minerals, PanAust, ,#Sirius Resources, Syrah Resources and Independence Group. Tough Xmas for these guys. Financials held up better than most with the banks off around 1% but Insurers were hit hard QBE,IAG, AMP and Nib Holdings a little sick. Our latest and greatest float, Medibank Public was only off a couple of cents as instos continue to accumulate.
In Industrials ,Consumer stocks were nasty as Metcash massively underwhelmed with its first half profit announcement. Woolworths continue to slide as did Wesfarmers Green was hard to come by anywhere today. Some healthcare stocks were feeling the love, #CSL# and Fisher and Paykel but the other slipped as well, Mayne carrying on where they left off Friday.
Big winners today were ,actually pretty hard to find! Qantas falling oil price),Z Energy Chorus, Ten Network, Recall Holdings and Djerriwarrh Investments whereas Helloworld, Seymour White Webster Limited and Beacon Lighting in the smalls did well. Biggest losers were in the main, PanAust, Liquefied Natural Gas, Northern Star, Metcash Western Areas ,AWE and Bradken in the bigs and smaller, and getting even smaller were, #Tiger Resources, Carnavon Petroleum ,Perseus Mining, Lonestar. Cooper Energy and Paladin Energy. Volume was big for a Monday with over $4.5bn today as the clean out escalates. Could be a blow off bottom. Suspect though we will test 5150 again.
The Aussie dollar was 84.54,bitcons at $445 and Gold at $1363,ouch!The Swiss have a lot to answer to! In Asia they have their own pile of problems with Chinese PMI coming in below the 50.5 expected level at 50.3.Japan was up 0.88%,Honkers down 1.8% whilst Shankers was up 1.3%.Go figure, must be expecting more stimulus!
Bathwater. Baby. Panic in the streets. Pick a cliché!

Stocks and Stories
Medibank Today was the first day that Mums and das could officially sell their stock. So the few cents off was not a bad result really.
Metcash The horror! A long way to go in their five year transformation plan into complete irrelevance. Seems like they are on track though! This morning, they announced interim profits fell short of consensus forecasts, at $101.7 million for the six months to October 31.The stock last traded at $2.20, implying an estimated P/E for FY15 of 9.6.Woolworths is on 15 times and Wesfarmers19 times. Aldi now hurting the third force in supermarket shopping. They cut their interim dividend from 9.5¢ to 6.5¢
Ten Holdings Paul Mallam, the nominee of billionaire Bruce Gordon on the board of Ten Network Holdings has resigned suddenly
The TD Securities-Melbourne Institute’s monthly measure of consumer prices edged up 0.1 per cent in November, following a 0.2 percent rise in October. The annual pace of inflation slowed to 2.2 per cent from 2.3 per cent.
Qantas flying today as oil goes below $65!Above $2.00 for the first time in three years.
Chinese PMI at 50.3.Expectations dashed. I mean really what does 5.3 or 50.5 really mean. Anyone know!
Swiss voters overwhelmingly rejected proposals on Sunday to boost gold reserves and impose strict new curbs on immigration.
Good to see our Tone front the press this morning to answer questions candidly. Not sure if that really helped the mood!

Tomorrow’s News Today
The Sun King appears to have shot himself in the foot regarding his reaction to tweets criticising the cast of his new film Moses for being all white! Sorry Rupe,really not one of your finest!
Iron ore for May delivery on the Dalian Commodity Exchange is down 1.2 per cent at 479 yuan after falling to 470 yuan earlier.
RBA Meeting tomorrow, as the ten year bond has fallen to a record low, beneath 3%, as the RBA fiddles whilst Rome burns. What are the odds on a Xmas rate cut. Would it kill them. Would be a sign of panic perhaps? Could be a good bounce though!
More clashes in Hong Kong with protesters as British MPs are refused visas!
US Black Friday sales down 11%.So much for the US consumer. Maybe they cannot buy any more stuff.“I got a Dyson but I don’t even know if I want it. I just picked it up,” said one shopper. God bless America.
Making hay while the sun shines is China as they stockpile Oil at these low, low prices. They boosted imports by 8.3 percent, or 460,000 barrels a day, in the first nine months of this year, the fastest pace since 2010, data shows. The country will overtake the U.S. as the world’s biggest oil consumer within two decades, according to the International Energy Agency. The US holds 691 million barrels in salt caves along the East coast currently .China has 261 million barrels.

Clarence

Xxxx

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