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Morning sports fans,
“If the Lord had meant us not to panic, he wouldn’t have given us clean trousers!”
A bit of a rout last night as the Greek situation started to sink in, then we had a dodgy durable goods number from the US and a couple of bad corporate numbers including Caterpillar and Microsoft..even Zombieland backtracked…Dow down 300…NASDAQ takes a hit ..worse since April last year…
Here we had another impressive rally yesterday with the usual suspects in the spotlight…yield is the word…TLS ..CBA records falling…now I think we will obviously see some profit taking today and we may see some signs of the cracks but at the moment Free Money from Central Banks is swamping anything that pays a half decent yield..anywhere in the world ..not just here…PE expansion will continue as long as the John Bull printing set is prevalent…
Idea of the Day-It’s still all about the yield..The song remains the same…
Everybody just loves yield…Banks ..Telstra etc..nothing has changed…it has been the same theme for a couple of years now and there seems to be no reason to change the record(showing my age)…my rudimentary bank index hit all-time highs yesterday as concerns about capital requirements, property collapses and economic slowdown take second place to the most crowded trade in the Aussie market..I have long said “you buy the banks, you die with the banks”..but there are times to sell some calls over them and this is one of them I reckon…
Index =190..just add them up…crazy stuff…
But if you are looking for a yield story that is almost bank like ..look no further than my old muckers at MOC…they are thin and they get pushed around by one order but at 244 they yield historically over 6% fully franked…and the housing boom shows no signs of abating..actually the only growth option for the banks seems to be the hosuing market where these guys excel…
Things to make me go mmm!!
Everyone is talking RBA rate cut in Feb…not going to happen…Dollar is getting to where the RBA wants it..oil is deflationary so nothing to worry about there and it adds stimulus..maybe if they could cut rates in some states that would help but NSW and WA/QLD don’t need it..only Tassie and SA do..but then I think they may ned more than that!!
This is a joke..how can this be…Apple paid only $80m in tax last year …in Australia that is despite a revenue line of $6bn and their margins are around 45%!!!!No wonder the country is going to the dogs…
Congratulations to the Socceroos…great result and looking forward to Sunday…tough gig for Nick though against Andy…but his time will come..
Has Tony Abbott lost the plot completely…a captain pick of Phil the Greek for a ‘Sirhood’…I mean when I get a bit the worse for wear on Australia day I can do the odd strange thing but this beggars belief..talk about being a sycophant…embarrassing…again..does it mean that the Queen will have to tap him on the shoulder and dub him a knight…usually the other way round …still at 93 he may never get back up from the kneeling position!!
A lovely quote this morning from the new Greek Finance minister…”How can I look the German and Finnish taxpayer in the eye and tell them you know I can’t really pay you the money I have already borrowed from you…” but lend me more so I can pay back the ECB? Is the Euro the Hotel California Currency? ‘You can check any time you like but you can never leave….’
100 days until UK election!!!
Microsoft shares fell 9.1% after results showed sales of Windows and Office waned. Caterpillar shares declined about 8% after its results also disappointed investors on slowing of equipment sales to oil producers..Earnings reports from Siemens and Royal Philips AG also showed disappointing results with Siemens down 3% and Phillips down 5.9%.
Key CPI data will be released today at 11.30. The headline figures are forecast at +0.3% QoQ and 1.8% YoY.
AGL has suspended fracking after some nasties were found in water samples..of course they had no idea how they got there as they didn’t put them there …really?
QAN must be making off like a bandit at the moment with the fuel surcharge…will start to lose some serious good will if they don’t reduce it…they have offered to fly WW1 widows to Gallipoli for free though…
Was getting used to the no traffic in Sydney …those were the days..schools’ back!!!
Oil is starting to find its way back…suspect that the 99c a litre won’t last long…fill your cars ,your boats ,your trucks ,your mowers cos it will not last…
Maybe even time to look at some oil shares!!!Nearly I said!!!
Myrtle and Edna, two “senior” widows, are talking.
Myrtle: “That nice George Johnson asked me out for a date. I know you went out with him last week, and I wanted to talk with you about him before I give him my answer.”
Edna: “Well, I’ll tell you. He shows up at my apartment punctually at 7 pm, dressed like a gentleman in a fine suit, and he brings me such beautiful flowers!
Then he takes me downstairs and what’s there; a limousine, uniformed chauffeur and all. Then he takes me out for dinner; a marvelous dinner, lobster, champagne, dessert, and after-dinner drinks.
Then we see a movie. Let me tell you Dorothy, I enjoyed it so much I could have just died from pleasure! So, then we are coming back to my apartment and he turns into an ANIMAL.
Completely crazy, he tears off my expensive new dress and has his way with me three times!”
Myrtle: “Goodness gracious!… so you are telling me I shouldn’t go?”
Edna: “No, no, no… I’m just saying, wear an old dress.”
Have a great day