Morning,
Here's a quick quiz..how many Zombie Summits have we had in the last two years?....19 ...thats right we have had 19 and look where it has got us..the 19th one in a few days is looking like a similar waste of time..even the new Greek PM has worked that one out!That's one in the eye for Germany..I think the Greek Football chants at the recent German game of 'We will never pay you back"says it all!!
Across the pond Obama is moving into election mode and telling the world how he wooed Michelle!!The economy is the issue and news of a slowdown in house price falls was enough to get the bulls out of bed and help the Dow up a tad..our market will make an attempt at a rally but won't be convinced as it meanders in a downwards fashion.I think we will see 3850 in the next week or so..especially as news out of the latest talk fest will disappoint..don't they all..
Yesterday I talked about BBG...I thought it was a buy for the risk happy punter around 90 cents..think I was being a little too cautious..maybe under 1.00....this is a huge takeover target if ever I saw one.Private Equity has already had one shot to be dismissed by the Merchant of Bells Beach...he is now looking at how to extract himself from this mess..I suspect that for one of the big Sports brands like Nike it would be a great acquisition and with their deep pockets and retailing skills should be able to make the most of it..this one is not without risks and disappointment but think the upside is around 1.80 to 2.00...a shrewd predator may wait until the rights issue is put away..but if anyone starts sniffing around seriously it may happen sooner..
SPI had a moderate bounce last night so expect to see a little green on your screen..
Things to make me go whatever!
1.Spain on the verge of Junk status...Germany gets a downgrade from a small ratings agency..they are not immune..as Ben Lee said,"I woke up this morning,I suddenly realised ,We're all in this together"
2.'faceplant' continues its short covering rally in the US...may get up to 35 before the rot sets in..lots of negative feedback from users re the new changes..changes to make money..how dare they!!
3.News Corp looking to split into two..the Death Star and the Fourth Estate...got the stock moving up 8% last night...Rupert listening or just the phone hacking scandal pushing him..
4.'Mertle' has had her Charlton Heston Moment this morning as she has said that a shared Euro Bond liability will "NOT happen as long as I live!!"...“I have only five words for you: From my cold, dead hands. Thanks Moses!
5.Seven Media has made a hot gas man the head honcho...Voelte ex WPL chief has replaced Leckie...inspired choice...let's hope he does a better job there..Thought he had retired to Texas or somewhere.
6.Forty five years after the War on Poverty began, there are 49 million Americans living in poverty. That’s a solid good return on the $16 trillion spent so far.
7.Gold continues to underwhelm despite its safe haven attractions..Crude oil at 79 bucks a barrel though does help with inflation numbers and economic activity...bit of pump priming!!
8.Spice Girls reuniting for another concert..as if the UK didn't have enough problems!!
As we limp towards the end of financail year lets hope that 12/13 is a better one for the World..the solutions to the 'Zombieland' problem is now blatantly obvious ..take out Mertle!
We need a hero!
Bueller?Bueller?Anyone?
Clarence
XXX
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