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Morning sports fans,
The bull is back…after all the negative reports on the death of oil and its impending lurch to $20,you know what happened, it rallied…when everyone is short there is no one left to sell it down, so it must go up..I would expect to see Oil stabilise and then drift down as the headlines are replaced by the next big thing…In Zombieland the German market went to an all-time high as the impending money printing exercise by ‘Do Nothing’ Draghi hits the runway..Jan 22 is the date for the announcement and the decks are clear now for the long awaited answer to Zombie woes..Seems that everything in the garden is right again..all is forgiven as once again the rolling central bank largesse keeps all the balls in the air…even the shock of the Swiss Franc could tarnish the markets Friday…there will be lots of cuckoo clock makers doing it tough this summer…and Toblerone will be that little bit more expensive..
SPI was up 76 points on Friday so all is forgiven…well for the moment anyway…gold good, oil good ,banks will bounce on the back of MacBank today..so once again the market is in a range and we will have a big burst up towards 5450 in the next few days …then it will be back on to sell it…Government is back this week so expect more rubbish from Canberra…expect a whoosh today then a pullback then it will build…lots of numbers from the US this week and of course the ECB meeting to focus on…resources will outperform I suspect..BHP numbers too this week..
Idea of the Day
Oils will rally hard today but there still may be some value around…maybe wait for the dust to settle after the shorts have scrambled…I think we will see some stability in the underlying price and a return to sanity in the pricing of equities..it is a finite resource and despite all the Tesla’s in the world we still need oil!!!I would love to back up a tanker and buy all my future petrol needs at $1.00 a litre as it is now…will not last!!!
Things to make me go mmmmm!!!
Chelsea!!!Go you good things…
Macquarie Bank issued an UPGRADE today..10-20%…who said crime doesn’t pay…
Good to 40 of the World leaders in Paris in solidarity with the Je Suis Charlie rallies…except of course the picture that they were in was in a an empty street surrounded by security…we are not afraid…cobblers!!
US inflation numbers suggest inflation is dead there too except for these minor things that is…these are from the Bureau of Stats in the US!!
Food at home – 3.7% Food away from home – 3.0% Meat – 12.7% Fish and seafood – 5.6% Eggs – 10.7% Milk – 5.2% Fruits & vegetables – 4.1% Coffee – 4.2% Butter – 22.5% Natural gas – 5.8% Footwear – 2.8% Prescription drugs – 6.4% Newspapers & magazines – 4.8% College textbooks – 5.0% Cigarettes – 3.1% Apartment rent – 3.4% Owners equivalent rent – 2.6% Hotels – 7.3% Water & sewer – 5.6% Medical care -2.4% Hospital care – 4.9% College tuition – 3.4% Postage – 4.1% Tax preparation – 6.1%.
Some of the retailers are fessing up early that Xmas was not too good…deep discounts really hurting margins…more to follow…
Now I know the west is all up in arms about IS, but how about we do something about Boko Haram…these guys need to be stopped..more abductions yesterday now in Cameroon..
China’s holdings of U.S. government debt declined in November for a third straight month, reaching the lowest level since January 2013, as Japan’s jumped to a record. China, the largest foreign holder of Treasuries, had $1.25 trillion as of November, $2.3 billion less than a month earlier, according to Treasury Department data released Friday in Washington. Japan, the second biggest, moved to within $8.9 billion of China’s lead, increasing its ownership by $19.1 billion to $1.24 trillion.
CSL has been hit on the back of the Swiss Franc moves as it has a substantial part of its business in Basel…gloss will continue to come off it I suspect.
Not sure the passing of the Carbon Tax is really going to help our hip pockets as the first shipment of gas leaves Queensland for Asia.It is priced at a massive premium to domestic gas and so why wouldn’t you a] either raise the price of domestic gas or b] sell all your gas overseas…or c] do both!!!Gas prices are set to rise by nearly 18% as allowed by the regulator between 2014 -2016…so much for more money in your pocket…although the price of a cylinder of BBQ gas has come down significantly…used to be $33 in the local Shell ..now $25 and falling..
Going to be more casualties from the Swiss francnado with a high profile US hedge fund closing after betting that the impossible would never happen..then it did..tellingly I read that the losses incurred by retail FX punters BEFORE the Swiss debacle was prolific..apparently 70% of punters lose money..so next time someone tries to sell you an FX trading course or platform remember this!!
Oil rig count – data from Baker Hughes who tracks the rig count closers and maintenance shows that 74 rigs closed last week, mostly in Texas. The rig count data are starting to show a real slide now with closures picking up fast and it’s an indicator that the right things are now being done after the oil price falls.
Obama to go all State of the Union on us all….pushing for tax rises for the rich…will make him popular..
Good to see the cease fire in the Ukraine is doing well as the Government takes the Donetsk airport from the rebels..not that there is much left after months of shelling..
For the climate sceptics… http://www.bloomberg.com/graphics/2014-hottest-year-on-record/
A British guy walks into a bar in Central London and before he could order his drink, he notices an Indian man wearing a Gandhi Topi.
Having a personal grudge against Indians, the British guy says loudly to the bartender to the advantage of everyone seated in the bar, “Drinks for everyone in here, except for the Indian over there.”
The first round of drinks were served, and the Indian gives him a smile, gestures to him saying, “Thank you!” in a loud voice.
The British guy is upset and again orders loudly to the bartender to serve another round of drinks to everyone except the Indian.
The Indian seems to be unruffled and he continues to smile, and yells back, “Thank you Sir!”
The British guy is mad by now and asks the bartender, “What’s wrong with this Indian ? I’ve insulted him by ordering drinks for everyone but him, and yet he smiles back and keeps thanking me. Has he lost his mind?”
“No, Sir,” replies the bartender. “He is the owner of this place”!
Have a great Monday