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Morning sports fans,

Too much coolaid in the water yesterday…whatever punters were smoking or drinking may leave a little hangover this morning as Iron Ore continues to fall…the Aussie Dollar got absolutely bushwhacked last night droping 2.5 c at one stage and the Dow slipped…let’s face it the Dow is churning ..albeit at elevated levels and likely to remain volatile…at nearly 6000 it’s been a heady rush for our market …my good old bank index just goes higher and higher currently at 211!!!I mean really bit stretched for sure…funny though how every big house has called the top of the banks about 5% ago!!!I remain a ‘buy the banks die with the banks’ man…although I find it hard to think it will go much higher….but you never know but I think this is overcrowded and overheated ..if you are coming to this party now…probably missed it!!Few things happening to banks in UK may be a taste of things to come?

So knocking on heavens’ door…pullback today after all yesterday was too much..momentum traders and computers just swinging madly at anything to buy..crazy stuff..how about a little decorum and maybe a little dignity..not this get me stock..get me set at any price attitude…still I guess in a bull market a rising tide lifts all boats…well nearly all…still expect some sanity to return today and early next week as we back and fill before another attempt at the summit..I have a theory and it nearly always works..the market looks great til Easter and then we all sit back enjoying our choccy eggs counting our profits and telling ourselves how bloody smart we are only to get a pullback to Earth after..it usually coincides with a great long weekend full of friends and red so just take care out there…remember the market has a habit of kicking the hubris out of any investor/trader…

Idea of the Day

Don’t forget that the dips and the pullbacks are for buying the runs and the ramps are for selling…two days ago I talked Telstra at 615..now they are 641…would I buy them here?No way amigo!!So patience is required grasshopper…

grasshopper

Things to make me go mmmmmm!!!

 

The Lindt Café has reopened this morning..good news…

Good to see that BHP is admitting that maybe the $20bn they spent in the US on the oil thing wasn’t such a brilliant idea!!You think!!!

Brent crude fell back to toward $54 a barrel after Kuwait said that OPEC has no choice but to keep production steady, which will reinforce  global oversupply. Good news for Copper though with a 3.2% junp…

Sweden lowered their cash rate further, dropping it to -0.25% from -0.1%….meanwhile in Greece no sign of any resolution….still no one seems at all worried by this so why should I!!!

Mea Culpa!!Ok, it looks like I am wrong about anyone remotely interested in Myer!!!Its a dog….I had always hoped that Solly would look at it and find it a tempting career finishing act to take on the disaster that is Myer..but looks like even he is giving it as wide a birth as shoppers…costs are rising and new CEO is not giving too much away regarding the results of the “Strategic Review” …still it kept a bunch of overpaid consultants in business for a while as they asked 50,000 shoppers what they thought…amazing that they could find 50,000 shoppers from Myer really!!!

Key speech from Uncle fester today at 1.00pm in front of the American Chamber of Commerce!!

uncle fester stevens

While the US market has gone nowhere this year the Chinese on the other hand are up 100% in less than a year!!!

chinese markets

So the great house price game in China is over and the stock market is now the only game in town..no wonder that Macau revenues are dismal…it is the town of dreams and hope..who needs that when you have the stock market!!

MYOB is shaping up as the biggest float this year… the accounting software business could be valued at or close to $3billion, after the pre-marketing research hit investment banks yesterday.

Japan Post’s proposed $6.5 billion takeover offer of logistics group Toll Holdings has taken a step forward after being approved by the Foreign Investment Review Board.

Seems there are a few hurdles in the IINet takeover from TPG…BT Investment are objected to the terms and so could make it a little trickier…they reckon the price is light and not enough of a scrip alternative…course you could just bank the cheque and then buy script but tax then is an issue..

Sydney Airport said the number of Chinese visitors rose by 23.7 per cent in February, while at Melbourne Airport the figure grew by 30.9 per cent. Happy Chinese New Year.

UK banks aren’t celebrating the budget…after Osborne has slapped  a bank levy on tehm for the eighth time in four years and cut some tax reliefs for them..it’s a $10bn tax raid…let’s hope it doesn’t catch on with Sloppy Joe..

And finally…….

According to the Bible Jesus was born in Bethlehem in Palestine,

a country where people are called Mohammed, Abdul, Mounir,

Aziz, Ahmed, Farid, Omar, Youssouf, Mouloud, etc…

And yet he managed to find 12 friends called John, Peter, Paul,

Phillip, Mark, Thomas, Luke, Mathew, Andrew and Simon…

who all drank wine

That’s what I call a miracle!!!

And a bonus from Canada…

sperm bank

Tasteful n’est pas

Have a great weekend

Clarence

XXX

Get a Global take on things at www.ntmarkets.com

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