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Morning sports fans,
It’s on …yeah baby..6000 today…no question. Records are being broken faster than the East German Olympic teams performance, as NASDAQ hits a 15 year high, FTSE hits a record and everything in the garden is rosy. Very rosy. We have long divorced ourselves from reality and stocks prices have chosen to focus on the yield side of the equation.This has been the story for the last three years really and shows no sign of abating..so despite all the macro issues around the world ,the Central Banks are well and truly in charge.The biggest problem though is that whilst the Central Bankers weave their free money magic it provides no incentive for governments to actually do unpopular reforms themselves..after all Bankers don’t have to face the electorate every four years or so…
I suspect that the 6000 barrier will prove a glass ceiling and easily shattered as we march higher led by the Banks…my bank Index has just kept in going and probably won’t even pause for breath…well maybe NAB which is facing yet more problems in the UK with their ‘Death Star’ approach…bless…
US dollar fell prompting buying in Oil, gold up 1.2%, silver up 4.7% and copper ahead by 3.2%…but against all that the Aussie dollar is back up to 77.90!!! We get the HSBC PMI reading tomorrow from China but nothing of significance this week from here..few Ex Divs this morning …
I read that investors will be getting something like $90bn of dividend cheques this year..that is a lot of money …has to go somewhere and it wont be bank deposits!!
Idea of the Day-Kangaroo West 1 disappoints but gives a buying opportunity..cashed up and selling at a discount!
One of my favourites KAR had a very disappointing drilling result ion Friday with a duster for Kangaroo West 1…this is the nature of the beat when you are drilling for oil..these biys still have a huge pile of cash with far greater than the current share price so the downside is limited…and they still have ongoing drilling at other projects and the original Kangaroo find is still pretty good with tested good strong flow rates…and that lovely $680m in cash!!!The reaction was overdone and knee jerk …I would be a buyer at these levels for a recovery back toward 250/260…
Things to make me go mmmmm!!!
In big news, the BBC has cancelled a Top Gear show in Norway as speculation mounts that Jeremy Clarkson is about to be fired.The petition to support him got nearly 1m signatures…
Stevie Gerrard!! Really what was he thinking…while we are talking sport check out the highlights of the England v France Rugby game for some seriously entertaining running rugby and a try fest!!
Time seems to be running out for Greece as the Troika inspections loom…seems that Moaning Mertle is losing patience with Zombieland’s Wayward child…”Greece should use this “last chance” to stay in euro by presenting reform proposals that creditors can accept.” Looks like the showdown will be this week!
APN News & Media has flagged its intention to pursue acquisitions and other opportunities for growth after its largest shareholders, Independent News & Media and Irish billionaire Denis O’Brien, sold their combined 30.8 per cent stake on Thursday.
Crown Resorts has increased the size of a capital raising through the issue of subordinated notes due to strong demand. Casinos operator Crown said yesterday it would seek to raise at least $600 million via the offer, up from the $400m originally intended.
NSW Election this weekend…Interestingly I had the man from Telstra round yesterday (on a Sunday and I am not even a customer) trying to speed up my internet. Absolutely hopeless, was taking 90 minutes to down load a episode of Friends…anyway I mentioned that this wouldn’t happen under the NBN and he said no it was fantastic..asked me when it was coming to my house…had to tell him as we don’t live in a marginal seat there seemed to be no rush!!! Still not quite sure who is paying for the bloke to come on a Sunday though…
In the US the entire Nasdaq Bitoech Index, which has a market cap of about $1.06 trillion. Has a net income of some $21.1 billion. In other words, the NBI now trades with a P/E of 50x, with over 80% of the entire sector’s earnings concentrated in just 5 companies!
If the country is so broke according to Jokin Joe, how can we afford to give $3bn to a Chinese led infrastructure fund to rival the World Bank of the Asian Developement Bank…even the US has now decided to chip in…if you cant beat them join them I guess…
Lots of talk in the papers about the arrival of Netflix…so we now have Quickflix, Netflix, Presto, Stan, Apple TV,and Foxtel and of course digital Free to Air…wow what a dizzying array of choice for 25m people!!!…so many ways to watch complete rubbish like MKR and The Block!!Going to make it even harder for TEN…looks like the yanks have walked away too…
The USD had its biggest weekly decline against the Euro..
The father of Singapore Lee Kuan Yew has died aged 91.
It was entertainment night at the senior citizens’ centre.
After the community sing song led by Alice at the piano. it was time for the Star of the Show – Claude the Hypnotist!
Claude explained that he was going to put the whole audience into a trance.
“Yes, each and every one of you and all at the same time.” said Claude.
The excited chatter dropped to silence as Claude carefully withdrew from his waistcoat pocket … a beautiful antique gold pocket watch and chain.
“I want you to keep your eyes on this watch” said Claude, holding the watch high for all to see. “It is a very special and valuable watch that has been in my family for six generations” said Claude.
He began to swing the watch gently back and forth while quietly chanting “Watch the watch — Watch the watch —-Watch the watch”
The audience became mesmerised as the watch swayed back and forth.
The lights twinkling as they were reflected from its gleaming surfaces.
A hundred and fifty pairs of eyes followed the movements of the gentle swaying watch.
And then,suddenly,the chain broke!!!
The beautiful watch fell to the stage and burst apart on impact!
“SHIT” said Claude.
It took them three days to clean the Senior Citizens’ Centre and Claude was never invited to entertain again!
Have a great Monday