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Morning sports fans,

It was pick an excuse this morning for Friday night’s rout on the US market particularly…profit miss from Amex, bad(ish) economic numbers and the Chinese authorities moving to limit margin trading and  make short selling much easier…oh and of course the Greeks!!!…………it would be easy to get all gloomy about things, the futures market here got whacked 45 points so expect the worse early BUT Nil Desperandum peeps…the biggest news was from the Chinese again that they are getting the cheque book out and having their own “whatever it takes moment” pumping yet more money into the economy around $200bn and ensuring the magic 7% growth number is set in stone…so this is the positive…even Iron Ore prices were up on Friday so let’s not get too bearish …in fact this may be the pullback we all have been hoping for….

There was lots of teeth gnashing and woe is me on Friday as the banks took a breather…my rudimentary bank index is still at 205 not including divs…my base is 100 in Sept 11 when you could have bought all four for 100 bucks…and the big three miners, BHP,RIO and FMG for a similar amount…now trading at 87!!! What a difference…

So where to this week….Greek wobbles and US earnings will dominate as we head into ANZAC weekend…today we will lose 50 early rally and then go into a holding pattern around 30 down to see if the Street rallies tonight…we may see the index below 5800 this week as the triple top looks in place…I reckon 5800 is critical..if we break that we could see more damage done and 5650 in sight so could be an interesting week…may see some more profit taking in banks and TLS with some support for Iron Ore and energy stocks..especially given the Chinese largesse!!

triple top

Idea of the Day

Last week I talked about having put protection for a downturn…a few of my readers actually listened and did pretty well with returns around 30-35% over a few days but stupidly I sold them out on Friday for which I am sorry but was hoping for a bounce before another sell off…

To give you an idea of the trade I was buying June 5800 puts at around 85 and sold them at around 110…not too shabby for a few days work…

Options have a really valid place for protection and negating risk in any portfolio…they are also a great way to magnify profits(and losses) in the market and I would urge you to keep options in mind.. They are not scary creatures that lurk under the bed waiting until you are asleep and then attack you!!

monster_under_the_bed_65731

Things to make me go mmmmm!!

 

Chelsea 1 Man Utd 0…brilliant stuff…nearly there and Hamilton won again!!

 

This is absolute madness as the German 10 year bond rate heads to zero!!!It is currently at 0.08%…I mean seriously!!

 

Reality bites!!!! Schlumberger, the world’s largest oilfield services provider is to cut a further 11,000 jobs after axeing 9,000

 

UK elections look neck and neck…could be some shocks in store… A Labour/SNP coalition would mean massive tax increases for higher earners, big companies, banks and others – and proposed Tory tax cuts to the lower-paid and to homeowners would not happen. The Lib Dems want to reduce the tax-free threshold for capital gains tax and back a mansion tax.

Yesterday I had the pleasure of visiting a small community cricket match in the Wollombi valley…the sun shone ,the food was great, the cricket fun and what an amazing community spirit…was a joy to see..and an “Invincible” was there to witness this wonderful event…many thanks for your hospitality from some city dwellers!

Now I reckon that Jokin’ Joe has called the bottom of the Iron Ore market…he is a well known forecaster and usually spot on…that is with t everything except his budget…and as he talked the price down to $35 we have seen nothing but rallies…

In China, The reserve-requirement ratio will be lowered 1 percentage point effective April 20, the Central Bank said on its website Sunday, the second reduction this year and the largest since November 2008. The level will decline to 18.5 percent…

So looking forward to the budget..should be a doozy…

Santos managing director David Knox has declared the $US18.5 billion ($23.7bn) Gladstone LNG plant his company is building will be fired up by the end of September, providing a full quarter of coal-seam gas export revenue to the company this year.

The DAX tumbled 310 points to 11,688, the CAC 40 dropped 81 points to 5143, the FTSE fell 65 points to 6994 and the Stoxx 50 eased by 77 points to 3674..

Bit of action from the RBA and Uncle Fester today with minutes released and his nibs giving a speech in New York..

Sydney property auctions and sales going stratospheric!!!This will not end well…seems the property speculation that was in China has moved to Sydney these days!!

The sale of 221 of the 224 apartments in the tallest tower at the long-awaited Green Square Town Centre capped off a record-breaking weekend for Sydney property on the weekend.By Sunday night, just three three-bedroom units in the upper levels of the 28-storey Ovo remained as the city clocked up its highest ever 88.2 per cent auction clearance rate.

And finally…..

A guy was in a bar about as drunk as it’s possible to  get.

A group of guys notice his condition and decide to be  good Samaritans and take him  home.

First, they stand him up to get to his wallet so they can  find out where he lives, but he keeps falling  down.

He fell down eight more times on the way to the car, each  time with a real   thud.

After they get to his house, he falls down another four  times getting him to the  door.

His wife comes to the door, and one guy says, “We brought  your husband  home.”

The wife asks, “Where’s his wheelchair?

Have a great start to the week…

Clarence

XXXXX

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

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