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Markets Live: Dollar tops US93c

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Local stocks have shrugged off the mounting losses on Wall Street, while the Australian dollar pushed above 93 US cents in a late rally.

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The Aussie has just hit a new four-month high of 93.20 US cents amid some strong buying coming out of Europe.

Anyway, that's all from us for today - thanks for reading this blog and posting comments.

Here's our evening wrap.

The Australian dollar has just jumped above 93 US cents again, boosted by some early European buying.

The Aussie is currently fetching 93.03 US cents, slightly below the four-month peak of 93.08 US cents it touched early Saturday morning.

Dollar on a roll

Dollar on a roll

Miners supported the market, with BHP rising 0.4 per cent, Rio gaining 0.9 per cent and Fortescue soaring 2.4 per cent. The big banks were mixed: ANZ and NAB posted small gains while CBA and Westpac slipped slightly.

Here are the biggest winners and losers among the top 200:

<p>

Qantas changed the earning rates for its popular frequent flyer program in part because the steep fall in the price paid for discount fares over the last decade raised the relative cost of its points offering, says the airline’s loyalty head Lesley Grant.

She made the comments at a closed-door lunch in Sydney with members of popular online forum The Australian Frequent Flyer from around the country. The function came ahead of a broader national roadshow which will include speeches to state-based chambers of commerce to help promote the new Aquire loyalty program for small and medium enterprises.

“Face-to-face member interaction is a key part of our Qantas Loyalty strategy which is why we are also gearing up to do another national roadshow in July this year,” Grant said after the lunch. “We get critical input and really worthwhile suggestions on how we can continue to improve the program to better suit members. It’s also really important for us to be able to explain program changes and benefits such as the new Aquire program.”

As a result of the changes to the Qantas frequent flyer program announced last month, the minimum number of points earned in discount economy on short routes like Sydney-Melbourne has fallen to 800 from 1000. However, customers buying more expensive flexible fares will receive 1200 points rather than 1000 under the old system.

The sharemarket has closed slightly lower, unable to hang onto the small gains posted in late trade.

The benchmark S&P/ASX200 index slipped 3.1 points, or 0.1 per cent, to 5410.6, while the broader All Ords lost 6.9 points, also 0.1 per cent, to 5409.2.

Among the major sectors, materials rose 0.5 per cent, financial closed flat and industrials shed 0.9 per cent. IT fell 0.7 per cent, while gold jumped 1.7 per cent.

The chance of an El Nino weather event developing in 2014 now exceeds 70 per cent, the Bureau of Meteorology says, raising the prospect of damaging floods and droughts across the globe.

"It is now likely (estimated at a greater than 70 per cent chance) that an El Niño will develop during the southern hemisphere winter", from May-July, the bureau said.

"Although the El Niño-Southern Oscillation (ENSO) is currently neutral, surface and subsurface ocean temperatures have warmed considerably in recent weeks, consistent with a state of rapid transition."

An AMP-linked adviser has warned the financial advice system is rigged against consumers because big companies have a bias towards pushing their own products.

This bias towards in-house products reduces competition and may result in savers paying over the odds for investment products, Rhys Wood, a director of financial planning at Elite Wealth Solutions, has argued. Elite Wealth Solutions is licensed by listed wealth company AMP.

In a damaging submission to the Murray Inquiry into Australia's financial system, Wood says that the high costs of regulatory compliance have prompted many planners to obtain a practising licence through a large institution, which in turn supplies products for advisers to recommend.

"The most pressing issue within the advice industry is the existence of bias within the advice process," says Wood in his submission.

"Given that many of these Australian Financial Services Licence (AFSL) holders are owned and operated by institutions that supply the financial products recommended to retail advice clients, AFSL holders develop approved product lists which virtually exclude all other products from providers who compete with the parent company," says Wood.

Read more

Solar projects totalling tens of millions of dollars are at risk after the Abbott government launched a review into its renewable energy targets.

First Solar, the company building the southern hemisphere’s biggest solar plant, said it was reconsidering its future investment plans for Australia, citing increased policy uncertainty.

About $90-$110 million worth of projects have been put on hold, First Solar vice president for business development Jack Curtis said.

‘‘We don’t have a great line of sight as to where the next round of projects are coming from, largely as a function of the uncertainty in the policy backdrop,’’ Curtis said.

The government had planned to source 41,000 gigawatt hours from renewable sources by 2020, or 20 per cent of total supply in that year. But that is being questioned after the government appointed former Reserve Bank board member and global warming sceptic Dick Warburton to head the review.

Read more

The ASX has pushed into positive territory, following regional markets' gains and shrugging off the deepening losses on Wall Street.

The benchmark S&P/ASX200 index is up 3.6 points, or 0.1 per cent, at 5417.3, while the All Ords is flat at 5415.7.

Leading the rebound are miners, with the materials sector up 0.7 per cent after earlier posting losses. Financials are up 0.1 per cent.

Seeds are being sown for the next financial crisis, Intelligent Investor's John Addis writes:

The best way to avoid another GFC is to ensure banks can fail without infecting the entire system. That means making them smaller. Trouble is, 'too big to fail' banks are now even bigger.

According to APRA, in March 2008 the four biggest banks controlled 67 per cent of total bank assets. By December 2013 that figure had increased to 78.4 per cent. In the United States in 1990, the five largest banks accounted for less than 10 per cent of total industry assets. Now they control 44 per cent.

According to US Attorney General Eric Holder, bankers are also too big too jail because bringing "a criminal charge ... will have a negative impact on the national economy, perhaps even the world economy".

Only in the strange reality field of financial politics do we save the system by keeping the people that destroyed it in their jobs because if we didn't people might lose confidence.

Instead of time behind bars, bankers got free taxpayer money to recapitalise. They made so much that the enormous fines levied on them barely registered.

Before the crisis bankers hoped governments would rescue them; now they know they will.

Gold has been helped by a dovish Fed and strong Chinese demand, both of which should allow a seasonal rally, Macquarie writes in a note on the precious metal:

  • We continue to view that short covering plus M&A activity might lead to the green shoots of a revitalisation of the gold equities in the coming quarter.
  • Focus remains on low-AISC producers and developers with advanced projects attractive to producers.
  • With the exploration spigot generally turned off, the market will rely on only a handful of well-capitalised juniors to drive the discovery process in the precious metals space. Although there are a number of existing undeveloped assets with resources and exploration upside there have been relatively few new “raw” discoveries in the past few years

Among Macquarie's global top buy candidates are: Goldcorp and Silver Wheaton (senior); Osisko, OceanaGold, Tahoe and B2Gold (intermediate), while sell candidates include Zijin Mining (senior) and the juniors Medusa, St Barbara and Silver Lake.

Gold is trading slightly higher at $US1300 an ounce.

Gold price predictions.

Gold price predictions.

The real reason why ECB chief Mario Draghi is flirting with QE, according to London's Tele:

The official line is that the European Central Bank is considering joining the mass money-printing club because of fears about deflation. In March, eurozone inflation was indeed just 0.5 per cent, on official measures. The underlying motivation for euro-QE, though, is rather different. Financial markets denizens know this, but few are prepared to say it.

Massive losses continue to smoulder on European bank balance sheets. It was the acute danger of clapped-out banks dragging their host governments into bankruptcy that caused systemic panic across eurozone sovereign bonds markets, threatening the entire single currency project, during the summer of both 2011 and, particularly, 2012.

Such alarm bells led to Draghi’s “whatever it takes” speech – a promise the ECB was ready to buy up eurozone government bonds under a scheme called Outright Monetary Transactions. That’s yet to happen and may even be illegal. Various European courts are still thinking about it, having issued a series of technical verdicts kicking the issue into the long grass. But just the breaking of the taboo, the notion the ECB could come to the rescue and hose down a bad situation with printed money, has been enough, for now, to spread calm.

Despite the OMT bluster, the underlying problem remains. Numerous eurozone banks are busted, not only in profligate “Club Med” nations such as France and Italy, but Germany, too. Such banks, though, are too politically-connected to be allowed to fail.

That’s one reason the eurozone elite wants QE; so out-of-thin-air wonga can by used to buy dodgy bank loans, allowing smooth bankers to avoid the realities of their mistakes.

Another reason the ECB wants QE is that both the US and UK have printed money like crazy and, as a result, the dollar and pound have fallen against the euro, making eurozone exports less competitive.

<p>

Regional markets have trimmed their early losses as investors shake off worries the recent losses on Wall Street could turn into a fully-fledged market correction.

  • Japan (Nikkei): -0.7%
  • Hong Kong: +0.9%
  • Shanghai: +1.3%
  • Taiwan: +0.1%
  • Koea: +0.2%
  • ASX200: -0.2%
  • Singapore: +0.4%
  • New Zealand: -1%

‘‘Equity valuations have peaked and markets will trade nervously going forward,’’ says Nikko Asset Management chief global strategist John Vail. There is ‘‘accelerating deterioration of China’s economy and financial system and subpar US and Japanese economic growth.’’

Australia isn't the only country in which foreign ownership of airlines is a sensitive issue.

The European Commission has launched a formal investigation into Etihad Airways - one of the major shareholders in Virgin Australia - over its strategy of buying stakes in carriers across Europe. Delta Air Lines, which bought a 49 per cent stake in Virgin Atlantic, is also under investigation.

The concerns relate to whether the non-European carriers are effectively controlling their European investments despite the minority stakes. It is a similar argument to the one that Cathay Pacific is using as an attempt to block Qantas from setting up Jetstar Hong Kong, although in that case it relates to whether control will reside in Hong Kong or Australia rather than foreign ownership issues.

In order to operate as a European carrier, an airline must be more than 50 per cent owned and "effectively controlled" by a European Union member state or EU citizens.

Etihad owns stakes in Germany's airberlin, Air Serbia, Ireland's Aer Lingus and Etihad Regional (formerly Switzerland's Darwin Airline) in Europe. It is reportedly examining an increase of its stake in airberlin to 49.9 per cent from 29 per cent and is also conducting due diligence on the possible purchase of a stake in ailing Italian carrier Alitalia.

Read more

Apple is sitting on more cash than numerous countries, including Australia, the following chart by US Trust and courtesy of Business Insider shows.

“Amid a world of uncertainty, one thing is without question: Most US corporations have plenty of capital at their disposal,” BI quotes US Trust’s Joseph Quinlan:

  • Indeed, capital is in abundance among America’s largest nonfinancial companies, with Moody’s noting that US firms were sitting on some $US1.6 trillion in cash at the end of 2013, a 12 per cent increase from a year ago.
  • The latest figure is nearly double the level of 2008, signalling the extent by which US firms have built out their cash positions over the post-crisis period.
  • Putting that number into perspective, the cash hoard of corporate America (eg, financials) is greater than the total international reserves of Japan, the second-wealthiest nation in the world, with foreign exchange reserves of $US1.2 trillion. Only China has more cash in the safe — almost $US4 trillion.”

 

<p>

Dragons don't come cheap, says Foxtel. The pay-TV operator has defended its exclusive deal to broadcast the highly anticipated new season of fantasy blockbuster Game of Thrones, saying it was showing the program quickly and affordably, and it hoped most people would "do the right thing" by not downloading it.

The exclusive deal has angered many local fans who were able to watch previous series through iTunes, Quickflix and Google Play but must now wait until Foxtel stops airing the series and buy it in full.

Foxtel's broadcast of the first episode of season four was watched by 315,000 viewers, a good result for its Showcase channel but leading to suggestions that many Australian fans were downloading the program.

In the US, the average audience was 8.2 million viewers with repeats, with Torrent Freak reporting more than one million downloads. Game of Thrones has been the world's most pirated show for two years running, according to file-sharing network TorrentFreak. Per capita, Australians are among the biggest pirates.

In February, Foxtel extended an olive branch to the show's fans by adding the HBO show to its online streaming service, Foxtel Play. The $35 monthly price for Foxtel Play rises to $50 a month after three months.

"People attack our business model [of bundling] ... while there will always be people who say, 'We'd like to get this bespoke', $35 a month is not a huge amount of money," Foxtel spokesman Bruce Meagher said. "Yes, there is a price-tag ... but HBO has to be remunerated. At about $7 million an episode, dragons don't come cheap."

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Game of Thrones: what's all the fuss?

Don't know the difference between a Lannister and Stark? Don't worry you're not the only one, but it's never too late to dive into the show.

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The Bank of Japan has refrained from adding extra stimulus as officials assess the blow from an April 1 sales-tax increase projected to trigger a one-quarter economic contraction.

Governor Haruhiko Kuroda and his board kept a pledge to expand the monetary base at a pace of 60 trillion yen to 70 trillion yen per year, the central bank said in a statement today, as forecast by economists.

The central bank is expected to add more stimulus by July to help drive inflation closer to a 2 per cent target and to strengthen the economy ahead of another possible tax increase next year.

The challenge for Kuroda will be to avoid any perception of incremental policy steps, an approach he has vowed to avoid.

‘‘I expect the BoJ to add expansive policy between May and July,’’ Yasuhide Yajima, chief economist in Tokyo at NLI Research Institute, said before today’s decision. ‘‘The economy will slow down and price increases will be sluggish from April to June because of the sales-tax hike.’’

Japanese stock futures extended losses after the central bank issued its statement. The Nikkei was down 1.1 per cent at the midday break, but futures point to further losses.

Yes, Japan will benefit more than Australia in the trade agreement - but that is a good thing, writes Michael Pascoe.

Make no mistake, Japan is the big winner from the slight reduction in agricultural trade barriers announced with so much fanfare from the Prime Minister's captive travelling trade troupe. And that's a perfectly good and very desirable thing.

There's also a strong chance that much of the immediate advantage Australia should enjoy won't last long.

Other beef exporters will be hot on the heels of our most favoured nation status – stand by for American trade negotiators to target the Australian beef tariff level as they seek their own deal. They've never stopped working on a better deal for themselves.

The immediate reaction to the announcement of a handshake deal seems to be close to that which greeted Chamberlain's waved piece of paper on return from Munich.

But a little perspective can be healthy.

Read more

Prime Ministers Tony Abbott and Shinzo Abe at dinner on Sunday night, with interpreters.

Prime Ministers Tony Abbott and Shinzo Abe at dinner on Sunday night, with interpreters.

Write-downs at the nation’s top 50 share market-listed companies fell 33 per cent, to $28 billion, in the latest reporting season, as mining giants found their feet in the post boom environment, and the big banks posted record profits.

But the patchy results of the 41 companies outside these two sectors reflects the latent challenges in the domestic economy. KPMG analysis for the AFR shows profit before tax at the 41 companies that are not big banks and miners fell 15 per cent, to $36 billion, for the six months ended December 31 2013, the worst result since December 2009.

Revenue and operating cash flow for this group also fell.

“The mining sector has reported a recovery of revenues against the peak in the mining boom but this is being achieved through large production increases at much lower prices and at lower margins,” KPMG analysis shows.

Over three-quarters of S&P ASX50 companies are using alternative measures of financial performance, or “underlying profit” figures, to explain and smooth out volatility in their books.

In the vast majority of cases the non-statutory results are higher than the audited numbers, resulting in a 23 per cent accounting discrepancy.

It seems Rupert Murdoch isn’t the only media magnate that Clive Palmer is jousting with at the moment. The controversial Queenslander is also testing the patience of Perth billionaire Kerry Stokes over relations between their neighbouring iron ore interests in the Pilbara.

Stokes’ ASX-listed mining company Iron Ore Holdings is being frustrated by Palmer’s Mineralogy on two fronts, with the latter preventing the former from using both road and port infrastructure in two different scenarios.

The road issue is forcing the two parties to negotiate directly, with IOH wanting to build 70km of private road on a section of Mineralogy’s land to allow it to improve efficiencies by running the sort of large trucks that cannot be used on civilian roads.

Mineralogy is refusing to allow the road to be built, and the two parties have taken the dispute to the Warden’s Court in Western Australia, which handles mining disputes.

A verdict from the warden is expected later this month. But the disputes don’t end there.

IOH has been planning to export its iron ore through a small port that will be built several hundred metres east of where Citic Pacific exports magnetite concentrate from Mineralogy’s land.

Read more

''We don't think we're supposed to give up the road.": Clive Palmer is sticking to his guns.

''We don't think we're supposed to give up the road.": Clive Palmer is sticking to his guns. Photo: Andrew Meares

Economist Steve Keen and newly converted housing market sceptic Christopher Joye are engaging in a colourful blog exchange over the real estate market.

Both agree house prices are overvalued now ('buyer beware'), but are at odds over past predictions and what has changed to shift Joye's outlook.

First up here's Steve Keen, writing in Business Spectator:

One of the most prominent commentators asserting that there is a dangerous house price bubble in Australia is… Chris Joye. There are also many others who were once on the “no bubble” side of the argument who are now warning that there is one.

I’m delighted by this shift of course, but it does beg the question “what has changed -- the facts, or the commentators?” The answer, as in most things, is a bit of both -- but I think more the commentators than the facts.

Firstly, the issues that I highlighted as causes for alarm -- the level of household debt and the ratio of house prices to incomes -- are the same ones that Joye and others are now using to saying that we’re in a dangerous bubble. Secondly, the levels of those indicators are much the same as they were in 2010. So back in 2010 these indicators weren’t a problem, and now they are?

... Back then, a price to income ratio of 4.7 was not a problem. But last month, a lower ratio of 4.4 times was a problem, Joye argued.

... For my part, my change of expectations about house price rises -- which I now expect to see continue for some time, thanks to the combination of the speculative buying frenzy by “investors”, self-managed super fund levered purchases of property, and non-resident purchases -- reflects another of Keynes’s famous aphorisms, that “the market can remain irrational for much longer than you can remain solvent.”

And here's Christopher Joye's reply, up at afr.com:

I welcome perma-bear Steve Keen’s commentary on my recent analysis of the asset class, and his apparent comfort with my conclusions. It is, however, worthwhile clearing-up some misunderstandings as to how I arrived at them.

It is doubtless frustrating for folks like Dr Keen, who claimed that Australian house prices would slump 40 per cent in nominal terms in 2008, to see that they are actually 22 per cent above their pre-global financial crisis peak today.

Let me put that stark contrast another way. In March 2008 the national median dwelling price across all regions was $367,500. Dr Keen evidently believed it would fall to $220,500. The median dwelling price of $450,000 today is thus more than double his predicted outcome. On any benchmark, that is a massive miss.

As is well known, I vocally maintained during the GFC that any house price falls would likely be modest, which proved to be the case, and anticipated the 2009-10 rebound, just as I did the present recovery. The latter commenced in June 2012 and gathered real pace in second half of 2013.

The fact is that the cyclical shifts in Australian housing conditions since 2008 should not have been surprising to anyone with an open mind.

...In 2010 I argued that house price growth that year would track disposable incomes, which was what happened. In August 2013 I called double-digit house price growth, running at three times household incomes, which is again what we got.

In 2010 I said if we were hit with multiple rate hikes, we could see house prices lose altitude over 2011. The hikes materialised, with an especially painful “double-tap” in November 2010, and prices duly fell in 2011.

...I’ve simply stated that the market looks expensive, and if the RBA normalises its cash rate, prices will, on the balance of probabilities, fall. How much they deflate by is an open question, and depends on how high the cash rate goes, which nobody, including the RBA, knows right now.

Household debt is only marginally different to its level in 2010, Steve Keen notes.

Household debt is only marginally different to its level in 2010, Steve Keen notes.

The RBA’s foreign currency reserves jumped $US10 billion last month – the biggest such increase in 45 years – but analysts think it’s unlikely that the central bank intervened in the forex markets.

Data on Australia Official Reserve Assets, showed the central bank’s foreign reserves jumped $US10.4 billion to $62.2 billion in March from the month-earlier $US51 billion.

Trader talk overnight was that the increase could be a sign that the RBA is intervening in currency markets to put downward pressure on the Australian dollar, which has climbed 6¢ from a four-year low earlier this year. But local analysts say this is highly unlikely.

“I think it would be highly unlikely that the RBA has done anything untowards in FX markets during March,” said National Australia Bank head of global FX strategy Ray Attrill.

He added that the jump in recorded value of the RBA’s reserves “is most unlikely to relate to intervention” but that it could reflect profits from offshore currencies, such as if the RBA held a lot of US dollars, and also transactions that were carried out some time ago.

UBS Singapore-based currency strategist Gareth Berry said it might be too early to say whether the RBA is trying to affect the Australian dollar:

  • These are just gross reserves and things like FX swap activity can have a huge bearing on this so it doesn’t mean at all necessarily that there’s been intervention.
  • I’d be very surprised if there were. It’s so vague that we can’t really attach any explanation to it until we see more detail which usually comes later in the month.

The dollar is currently fetching 92.77 US cents, still stuck below the 93c level as it has been for the better part of the past two weeks.

The Japan-Australia free trade agreement has split the farming sector, with beef producers welcoming the pact while dairy, pork and rice farmers expressed disappointment with the deal.

The National Farmers’ Federation said the historic agreement, struck last night after seven years of negotiation, fell short of expectations.

“We recognise the historical significance of the agreement. However, we are disappointed with the overall outcomes for agriculture with a number of sectors facing marginal improvements or limited commercial gains,” federation  president Brent Finlay said.

Trade experts have praised the agreement, with Alan Oxley, chairman of Monash University's Australian APEC Study Centre, hailing it as a potential "game changer".

But deputy chair of the Australian Dairy Industry Council Robert Poole said dairy farmers were “extremely disappointed with the deal”.

"We were hopeful government had heeded the industry’s message in regards to freeing up market access in Japan, however it now appears our words fell upon deaf ears. There has been no movement in this agreement on fresh cheese – the number one objective for Australian dairy, with tariffs to remain at 29.8 per cent."

Sam Lawrence, a senior policy adviser at Australian Pork Limited, said the agreement was "substandard" and represented a "missed opportunity" for the pork sector.

"Exports will remain largely as cost-prohibitive as they are today because of high levies and surcharges," Lawrence said. 

The chairman of the Australian beef industry's free trade taskforce, Lachie Hart, said the deal would be worth $5.5 billion to the Australian industry over 20 years.

"This will create opportunities for increased Australian beef sales into Japan and improve the affordability of beef to Japanese consumers," he said.

Ricegrowers’ Association of Australia president Les Gordon slammed the FTA as a deal that punishes and ignores ricegrowers.

Gordon said the RGA is “extremely disappointed” that the government concluded a deal that excludes rice.

Gordon said the government has ignored rice in its talks with Japan and South Korea, and he called on the Coalition to ensure access to China in its upcoming free trade negotiations with the world’s second-biggest economy.

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New trade deals with Japan and Korea could significantly increase the price of beef, according to National Party Senator John 'Wacka' Williams.

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Business confidence has weakened to its lowest levels since the federal election as sluggish activity weighed on positive sentiment, a monthly private survey has found.

Business sentiment was also weakened by the recent elevated levels of the Australian dollar, uncertainty over the global economy and fears of a "belt tightening" federal government budget in May, the National Australia Bank's business survey shows.

Business conditions edged up in March, but remained subdued, as sales fell in the month and employment improved slightly but still pointed to a soft labour market.

Business confidence slipped from seven points in February to four points last month, while conditions improved from zero to one point in March, the survey found.

A separate survey by Roy Morgan Research, which was released on Monday, found that business confidence strengthened slightly last month after a sharp decline in February. The increased optimism was driven by firms' reporting a better financial position this year than 12 months ago, and by the improved outlook for the domestic economy, Roy Morgan said.

Despite the soft readings, most industries recorded a lift in conditions, particularly in the mining sector. But the transport industry, as well as the "bellwether" wholesale sector, weakened significantly, NAB said.

The corporate watchdog is calling for a number of reforms to improve the financial system, including tighter standards for financial advisers and new mechanisms to manage risk.

In a submission to the Murray inquiry into the financial system, ASIC is also renewing calls for tougher penalties and the introduction of a user-pays system to fund its activities.

In contrast to other regulators who have used the financial system inquiry to call for minimal change, ASIC has warned that failure to keep pace with international regulatory standards could exclude big players from participating in Australia’s markets

It said new powers such as those held by regulators in the US and UK would improve its ability to govern corporate behaviour – particularly around areas of high risk including high frequency trading, dark liquidity and speculative trading.

US financial services giant Genworth Financial has launched the initial public offering of its Australian mortgage insurance business, which if successful would become the largest float of the year to-date.

Genworth’s brokers distributed detailed pre-marketing research reports to fund managers this morning, which valued Genworth Mortgage Insurance Australia Limited at up to $2.4 billion.

Lead broker Goldman Sachs said the Australian business was worth $1.9 billion to $2.4 billion, or 0.8-to-1-times the company’s book value. It forecast Genworth to record $235 million net profit after tax in the 2014 financial year, and said the valuation implied an eight-to-10-times on a price-to-earnings basis.

Genworth’s business is insuring banks and mortgage-backed securities investors against the risk of losses on mortgages.

It is the largest Australian mortgage insurance provider, with more than 60 per cent of its business coming from loans written by Commonwealth Bank of Australia, Westpac Banking Corp and National Australia Bank.

Goldman Sachs said Genworth had been able to increase prices in four of the past six years, which had driven a significant increase in the return generated by policies written since 2010.

Tech stocks are leading the way down again, following the Nasdaq's lead and as investors reassess their valuations.

Most blue chips are also lower, with the big banks falling between 0.1 per cent (ANZ) and 0.4 per cent (NAB). The major miners have also slipped, despite rises in commodity prices overnight.

Here are the biggest gains and losses among top 200 stocks:

<p>

The sharemarket has opened slightly lower, holding up fairly well after Wall Street extended its sell-off overnight with major indices dropping another 1 per cent.

The benchmark S&P/ASX200 index is down 12.2 points, or 0.2 per cent, at 5401.5, while the broader All Ords has lost 14 points, or 0.3 per cent, to 5402.1.

Among the major sectors, consumer discretionary have lost 0.8 per cent, while materials and financials are both down 0.2 per cent.

Going nowhere ... the ASX has managed to shrug off Wall Street's tech sell-off, but is up just 1% since the start of the year.

Going nowhere ... the ASX has managed to shrug off Wall Street's tech sell-off, but is up just 1% since the start of the year.

Cabcharge investors don't look to be happy following the NSW government's announcement that it will follow Victoria and legislate a reduction in the maximum card surcharge for taxis from 10 per cent to 5 per cent.

Cabcharge shares have started the day down 3.4 per cent at $3.95.

"I've heard the concerns of customers that they've been taken for a ride by this excessive surcharge and that's why we've listened and acted," NSW Premier Barry O'Farrell said.

Local stocks will again be spared from the tech-driven sell-off on Wall Street, Rivkin global investment manager Tim Radford predicts:

  • While technology shares will likely get whacked today, the rest of the market should hold up relatively well with materials stocks to benefit from stronger commodity prices (iron ore, crude oil, and copper).
  • When the tech sector in the States goes pear-shaped the Australian market is pretty immune given its heavy weighting toward financial services and materials stocks.

 
Plenty of market commentators continue to spruik the next market crash, saying we’ll see the S&P 500 fall 20-30% this year, with some basing the analysis on comparative charts of the 1990’s dot-come bubble, 1987 and 1929 market crashes for instance, Radford continues and laments:

  • It gets a bit tiresome seeing these misleading cross comparisons spread all over the internet, with the intention of trying to inflict fear into investors and entice a higher hit rate on the article/analysis.
  • The market undoubtedly has had a massive run higher since the GFC, and is arguably overdone. From a risk reward perspective it doesn’t make much sense to be skewed aggressively long equities at the moment, as it’s hard to see the S&P 500 having another +10% year.Tech stocks have simply run too hard too fast, and are now undergoing a healthy, albeit fast, correction. We may see the correction deepen in the near-term but there is no real evidence of a big crash around the corner.
  • Tech stocks have simply run too hard too fast, and are now undergoing a healthy, albeit fast, correction. We may see the correction deepen in the near-term but there is no real evidence of a big crash around the corner.

The bears may have taken over on Wall Street, but that's only temporarily says one big bull:

Fidelity global chief investment officer Dominic Rossi thinks the US sharemarket is only halfway through a multi-year bull run that will see stocks rise for several more years on the back of fatter corporate profit margins and a return to a US government surplus.

In an interview with the AFR, Rossi says there are three key reasons why the S&P 500 will rise to about 2000 this year and keep rising in 2015:

  1. The deficit is improving strongly and I have not seen that for two decades. It is not implausible that President Obama will have a fiscal surplus by the time he leaves office in two years.
  2. My second point is that while we had a slow start to the year because of a cold snap, over the last four weeks we have seen a real acceleration in economic growth. I think the economic news we are going to see over the next two months is going to be positive and there is no risk to the market from interest rates rising.
  3. The third point I would make is that price-earnings multiples look OK. The bears have been arguing that profits are at record highs and that you have to adjust price earnings down because they will revert to the 30-year earnings average. If you do that, the market looks expensive. My argument to counter that would be that profit margins are going to go even higher.

The world’s biggest listed wine company, Treasury Wine Estates, could be set to shed jobs and slash its costs in the face of a protracted downturn in its key markets, with the newly appointed chief executive of the winemaker that owns brands such as Penfolds, Wolf Blass and Rosemount to address analysts and investors this morning.

Treasury Wines boss Michael Clarke said in a statement this morning to the ASX that since officially commencing in the role on March 31 he has spent extensive time kicking the tires of the business, including inspecting its underperforming vineyards and assets in America, and believed  immediate action including reducing costs was needed to improve the business.

‘’While there are a number of actions to be taken to improve Treasury Wine’s performance, my immediate focus is on running the business. It is however, already clear to me that Treasury Wine must take action to reduce overhead expenditure, reinvesting these savings back into consumer and brand marketing.’’

Clarke, who has a background in fast moving consumer goods working for companies such as Kraft and Reebok, also said he was committed to the strategy laid down by his predecessors to shift Treasury Wine’s production focus up the price curve to more expensive wines, also known as a ‘’premiumisation’’ in the industry.

It's fairly quiet so far on the local corporate front. Here's an early one on short sellers targeting Ten: the struggling commercial broadcaster has increasingly come under attack from short sellers over the past year, with 9 per cent of its free float shorted at the end of March.

According to analysis of Australian Securites and Investments Commission figures by Wilson HTM, Ten's short position as a percentage of free float rose from 5.6 per cent to 9 per cent over the year to 31 March.

At 9 per cent, this represents just over 5 per cent of Ten's market capitalisation, or $40 million worth of shares, the broker said. Not all stock is available for shorting.

John Lockton, senior research analyst at Wilson HTM, said shorters started hammering Ten shares because they saw "limited believability on its revenue outlook and there were deep concerns regarding its balance sheet."

While those concerns have been solved by Ten's equity raisings, Mr Lockton said, expectations for Ten's first-half results were "biased towards bad news."

Fairfax Media, publisher of this website, was the second most shorted media stock over the 12 months.

It’s a big day in Japan today, with the central bank deciding on monetary policy - but not much is expected to come of it.

The Bank of Japan is predicted to hold off on expanding stimulus today, holding fast to existing plans to beat chronic deflation even as a sales tax hike clouds the outlook for the world's third-largest economy.

Unfazed by recent signs of weakness in the economy, the central bank is set to maintain its current monetary policy settings when it announces its decision today around 1pm AEST, and affirm its conviction that the economy is on track to meet the target of 2 per cent inflation within a year or so.

A run of recent data has cast doubt on Premier Shinzo Abe's reflationary policies, including the central bank's own "tankan" survey. It showed companies expect inflation to remain subdued in coming years, and see a worse consumer chilling effect from last week's tax hike than from the previous increase in 1997. But Governor Haruhiko Kuroda and other central bank officials appear unshaken, pointing to positive signs such as shrinking slack in the economy that should help them meet their pledge of accelerating inflation to 2 per cent by around April next year.

The BoJ is widely expected to maintain its commitment to increasing base money, its key policy gauge, at an annual pace of 60-70 trillion yen. It is also seen sticking to its assessment the economy will recover moderately.

"The BoJ's message will remain the same, which is that things are on track and there's no need now for more stimulus," said Izuru Kato, chief economist at Totan Research in Tokyo. "I think Kuroda is no mood to act any time soon. But if doubts emerge over its rosy projections, the BoJ may ease again in June or July."

The country is also set to release balance of payments data for February, with economists forecasting a trade deficit of 593 billion yen, down from 2.3 trillion yen in the previous month.

"Some improvement in the balance of payments is anticipated, but absent a huge unexpected improvement, markets may shrug off the positives as a short-term cyclical boost. Any deterioration would be very negative," NAB writes in a note this morning.

Wall Street had another bad session overnight, once again without any specific news driving the sell-off which has hit technology stocks particularly hard.

The S&P500 lost 1.1 per cent, falling to a three-week low that erased the gauge gain for the year, while the Dow Jones dropped 1 per cent. The Nasdaq 100 slid 1.2 per cent for a three-day slide of 4.3 per cent.

Technology shares have been hit as traders dump the biggest winners of the bull market amid concern valuations have advanced too far.

"It's a carry-over from Friday's selloff," said Wes Mills, chief investment officer with Scotia Private Client Group in Toronto. Markets had risen to the point where people are a little skittish and locking in profits ahead of the earnings season.

"If you take a closer look under the hood, things have been deteriorating for a while now," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research. "Small caps and tech have been breaking down all over the place the past month, with the big blue chips holding tough. Well, now it looks like the last place bulls were hiding is finally starting to crack."

The Nasdaq, which slid the most in two months on Friday, trades at 31.5 times reported earnings of the companies in the index. That's almost twice the ratio for the S&P 500, which trades at 17 times earnings. The technology gauge has dropped 6.4 per cent since a March 5 high.

The selling in the Nasdaq has sent anxiety among options traders to the highest levels since the flash crash four years ago. More than 1 million bearish options on an exchange- traded fund tracking the index of technology stocks changed hands that day for the most trading in puts since May 7, 2010, the day after $US862 billion was erased from the value of US equities in a matter of minutes.

"Will investors see this as opportunity to buy the dip, or do they stay on the sidelines and wait to see earnings strength in the first quarter?" said Kate Warne, an investment strategist at Edward Jones & Co. "The fundamentals remain pretty good, but sentiment can change quickly, as we saw on Friday."

ASX outperforming ... Wall Street's Nasdaq index (white line) is down 6.4% from its March highs, while the local market has slipped just 1%.

ASX outperforming ... Wall Street's Nasdaq index (white line) is down 6.4% from its March highs, while the local market has slipped just 1%.

Local stocks are poised to open slightly lower after Wall Street extended its sell-off over night, pushing all the major indices into the red for 2014.

What you need2know:

  • SPI futures are down 18 points to 5390
  • AUD at 92.65 US cents, 95.51 Japanese yen, 67.42 Euro cents and 55.78 British pence
  • On Wall St, S&P500 -1.1%, Dow Jones -1%, Nasdaq -1.2%
  • In Europe, Euro Stoxx 50 -1.4%, FTSE100 -1.1%, CAC -1.1%, DAX -1.9%
  • Spot gold down 0.5% to $US1296.57 an ounce
  • Iron ore up 1.3% to $US117.20 poer metric tonne.
  • Brent oil down 0.8% to $US105.86 per barrel

What’s on today

Australia: NAB business survey
Japan: The central bank decides on monetary policy

Stocks to watch

Private equity firm Pacific Equity Partners has started assembling a board for Peters Ice Cream, in an effort to apply some pressure to trader buyers, the Australian Financial Review's Street Talk column reported.

CIMB has an “add” rating on Downer EDI and has lifted its 12-month price target to $5.99, expecting a further re-rating.

JPMorgan has retained an “underweight” rating on Sydney Airport after a report showed its quality of service for airside services and facilities as rated by airlines remained “poor”. It left its December 2014 price target unchanged at $3.80 a share.

Deutsche Bank has “buy” ratings on Aristocrat, Crown Resorts, Echo Entertainment and Tabcorp.

Here's more

Good morning and welcome to the Markets Live blog for Tuesday.

Your editor today is Jens Meyer.

This blog is not intended as investment advice.

BusinessDay with wires.

Quotes Search

Sort comments by:
  • Bears winning. Again.

    How big will the crash be this time? 50% takes us to @ 2700. Sound familiar?

    Commenter
    Allan
    Location
    Prahran
    Date and time
    April 08, 2014, 4:33PM
  • The part I don't get is why isn't the ASX 6800 no more?

    Commenter
    Bewildered Bull
    Location
    Date and time
    April 08, 2014, 4:32PM
  • Anyways my tilt on TLS is stay out i dont like the debt level,their customer services will see many move on,they have sold down assets for less than book values so i cant see much upside,but for good ol divd yield an entry under $5 would be ok.just 2c worth.

    CommenterBearshapedBull

    Fair enough BSB. Everyone's entitled to their own opinion.

    Just wondering whether you'd factored in the $11 BILLION due to TLS from the Commonwealth as part of the nbn deal. I know it's being reviewed with the new govt, but I believe Abbott has stated nothing materially should change. This $11 billion goes a large way to virtually eliminating TLS debt.

    Also last week you mentioned you would value TLS at 'equity' minus any debt. Are you aware that the very definition of 'equity' is assets less liabilities (i.e debt)?

    The total equity of a company is its 'book value', total equity divided my number of shares on issue?

    Do you value all your companies by their book value or just TLS?

    Based on BV many many blue chip companies in ASX200 are overvalued? And they don't have the $11 billion coming in from the Govt. Have you thought about that?

    Commenter
    Market
    Location
    Analyst
    Date and time
    April 08, 2014, 4:18PM
  • Thanks to John Addis for speaking the truth...well done sir
    Capitalism supposedly rewards risk takers. In the years leading up to the crisis, bankers, taking risks with other people's money, were rewarded alright. Then, when it all blew up they were rewarded again, first by not going to jail and then from having their pockets filled with free money.

    Read more: http://www.smh.com.au/business/intelligent-investor/seeds-being-sown-for-the-next-gfc-20140407-368cb.html#ixzz2yGxvDjvd

    Commenter
    BearshapedBull
    Location
    Mugpunters Lounge
    Date and time
    April 08, 2014, 4:14PM
  • "Equity valuations have peaked and markets will trade nervously going forward,’’ says Nikko Asset Management chief global strategist John Vail. There is ‘‘accelerating deterioration of China’s economy and financial system and subpar US and Japanese economic growth.’’

    Welcome to deflation.

    Commenter
    Allan
    Location
    Prahran
    Date and time
    April 08, 2014, 4:13PM
  • As well as appointing a global warming sceptic to review the Renewable Energy Targets I hear that Sir Positry is about tp appoint an Amish person to the board of the NBN.

    Commenter
    mitch of ACT
    Location
    Date and time
    April 08, 2014, 4:10PM
  • Crikey even ACR launched 2.5% has the worm turned.....

    Commenter
    BearshapedBull
    Location
    Mugpunters Lounge
    Date and time
    April 08, 2014, 4:08PM
  • @YorY so it was a good buy signal yesterday for MSB, you picked a timely entry, now all we need to see is some positive clinical results and profits too follow.
    I was a bit anxious re, the insider announcement scenario....but hurdle jumped for now.

    Commenter
    BearshapedBull
    Location
    Mugpunters Lounge
    Date and time
    April 08, 2014, 3:49PM
  • Well i guess we'll take the 18 points and call it a fair trade day.

    Commenter
    BearshapedBull
    Location
    iBankedit Lounge
    Date and time
    April 08, 2014, 3:46PM
    • one of your many fans i think,allan...not moi

      Commenter
      BearshapedBull
      Location
      iBankedit Lounge
      Date and time
      April 08, 2014, 3:43PM
  • Anyone know why MYX is getting such a caning today?

    Commenter
    confused
    Location
    syd
    Date and time
    April 08, 2014, 3:40PM
  • "Markets crash all the time. You should, at minimum, expect stocks to fall at least 10 per cent once a year, 20 per cent once every few years, 30 per cent or more once or twice a decade, and 50 per cent or more once or twice during your lifetime. Those who don't understand this will eventually learn it the hard way."

    http://www.theage.com.au/business/motley-fool/why-markets-must-crash-20140408-36apt.html

    Yikes!

    Commenter
    Allan
    Location
    Prahran
    Date and time
    April 08, 2014, 3:40PM
  • "Somebody need to tell the Telegraph that deflation makes the problem of bad debts worse for a bank because it increases the real value of the debts even though the nominal value stays the same. Super Mario's concerns about EU deflation are therefore well founded.

    CommenterCatch 22"

    And someone needs to tell catch 22 that there are far, far smarter people than him/her already out there, who are employed to run the show (not type inane comments on blogs) who already know this. And they will do anything to avoid this from happening, even print more & more & more money as they are essentially still currently still doing! Sorry but bloggers on hear ARE NOT smarter then the men who 'run the show'.

    Commenter
    Bewildered Bear
    Location
    Armageddio, Israel
    Date and time
    April 08, 2014, 3:34PM
  • "Steve and one or two here, dream of a 50% house price crash. FHBs will be the main contributors to any such crash if and when it happens. Those who survive will need to be creative."

    If FHB contribute to 50% collapses in RE prices, they will bear witness to the largest transfers of wealth in this nation's history.

    I know of simple teachers out there, very humble folk, who none-the-less have their $100k per annum guaranteed by the Government.

    They started very early & worked very hard and own 3 properties outright. They have told me confidentially that should the RE market collapse by 50% they will convert their shares to cash & take out loans to gobble up as many of these 50% discounted properties as possible.

    And these are only simple, humble teachers for heaven's sake. Can you imagine how many far, far wealthier people there are out there who would do the same. Therefore imagining a 50% collapse in RE prices is quite simply a silly pipe dream!

    Commenter
    Bewildered Bear
    Location
    Armageddio, Israel
    Date and time
    April 08, 2014, 3:29PM
    • Precisely what is wrong with this country. Littlelandlords everywhere instead of investing in wealth producing enterprises.

      Commenter
      Allan
      Location
      Prahran
      Date and time
      April 08, 2014, 4:56PM
  • Somebody need to tell the Telegraph that deflation makes the problem of bad debts worse for a bank because it increases the real value of the debts even though the nominal value stays the same. Super Mario's concerns about EU deflation are therefore well founded.

    Commenter
    Catch 22
    Location
    Date and time
    April 08, 2014, 3:28PM
    • Draghi is right about deflation being a real threat, but he is fighting the symptom, not the disease.

      Europe's problem is its inability to sustain current entitlement systems, suicidal birthrate and a slow but sure lowering of IQ mean values.

      Draghi should deal with fundamentals, not financial tinkering, to solve that.

      Commenter
      Dr No
      Location
      Sydney
      Date and time
      April 08, 2014, 3:49PM
  • All the pollies and pundits keep telling us that agriculture is the next led "mining boom". But the problem is not the lack of water, it's our soil, it's mostly thin and absolute rubbish; only about 6 % of this continent's surface could be and even that is of highly variable quality. So why are the politicians and pundits silent as one of Australia's richest agricultural regions, the Hunter Valley, is being persecuted through the courts by Rio, trying to extend its coal mining there, when coal has been slumping forever and rich agricultural areas like the Hunter are rare on this continent? Hello, hello! Do you lot in Canberra have the slightest clue you bunch of clowns?

    Commenter
    Catch 22
    Location
    Date and time
    April 08, 2014, 2:57PM
    • The short term gain syndrome, IE how long will bof & tone be there in the scheme of things, balance the books (on paper anyway), gain another term or 2 and their actions are justified (in their minds at least) re jwh. Oh the horror, the horror & destruction, The Hunter/Pilliga F and Maules Ck etc. Renewables and innovatipn please, there can be jobs for all.

      Commenter
      whathaveidonewrong
      Location
      mother earth
      Date and time
      April 08, 2014, 4:00PM
  • SBM : Long = ouch. Short = happy days!!

    Commenter
    confused
    Location
    syd
    Date and time
    April 08, 2014, 2:55PM
    • Doubled SBM long at 25c. Gift.

      Gotta laugh at others who claim trades that aren't posted. he he...

      Commenter
      Allan
      Location
      Prahran
      Date and time
      April 08, 2014, 3:32PM
  • I bought and held GM for 30 years. At one stage I was a multi millionaire (on paper). Where did my GM shares go?

    Commenter
    Bewildered Bull
    Location
    Date and time
    April 08, 2014, 2:37PM
    • Alan.. Are you bored? how about you get up from the keyboard and go for a little walk in the park or take the yacht out for a sail.. tell jeeves to pack a picnic and take your Rolls out for a spin..

      Commenter
      Yawwwnn
      Location
      Date and time
      April 08, 2014, 2:56PM
    • LOL sour grapes and why have you changed screen name?

      Commenter
      Allan
      Location
      Prahran
      Date and time
      April 08, 2014, 2:34PM
  • I am long Newsat (NWT) at $0.46. They have their first hosted payload satellite launching next month and a wholly owned one launching in 2015 with ~$640m odd in pre-committed sales. Market cap is only ~$240m. Unless I am missing something, two successful launches will make this a billion dollar company. Thoughts?

    Commenter
    Fanatical
    Location
    Bull launch pad
    Date and time
    April 08, 2014, 2:23PM
    • Scared of launch failure?

      Commenter
      GS
      Location
      Date and time
      April 08, 2014, 2:50PM
    • Arianespace is launching the satellite next month and they have 57 straight successful launches on the rocket they are using - 57/0. Maybe people think they are using Russian rockets which work every time except when they blow up.

      Commenter
      Fanatical
      Location
      Bull launch pad
      Date and time
      April 08, 2014, 3:00PM
    • Hmmmm it does sound interesting. I will keep my eye on it.

      Commenter
      GS
      Location
      Date and time
      April 08, 2014, 3:40PM
    • Insurance covers launch failures.

      Commenter
      mitch of ACT
      Location
      Date and time
      April 08, 2014, 3:40PM
    • Sure mitch, but Arianespace doesn't want to lose a 57 launch no-claim bonus.

      Commenter
      Dr No
      Location
      Sydney
      Date and time
      April 08, 2014, 4:24PM
  • Foxtel say "People attack our business model [of bundling] ..."

    Well fancy that .... "bundling" is Foxtels dodgy business model where 90% of the channel and packages you have to buy to get the few shows you want are absolute rubbish. Until they come into this century and offer pay per view or similar, they won't see many new subscribers. I was happily paying iTunes for GoT but I will now wait or use other avenues (like the rest of the disgruntled population)

    Commenter
    NSMR
    Location
    Date and time
    April 08, 2014, 2:19PM
    • You can get Showcase for $10 a month for 3 months to the end of July. Foxtel have a deal so you can watch GoT without having to take the full bundle. I know this to be true because i signed up for it on the weekend and now have Showcase.

      Commenter
      Grinch
      Location
      Date and time
      April 08, 2014, 2:23PM
    • The alternate methods are doing the rounds in my office this morning.

      Commenter
      Elric
      Location
      Melnibone
      Date and time
      April 08, 2014, 2:38PM
    • Get the Plex Pro app, and add some cool friends who have plenty of 'content'.

      Commenter
      Irish Phil
      Location
      Date and time
      April 08, 2014, 3:24PM
    • Another fantasy trade by Allan. This is getting a little pathetic lately

      Commenter
      Dreamer
      Location
      Date and time
      April 08, 2014, 2:11PM
  • Apple needs to refund all these "cash reserves" to the customers they have ripped off over they years.

    *(Fortunately, not one cent is mine, me no sucker...).

    Commenter
    Judge
    Location
    Sydney
    Date and time
    April 08, 2014, 2:04PM
    • and pay tax in all of the counties where it avoided tax through transfer pricing and other forms of profit shifting. That goes for Google, Microsoft and the myriad of big players who rip us off through unequal pricing policies. Pity we can't organise a consumer boycott.

      Commenter
      mitch of ACT
      Location
      Date and time
      April 08, 2014, 2:31PM
    • All those dollars that Apple is sitting on will become useless if current US deficits and money printing continue.

      Apple should thus use their cash to sponsor US politicians (since the US political system requires money) who favour balanced budgets and an end to the fiat dollar system.

      Apple should also buy US media companies and steer their editorials away from the warmongering, open borders, and fiat dollar bias they have today.

      That would be money well spent!

      Commenter
      Dr No
      Location
      Sydney
      Date and time
      April 08, 2014, 2:51PM
  • Re; Foxtel article. Game of thrones ran from April to Sep last year. So to watch season 4 legally in oz would now cost a minimum of $255? Then they wonder why people DL it for nothing....

    Commenter
    Damo
    Location
    VIC
    Date and time
    April 08, 2014, 1:56PM
    • How do you work that out?

      Commenter
      Irish Phil
      Location
      Date and time
      April 08, 2014, 2:38PM
    • 6 months subscription per the article would be $35 for first 3 months then $50 for the next 3. So $255..

      Commenter
      Damo
      Location
      VIC
      Date and time
      April 08, 2014, 3:01PM
    • @ Damo: and the only content on the Foxtel Play app is GoT??? Wow, that is expensive so.
      I was under the impression that it had a lot of content.

      Commenter
      Irish Phil
      Location
      Date and time
      April 08, 2014, 3:45PM
    • Do you work for foxtel or something Phil? The point is someone like NMSR above who was paying a reasonable price for GOT on itunes now has no choice but to pay a ridiculous amount for it through foxtel whether he wants additional content or not.

      Commenter
      Damo
      Location
      VIC
      Date and time
      April 08, 2014, 4:35PM
  • I don't see these prices for FOXTEL/Game of Thrones. You have to pay for the basic $49 + add showcase which is extra. Netflix is $8

    Commenter
    GS
    Location
    Date and time
    April 08, 2014, 1:53PM
  • "It is doubtless frustrating for folks like Dr Keen, who claimed that Australian house prices would slump 40 per cent in nominal terms in 2008, to see that they are actually 22 per cent above their pre-global financial crisis peak today.
    Let me put that stark contrast another way. In March 2008 the national median dwelling price across all regions was $367,500. Dr Keen evidently believed it would fall to $220,500. The median dwelling price of $450,000 today is thus more than double his predicted outcome. On any benchmark, that is a massive miss."

    ROFLMAO!!!!

    Keep predicting boys. Surely the law of averages demands you may possibly get at least one right at some point in your lifetime!

    ROFLMAO!!!!!

    Read more: http://www.smh.com.au/business/markets-live/markets-live-asx-stutters-but-holds-20140408-369rn.html#ixzz2yGMweCCJ

    Commenter
    Bewildered Bear
    Location
    Armageddio, Israel
    Date and time
    April 08, 2014, 1:49PM
    • As is well known, I vocally maintained during the GFC that any house price falls would likely be modest, which proved to be the case, and anticipated the 2009-10 rebound, just as I did the present recovery. The latter commenced in June 2012 and gathered real pace in second half of 2013.

      So said Mr Joyce.

      Ignoring the fact that he quotes the 'correct' calls he has made, and ignores those (by the Billions) he missed, got wrong, or simply didn't bother with.

      Biggest of course is the precursor event that nearly everyone (and I include Mr Joyce) missed, that being the GFC bubble pop that came along when Lehman's Brothers hit their liquidity troubles and contagion spread.

      Commenter
      Joe the POM (not Mitch)
      Location
      Geelong
      Date and time
      April 08, 2014, 2:30PM
    • Over 10-15 years. You left that out.

      It happened in Japan and they're not making any more land there.

      Commenter
      Allan
      Location
      Prahran
      Date and time
      April 08, 2014, 2:31PM
    • Wow
      so your saying that the median price of housing has gone up what $83k in 6 years. Worth the risk...not

      Thats about $14k a year and includes the current crazy price increases.

      About a 4% median return PA

      And here I was thinking property doubles every 7 years, silly me LOL

      Commenter
      dog box
      Location
      Date and time
      April 08, 2014, 3:19PM
  • ...Just got back and the ASX still around 5400 points?! Gee, this market seems stuck in a black hole; I may never be able to escape your imploding real estate event horizon. All these vast money printing is warping the space-time continuum. Quick...power up boosters.

    Commenter
    The Time Traveller
    Location
    M31 Galaxy
    Date and time
    April 08, 2014, 1:49PM
    • Management have promised for too long, consistent downgrades, dividends should go down to 14-16c per share. Not worth the risk of holding and management's plan not paying off. Needs a bigger discount.

      Short is working well so far, just wont budge from here.

      Commenter
      GS
      Location
      Date and time
      April 08, 2014, 1:46PM
  • @ 1:38pm article. not sure if Foxtel has considered the damage on its brand by being the network that has stopped GoT being accessible by the masses in Australia. A lot of people I know are refusing to even consider Foxtel because of this. Perhaps Foxtel should consider selling their streaming service by the day? You could charge maybe $5 or $6 a show. With 4 episodes a month you'll make $20 that you aren't going to make now. No one wants to by streaming Foxtel for $35 a month. Having to double down your costs of paying for the bandwidth and then the show on top of that is a big cost to the little landlords of Australia.

    Commenter
    DR
    Location
    Syd
    Date and time
    April 08, 2014, 1:46PM
  • "CANNED GOODS - Tariffs on canned products such as tomatoes, peaches and pears, as well as fruit and vegetable juices, will be eliminated"

    Just read that online. Sounds good for SPC/Coca-Cola... even though it's currently 0.09% down. Damn you CCL shares go up, I've been waiting so long! Let's celebrate the FTA :)

    Commenter
    GS
    Location
    Date and time
    April 08, 2014, 1:42PM
    • It's cheap son. Why not short a dog business with a multiple of 25 instead of 10?
      ....so glad god made me dumb!

      Commenter
      no banks .. no party!
      Location
      Date and time
      April 08, 2014, 1:34PM
  • Hi guys. Can someone please help? Back in 2001, WOW was trading at a ridiculously hefty price tag of $11. What the!!!!!

    I couldn't believe the polyannas had bid up the price of this company to such ridiculous levels and I kept on and on telling them that the crash was coming, it was only a matter of time!

    I told them all that buy and hold investing was dead & that shorting was the path paved with gold. The pollyannas wouldn't listen, they claimed top quality companies & the market irrevocably inched higher over time. They kept on and on about this strange idea of fully franked dividends along the way.

    Anyway, I thought i should at least save myself so I shorted WOW at its then thrice hefty price tag of $11.

    How well am I traveling? Is it too late to ask for my money back? Can someone please help me with this?

    Commenter
    Bewildered Bear
    Location
    Armageddio
    Date and time
    April 08, 2014, 1:28PM
    • Awesome dude, Jim Chanos should never have shorted Enron.

      Commenter
      BuyHighSellLow
      Location
      Date and time
      April 08, 2014, 1:53PM
    • I recall BHP at $8 and at the time wished my mortgage was paid off and I had money to invest. My SMSF epiphany had yet to strike as well. Good companies low PEs, if they go to silly PEs, sell down and buy again later. Speculate with some companies for fun on the side. It is just logical.

      Commenter
      Elric
      Location
      Melnibone
      Date and time
      April 08, 2014, 2:12PM
    • Did you get this one right this time? I hope in the few hours it took you to write this post you did a bit or research!

      Commenter
      DR
      Location
      syd
      Date and time
      April 08, 2014, 2:13PM
    • Where's the buy?

      Commenter
      Allan
      Location
      Prahran
      Date and time
      April 08, 2014, 1:26PM
  • Well my rush of blood in buying PDN isn't paying off yet; very red. Maybe an Obeid could lobby for local nuclear power or something; that seems to be how the game is played.

    Also IFL's share price plunge post-dividend has thrown a spanner into a little dividend stripping experiment i was playing with. My accountant will clip me over the ear when I explain what the heck i was up to :)

    My SMSF has some cash, if TLS goes under 5 i might top up; otherwise i am lacking blue chip ideas. ANZ, BHP, RIO and WPL are now a little top heavy in the portfolio. Maybe more NAB?

    Commenter
    Elric
    Location
    Melnibone
    Date and time
    April 08, 2014, 1:19PM
    • @Elric,unfortunately the PDN backtrack was highlighted, i was going to jump also but held out and got TSM instead with some of the $,still waiting for buy in PDN now 0.39 entry.
      But the brokers said it would be 61c by june.
      Anyways my tilt on TLS is stay out i dont like the debt level,their customer services will see many move on,they have sold down assets for less than book values so i cant see much upside,but for good ol divd yield an entry under $5 would be ok.just 2c worth.

      Commenter
      BearshapedBull
      Location
      Mugpunters Lounge
      Date and time
      April 08, 2014, 1:51PM
  • Metcash short annoying the hell out of me. Who keeps buying this dog? :/

    Commenter
    GS
    Location
    Date and time
    April 08, 2014, 1:18PM
    • It's cheap son. Why not short a dog business with a multiple of 25 instead of 10?
      ....so glad god made me dumb!

      Commenter
      no banks .. no party!
      Location
      Date and time
      April 08, 2014, 1:34PM
    • Management have promised for too long, consistent downgrades, dividends should go down to 14-16c per share. Not worth the risk of holding and management's plan not paying off. Needs a bigger discount.

      Short is working well so far, just wont budge from here.

      Commenter
      GS
      Location
      Date and time
      April 08, 2014, 1:46PM
  • Article at 12:21pm is interesting. Looks like everyone is aligned to thinking house prices will go down with the next rate rises. I guess we just need to know when they are coming? Doesn't feel like we are likely to see any in the next 6 months?

    Commenter
    DR
    Location
    syd
    Date and time
    April 08, 2014, 12:53PM
  • Sold 1250 BCI @ $4.84

    Commenter
    Learner
    Location
    Melbourne
    Date and time
    April 08, 2014, 12:51PM
  • Fair value for SEK is @ $7.

    Short at $16.90.

    Commenter
    Allan
    Location
    Prahran
    Date and time
    April 08, 2014, 12:51PM
  • Posting backdated trades is pointless. If they weren't posted at the time they didn't happen. Eg XRO 62% gains, WBC at $5.

    Commenter
    Allan
    Location
    Prahran
    Date and time
    April 08, 2014, 12:49PM
    • So is the magical average up/down. Eg. average JBH @ $20 despite shorting all the way from $12.

      Commenter
      Hugo
      Location
      Date and time
      April 08, 2014, 1:44PM
    • Trades stated on here mean nothing. I doubt anybody who does post trades on here actually makes trades of any significance (ie $100,000+ per trade). Mostly a playground for wannabees.

      Commenter
      Sticks
      Location
      Date and time
      April 08, 2014, 1:48PM
    • No, No, No!

      You've got it all wrong!

      Don't you get it, I shorted WBC back in 1996!

      Commenter
      Bewildered Bear
      Location
      Armageddio, Israel
      Date and time
      April 08, 2014, 2:05PM
    • Any trades Hugo? Nope.

      Commenter
      Allan
      Location
      Prahran
      Date and time
      April 08, 2014, 2:33PM
    • Touchy Touchy. Real Trade Allan ? Nope.

      Commenter
      Hugo
      Location
      Date and time
      April 08, 2014, 3:12PM
    • Touchy touchy. Any trades Hugo? Nope. Zip in the years you have been posting here.

      Commenter
      Allan
      Location
      Prahran
      Date and time
      April 08, 2014, 3:34PM
  • Steve Keen seems like a nice guy. But wishing and hoping won't get you across the line. He and others don't take into account the determination that young mortgagees have to keep their homes. Things like taking a second job or tapping their parents are very common.

    Commenter
    Wally
    Location
    Flynn
    Date and time
    April 08, 2014, 12:47PM
    • Wally: market isn't being heated by young mortgagees, its being heated by investors looking for yield and cap gains. Do they need to keep that 2 bedder in the inner west if prices go south and costs go up? Nope, just change up the asset classes and make money somewhere else...

      Commenter
      DR
      Location
      syd
      Date and time
      April 08, 2014, 12:56PM
    • What young mortgagees? FHBs have deserted the market.

      Commenter
      Allan
      Location
      Prahran
      Date and time
      April 08, 2014, 1:02PM
    • Steve and one or two here, dream of a 50% house price crash. FHBs will be the main contributors to any such crash if and when it happens. Those who survive will need to be creative.

      Commenter
      Wally
      Location
      Flynn
      Date and time
      April 08, 2014, 2:37PM
    • What crash? A return to the mean growth curve is more like it, another 30% down from here.

      Commenter
      Allan
      Location
      Prahran
      Date and time
      April 08, 2014, 3:36PM
  • Yesterday one of the four horseman, UBS became a substantial holder in BCI. That does not bode well, as UBS usually smashes the stock price, in a shorting frenzy then exits the carnage gorged and bloated with the disappointment of panicked retail sellers.

    Commenter
    Learner
    Location
    Melbourne
    Date and time
    April 08, 2014, 12:45PM
    • Thanks for the update, i'll remain weary but i just cant seem to avoid the dreaded...
      Utterly
      Bastard
      Shorters
      they plague my portfolio and like slipping under the radar with less than 5% holding alot.

      Commenter
      BearshapedBull
      Location
      StrungoutbyUBS again
      Date and time
      April 08, 2014, 1:09PM
    • I don't get it, why do you have to hold stock to short it?

      Commenter
      DR
      Location
      syd
      Date and time
      April 08, 2014, 1:10PM
  • Gee. Let's see. Shut the car industry down well in advance of the FTA. Agree to a FTA which mainly benifits Qld farmers who have begun to vote for PUP. Maybe its intelligent.

    Commenter
    Wally
    Location
    Flynn
    Date and time
    April 08, 2014, 12:37PM
  • I'm generally of the opinion that 'free trade' agreements are a joke, but I'm bloody happy with my AAC shares today!!

    Commenter
    Fred
    Location
    Date and time
    April 08, 2014, 12:34PM
    • But have the cattle that will be sold under the FTA even been born yet.

      Commenter
      mitch of ACT
      Location
      Date and time
      April 08, 2014, 12:53PM
    • I'm surprised by your comment mitch. You know share markets are priced on future earnings. Another thing that will be good for Fred's AAC shares will be an end to the drought in parts of QLD. Some good rain in the right parts of the NT and QLD will be good for AAC shares.

      Commenter
      Gordon Akman
      Location
      Broadbeach
      Date and time
      April 08, 2014, 1:28PM
    • @Gordon, but anything can happen between now and those future earnings being realised. And as Pascoe pointed out there will be plenty of competition for Australian beef in the Asian market from the US and other producers. This will be a short-term spike in the market at best. If you don't already hold no point in getting in and every reason to take the opportunity to get out.

      Commenter
      mitch of ACT
      Location
      Date and time
      April 08, 2014, 1:51PM
    • @Gordon, like a few years of an El Nino weather pattern, for example. See the 4:12pm note.

      Commenter
      mitch of ACT
      Location
      Date and time
      April 08, 2014, 4:19PM
  • RE: Steve Keen and Christopher Joye

    It's laughable reading Christopher Joye say he's always been right and everything he said happened exactly the way he said it.

    Here's what really happened. Steve Keen was obviously correct. But he obviously didn't factor in the world rolling with 0.25% interest rates, money printing, and buying assets with printed money (QE). So all that has done has kicked the bubble can down the road.

    It's obvious incomes are never going to catch up with the ludicrous multiples many assets currently trade at. In fact, I think most people are over paid. Many people are very dumb indeed and how they ever got the wages/salaries they are currently on is laughable. They better hope reality doesn't catch up with what they are really worth/contribute to society because their wages/salaries would start falling.

    Commenter
    Gordon Akman
    Location
    Broadbeach
    Date and time
    April 08, 2014, 12:30PM
    • Global professional wage is $15/hr. Coming to a profession near you.

      Enjoy!

      Commenter
      Allan
      Location
      Prahran
      Date and time
      April 08, 2014, 1:10PM
    • So in the third world there is a pool of labour all beavering away from cradle to grave without a hope of buying anything.except food and clothing..do you really wish this for Australia.. a land segregated by wealth and a teaming mass of disgruntled workers, kept in check by a fascistic police and a ruthless ruling elite..

      Commenter
      Lean Too
      Location
      Date and time
      April 08, 2014, 1:39PM
    • Not a matter of wishing or not wishing. It's inevitable.

      Commenter
      Allan
      Location
      Prahran
      Date and time
      April 08, 2014, 1:50PM
    • Heavens above, thankfully we have yourself as the 'bright spark' that will save us all. Your supreme intelligence will light our way. A thousand times thank you, and prostrations at your feet.

      Commenter
      Bewildered Bear
      Location
      Armageddio, Israel
      Date and time
      April 08, 2014, 2:11PM
    • Why do you need saving?

      Commenter
      Allan
      Location
      Prahran
      Date and time
      April 08, 2014, 2:35PM
  • Hi. I need some help. Back in 1996 much like today we were slowing emerging from the doldrums of 'the recession we had to have'.

    I noticed WBC trading at its then massively hefty price of $5. I told all & sundry that our leaders were so incompetent that it was only a matter of time before they led us back into the eternal abyss. I tried to warn everyone the end was coming but most pollyannas wouldn't listen,. I thought I'd at least save myself, so I shorted WBC @ its then thrice hefty price of $5.

    Can someone please tell me how that trade is traveling?

    Commenter
    Bewildered Bear
    Location
    Short Ville
    Date and time
    April 08, 2014, 12:20PM
    • Yep. Google started as an $85 stock and has gone up over 1000%. eBay has gone up about 500% since 2009. Some mansions along Central Park on the Upper East Side of Manhattan are worth US$100 million + in my opinion. But none of this changes the fact that the ASX is around 2006 levels, and nothing houses in nothing suburbs in Australia that are rented out have sold in recent years for about a 50 P/E LMAO!

      Commenter
      Happy to help
      Location
      Date and time
      April 08, 2014, 12:36PM
    • Bewildered Bear: why don't you tell us how your hypothetical trade is doing? Not sure WBC got to $5 flat in 1996, and if it did it would have been considered underweight and not "hefty" for the year as it ranged around the $6 to $7 mark mostly. Not sure of the point you are trying to make, but since WBC is nearly at all time highs now, maybe a shorting strategy is a good thing? Not super long term, but maybe down 5% at least over the next 6 months at some point.

      Commenter
      DR
      Location
      syd
      Date and time
      April 08, 2014, 12:42PM
    • the difference this time around is that we have not yet had the recession we need to have, it is still coming ;)

      Commenter
      worried33
      Location
      Date and time
      April 08, 2014, 12:43PM
    • Hi DR.

      That's the problem: you're not sure.... However, you'll make a comment & pass judgement anyway. I mean have a read of Gordo's rant about all the 'stupid' people in the workplace, and how he cannot fathom how so many 'dumb' people there could be. I mean seriously....Bitterness & jealousy of others' success is a far more serious issue I feel.....

      Commenter
      Bewildered Bear
      Location
      Armageddio
      Date and time
      April 08, 2014, 1:39PM
    • Hi BB,

      I was trying to give you a nice out, but I already knew that WBC was not $5 flat at any time in 1996. Everything else you said in your post is right, there are a lot of people on the forum that don't check the facts but make irrelevant posts about historically inaccurate things.....

      Commenter
      DR
      Location
      syd
      Date and time
      April 08, 2014, 2:11PM
  • Yesterday I read an article posing the Q - has Mr W Buffett lost his touch, as he has under performed the S&P 500 for 4 of last 5 years.

    Mr W. B and a growing list of professional investors think the share market is overvalued.

    Money printing can't go on forever and when it ends that will be the time to measure performance.

    Does anyone think Mr W. B will still be under performing when the money printing stops?

    Commenter
    nolongerconfused
    Location
    Date and time
    April 08, 2014, 12:06PM
    • Agreed.

      Anyway, underperforming the S&P 500 would only be an issue if he is benchmarking his investments directly against it.

      Commenter
      heybert
      Location
      Sesame Street
      Date and time
      April 08, 2014, 12:56PM
  • Four Corners last night made my blood boil....when will the corporate cops round these rogues up and throw away the keys!
    The rogue in question is smart and dumb! Smart because he is always one step ahead of the law...dumb because after last night's expose ASIC might be forced into doing something!

    Commenter
    Ox
    Location
    Kensi Pk
    Date and time
    April 08, 2014, 12:01PM
    • ASIC has already said "not our problem" but then what is.

      Commenter
      mitch of ACT
      Location
      Date and time
      April 08, 2014, 12:34PM
  • Nice 5% pop for your AAC shares Fred. I guess the market liked the Japanese trade deal.

    Commenter
    Gordon Akman
    Location
    Broadbeach
    Date and time
    April 08, 2014, 11:59AM
    • Gordon, if I was as smart as you I'd probably sell today, but no I'll just hold on to to them until they go back down 5%!

      Commenter
      Fred
      Location
      Date and time
      April 08, 2014, 12:45PM
  • After reading the book Australia Boom to Bust I'm keeping out of the bubbly banking and mining stocks. Not to sound like a doomsdayer, but I'm now convinced its one big bubble.

    Commenter
    Tommo
    Location
    Date and time
    April 08, 2014, 11:55AM
  • How can business confidence be at its lowest since the Federal Election, business got what it paid for and so desperately wanted, namely, a business friendly government?

    Surely this must be erroneous reporting !!!

    Commenter
    Joe the POM
    Location
    Geelong
    Date and time
    April 08, 2014, 11:54AM
    • Mitch?

      Commenter
      heybert
      Location
      Sesame Street
      Date and time
      April 08, 2014, 12:57PM
    • @heybert, no not me, just another person who was not fooled by 3-word slogans. Eventually more and more will come to realise how badly they have been taken for mugs. That came out in the WA poll when, rather than give their votes to Liberal or Labor, the growing number of disaffected voted for the Greens or PUP.

      Commenter
      mitch of ACT
      Location
      Date and time
      April 08, 2014, 1:40PM
  • Why is ASIC looking for new powers. It has shown a complete disinterest in using the powers it already has. Refer any matter to it and ASIC will always find a reason to take no action.

    Commenter
    mitch of ACT
    Location
    Date and time
    April 08, 2014, 11:53AM
    • To create public appearance of a "tough regulator".. and mask a reality of being just a shill in the pocket of the industry.

      Commenter
      DJ7
      Location
      Sydney
      Date and time
      April 08, 2014, 12:00PM
  • Being the master of logic and stating the bloody obvious, can someone explain to me how completely removing tariffs in one direction whilst only reducing those in another is a truly GOOD and equal deal for two trading partners.

    Now I'm not sure about One Term Three Word Tony, but, in my book, this looks to be a slightly one sided deal.

    Commenter
    Joe the POM
    Location
    Geelong
    Date and time
    April 08, 2014, 11:52AM
    • That's what happens when you are desperate to do a deal, any deal, for appearances sake. Japan, Korea and China can see us coming a mile off.

      Commenter
      mitch of ACT
      Location
      Date and time
      April 08, 2014, 12:11PM
    • The politicians do these deals with no responsibility taken only album photos of their meetings.

      The whole system is a debauchery of a amateur childrens games.

      Free Trade agreements are a slap in the face to the public and I just wish there was some criminal law where politicians could be held accountable for the damage they do when in power instead of being rewarded with pensions and postings.

      Taxation fraud has no legal time limits and even the lousy corporate law allows directors to be sued long after their resignation,

      Politicians are the only ones who can destroy a country and be rewarded for their incompetence....and maybe senior public servants but they always use the Nuremberg excuse |"we were only following orders"

      Commenter
      Harry Rogers
      Location
      Date and time
      April 08, 2014, 12:13PM
    • Na it's a good deal. Agriculture is always touchy. It's basically proven to be impossible to budge European agriculture subsidies/tariffs and very hard to budge US ones. The fact we have had a partial win on Japanese agricultural tariffs is very good news indeed.

      As for manufactured goods, Australia doesn't make anything so there's nothing left to lose. The cheaper we can get Japanese cars, household items, and electronic goods the better. In Australia we don't like sophisticated global exporting manufacturing industries. We think making money is about the property speculation industry, make lattes industry, and serve drinks to dummies in bars and nightclubs industries.

      Commenter
      Gordon Akman
      Location
      Broadbeach
      Date and time
      April 08, 2014, 12:13PM
    • Tariffs stay as they are for the next three years ... by then we won't have any local cars to "protect from imports".

      Commenter
      Not Tony's biggest fan
      Location
      Date and time
      April 08, 2014, 12:19PM
  • Did I miss the spike in Gold/Copper last night? Y else PNA bid up this morning from the outset! Doesn't add up.
    Disclosure: I want to buy and pass the parcel.

    Commenter
    Ox
    Location
    Kensi Pk
    Date and time
    April 08, 2014, 11:46AM
  • "11:37am: Business confidence has weakened to its lowest levels since the federal election" There must be a lot of people out there wondering why they voted Liberal and after the May Budget they will be cursing the fact that they did.

    Commenter
    mitch of ACT
    Location
    Date and time
    April 08, 2014, 11:42AM
    • They are putting pressure on Tony to attack the unions

      Commenter
      Wally
      Location
      Flynn
      Date and time
      April 08, 2014, 12:50PM
  • 11:19am: Story. So Goldman Sachs and GF are planning to offload the GFs Aus business onto unsuspecting public.

    I suppose insuring all those 30y loans given to 85 year old pensioners does not look good on your books. Personally I would not touch anything "sold" by Goldman with a barge pole... lest one desires to become a "muppet".

    Commenter
    DJ77
    Location
    Sydney
    Date and time
    April 08, 2014, 11:38AM
  • Q: if/when GFC 2 (the bear empire strikes back) happens, where is the best place to hold money?
    (a) in a bank
    (b) in blue chip shares
    (c) in blue chip property
    (d) under the floor boards

    i guess after GFC 1 (a new hope), (c) has been the winner so far in AUS?

    Commenter
    brian
    Location
    Date and time
    April 08, 2014, 11:34AM
    • There's always some value to be found brian.

      (a) Yeah some cash is fine but is rarely the best place for most of your money. I haven't had a significant amount in cash since the big spike in rates after the GFC and some very attractive looking savings account offers.

      (b) Yes. Although I don't like the term "blue chip" because it's often misused. But yeah.. look at stocks like McDonald's, Woolworths, Walmart etc. They always seem to cope with market crashes, downturn, recessions etc just fine.

      (c) Yes. There would be some property well priced around the world. So that would probably completely count out Australian bubble priced property lol Maybe some on the Gold Coast where prices already have crashed 60% but not much else. There might be some in the US or Asia that look reasonably well priced currently.

      (d) Nope. Too undignified for me. Under the floor boards seems like the place where dumb people and criminals place money so I'd rather not be associated with either of those groups.

      Also, what do you mean by "(the bear empire strikes back)"? The ASX is around 2006 levels. Strike back from what? The bulls are 8 years behind already as things currently stand.

      Commenter
      Gordon Akman
      Location
      Broadbeach
      Date and time
      April 08, 2014, 12:07PM
    • No Gold and Silver were by far best as they rocketed up 80% while Aus property went up 10-15% 2007-2013.

      However note that this country was saved by Mining boom , large surplus and RBA rates at Normal levels that allowed bank to cut and stimulate. All this plus stimulus like FHOB grants served to prop up property.

      None of this is true now, govt is skint, RBA is already at emergency low rates , mining boom is over and we have speculators overheating property market as is. So your "safe harbor" property is facing different situation all together.

      Commenter
      DJ7
      Location
      Sydney
      Date and time
      April 08, 2014, 12:17PM
    • what about precious metals?

      Commenter
      sir panda
      Location
      perth
      Date and time
      April 08, 2014, 12:27PM
    • This is what amuses me about bulls, its not a matter of "if", its a matter of when.

      Lets see how those property "investors" who spent 500k on a shoebox are feeling when they're unemployed ;)

      Commenter
      worried33
      Location
      Date and time
      April 08, 2014, 12:44PM
    • When the next instalment of the GFC comes there will likely be no stimulus spending if we are still encumbered with a Liberal gov't as they are reluctant to spend on anything to do with keeping jobs. Remember they criticised Labor for going into debt to provide the GFC stimulus so unless they are complete hypocrites don't expect any stimulus from the Libs. That means unemployment will soar, businesses will fold and we will be in a similar condition to Europe, the UK & US while they were still in austerity budget mode. The value of shares and property will drop as no-one will be spending. No demand equals falling prices. That means you must have cash in preference to any other asset. As prices fall you use that cash to buy up the inevitable bargains. Only keep some cash in the bank because the Cyprus solution could be revisited on us here. Keep the rest of your cash in a very safe, fireproof place. Keep records as to how you came by the cash because the gov't will probably try to seize any cash that you cannot properly account for.

      Commenter
      mitch of ACT
      Location
      Date and time
      April 08, 2014, 1:05PM
    • @worried. And what difference does that make if they are unemployed and they're renting that same place for $500 a week?

      Commenter
      got brain
      Location
      Date and time
      April 08, 2014, 1:21PM
    • I plan on withdrawing a thousand in 5 dollar notes from the bank next week.

      Commenter
      Ryan
      Location
      Date and time
      April 08, 2014, 2:24PM
  • We need a war, an asteroid, something !

    Commenter
    boredstiff
    Location
    borelandia
    Date and time
    April 08, 2014, 11:28AM
    • One of these could do the trick. http://au.news.yahoo.com/thewest/business/a/22343935/solar-flare-leaves-miners-in-the-dark/ That solar flare just knocked out some GPS satellites that the miners relied on for guidance for their driverless trucks. A really big solar flare, that could happen any time, would fry every electrical circuit on the side of the Earth facing the sun when it hits. So you would have one side of the planet back in the stone age, technologically speaking, while the night side would be business as usual but faced with the enormous business opportunity of totally re-equiping the other side. That would take many, many years.

      Commenter
      mitch of ACT
      Location
      Date and time
      April 08, 2014, 12:08PM
    • Volunteering your home?

      Commenter
      Yin or yang
      Location
      Date and time
      April 08, 2014, 2:02PM
  • That's it. Nice and orderly folks. No need to rush. Why rush when you know how long it took you to walk up the stairs?

    Commenter
    Elisha Graves Otis
    Location
    Otis Elevator Company
    Date and time
    April 08, 2014, 11:11AM
  • Close XRO short for 26%. the gift that keeps on giving.

    Commenter
    Allan
    Location
    Prahran
    Date and time
    April 08, 2014, 11:02AM
    • Closed XRO long in march @ 40.50 for a 62% gain,another gift that gave back well.

      Commenter
      BearshapedBull
      Location
      Longshots Lounge
      Date and time
      April 08, 2014, 11:36AM
    • Anyone get it on the SEK short (17.99)? Looking very ugly today as the net stock dump progresses.

      Commenter
      jezza
      Location
      Date and time
      April 08, 2014, 12:01PM
    • "Closed XRO long in march"

      Link?

      Commenter
      Allan
      Location
      Prahran
      Date and time
      April 08, 2014, 12:46PM
    • thanks for asking,but why i need to justify my trades puzzles me somewhat,happy to go with it though,showing it works both ways...long and short.

      out of XRO @ 40.50,that will do,even if the NZ economy is the "rockstar" i'm happy to take the money and run...far away
      Commenter
      BearShapedBull
      Date and time
      March 13, 2014, 3:13PM

      Read more: http://www.smh.com.au/business/markets-live/markets-live-asx-stutters-but-holds-20140408-369rn.html#ixzz2yGFQnrfC

      Commenter
      BearshapedBull
      Location
      Doesactuallytrade Stocks
      Date and time
      April 08, 2014, 1:18PM
  • im so sick of this joke asx. im selling all my shares and buying rental houses. thats the only investment that works. if prices fall 21% ill just buy more.

    Commenter
    alfa romeo
    Location
    beat up car beat up mind
    Date and time
    April 08, 2014, 10:54AM
    • here! here! big al

      Commenter
      alfa75
      Location
      sell and panic
      Date and time
      April 08, 2014, 11:17AM
    • hear hear?

      Commenter
      Allan
      Location
      Prahran
      Date and time
      April 08, 2014, 1:04PM
  • Interesting to note the listed equity managers are doing so poorly as a group... PPT, PTM, MFG, MQG.

    Perhaps fundies are trimming holdings here as owning something with revenues linked as closely to asset price levels as theirs constitutes being 'double long'.

    It may show some mistrust of the current level.

    Commenter
    aw
    Location
    sydney
    Date and time
    April 08, 2014, 10:50AM
    • The ex-div factor would be reducing the NTA of their shares that they hold and their own NTA as well. Normally these types of stocks & the LICs stand up pretty well to downturns due to the diversity of their holdings but the ex-div factor can affect everything at the same time so down they go.

      Commenter
      mitch of ACT
      Location
      Date and time
      April 08, 2014, 12:18PM
  • So Mitch's comment at 9.55am reminded me that I will need to sell my ANZ shares soon.

    Wait a bit longer to eke out the last of the run up before the May dividend, or have the financials reached their peak already?

    Commenter
    Basic
    Location
    Date and time
    April 08, 2014, 10:47AM
    • I swapped out most of my wbc Friday into ANZ, 82% of my portfolio is now ANZ,
      I usually follow Morning Star, and like the latter believe there is a few more dollars in ANZ
      Just my take and I have no doubt WBC will come up again but I was happy to pocket over a dollar a share

      Commenter
      stu
      Location
      Date and time
      April 08, 2014, 1:29PM
  • Can't wait for GFC 2

    Commenter
    Augustus
    Location
    Drummoyne
    Date and time
    April 08, 2014, 10:46AM
    • LOL

      Commenter
      Pleb
      Location
      with some bread and wine
      Date and time
      April 08, 2014, 11:02AM
    • Why so you can lose your job and see the value of your investments/assets get smoked? What a great attitude.

      Commenter
      Tim
      Location
      Date and time
      April 08, 2014, 11:16AM
    • Oh, let us all guess why. Right now you are all in cash and are just waiting for the market to crash so you can rush in and buy right at the very bottom, right? How's your return been going on all that cash and how many opportunities have you missed while you've been waiting for the crash to come? You're going to pick the bottom of the entire market when you've missed ups and downs on various shares over the past 5 years? Or are you just going to dance around cackling "I told you so, HAHAHA"?

      Commenter
      confused
      Location
      syd
      Date and time
      April 08, 2014, 11:23AM
    • Reply to Tim ; so we can go short, make a good profit then go long and make even more. Enjoy life cheers

      Commenter
      Augustus
      Location
      Drummoyne
      Date and time
      April 08, 2014, 11:41AM
    • You must also like watching grass grow and paint dry. Happy Waiting.

      Commenter
      Goldfinger
      Location
      Sydney
      Date and time
      April 08, 2014, 11:55AM
    • reply to Augustus - nothing stopping you doing that right now, mate. Opportunities every day. No need to pray for another crisis that will ruin peoples lives. Lots of people making lots of money all the time. Going long/ going short, take your pick. Or sit on the sidelines waiting for that crash while your after-inflation returns on your little cash pile gets smaller and smaller....

      Commenter
      confused
      Location
      Date and time
      April 08, 2014, 12:04PM
    • Augustus, can't you do that on natural swings throughout the year or do you place all your bets on a single cataclysmic event?

      Commenter
      Gareth
      Location
      Sydney
      Date and time
      April 08, 2014, 12:06PM
    • Reply to confused: I do trade amost daily but I miss the big crash. Remember CBA at $ 30 and BHP at $ 20 ? How can one see CBA still going up. Shure it reached $80 but who wants to buy it now. Meanwhile I trade while I wait. Cheers

      Commenter
      Augustus
      Location
      Drummoyne
      Date and time
      April 08, 2014, 12:25PM
    • Good luck timing that Augustus. Most who have been saying that have been sitting in cash since 2009 and are simply bitter about not getting CBA at $30. Any pullback is unlikely to make up for any gains they have missed out on. Most shorters will close too early anyway.

      Commenter
      Tim
      Location
      Date and time
      April 08, 2014, 12:50PM
  • Don't care about the Dow but the ASX performance for 2014 is pitiful.
    From 5368 on 2/1/14 to 5400 today.......wow 32 points or 0.59% hows that for
    meaningless,unproductive,insignificant and fruitless all wrapped up together.

    Commenter
    BearshapedBull
    Location
    Watertreaders Lounge
    Date and time
    April 08, 2014, 10:45AM
  • How are all those BDR spruikers feeling today? Must feel good that there might be a floor forming for this stock at 58c?

    Commenter
    DR
    Location
    syd
    Date and time
    April 08, 2014, 10:41AM
    • Yeah I was going to make a big punt on them but then I thought why not just save the brokerage and flush the money down the toilet myself?

      Commenter
      Terrell Owens
      Location
      Date and time
      April 08, 2014, 11:04AM
    • And your trades....how are they going?
      nowhere because of none done.
      we are getting alot of 1 post celebrities on lately,surprising they show an interest in a market blog.
      but i'm comfortable with my holding on BDR so lets wait till EOY and check back then.

      Commenter
      BearshapedBull
      Location
      Hairsplitters Lounge
      Date and time
      April 08, 2014, 11:26AM
    • You say "spruikers".

      Actually the etymology of the word is simply a "public speaker". Anyway I plead guilty to analysing BDR and "publicly" noting the analysis.

      Happy to stand by my comments and also happy to have shares and consider buying more.

      Is there some point you were trying to make? Always happy to listen to contrary points of view.

      Commenter
      Harry Rogers
      Location
      Date and time
      April 08, 2014, 12:06PM
    • No-one is trying to convince you to buy BDR. The whole point of this blog is to share info and perspectives.

      Commenter
      Yin or yang
      Location
      Date and time
      April 08, 2014, 12:55PM
    • Harry Rogers: please post that confirmation when you buy some more on BDR. seems like that's what all the spruikers in this forum are doing. Price down? A gift! Buy more! price halves, makes no sense, so much value here! Buying more! I doubt all of these BDR spruikers are going hand over fist to raise the cash to plow into BDR. Just more talk to get the unsuspecting to buy in. Be aware there are a number of shorters in the game on BDR at the moment. No I am not making this up http://www.fnarena.com/index2.cfm?type=dsp_newsitem&n=45EE2F68-E8D1-3388-B06B46F0140892AD

      Commenter
      DR
      Location
      syd
      Date and time
      April 08, 2014, 1:03PM
    • DR
      Your comment is a little confusing but I can only assume that you are suggesting that by analysing a stock and giving an opinion that means the commenter is trying to ramp a stock either up or down.

      Perhaps if you considered the financial statements issued by companies you and other might come to their own conclusion rather than listening to others. This forum is not financial advice nor will it ever be.

      Regarding my own view if someone suggests a stock I do due diligence and make my own decision and suffer the consequences.

      My trades are my business as is my opinions I don't lie about purchases and rarely advise whether I have bought or sold because that's simply my business and can't understand why you would want to know.

      Fortunately this is still a free trading environment and I blame no one but myself for the decisions I make.

      You seem upset about some matter or perhaps I have missed you point.

      Take care and good luck with your punting.

      Commenter
      Harry Rogers
      Location
      Date and time
      April 08, 2014, 2:07PM
    • @Dr. Shorters - yes, they swarm. Two possibilities - they continue to succeed or at some point they retreat. We're all accountable for our own decisions.

      Commenter
      Yin or yang
      Location
      Date and time
      April 08, 2014, 2:08PM
  • Obama's hoped for budget surplus, referred to at 9:59 article, would be as a consequence of not fighting any wars with the winding down of involvement in Afghanistan. Unfortunately there is no guarantee that peace will continue as there are plenty of potential areas of conflict between China & its neighbours in the South China sea, Ukraine & the Baltic states as Putin seeks to rebuild the old Soviet empire, the Koreas and just about anywhere else where the US gets its resources. And of course wherever America gets itself into a scrap we seem to tag along.

    Commenter
    mitch of ACT
    Location
    Date and time
    April 08, 2014, 10:27AM
    • As stupid and expensive as wars are, they're actually not the most expensive ticket in the US budget. The useless "stimulus" that Obama (and his Dem and Rep mates in Congress) pushed through in 2008 cost more than 10 years of Iraq and Afghanistan put together!!! And there is absolutely nothing to show for that stimulus, just as there is nothing to show for the Rudd stimulus.

      Sure, the US has to stop the perpetual war, but there is so much else they also need to cut down on.

      Commenter
      Dr No
      Location
      Sydney
      Date and time
      April 08, 2014, 10:44AM
    • @Dr No, "nothing to show for the Rudd stimulus" we still have an economy that did NOT go into recession, unlike the rest of the world altho the present mob will probably take us there with their contractionary May budget. Basic economics says that when the public sector stops spending, gov't has to pick up the slack in order to keep the economy ticking over. The alternative is job losses on an unprecedented scale, except for the Great Depression, and massive budget deficits from increased benefit payments and loss of tax revenue from all the jobs and businesses that have disappeared. Read about how the world was brought out of the Great Depression. It was spending by govt's on stimulus and make-work programs because the private sector stopped spending.

      Commenter
      mitch of ACT
      Location
      Date and time
      April 08, 2014, 11:16AM
  • "Cabcharge investors don't look to be happy following the NSW government's announcement that it will follow Victoria and legislate a reduction in the maximum card surcharge for taxis from 10 per cent to 5 per cent."

    Though! The customers or should I say victims of this terrible monopoly have suffered for years.

    What I want to know is why have we heard nothing more about investigation into alleged corrupt behavior in regards to Cabcharge , which O'Farrell govt promised?

    Commenter
    DJ77
    Location
    Sydney
    Date and time
    April 08, 2014, 10:25AM
    • 5% is still way too much to pay for a surcharge for using a credit card. Most traders only charge between 1-2% if that. But it's a start. Next stop is those $7-8 surcharges by the airlines for each person for each leg of a trip when paying by credit card. A return ticket for a family of 4 with 2 legs each way can cost $128 in a surcharge for just one transaction.

      Commenter
      mitch of ACT
      Location
      Date and time
      April 08, 2014, 11:32AM
  • My recommendation for Reckon looks a sure lot better than Xero right about now! ;)

    Commenter
    GS
    Location
    Date and time
    April 08, 2014, 10:23AM
    • You Reckon?

      Commenter
      Macca
      Location
      Sydney
      Date and time
      April 08, 2014, 11:57AM
  • Last night's Q&A was a China love-in with a panel of party selected China apologists and pollyannas.

    Once the majority of current massive builds are completed the iron ore price will plunge. They might be able to sustain a gdp growth rate of 7% but the infrastructure component will be half what it is now.

    Anyone who thinks this is a doomsday scenario doesn't understand that there are 500M poor Chinese who want services. They want to be able to see a doctor not buy a $500K flat in Shanghai which they will never be able to afford anyway.

    Commenter
    Allan
    Location
    Prahran
    Date and time
    April 08, 2014, 10:23AM
    • You have to larf or you'd cry. I cannot watch these shows, they just show how clueless we are and easily led by a few silver pieces. Over fed, over paid idiots. We are the most gormless major country this side of the Pacific, no wonder they call us "their colony".

      Commenter
      Catch 22
      Location
      Date and time
      April 08, 2014, 10:51AM
    • Well said Allan. The level of corporate debt in China is some of the highest in the world. It will all end in tears.

      The primary goal of the Chinese ruling party is to stay in power.

      Commenter
      Dr No
      Location
      Sydney
      Date and time
      April 08, 2014, 11:06AM
    • Q&A died around the same time 7.30 did.
      both too focused on mass appeal now.

      Commenter
      brian
      Location
      Date and time
      April 08, 2014, 11:28AM
  • Australia has a DEBT problem. We don't have enough DEBT! How are we going to get the stock market back to 2006 levels without more DEBT? Also, our property is much too cheap. Our modest suburban properties aren't more expensive than the Hong Kong CBD and properties fronting Central Park in New York City yet. We should lift household DEBT from 177% of income to 187% or 197%. That's the only path to wealth and prosperity and to catch up to the price levels we should be at.

    Commenter
    Sum Ting Wong
    Location
    Date and time
    April 08, 2014, 10:23AM
    • I agree...we should be around 297+%....

      Commenter
      Debt Man
      Location
      Sydney
      Date and time
      April 08, 2014, 10:41AM
    • I agree. Our debt isn't high enough. Why limit ourselves to 300% when it could be in the thousands or tens of thousands of percentages? Image all the real estate we could buy. Our debt, Wi Tu Lo!!

      Commenter
      sir panda
      Location
      perth
      Date and time
      April 08, 2014, 12:34PM
  • @1006 ok Mr Tim Ranford open wide an swallow.......
    "the rest of the market should hold up relatively well with materials stocks to benefit from stronger commodity prices (iron ore, crude oil, and copper)."
    BHP,RIO.FMG,MGX all down.

    yeah yeah Brokers 0 Market 1

    Commenter
    BearshapedBull
    Location
    BrokersShutit Lounge
    Date and time
    April 08, 2014, 10:22AM
    • The comment was about the RELATIVE performance of the ASX. Read it again.

      The US was down 1.1%. The ASX opened about 0.4% down, that is, relatively better performed. In line with the broker's comment.

      Commenter
      pass the red
      Location
      Date and time
      April 08, 2014, 10:47AM
    • Exactly, beware the spruikers selling you shares in an overpriced market.
      Apparently buy any top 50 stock and hold, they only go up right???

      Commenter
      Grizzly Adams
      Location
      Date and time
      April 08, 2014, 10:50AM
    • uh huh and those material stocks are really benefiting from higher commodity prices....relatively.

      Commenter
      BearshapedBull
      Location
      Hairsplitters Lounge
      Date and time
      April 08, 2014, 11:13AM
  • Iron ore prices jump back to highs but alas my MGX holding drifts lower again, they were 1.06 when iron ore was $117 per tonne,no such reciprocation.
    One small glimmer from VLA with phase 2 trail results all positive, wow up 2 whole cents. might be a nothing day but at least MSB bounced back 5% already.....quick YorY sell!

    Commenter
    BearshapedBull
    Location
    Mugpunters Lounge
    Date and time
    April 08, 2014, 10:17AM
    • My target price is $6.

      Commenter
      Yin or yang
      Location
      Date and time
      April 08, 2014, 12:51PM
  • "Wall Street had another bad session overnight, once again without any specific news"

    The news that the world is in US$100 trillion of DEBT and growing isn't great news though if you think about it is it?

    Commenter
    Wendall Sailor
    Location
    Date and time
    April 08, 2014, 10:13AM
  • Dominic Rossi makes me laugh. "the deficit is improving strongly". This means that the astronomical rate of growth in debt is slowing. So he thinks there might even be a surplus in 3 years? That is exactly the problem. It is for one or two years at the peak of the economic cycle that the US can balance its budget, i.e. not paying back any of its debt, just not take on more. But the other 8 to 9 years of the economic cycle is still building up ever more debt.

    There is no cause for any optimism.

    Commenter
    Dr No
    Location
    Sydney
    Date and time
    April 08, 2014, 10:10AM
  • If people play the stock market like a roulette wheel then this is news, for those of us who buy good stocks and hold....where is the problem with short term bumps?

    Commenter
    shemp
    Location
    melb
    Date and time
    April 08, 2014, 10:07AM
  • Can't really complain about the ASX the last two days. Maybe the US are following our lead now? DOWN! hehe

    Commenter
    GS
    Location
    Date and time
    April 08, 2014, 10:02AM
  • Iron ore up to $117...what happened to all the doomsday pundits? Allan?
    The point was made on Q&A last night about Chinese growth. 10% now down to 7% but a much much larger base. I don't see iron ore below $100

    Commenter
    Happy Hippy
    Location
    Date and time
    April 08, 2014, 9:56AM
    • 1 Depends the quality of the growth. IF the Chinese are serious about reforms, then the amount of raw material per unit of economic growth is going to be lower than expected at the very time mineral production is ramping up, and growth could come in substantially lower.

      2. Chinese stats are at best loosely interpreted and lately to the downside. .

      3. Now feel free to bet the house, oh, wait, we've already bet the country...LOL

      Commenter
      Catch 22
      Location
      Date and time
      April 08, 2014, 2:32PM
  • It's coming........

    Commenter
    GFC2
    Location
    Sydney
    Date and time
    April 08, 2014, 9:47AM
    • The banks weren’t ready for GFC1 thus it was a crisis. Thanks to a heap of extraordinary measures they are now ready for GFC2 so it won’t be a crisis this time – more like the depression we had to have.

      Commenter
      jafo
      Location
      Date and time
      April 08, 2014, 11:18AM
    • So is Christmas 2026

      Commenter
      Macca
      Location
      Sydney
      Date and time
      April 08, 2014, 12:01PM
  • Get this one out of the way early...

    Down down, prices are down...

    Commenter
    Coles
    Location
    Date and time
    April 08, 2014, 9:29AM
    • Yeah, 11 points, quite the crash!

      Commenter
      Irish Phil
      Location
      Date and time
      April 08, 2014, 10:26AM
    • Yep we are holding up well around these 2006 levels. I don't see us falling back to 2005 levels today.

      Commenter
      Woolworths
      Location
      Date and time
      April 08, 2014, 10:38AM
    • WOW finished 2006 at about $24 and are currently over $35. It's all about stock selection

      Commenter
      Tim
      Location
      Date and time
      April 08, 2014, 11:21AM
    • @Tim, you mean the index can be the same level but individual companies can be up or down??? No way...just ask Allan

      Commenter
      Wwwish Lion
      Location
      Melbourne
      Date and time
      April 08, 2014, 1:47PM
  • Is there any one reason why the Dow has retreated from the December 31st close of 16,576.73?
    It's made no headway in over 14 weeks?

    Commenter
    Concerned
    Location
    Date and time
    April 08, 2014, 9:15AM
    • Nervousness that earnings cannot justify the big run-up in stock prices. Once the selling starts it accelerates. The charts show that here we are on the cusp of our normal mid-April to June decline. I expect a drop of up to 400 points based on past performance.

      Commenter
      mitch of ACT
      Location
      Date and time
      April 08, 2014, 9:55AM
    • Yes there is one reason.

      Hope that helps.

      Commenter
      Ill but at ease
      Location
      Date and time
      April 08, 2014, 9:57AM
    • No, not really. Some are saying the reporting season in US coming up, so they're locking in profits, especially as technical barriers to rising further present themselves or some such voodoo curse. News in eastern Ukraine causing concern as it looks like things could spin out of anybody's control and that doesn't help. But the real reason is I bought a few shares lately.

      Commenter
      Catch 22
      Location
      Date and time
      April 08, 2014, 9:58AM
    • Because it is overpriced, therefore risks are on the downside.

      Commenter
      Grizzly Adams
      Location
      Date and time
      April 08, 2014, 9:59AM
    • it should be around 11000. at the most.
      crime spiraling out of control. every jail near double capacity. police in full body armour driving armoured personnel carriers.
      major cities bigger than sydney falling over bankrupt and lets face reality - unemployment well into double digits. how about approaching $18 trillion in debt.
      yeah that place is rockin and now itching for a fight with russia and china.
      but as we get bombarded with how wonderful the place is hourly via australian media how would anyone think otherwise. lets see today in smh. china bad. tick. russia bad. tick. north korea bad. tick. usa wonderful. tick. oh and now japan good. tick.

      Commenter
      smilingjack
      Location
      Date and time
      April 08, 2014, 10:02AM
    • Because the majority of people think the market is going up or at the start of a "multi-year" bull run". However the market simply reflects the optimism or pessimism of the public and given that optimism is at a level not seen for decades it is no surprise that the market is falling or failing to make new highs. There is no-one left to buy the story. Social mood is about to turn to extreme negativity and the market will follow.

      Commenter
      Les
      Location
      Date and time
      April 08, 2014, 10:07AM
    • Easy. The reduction in QE from 85 billion to 65 billion. Not as many billions flowing into the hedge funds. All eyes on Yellen.

      Commenter
      MrSteve
      Location
      Date and time
      April 08, 2014, 11:25AM
    • Ashes to ashes, funk to funky
      We know the Dow's
      a stimulus junkie

      Commenter
      jafo
      Location
      Date and time
      April 08, 2014, 12:03PM
Comments are now closed