Morning sports fans,
We have really slow internet this morning so unable to access a whole heap of things for your enjoyment.
Once again last night Dr ‘Do Nothing’ Draghi did just that…he said that he was formulating a really cunning plan and that he was waiting to see how his last one was working out before rushing headlong into doing something..I am just sad that Yes Euro Minister was never made..although it would have just been like watching a train crash..but so much material to choose from..the issue really is the Germans aren’t that keen for a stimulus package…and after all they control the money…not sure that Draghi could be really that happy with the results so far..most of Zombieland still just that…walking dead…Italy and France not good..and there are estimates that 700,000 Spaniards have emigrated to South America in search of opportunities..did it once before a long time ago!!!
Anyway we had yet another rally yesterday as the banks kicked …Murray report will be released on Sunday…the government has had it burning a hole in the desk for weeks but release it when they think the time is right…judging by their success in other fields of legislation and the history of the Henry Report,I am expecting a real ho hum..any changes will be so far down the road it won’t really matter…probably why the banks are rallying yet again…their lobbying will have paid off…my crude bank index is trading back at 181 and that ex Div…its easy to see the attraction of the banks…there are no surprises…great yield…monopoly businesses and an idiot could run them…cos sometimes they do!!Whereas other blue chips…I am thinking WOW or STO or BHP or VET!!!Not that it was a blue chip but was capped at $1bn for a while …just a month or so later and it’s a micro-cap at $44m!!!
So to our market which has forgotten the flash crashes on last Friday and Monday as an aberration and got on with the job …that being the banks and TLS!!Santa may have come early…I still remain a little sceptical about the growth of our market and expect this range trading to continue for some time to come…it struggles to really push ahead because the economy is falling in a hole but the yields and stimulus prospects underpin it..so until further notice the range is in….5200 to 5500…might go a bit above or below but that’s really it…
High profile economist Bill Evans from WBC has now jumped on the rate cuts in 2015 call…don’t foregt though that it is the banks that control rates not the RBA like they used to..the RBA is now more of a guideline …big guideline but a guide line none the less..if the banks are facing decreased demand for their products they will ease rates themselves…anecdotally they are!!!
Idea of the Day
Still like the Childcare sector..GEM update and increased dividend..what’s not to like…maybe time to dust off my Affinity Idea..AFJ .Small GEM…
Things to make me go mmmmmm!!!
This made headlines around the world and Smokin’ Joe was quick to seize on it…the UK Google Tax that the Chancellor announced at their very own MYEFO the other day…it’s about trying to tax multi nationals better for the extraordinary profits they make in a country and then shift it overseas..much like the mining tax I guess ..sorry that was bad..google tax good apparently..so Joe is a huge fan..in fact, he is a fan of anything that is going to deliver more revenue ..trouble is no one really knows how to do it…still don’t reckon he will be handing down two budgets anyway..first one was so good, hard to top!!
China is on a rip…the market has soared nearly 19 % in the last month with massive volumes…best performing market in the world this year..seems that Johnny Foreigner is buying big time now the HK/Shanghai link is up and running..bubble tea time!
Big night for US numbers again tonight as Non-Farm Payrolls ..expected at around 230,000…last night weekly jobless claims fell by 17,000 to 297,000 and reversed last week’s gains.
Pay-TV operator Foxtel has notified the ACCC of its intention to buy a stake in Ten Network in a move that signals that the company is preparing to convince the competition regulator that any issues can be managed…shame the bid seems to be so low that the punters are panicking!!!
2014 is shaping up as the hottest year on record.
Article on the ‘Weed of Wall Street’ in the SMH online last night…Medicinal Dope float we are involved in…the Dot Bong Boom!!!
And finally….a month on from my diet I have lost 7kilos and it has stayed off so that’s good…and….
An elderly lady was standing at the railing of the cruise ship
holding her hat tight so that it would not blow away in the wind.
A gentleman approached her and said,
“Pardon me, madam..
I do not intend to be forward but did you know that your dress
is blowing up in this high wind?”
“Yes, I know,” said the lady.
“I need both my hands
to hold onto this hat.”
“But madam, you must know that you are not wearing any panties
and your privates are exposed!” said the gentleman in earnest.
The woman looked down, then back up at the man
and replied, “Sir, anything you see down there is 75 years old.
I bought this hat yesterday!”
Have a great weekend