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Morning sports fans,
The big question is will it be today? Will it be the day when we cross the 6000 barrier?…A rate cut from the RBA may spur things along a bit and good US markets will also help…it is however the same suspects driving us higher just now BHP and RIO have joined the fun and games..The NASDAQ I,n the US hit 5000 for the first time in 15 years .last time the P/E ratio was a giddy 120 now at a more relaxed 23..guess it helps that Apple is now so huge!
Have talked about the 6000 level over the last few weeks and it will breach it and I reckon with current momentum and results season out of the way we could just continue to fly…I would start getting worried in around two weeks when its Ides time as we start to focus on a few issues like the budget and the UK election in May…it is hard to find bargains in this market ..actually it is impossible really …everything is expensive and getting more so..with the Chinese cutting rates and back from their New Year break maybe we will see some Iron Ore stirrings..BHP and RIO have been really strong recently as capital management and dividends drive them higher but what about poor old FMG…maybe its time for them to show some signs of life.
So hold tight for the ride…if you sell something there is going to be a feeling that you are missing out and greed is driving us higher..at some point the party will be over and it will be time to leave before the cops are called but not just yet..have another Rum Punch, wind up the stereo and dance the night away to the Bee Gees!! 6200 will be the signal to pop your shoes back on and say your goodbyes…around mid March…
Someone once said that in the land of the blind the one eyed man is king!!Maybe it applies to the markets these days..anything is better than having that horrible cash sitting around earning no interest and watching others make hay whilst the sun shineth!!!
Idea of the Day-MYR –Reaction looked overdone-Happy to stick with them
Yesterday we saw the resignation (retirement ) of ‘Weekend at’ Bernie Brookes from Myer…now as attentive readers of this daily diatribe will know I have held out hopes that Solly Lew will have a tilt at this one…he is a master retailer and what better way to cap off his illustrious career than to sock it to Bernie and show him how to run a department store..I was a little surprised that the stock reacted so badly to the announcement yesterday..I would have thought it is a good thing…well apart from a untested new team with slate clearing and fund raising a issue..anyway I remain positive on this one ..if we see rates cut and some stability return to the Childcare Centre known as Canberra we may see a consumer more positive about the future and thus more inclined to rush into Myer..let’s face it ordering anything online is just that bit more expensive due to the dollar…the local guys should be making hay whilst the sun shines and I reckon Abbott and his team of merry men will slap GST on online purchases..would be a really simple way to extend the reach of GST without upsetting anyone..jobs for Aussies etc…
Things to make me go mmm!!!
It must be a bull market …you only have to look at the price of Martin Jet Packs to see that..the stock listed at a bargain basement price of 40 cents and touched $2.00 yesterday not even a week after listing..now call me cynical but these poor people behind the technology to launch people into the air strapped to a couple of car engines,struggled for years to get funding and worked multiple jobs to fund their dream..they called on family and friends(happy friends now) to launch the Jet Pack and then within a week of listing on the ASX the company is worth over $400m and they haven’t even made a commercial one yet..they must be scratching their heads and asking themselves ”how long has this been going on!!!”
Greece has 25.8% unemployment…looks like that austerity is really working out well…the only question I have is why do the people put up with it..can you imagine 25% unemployment here…maybe ask our youth!!
Good to listen to Miriam Margolyes on Q&A last night…loved her work in Monty Python all those years ago..smart woman..
The Greek government said it was “exploring solutions,” including delaying payments to suppliers or try to raise up to 3 billion euros by borrowing from state entities such as pension funds.
Hands up who remembers Petrol a $1.00 a litre…ah those were the days my friend,I thought they’d never end..we’d sing and dance oh yes those were the days!!So much for that stimulus for the economy..maybe that is why the RBA will cut rates..GDP number tomorrow as well will not be good…transitioning to a non mining economy is hurting…
Let’s face it the only thing holding upo the economy is housing and super!!Both interwoven and one leads to another..certainly up around the beaches here the house price rises have been far from spectacular mores the pity ..but then you have to live somewhere and crystalising the value of your home only works if you trade down or out…otherwise the Government and the Real Estate agents are the winners…
Good to see we are sending more troops to Iraq…
The husband leans over and asks his wife, ‘Do you remember the first time
we had sex together over fifty years ago?
We went behind the village tavern where you leaned against the back fence and I made love to you.’
‘Yes’, she says, ‘I remember it well.’
‘OK,’ he says, ‘How about taking a stroll around there again and we can do it for old time’s sake?’
‘Oh Jim, you old devil, that sounds like a crazy, but good idea!’
A police officer sitting in the next booth heard their conversation and, having a chuckle to himself,he thinks to himself, I’ve got to see these two old-timers having sex against a fence.
I’ll just keep an eye on them so there’s no trouble. So he follows them.
The elderly couple walks haltingly along, leaning on each other for support aided by walking sticks.
Finally, they get to the back of the tavern and make their way to the fence..
The old lady lifts her skirt and the old man drops his trousers. As she leans against the fence,the old man moves in.. Then suddenly they erupt into the most furious sex that the policeman has ever seen. This goes on for about ten minutes while both are making loud noises and moaning and screaming. Finally, they both collapse, panting on the ground.
The policeman is amazed.
He thinks he has learned something about life and old age that he didn’t know.
After about half an hour of lying on the ground recovering, the old couple struggles to their feetand puts their clothes back on. The policeman, is still watching and thinks to himself,this is truly amazing, I’ve got to ask them what their secret is.
So, as the couple passes, he says to them, ‘Excuse me, but that was something else.
You must’ve had a fantastic sex life together. Is there some sort of secret to this?’
Shaking, the old man is barely able to reply, ‘Fifty years ago that wasn’t an electric fence.
Have a great day