Markets Live: ASX jumps on US deal hope

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October 15, 2013 – 10:17AM

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Australian shares are rallying amid news that Washington is closing in on a deal on the looming US debt ceiling deadline.

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4:24pm: Here are the best and worst performers from the ASX200 today:
















4:18pm: Most sectors saw gains today:



• Consumer discretionary: +0.8%


• Consumer staples: +0.3%


• Energy: +1.9%


• Financials: +0.9%


• Gold miners: +1.1%


• Industrials: +1.4%


• IT: +3.1%


• Materials: +1.2%


• Telecommunications: +1.4%








4:13pm: The market has finished strongly higher, buoyed by hopes that the US can sort out a deal to lift the debt-ceiling by Thursday (US time).




The benchmark SP/ASX200 jumped 51.2 points, or 1 per cent, to 5259.1. The broader All Ords added 52.7 points, or 1 per cent, to 5259.2.









3:58pm: Betting company Tabcorp says its group revenue for the September quarter is up more than three per cent on the previous corresponding period, despite tough trading conditions.




Group revenue for the three months to September 30 was 503-point-nine-million-dollars, up 3.1 per cent.




Total wagering revenue was up 5.4 per cent but, after accounting for the Victorian Racing Industry’s interest, reported wagering revenue was up just 0.1 per cent.




Tabcorp shares are flat at $3.25.









3:46pm: One of the takeaways from the RBA’s October minutes released today is the change in the central bank’s rhetoric about the Australian dollar.




While a few months ago RBA officials would talk about the strength of the Australian dollar and how a weaker exchange rate would help support the economy, the central bank tweaked its language on the currency in its minutes today, HSBC’s head of FX sales in Australia Paul Edwards says.




“That’s an interesting nuance change in the language of the RBA from our perspective.




Certainly with a little bit more buoyancy in the domestic landscape as well as the regional landscape, a high Aussie for the RBA isn’t as problematic as a high Aussie in a situation where the economic indicators are turning down.“




The dollar is currently fetching 95.33 US cents, just below the four-month high of 95.39 hit in the aftermath of the minutes.









3:34pm:Rio Tinto has released an upbeat set of September quarter results, with global iron ore production beating expectations and recovery of a crucial mine in the US progressing faster than first thought.




Rio produced 53.3 million tonnes of iron ore from its operations in Australia and Canada during the period, allowing it to cash in on the stronger than expected iron ore price, which refused to slip below $US130 per tonne for much of the period.




That result was slightly better than most analysts, including RBC who had predicted 53 million tonnes.




Iron ore brings in close to 80 per cent of Rio’s revenue, and the miner confirmed it was still on track to hit its full year guidance target of 265 million tonnes for the 2013 calendar year.




Rio shares extended gains on the report and are currently up 2.5 per cent at $63.20.




3:04pm:The burden of being a billionaire weighs heavily on mining magnate Andrew Forrest.




Which is one of the reasons why the Fortescue Metals Group chairman says he will continue to give much of his vast fortune away. This week’s $65 million donation to the University of Western Australia represents only a fraction of his wealth.




Prime Minister Tony Abbott will lead the thanks at a gala dinner in Perth on Tuesday night to mark Mr Forrest’s contribution – believed to be the largest philanthropic donation ever made in Australia.




Mr Forrest, a UWA graduate, has explained that astronomical personal wealth brings its own issues, which he believes can be balanced by equally immense generosity.




‘‘It really does (become a burden), and I think it can alter behaviour and personalities,’’ Mr Forrest told Fairfax radio.




‘‘But I think if you make a decision early in the piece that you are going to give that wealth away, then you don’t think of yourself as someone who is particularly special.




‘‘Your children know they are going to get the same leg up as every other kid, which will be just enough.




‘‘You can lead a normal life, and that is a decision which (wife) Nicola and I took many years ago.’’







Andrew “Twiggy” Forrest, who has made a big donation to the University of Western Australia. Photo: Glenn Hunt









3:03pm: Here’s how the rest of the region is doing today:



• Nikkei: +0.5%


• Hong Kong: +0.6%


• Shanghai: -0.4%


• Taiwan: +1%


• South Korea: +0.8%


• New Zealand: +0.1%



“The market is still precarious,” says Takuya Takahashi, an analyst at Daiwa Securities. “Even if default can be avoided, investors are not ready to take risk at this point.”




Several markets in the region are closed for holidays, including Singapore, Indonesia and India.




 









2:40pm:China’s central bank appears to have underlined its commitment to currency reform by allowing the yuan to set record highs against the dollar despite signs of unexpected weakness in exports.




The yuan hit a second consecutive record intraday high of 6.1011 today, after the People’s Bank of China set its mid-point – the centre of the currency’s 2 per cent daily trading band – at an all-time peak the previous day.




The currency moves came hot on the heels of official data showing Chinese exports slid in September by 0.3 per cent from a year earlier.




The export figures confounded expectations for a 6 per cent rise and marked the worst performance in three months.




A stronger yuan is a key goal for policymakers trying to wean the economy off a heavy emphasis on exports more towards consumption-led growth.




But they face complaints from Chinese exporters that the yuan’s enduring strength is putting their products at a disadvantage in overseas markets even as foreign demand remains tepid.




The yuan is up around 2 per cent in 2013, in marked contrast to slides posted by other Asian currencies, and more than 35 per cent higher since a revaluation in 2005.









2:19pm:New car sales have fallen but are expected to bounce back now proposed changes to fringe benefits tax (FBT) have been scrapped.




Sales in September totalled 94,150, down 0.1 per cent from August.




Sales in the 12 months to September were down 3.5 per cent, in seasonally adjusted terms, the Australian Bureau of Statistics said today.




The figures showed sales of passenger cars and sports utility vehicles were down but sales of ‘‘other’’ vehicles (utes, panel vans, trucks and buses) jumped by 4.0 per cent.




2:07pm:The Australian dollar has hit a new four-month high on the back of a move towards a neutral monetary policy stance by the Reserve Bank in its minutes, a sense of a possible short-term debt ceiling and budget deal in the US and an improving China outlook.




The currency was buying as high as 95.34 US cents just after 12pm, its highest level since mid-June. It was trading about 95.22 US cents at 1.40pm.




Westpac’s chief currency strategist Robert Rennie says the displeasure in Asia over the political turmoil in the US was weakening the appeal of the US dollar.




“The biggest supporting factor for the Aussie in Asia is this ongoing rolling concern about the debt situation in the US,” Rennie says.




“It harms the status of the US dollar in Asia and from my point of view makes the Aussie dollar more attractive.”







Up, up and away … the dollar’s rise today.




1:43pm:Property forecaster BIS Shrapnel is expecting Sydney house prices to rise by 19 per cent over the next three years while Melbourne prices will rise by only 6 per cent due to an oversupply of inner city apartments.




Perth is tipped for big growth with a forecast 17 per cent rise in house prices while Brisbane prices are expected to be 16 per cent higher for the three years to June 2016.




Releasing its Australian Housing Outlook report in Sydney today, Robert Mellor, the managing director of BIS Shrapnel, said ongoing under-supply, strong demand driven by population growth and strong overseas immigration will drive prices higher in Sydney, Perth and Brisbane over the next 3 years.




Despite warnings from some that house prices are heading towards a bubble, particularly in Sydney, Mr Mellor said affordability in nearly all capital cities was at its best levels since the early 2000s.




Read more







Heading north: Sydney home prices are forecast to rise. Photo: Peter Braig




1:31pm:Metals recycler Sims Metal is to close its Melbourne lead smelter as it continues to reduce local manufacturing activities.




The smelter operates as a joint venture with Nyrstar of Europe, and the planned shutdown follows the sale of the ventures secondary lead producing facility in Sydney two years ago.




In the year to June, the Australasia division pre-tax profit of Sims slumped to just $18.8 million from $102.0 million a year earlier.




Company officials would not comment on the planned move, nor was it possible to obtain details of the size of the operation, which is believed to be smaller than the lead unit in Sydney which was sold for around $80 million.




The disclosure, in the group’s latest annual report, flagged confidence in the outlook, thanks largely to the anticipated ongoing recovery in the US.




Read more









1:23pm: So what can we take away from the RBA’s October minutes, published this morning?




Citi economists Josh Williamson and Paul Brennan say the Reserve Bank was taking a neutral stance and keeping its options open on future monetary policy moves.




“By not extinguishing the possibility of further rate cuts, the RBA can support confidence and not be accused of lifting currency expectations,” the economists write in a note.




“But by not encouraging a belief of further imminent rate cuts, the Bank avoids supercharging the housing market, which is red hot.”




RBS senior currency strategist Greg Gibbs adds that the RBA appears from these minutes less likely to cut rates despite the recent appreciation of the exchange rate.




“The most sensible assessment is that rates have reached their low point and will stay there for some time,” Gibbs says in a note.




“This should put upward pressure on the exchange rate. Perhaps to the point down the road where the RBA may need to cut again. It will hope, however, that the Australian dollar will fall over time as mining investment slows further.”









1:13pm: Here’s a bit more on the views of Robert Shiller, who was jointly awarded the Nobel Prize in Economics overnight. Shiller has written extensively on the behaviour of financial markets:







“Shiller gently suggested that the rapid rise in the market, and in particular the Nasdaq, might reflect trend-following…”




— EM Simpson (@charlie_simpson) October 15, 2013







“…on the part of investors rather than a rational appraisal of future prospects. “People are not stupid, but they have their limitations.”




— EM Simpson (@charlie_simpson) October 15, 2013




Read the full New Yorker profile of Shiller here. 









1:02pm:Rich countries must urgently take advantage of looser monetary policy to stabilize their economies and stimulate growth, without relying solely on central banks, Mexican central bank governor Agustin Carstens said overnight.




He was speaking as lawmakers in the United States haggled over the US debt ceiling while the world’s No.1 economy stares down the barrel of a potentially devastating debt default.




Central bankers in several advanced economies have opened a space for their governments to implement fiscal, financial and regulatory reforms that should be seized, Carstens told central bankers from Europe, the Americas and Asia gathered at a forum in Mexico City.




“It is urgent that the countries most affected by the crisis effectively use this window of time that the central banks have offered,” Carstens said. “Monetary policy alone can’t solve the problems economies are suffering from.”




Carstens said he believed a US default was a remote possibility, and if it were to happen, could create financial volatility.




“No one would win,” Carstens said.









12:48pm:Bears have had a field day the past several months now, pointing to the prospects of a surge in gas exports from North America undercutting the economics of the local projects being developed in both Queensland and off Western Australia.




This correspondent has long felt the fears were overblown.




Now, it seems at least one of the two projects proposed for the US north west, in Oregon, has hit problems, with local government officials denying an application from the Oregon LNG and Oregon Pipeline Co’s application for a proposed LNG.




“The ruling …highlights the important issue that greenfield US LNG export proposals face materially higher commercial and social hurdles than brownfield proposals,” JP Morgan told clients in a note this morning. 




“US LNG exports will not have a meaningful impact on the oil linked pricing dynamic that underwrites current and future Australian based LNG projects.”




So far four US-LNG projects have received part of the government approvals needed to proceed, and all are brownfields projects, which have significant economic advantages over greenfield proposals.




There are as many as 14 greenfield proposals which will have higher operating costs along with prospects of a slow or impossibly difficult regulatory process due to local opposition.




Potentially this is good news for the likes of BHP, Woodside, Santos, Origin et al.




12:34pm:Fairfax Media has poached the head of Tourism Australia, Andrew McEvoy, to head its events business from January next year underlining the importance of this business to the media group’s future as traditional print advertising revenue declines. 




“Andrew’s brief is to rapidly develop what is already a core strength of Fairfax Media,’’ said Fairfax chief executive Greg Hywood. ‘‘Events are a growth sector in the Australian economy and Andrew’s appointment will drive new revenue and greatly enhance Fairfax’s performance in the sector.” 




Fairfax has already developed a portfolio of mass participation and corporate events across its main mastheads, The Sydney Morning Herald, The Age and the Australian Financial Review. This includes the SMH City2Surf and Night Noodle Markets, the AFR’s Women of Influence, and a range of business media forums and conferences, and regional events and field days.









12:23pm:Fuel supplier and retailer Caltex will sell its Sydney bitumen business to Puma Energy, a subsidiary of Dutch commodities trader Trafigura Beheer BV.




Caltex began supplying bitumen, which is a by-product of the refining process, to the NSW road construction industry after deciding to close its Kurnell refinery in 2010.




The bitumen business includes an agreement to operate the Port Botany Bitumen Terminal for Caltex.




Caltex Australia managing director Julian Segal said bitumen was no longer part of the company’s core business.




‘‘The decision to divest is consistent with our strategy and it makes operational and financial sense,’’ Mr Segal said.




Caltex did not put a figure on the deal.




The sale is subject to approval by the Foreign Investment Review Board and it is planned to be completed by the end of the year.









12:13pm:The likelihood that two of Virgin Australia’s three largest shareholders will eventually privatise the country’s second-largest airline is increasing every time they boost their stakes, Macquarie analysts say.




Speculation about possible ownership scenarios have intensified since Etihad last week achieved its goal of gaining a 19.9 per cent stake in Virgin. Air New Zealand, which is the largest shareholder, also has regulatory clearance to boost its stake from 23 per cent to 26 per cent.




In a detailed report, the Macquarie analysts say Air New Zealand and Singapore Airlines, which has a 19 per cent stake, are the most likely to pair up to acquire Virgin in the medium term.




However, the analysts emphasise that while the two airlines are the ‘‘most likely combination due to overlapping strategic interests’’, they will first have to form a tighter alliance.




Etihad achieved its ownership target last week after buying part of the stake in the Australian airline owned by Richard Branson’s Virgin Group. It left the latter with a 10 per cent stake, which still gives the English entrepreneur the chance to play king maker in any deal to take Virgin private.




Virgin shares last traded up 1.2 per cent at 42 cents.




11:59am: The head of ANZ, Mike Smith, has urged the United States to solve its debt crisis, describing it as a “disaster”.




“It’s irresponsible behaviour because the consequences of a default would be like a Lehmans [Brothers] but worse,” Mr Smith said, referring to the investment bank which was allowed to fail in 2008, owing more than $500 billion.




“And they just don’t get that, they really don’t get it.”




Questioned whether politicians would solve it before key deadlines, Mr Smith said: “They’ll have to.”




The comments come as US senators report they are close to a deal that would reopen the government and defer a default until early 2014.




Without a deal between Democrats and Republicans to raise the cap on government borrowing, the US is set to violate its debt limit on Thursday (Friday Australian time).







Mike Smith Photo: AFR









11:46am:Toyota Australia is to cut 100 jobs at its manufacturing operations in Melbourne.




The car maker says it will seek voluntary redundancies as it moves to reduce production from 470 to 430 vehicles a day from December.




Executive vice president Dave Buttner says the decision has been necessary because of a fall in exports to the Middle East.




He says the decision also comes as Toyota seeks to cut the cost of building each car in Australia by $3800 by 2018 in order for its local manufacturing operations to remain viable.




‘‘We’ve got to continue to work hard to reduce our overall cost base,’’ Mr Buttner said today.




‘‘That’s the key to us remaining sustainable.’’









11:40am:The RBA has repeated it retains the option of reducing interest rates as policy makers gauge the impact of ‘‘substantial’’ policy stimulus on the economy, minutes of the October 1 meeting showed.




‘‘The effect of low interest rates was evident across a range of indicators and had further to run,’’ the Reserve Bank of Australia said in the minutes released today. ‘‘Members agreed that the bank should again neither close off the possibility of reducing rates further nor signal an imminent intention to reduce them.’’




Governor Glenn Stevens and his board left rates unchanged at a record-low 2.5 per cent this month after reducing borrowing costs by 2.25 percentage points since late 2011 to try to rebalance the economy as a mining investment boom crests. Policy makers are weighing a resurgent Australian dollar as data from China improved and the Federal Reserve delayed tapering its stimulus, with better local sentiment since a September 7 election.




‘‘Members noted two developments over the past month, namely the appreciation of the exchange rate and the pick-up in measures of both consumer and business confidence over recent weeks,’’ the minutes showed. ‘‘It was difficult to know how significant the effects of either of these developments would be, partly because it was uncertain whether they would be sustained.’’




A private report last week showed business confidence surged in September to the highest level in 3 1/2 years after the election ended a hung parliament and low rates spurred sentiment. Consumer confidence dipped this month after rising following the election of the Liberal-National coalition led by Tony Abbott. Home prices in Australia’s biggest cities rose 3.7 per cent in the three months through September, according to the RP Data-Rismark Home Value Index.









11:24am:Richard Usher, JPMorgan Chase’s chief dealer in London, wrote instant messages while he was at Royal Bank of Scotland that UK regulators are scrutinizing as part of their investigation of alleged currency manipulation, two people with knowledge of the matter said.




The messages to traders at other firms included details of his trading positions, said one of the people, who asked not to be identified because they weren’t authorized to speak publicly. The spot currency trader left Edinburgh-based RBS in 2010, and his departure was unrelated to the probe, the person said. The regulator’s review doesn’t imply wrongdoing on Usher’s part, the other person said. The people didn’t say how many other traders’ communications are being scrutinized.




Authorities are scrutinizing electronic messages used by currency traders as part of an investigation of potential manipulation of the $5.3 trillion-a-day foreign-exchange market, according to a person with knowledge of the talks. The UK’s Financial Conduct Authority is focusing on trading around the so-called WM/Reuters rates, benchmarks used to value trillions of dollars of investments, the person said.




Bloomberg News reported in June that traders at some banks may have pooled information about their positions through instant messages and sought to manipulate the WM/Reuters rates for profit by pushing through trades before and during the 60- second windows when the benchmarks are set. RBS, Britain’s biggest publicly owned lender, opened an internal inquiry and uncovered the transcripts after the report, one of the people said.









11:09am: According to analysts, Ten Network is due to report its earnings this Friday, although the company will not confirm its release date.




Credit Suisse analysts Samantha Carleton and Lucas Goode don’t see any nasty surprises coming from the broadcaster’s books.




“We expect TEN to report slightly below breakeven NPAT result for FY13 (excluding the impact of the sale of Eyecorp and other one-offs), broadly in line with consensus.”




However, Ms Carleton and Mr Goode are expecting a 47 per cent fall in earnings before interest, taxes, depreciations and amortisation.




They also pointed out a few key items to keep an eye on when Ten’s numbers come out:



• Commentary surrounding televisions advertising market conditions since the election


• An update on programming strategy for the rest of the 2013 calendar year and the 2014 ratings season, particularly with regards to areas of investment








10:56am:James Packer may have missed the resource boom but investors are finally waking up to the idea he may have gone one better with his punt on a casino boom in Asia.




Crown shares have hit another record this morning at $16.46, up more than 3 per cent, after Macquarie raised its price target to $19 from $14 a share after upgrading its growth outlook on Crown’s Macau operations.




Macquarie’s regional gaming team upgraded the growth outlook for Macau for the current calendar year from 13 per cent to 18 per cent, and next year’s growth expectations have been raised from 8 per cent to 12 per cent with the same growth expected for 2015.




Queensland opening the door on Monday to a Crown casino resort proposal would not have hurt the share price either.









10:46am:Telstra has maintained its forecasts of low single-digit income and earnings growth as it continues to pump money into its 4G mobile network.




Telstra chief executive David Thodey, in a speech to the company’s annual general meeting in Sydney, said the telco expected free cashflow of between $4.6 billion and $5.1 billion for 201314.




Thodey also forecast capital expenditure in line with the 14.9 per cent of sales recorded last financial year. Telstra’s capex was $3.8 billion in 2012-13.




‘‘We expect capital expenditure to be around 15 per cent of sales as we continue to build out our 4G mobile network and complete the build of the NBN transit network,’’ he said.




Thodey also signalled further cost savings. ‘‘We believe there remains further opportunity to improve operational efficiency while growing new business opportunities,’’ he said.




Shares are up 0.8 per cent at $4.97.









10:32am: The former Rams Home Loans Group, RHG, has gone into a trading halt, after receiving  another proposal from the Resimac/AMAC Syndicate.




“It is not yet clear whether the terms of that proposal would be accepted,” the company said in a letter to the ASX.




The group has been subject to a takeover battle between Resimac and Pepper who have been looking to get their hands on RHG’s main asset, the lending book of RAMS, which was a competitor to the big banks before the GFC.




RHG made a profit of $30.3 million last financial year.




Shares last traded at 48 cents.









10:27am: Hearing devices maker Cochlear has warned its shareholders of more pain to come, flagging weak first half earnings as it continues to look to new products for future growth.




In the six months to December, it warned of continued margin pressures which will keep the profit little changed year on year.




Some improvement is expected in the second half, however, while the directors have flagged a slight rise in the dividend which may limit the impact of today’s warning.




“We expect the fiscal 2014 net profit after tax to be at the prior year level with a heavy bias to the second half,” chairman Rick Halliday-Smith told shareholders at today’s annual shareholder meeting. “If our outlook is unchanged we propose to support the interim dividend at $1.27 a share and also the final dividend at this level.”




This will mark a slight increase from the interim of 120 cents and the final of 125 cents paid in the latest financial year.




News of the dividend rise couldn’t sway investors, who have pushed down the shares 2.9 per cent to $58.10.









10:15am: The stock market has opened strongly higher. The benchmark SP/ASX200 has jumped 56.5 points, or 1.1 per cent, to 5264.4, while the broader All Ords has gained 54.6 points, or 1 per cent, to 5261.1.




Among the sectors, materials are rallying 1.7 per cent, financials have jumped 1 per cent and industrials are up 1.3 per cent. No sector is posting losses.









10:07am: The Australian dollar has swung wildly in the past hour, dropping to 94.78 US cents before rising as high as 95.06 US cents. That’s the highest since mid-September, when the US Federal Reserve delayed a wind back of its stimulus program.




It is currently trading around 94.98 US cents.




ANZ currency strategist Andrew Salter says the fluctuations were not a result of the news coming out of Washington on the debt ceiling talks.




It was instead likely to be a result of a lack of liquidity in the forex markets as the US reaches the end of its Columbus Day public holiday.




Other Australian currency crosses such as the euro, yen and pound sterling are not reacting, he adds.




10:00am: One of three American economists who won the 2013 economics Nobel prize today for research into market prices and asset bubbles expressed alarm at the rapid rise in global housing prices.




Robert Shiller says the US Federal Reserve’s economic stimulus and growing market speculation were creating a “bubbly” property boom.




This was the case in the collapse of the US housing market, which helped trigger the 2008-2009 global financial crisis. Markets are at risk of committing the same error now, Shiller told Reuters after learning he had won the Nobel prize.




“This financial crisis that we’ve been going through in the last five years has been one that seems to reveal the failure to understand price movements,” Shiller said.




Read more







Housing guru: Robert Shiller speaks at a press conference in Connecticut. Photo: Reuters









9:58am: After having started the session on a negative note, US equities swiftly reversed and rallied to a fresh all-time high with a deal looking like it is close to being done, says IG’s Stan Shamu:



• As US trade rolled on, markets got quite excited that negotiations in the Senate were actually seeing strong progress and it seems likely that we will see a short-term solution announced soon.


• Reports are that we will see the government re-opened until January 15, while the debt ceiling will be extended until either February 7 or 15 (depending on what media reports you read). The can will be kicked into the New Year, and from here we will probably have the pain of watching new negotiations begin.


• It is also worth pointing out that once we get a deal in the Senate, it will subsequently have to be passed through the Republican controlled House (although it should still pass).


• The risk-on trade will be on headline watch all session long as US political leaders try to knock up a deal.








9:55am: US Senate Majority Leader Harry Reid says he and Republican McConnell have made “tremendous progress” towards debt limit, government funding deal, but “we are not there yet”









9:53am: Here’s our columnist Michael West’s take on the debt ceiling negotiations.




The crisis over the debt ceiling and impending US default is about brinkmanship; it is about who is going to blink first, the Republicans or the Democrats.




President Barack Obama and his negotiator Lew, and indeed their Republican counterparts, have been suitably vague about what happens next.




They have allowed the talk of Armageddon to play out on the public stage because urgency is a useful negotiating tool.




You can read the full analysis here.









9:42am:US senators said they were closing in on a deal today that would reopen the government and push back a possible default for several months, though many hurdles remained as a Thursday deadline drew near.




“I’m very optimistic that we that we will reach an agreement that’s reasonable in nature this week,” Senate Democratic Leader Harry Reid said on the Senate floor.




Lawmakers are racing against the clock, with US officials estimating that the federal government could run out of borrowing capacity on October 17.




Read more









9:31am: Optimism is high in Washington that there will be a resolution that will allow the US to avoid hitting its debt ceiling. Wall Street was up slightly on the news and the ASX is poised to open higher.




What you need2know:



• SPI futures up 46 points to 5,253.
  


• AUD fetching 95.00 US cents, 93.57 yen, 70.03 euro cents, 59.41 pence


• On Wall St, Nasdaq +0.6%, Dow Jones +0.4%, SP500 +0.4%


• In Europe, Eurostoxx +0.1%, FTSE100 +0.3%, CAC +0.1%, DAX flat
  


• Spot gold rises 0.5% to $US1277.05 an ounce


• Brent oil falls 0.3% to $US110.93 per barrel


• Iron ore gains 0.4% to $US133.60 per tonne



Making news today



• The Reserve Bank of Australia is due to release the minutes of its October board meeting.


• ABS Lending finance for August


• Telstra annual general meeting


• Rio Tinto third quarter operations review  



Read more




9:31am: Good morning. Welcome to the Markets Live blog for Tuesday.




Contributors: Jens Meyer, Max Mason, Luke Higgs




This blog is not intended as investment advice




BusinessDay with agencies














Advertisement













• 
  

  
  

  Huge Broad losses for asx. I like it!
  Watch out next week.
  US Govt shut down..
  Debt limit coming…
  Enjoy!
  Commenter
  Allan
  Location
  Prahran
  Date and time
  October 04, 2013, 4:16PM

  
  

  
  

  Commenter
  SOS
  
  Location
  
  SOS
  
  Date and time
  
  October 15, 2013, 4:19PM

  
  


• 
  

  
  

  Hope you guys are on FMG, $5.30 and closing in the boys target of $6. Lookin’ ugly for the shorts…ouch!

  
  

  
  

  Commenter
  Pig Iron Bob
  
  Location
  
  Pilbara, WA
  
  Date and time
  
  October 15, 2013, 3:53PM

  
  


• 
  

  
  

  ORG on a roll today, up another 3%…and more good news today, absolute gift!

  
  

  
  

  Commenter
  ORGan donor
  
  Location
  
  shortland
  
  Date and time
  
  October 15, 2013, 3:49PM

  
  


• 
  

  
  

  A minute silence for the Twiggy’s burden… poor guy

  
  

  
  

  Commenter
  GS
  
  Location

  
  

  Date and time
  
  October 15, 2013, 3:44PM

  
  
  • 
    

    
    

    LOL!

    
    

    
    

    Commenter
    Allan
    
    Location
    
    Prahran
    
    Date and time
    
    October 15, 2013, 4:20PM
    

  
  


• 
  

  
  

  US futures back in the green

  
  

  
  

  Commenter
  Support@4900
  
  Location
  
  ASX200
  
  Date and time
  
  October 15, 2013, 3:37PM

  
  


• 
  

  
  

  “The market is still precarious,” says Takuya Takahashi, an analyst at Daiwa Securities. “Even if default can be avoided, investors are not ready to take risk at this point.”

  
  

  Why are the markets soaring then???

  
  

  
  

  Commenter
  geoff
  
  Location
  
  burraneer
  
  Date and time
  
  October 15, 2013, 3:34PM

  
  


• 
  

  
  

  “short the BOQ”

  
  

  
  

  Commenter
  genuine nfi
  
  Location
  
  @at maccas
  
  Date and time
  
  October 15, 2013, 3:32PM

  
  
  • 
    

    
    

    hilarious

    
    

    
    

    Commenter
    Captor
    
    Location

    
    

    Date and time
    
    October 15, 2013, 3:57PM
    

  
  
  • 
    

    
    

    I reckon it is more like a few snags sort of a BBQ he he

    
    

    
    

    Commenter
    which bank?
    
    Location

    
    

    Date and time
    
    October 15, 2013, 4:00PM
    

  
  


• 
  

  
  

  Realty back biters here seem to miss the obvious. When a landlord has paid of their loan then they actually own the joint. Please find another group to bite or buy a dummy.

  
  

  
  

  Commenter
  No need to
  
  Location
  
  backbite
  
  Date and time
  
  October 15, 2013, 3:18PM

  
  


• 
  

  
  

  It’s easy to be humble when you’ve stolen $100B worth of minerals from the Aborigines.

  
  

  
  

  Commenter
  Allan
  
  Location
  
  Prahran
  
  Date and time
  
  October 15, 2013, 3:17PM

  
  
  • 
    

    
    

    oh dear we have had a bad day…lol

    
    

    
    

    Commenter
    Captor
    
    Location

    
    

    Date and time
    
    October 15, 2013, 3:58PM
    

  
  


• 
  

  
  

  well here we are 5100 come and gone, 5240 come and gone, still no “mother of all shorts” changed your mind?

  
  

  
  

  Commenter
  Mister5100
  
  Location

  
  

  Date and time
  
  October 15, 2013, 2:52PM

  
  
  • 
    

    
    

    They were gifts and shorters don’t need charity.

    
    

    
    

    Commenter
    Andrew137
    
    Location

    
    

    Date and time
    
    October 15, 2013, 3:11PM
    

  
  


• 
  
  • 
    

    
    

    Because, the market will get a suger hit from the USofA soon. You still a bit sour missing on the 5340 short called and won by the Liberator? Still no trades? Oh… we get your type.

    
    

    
    

    Commenter
    Liberator
    
    Location
    
    SEQLD
    
    Date and time
    
    October 15, 2013, 3:52PM
    

  
  


• 
  

  
  

  lol @ “1:43pm: Property forecaster BIS Shrapnel”…. Yes the rest of the country will gain almost 20% whilst Melbourne only 6%… where do they come up with this garbage???

  
  

  I don’t condone prices going up but know they will have one more push up. We don’t care about Melb inner city apartments. Leave that to the foreign buyers.

  
  

  I can assure you if the rest of the country goes up by 20%, Melbourne will do a lot better than 6%. All these “forecasts” are a joke anyway.

  
  

  BIS Shrapnel… don’t give up your day jobs… whatever that is

  
  

  
  

  Commenter
  GS
  
  Location

  
  

  Date and time
  
  October 15, 2013, 2:49PM

  
  
  • 
    

    
    

    If I buy and lose. Can I sue BIS? Anyone know if they are qualified to give such investment advice?

    
    

    
    

    Commenter
    JohnBB
    
    Location

    
    

    Date and time
    
    October 15, 2013, 3:44PM
    

  
  


• 
  

  
  

  11:59 am

  
  

  That photo is missing the horns.

  
  

  
  

  Commenter
  Opinion Only
  
  Location
  
  Melbourne
  
  Date and time
  
  October 15, 2013, 2:39PM

  
  
  • 
    

    
    

    Classic!

    
    

    
    

    Commenter
    geoff
    
    Location
    
    burraneer
    
    Date and time
    
    October 15, 2013, 2:58PM
    

  
  
  • 
    

    
    

    No, that photo of Mike Smith shows his head surrounded by a heavenly light like the halo that surrounds the heads of saints in the medieval paintings. We are fortunate to be blessed with such good bankers. TIC.

    
    

    
    

    Commenter
    mitch of ACT
    
    Location

    
    

    Date and time
    
    October 15, 2013, 3:27PM
    

  
  


• 
  

  
  

  As of 9:46 p.m. ET in the U.S., Dow futures are pretty much flat (up just slightly by +0.05%). Not what one would expect if U.S. investors were convinced debt default was going to be given the swerve?

  
  

  
  

  Commenter
  Roger
  
  Location

  
  

  Date and time
  
  October 15, 2013, 2:17PM

  
  


• 
  

  
  

  I wont make the mistake of investing in PDN again (bought 0.715, sold 0.530). But I am intrigued where the bottom will be and what it will take to reverse the inexorable slide.

  
  

  
  

  Commenter
  Yin or yang
  
  Location

  
  

  Date and time
  
  October 15, 2013, 2:13PM

  
  
  • 
    

    
    

    A lot of buyers queued up hoping for $0.39!

    
    

    
    

    Commenter
    Yin or yang
    
    Location

    
    

    Date and time
    
    October 15, 2013, 3:27PM
    

  
  


• 
  

  
  

  Add to pdn long 39.5c. Market cap down to $400M, Good for a takeover.

  
  

  Pollyannas paid up to $10 for it. LOL!

  
  

  
  

  Commenter
  Allan
  
  Location
  
  Prahran
  
  Date and time
  
  October 15, 2013, 2:05PM

  
  
  • 
    

    
    

    Good call Allan. PDN on my radar as a possible folio holder…

    
    

    
    

    Commenter
    Liberator
    
    Location
    
    SEQLD
    
    Date and time
    
    October 15, 2013, 2:44PM
    

  
  


• 
  

  
  

  get on the banks .. he he

  
  

  
  

  Commenter
  buffett alpha
  
  Location
  
  @winning
  
  Date and time
  
  October 15, 2013, 1:59PM

  
  


• 
  

  
  

  Seriously, I would like to see a 50 basis point cut on cup day. Would really give the housing industry a boost and tradies are good spenders. They might even buy a few Holden utes. Will be the only way to get the aussie down to a competitive level

  
  

  
  

  Commenter
  Captor
  
  Location

  
  

  Date and time
  
  October 15, 2013, 1:57PM

  
  
  • 
    

    
    

    Can’t see that happening at all let alone a 25 basis point cut. RBA is between a rock and a hard place. They have cut a fair lot already and our dollar is still far too high. However, if they cut more, they risk feeding the housing bubble that is starting and could make that situation worse. I can’t see them moving rates for a few months. personally unless our economy starts going backwards badly.

    
    

    
    

    Commenter
    Savyinvester
    
    Location

    
    

    Date and time
    
    October 15, 2013, 3:21PM
    

  
  


• 
  

  
  

  Any thoughts on ILU? anyone? I’m not sure if I’ve missed anything but no bad news since early october but what I’m seeing is this shares continue to tumble.

  
  

  
  

  Commenter
  average guy
  
  Location

  
  

  Date and time
  
  October 15, 2013, 1:55PM

  
  


• 
  
  • 
    

    
    

    Nickel prices v low

    
    

    
    

    Commenter
    igroki
    
    Location

    
    

    Date and time
    
    October 15, 2013, 2:54PM
    

  
  
  • 
    

    
    

    I like Iluka, but got out at $11.72 in September after having bought in at $9.50 July last year just after they slumped ~25% on bad production news – over that time watched it fluctuate signficantly between those two points several times based on seemingly very little market news – underlying commodity demand driven maybe? $11.28 JBWere price target (old TP was up around $15), with Commsec consensus that they are a buy.

    
    

    
    

    Commenter
    WPHT
    
    Location
    
    Hawthorn
    
    Date and time
    
    October 15, 2013, 2:55PM
    

  
  


• 
  

  
  

  Abbott’s on tv on about cost of living caused by a carbon tax. What about HOUSING costs? About twenty times what he’s talking about. Taking money from the rest of th. Economy. Hey PM and Hockey. Can we have the proproductivity commission investigate the effect huge house prices are having please? How do we end up with these people running our country?

  
  

  
  

  Commenter
  JohnBB
  
  Location

  
  

  Date and time
  
  October 15, 2013, 1:52PM

  
  
  • 
    

    
    

    It will never happen. Too many vested interest groups and the entire banking system would fold if housing ever took a dive to ‘affordable’ levels.

    
    

    
    

    Commenter
    Liberator
    
    Location
    
    SEQLD
    
    Date and time
    
    October 15, 2013, 2:47PM
    

  
  
  • 
    

    
    

    JohnBB,
    The cost of living is more than compensated by the tax changes that were made. it’s a load of rubbish he’s talking about. In fact most people were ‘over compensated’.

    
    

    
    

    Commenter
    Econorat
    
    Location
    
    Sydney
    
    Date and time
    
    October 15, 2013, 2:48PM
    

  
  
  • 
    

    
    

    “How do we end up with these people running the country”. Easy, a gullible electorate swallowing 3 years of negativity and obstruction. You would have thought the electorate would have been a little wiser following the failure of all of the then opposition’s predictions on the effects of the carbon tax, e.g. Whyalla disappearing, $100 leg of lamb, huge increase in cost of living, none of which occurred. But no they swallowed the lies and will now have to live with it. Good luck with that. Elected 5 weeks ago and still trying to figure out what to do.

    
    

    
    

    Commenter
    mitch of ACT
    
    Location

    
    

    Date and time
    
    October 15, 2013, 2:55PM
    

  
  
  • 
    

    
    

    “Housing booms are caused by decreasing rates!” “Abbot is a woeful prime minister for not dealing with the housing boom”.

    
    

    *Yawn* when do we get a break from you guys?

    
    

    
    

    Commenter
    Andrew137
    
    Location

    
    

    Date and time
    
    October 15, 2013, 3:14PM
    

  
  
  • 
    

    
    

    I agree Econocrat. I want to be compensated forty thousand a year because my government failed me by letting house prices get out of control. Even further than the already ridiculous. Abbott we the undersigned (I’m making a petition) want the productivity commission to investigate the effect of house prices on the economy.

    
    

    
    

    Commenter
    JohnBB
    
    Location

    
    

    Date and time
    
    October 15, 2013, 3:35PM
    

  
  
  • 
    

    
    

    John Baby Boomer. You want forty thousand compensation…why????

    
    

    
    

    Commenter
    Please explain
    
    Location
    
    Fish shop
    
    Date and time
    
    October 15, 2013, 3:56PM
    

  
  
  • 
    

    
    

    @andrew137. House prices and the propping up of is destroying the economy and ultimately Australia. If you can’t connect the dots, good luck with investing in anything. It’s all connected mate.

    
    

    
    

    Commenter
    JohnBB
    
    Location

    
    

    Date and time
    
    October 15, 2013, 4:01PM
    

  
  


• 
  

  
  

  yes he is a generous man, hope he sends a few bob over this way to cover my shorts

  
  

  
  

  Commenter
  guess who?
  
  Location

  
  

  Date and time
  
  October 15, 2013, 1:50PM

  
  


• 
  

  
  

  “Property forecaster BIS Shrapnel is expecting Sydney house prices to rise by 19 per cent over the next three years”

  
  

  LOL in 2010 they said Sydney would be up 20% by now.

  
  

  Not worth the paper it’s printed on.

  
  

  
  

  Commenter
  Allan
  
  Location
  
  Prahran
  
  Date and time
  
  October 15, 2013, 1:49PM

  
  
  • 
    

    
    

    But we’re in a bubble! They must have gone up more than that?!

    
    

    
    

    Commenter
    heybert
    
    Location
    
    Sesame Street
    
    Date and time
    
    October 15, 2013, 2:35PM
    

  
  
  • 
    

    
    

    According to the ABS stats the bubble in Sydney was formed in the 90′s. The bubble in the rest of the country 2003-2010. Nice try though.

    
    

    
    

    Commenter
    Allan
    
    Location
    
    Prahran
    
    Date and time
    
    October 15, 2013, 2:50PM
    

  
  
  • 
    

    
    

    Thanks for being a fan.

    
    

    
    

    Commenter
    heybert
    
    Location
    
    Sesame Street
    
    Date and time
    
    October 15, 2013, 3:13PM
    

  
  


• 
  
  • 
    

    
    

    @ Allen – you must subscribe to the George Costanza school of economics – “It’s not a lie if you believe it”

    
    

    
    

    Commenter
    4Seam
    
    Location

    
    

    Date and time
    
    October 15, 2013, 3:53PM
    

  
  
  • 
    

    
    

    Sure thing, you need every one you can get. he he…

    
    

    
    

    Commenter
    Allan
    
    Location
    
    Prahran
    
    Date and time
    
    October 15, 2013, 4:16PM
    

  
  


• 
  

  
  

  MMS up 4.22% today, you were saying?

  
  

  
  

  Commenter
  Guru
  
  Location

  
  

  Date and time
  
  October 15, 2013, 1:45PM

  
  
  • 
    

    
    

    When’s it going to be $18.50 again?

    
    

    
    

    Commenter
    Allan
    
    Location
    
    Prahran
    
    Date and time
    
    October 15, 2013, 2:36PM
    

  
  
  • 
    

    
    

    Yep! I’ll be on it until it’s back to $16. Around 7 months, I reckon. Once the day-trader wannabes have moved on (which looks like it’s happening) and the company has a clearer idea of earnings, I think it will see a relatively steady improvement.

    
    

    
    

    Commenter
    Common_Sense
    
    Location

    
    

    Date and time
    
    October 15, 2013, 3:14PM
    

  
  


• 
  

  
  

  Americans can always be counted on to do the right thing, after exhausting all other possibilities…

  
  

  
  

  Commenter
  Winston Churchill
  
  Location
  
  On the beach
  
  Date and time
  
  October 15, 2013, 1:38PM

  
  


• 
  

  
  

  So how much of this latest US issue is factored in?
  Educated guesses as to what the ASX will reach should they find a solution by Thursday or how low should they default?

  
  

  
  

  Commenter
  Upthecreek2
  
  Location
  
  Sydney
  
  Date and time
  
  October 15, 2013, 1:28PM

  
  
  • 
    

    
    

    Very limited upside. Huge downside potential.

    
    

    
    

    Commenter
    geoff
    
    Location
    
    burraneer
    
    Date and time
    
    October 15, 2013, 2:42PM
    

  
  


• 
  

  
  

  Whitehaven Coal – WHC must be heading for takeover territory. Any thoughts?

  
  

  
  

  Commenter
  ajay
  
  Location

  
  

  Date and time
  
  October 15, 2013, 1:14PM

  
  


• 
  

  
  

  So Twiggy would be able to fund he his wife’s very generous $65m donation to higher education in WA just out of today’s lift in FMG’s share price. Now there’s karma for you.

  
  

  
  

  Commenter
  mitch of ACT
  
  Location

  
  

  Date and time
  
  October 15, 2013, 1:12PM

  
  


• 
  

  
  

  The RBA is being extraordinarily reckless if it is considering further interest rate cuts. If people are choosing to save 95 percent of the recent cuts by paying off debts faster then another cut of these already historically low rates is going to make little difference to that pattern. Consumers are in fact returning to sensible traditional spending patterns. And the young are not buying new houses because when you do the maths there is no mistaking that housing is at stupid prices and this becomes even clearer when you have to buy out at woop woop and drive long distances for work, shopping and everything – transport costs are inherently high living in these overpriced, far flung housing estates. And to top it all off, the RBA is pouring petrol on a runaway real estate price boom fire.

  
  

  
  

  Commenter
  Catch 22
  
  Location

  
  

  Date and time
  
  October 15, 2013, 1:05PM

  
  
  • 
    

    
    

    Ok Catch22,
    What maths are you talking about that says it’s irrational to buy a house at the moment?
    Please provide your analysis

    
    

    
    

    Commenter
    Econorat
    
    Location
    
    Sydney
    
    Date and time
    
    October 15, 2013, 1:46PM
    

  
  
  • 
    

    
    

    Spot on 22 – this is all reeking of pre-GFC trading and hype. But we all know this time it is baseless. I expect nothing out of the current market. Up hopefully, down expected.

    
    

    
    

    Commenter
    Liberator
    
    Location
    
    SEQLD
    
    Date and time
    
    October 15, 2013, 2:32PM
    

  
  
  • 
    

    
    

    The maths that shows net rental returns before tax are 2% and it’s cheaper to rent.

    
    

    
    

    Commenter
    Allan
    
    Location
    
    Prahran
    
    Date and time
    
    October 15, 2013, 2:51PM
    

  
  
  • 
    

    
    

    Econorat, fundamentals don’t support the current price levels.

    
    

    Remove QE and ZIRP and see what prices they should be.

    
    

    
    

    Commenter
    Opinion Only
    
    Location
    
    Melbourne
    
    Date and time
    
    October 15, 2013, 2:54PM
    

  
  


• 
  
  • 
    

    
    

    Rental P/E after costs is enough econ.

    
    

    
    

    Commenter
    Catch 22
    
    Location

    
    

    Date and time
    
    October 15, 2013, 3:06PM
    

  
  


• 
  

  
  

  This outrageous pumping after 2 days of ‘falls’ *cough cough* just goes to show nobody really thinks the US will default. If the fund managers (who have inside information) actually thought this would happen, the ASX would plummet to 3000 instead of a measly 100 point blip. Like our stratospheric share prices, the Republican stamping of feet is all just for show. They will cave in after thinking about their back pockets and raise the debt ceiling. Always count on self interest – especially with pollies!

  
  

  
  

  Commenter
  panda
  
  Location
  
  perth
  
  Date and time
  
  October 15, 2013, 12:39PM

  
  
  • 
    

    
    

    Yes indeed. Self interest. The wealthy tea party have gotten most of their money out of th doomed US and see the remainder being eroded. They don’t want more money printing and SHOULD be saying no more. There is a high chance this is how this joke will end and there’s a possibility (not reflected in markets) that time could be now.

    
    

    
    

    Commenter
    JohnBB
    
    Location

    
    

    Date and time
    
    October 15, 2013, 1:38PM
    

  
  
  • 
    

    
    

    We’ve gone beyond the point where a simple rise in the debt ceiling will do the trick though. They know it, we know it, and they know that we know it. There is no trust in the US dollar anymore.

    
    

    Soon enough China and Russia will present their alternative gold-backed reserve currency of the future. Why do you think China and Russia have been stocking incredible amounts of gold the last couple of years? Why have they increased production? We’re getting closer to time T. Xi Jinping has been travelling the central Asian states and the South East Asian states like a madman the last couple of months, even small Caribbean countries have had a visit. He’s been presenting an alternative, hasn’t he.

    
    

    Everybody can see that Beyonce was lip syncing at the presidential inauguration. Everybody can see that America can’t back up their $17 trillion debt. Everybody can see that the emperor is butt-naked.

    
    

    
    

    Commenter
    Dr No
    
    Location
    
    Sydney
    
    Date and time
    
    October 15, 2013, 1:44PM
    

  
  
  • 
    

    
    

    @Dr No

    
    

    Bahahahahahahahahahahaha

    
    

    The Russians with the world reserve currency?

    
    

    I would prefer to store my wealth in Pesos. Russia is the most corrupt country in the G20. I wouldn’t trust them to reserve a table at a restaurant.

    
    

    
    

    Commenter
    Jimmy
    
    Location

    
    

    Date and time
    
    October 15, 2013, 2:41PM
    

  
  
  • 
    

    
    

    Jimmy – I don’t think it’s the actual Russian currency that will be the reserve, it’s the Chinese Yuan that will become backed up by gold. The Chinese are not stupid though, they will want to have some really big takers on-board for it to take off. The Russians and the central Asian states, i.e. the Stans, will buy large amounts of gold-backed Yuan to start off with. So will some of the South East Asians and African ones. It won’t be long before some European and South American states jump on the bandwagon. Xi Jinping has travelled the world like a Kevin747 on speed for the last couple of months. He knows the dollar will sink any moment and he wants to take control of things the very same day.

    
    

    
    

    Commenter
    Dr No
    
    Location
    
    Sydney
    
    Date and time
    
    October 15, 2013, 3:04PM
    

  
  
  • 
    

    
    

    Xi Jinping’s travels i put down to him still being relatively new to the job and having a huge number of places he needs to visit.

    
    

    I am sure the Chinese would love to become the new world reserve currency but I think that is unlikely even if the US defaults and the Chinese were to adopt the gold standard which I doubt they would.

    
    

    Much more likely I think is that we will move to world without such a heavily dominant currency. Much more reserves will held in Gold and commodities as well as Yuan, Yen, Pounds, Euro, Canadian and Australian Dollars. But a few other currencies like the Saudi Riyal, Brazilian Reais and South Korean Won could also become much more important.

    
    

    Eggs, baskets. You know the story.

    
    

    
    

    Commenter
    Jimmy
    
    Location

    
    

    Date and time
    
    October 15, 2013, 4:14PM
    

  
  


• 
  

  
  

  NY Times. . . US will default. They have no other options.

  
  

  
  

  Commenter
  JohnBB
  
  Location

  
  

  Date and time
  
  October 15, 2013, 12:29PM

  
  
  • 
    

    
    

    Link ?

    
    

    
    

    Commenter
    The Oracle
    
    Location
    
    2233
    
    Date and time
    
    October 15, 2013, 12:56PM
    

  
  
  • 
    

    
    

    That is not what it says! Stop the B$

    
    

    
    

    Commenter
    JohnB$
    
    Location

    
    

    Date and time
    
    October 15, 2013, 12:59PM
    

  
  
  • 
    

    
    

    I assume this is a prediction. NY TImes isn’t currently this pessimistic.

    
    

    
    

    Commenter
    Yin or yang
    
    Location

    
    

    Date and time
    
    October 15, 2013, 1:03PM
    

  
  
  • 
    

    
    

    500 years of European total domination of the world is coming to an end. It’s a rather grand – albeit depressing – thing to live through. Decline can easily become a somewhat rough state to be in. I think Spengler was right after all.

    
    

    
    

    Commenter
    Dr No
    
    Location
    
    Sydney
    
    Date and time
    
    October 15, 2013, 1:07PM
    

  
  
  • 
    

    
    

    Link?

    
    

    
    

    Commenter
    Roger
    
    Location

    
    

    Date and time
    
    October 15, 2013, 1:10PM
    

  
  
  • 
    

    
    

    Will be interesting to see what quote taken out of context you get to confirm your comment.

    
    

    
    

    Commenter
    heybert
    
    Location
    
    Sesame Street
    
    Date and time
    
    October 15, 2013, 2:33PM
    

  
  


• 
  

  
  

  What is the people’s thoughts on COH?
  Former market darling has lost it’s sparkle with increasing competition. The current stock price seemingly factoring this in, although still pricing in a solid future. Will they return to the former glory days or will they wither away? In my opinion a much lower AUD and strong product pipeline over the next 2 years should see them return to sustainable growth, albeit at a much lower level. An ailing market share in a strongly growing market in my opinion is a better bet than a company that is growing it’s market share in a dying industry.

  
  

  
  

  Commenter
  willo
  
  Location
  
  syd
  
  Date and time
  
  October 15, 2013, 11:55AM

  
  


• 
  
  • 
    

    
    

    Forecast of a flat 2014.
    Better things to put your cash into for now but maybe worth a look at later on ?
    Surprised to see it bounce back a bit as the day has gone on tbo

    
    

    
    

    Commenter
    Bob
    
    Location
    
    Franga
    
    Date and time
    
    October 15, 2013, 2:27PM
    

  
  
  • 
    

    
    

    I’d like to see it fall to around ~$55 before I top up my holding.
    Bit worrying that they are looking to fund the div out of debt again.

    
    

    
    

    Commenter
    willo
    
    Location
    
    syd
    
    Date and time
    
    October 15, 2013, 2:48PM
    

  
  


• 
  

  
  

  you were saying young nfi??

  
  

  ‘Tremendous progress’ made on US debt deal

  
  

  love it!

  
  

  
  

  Commenter
  young nfi
  
  Location
  
  doh
  
  Date and time
  
  October 15, 2013, 11:32AM

  
  
  • 
    

    
    

    you’re so clever alf

    
    

    a fw

    
    

    but what a clever fw !

    
    

    stick around – you elevate the tone so much old fella

    
    

    
    

    Commenter
    poor old bloke
    
    Location

    
    

    Date and time
    
    October 15, 2013, 11:44AM
    

  
  
  • 
    

    
    

    He he… nfi… no class. The Taylor’s Lakes primary school has a lot to answer for.

    
    

    
    

    Commenter
    Allan
    
    Location
    
    Prahran
    
    Date and time
    
    October 15, 2013, 11:50AM
    

  
  


• 
  

  
  

  What’s been causing the iron ore miners to skyrocket these last few days? AGO up over $1 from 86c or so, FMG up a similar percentage. With US uncertainty and equivocal data coming out of China, this makes no sense.

  
  

  If anything, it should be the gold miners rallying, with the USD about to inflate heavily, either through debt/printing money, or through default and downgrade leading to less trust in the USD as a reserve currency.

  
  

  Makes no sense…

  
  

  
  

  Commenter
  X
  
  Location
  
  Melbourne
  
  Date and time
  
  October 15, 2013, 11:23AM

  
  
  • 
    

    
    

    BCI up 10% so far this month!

    
    

    
    

    Commenter
    jintana
    
    Location
    
    Thailand
    
    Date and time
    
    October 15, 2013, 12:26PM
    

  
  
  • 
    

    
    

    Iron to make guns, war ships, planes and bombs. Currency has little value in war.

    
    

    
    

    Commenter
    Liberator
    
    Location
    
    SEQLD
    
    Date and time
    
    October 15, 2013, 12:52PM
    

  
  
  • 
    

    
    

    “The sinews of war are infinite money”

    
    

    - Marcus Tullius Cicero

    
    

    
    

    Commenter
    Jimmy
    
    Location

    
    

    Date and time
    
    October 15, 2013, 2:12PM
    

  
  
  • 
    

    
    

    All of that iron ore is being bought to build huge safes to store all of the gold that will be required when the $US is no longer the world’s reserve currency and the gold standard is restored leading to a huge increase in the price of gold, or that’s what some on here would like to believe.

    
    

    
    

    Commenter
    mitch of ACT
    
    Location

    
    

    Date and time
    
    October 15, 2013, 2:53PM
    

  
  


• 
  

  
  

  The article at 10:56am about James Packer missing the resources boom in favour of casinos shows why that family is so rich. Why go to all of the trouble spending money on exploration, development, extraction, processing and all of the myriad steps in mining when you can build a palace, into which all of the people who made their money mining, come to willingly hand over their money. All you have to do is keep them entertained.

  
  

  
  

  Commenter
  mitch of ACT
  
  Location

  
  

  Date and time
  
  October 15, 2013, 11:20AM

  
  
  • 
    

    
    

    Mitch, if you recall, that is a lesson he learnt from his father’s excessive gambling. He has obviously payed attention.

    
    

    
    

    Commenter
    Pierre
    
    Location

    
    

    Date and time
    
    October 15, 2013, 11:44AM
    

  
  
  • 
    

    
    

    Having spent a recent Friday afternoon in the casino in Cairns watching a lot of young blokes in Hi Vis vests with large (but rapidly shrinking) piles of chips next to them, along with a steady supply of free drinks, I would have to say you are not far from wrong. An appalling industry in many ways, but certainly lucrative (and tempting, in the same way tobacco was and pokies remain). Filthy lucre indeed.

    
    

    
    

    Commenter
    Oh_Mighty_Zeus
    
    Location

    
    

    Date and time
    
    October 15, 2013, 1:28PM
    

  
  
  • 
    

    
    

    Right on the money.

    
    

    The surefire way to get rich in a gold rush is to sell shovels (or booze, whores and gambling).

    
    

    
    

    Commenter
    Jimmy
    
    Location

    
    

    Date and time
    
    October 15, 2013, 2:15PM
    

  
  
  • 
    

    
    

    @Jimmy – I will thank you, kind sir, to cease referring to my good lady whore as a shovel.

    
    

    But yeah, casinos are about as sleazy as that industry – but I can’t say for sure I wouldn’t put money in it (gambling, not whores…I think).

    
    

    
    

    Commenter
    Oh_Mighty_Zeus
    
    Location

    
    

    Date and time
    
    October 15, 2013, 3:35PM
    

  
  


• 
  
  • 
    

    
    

    Come to Crown in Perth – always busy – no end to the mining boom here!

    
    

    
    

    Commenter
    market faithful
    
    Location
    
    Perth
    
    Date and time
    
    October 15, 2013, 3:56PM
    

  
  


• 
  

  
  

  short the banks he he

  
  

  
  

  Commenter
  Charlie Aitken
  
  Location
  
  @not renting my maccas pay cheque
  
  Date and time
  
  October 15, 2013, 11:19AM

  
  
  • 
    

    
    

    Got a sell of ANZ at 31.50. Please buy some. he he…

    
    

    
    

    Commenter
    Allan
    
    Location
    
    Prahran
    
    Date and time
    
    October 15, 2013, 11:25AM
    

  
  
  • 
    

    
    

    Added to ANZ short, $31.50. Gift.

    
    

    
    

    Commenter
    Allan
    
    Location
    
    Prahran
    
    Date and time
    
    October 15, 2013, 1:32PM
    

  
  


• 
  

  
  

  Go MAD, Go!

  
  

  And bugger off Ted Cruz, you’re gonna end up getting a political bruzing.

  
  

  
  

  Commenter
  Catch 22
  
  Location

  
  

  Date and time
  
  October 15, 2013, 11:19AM

  
  


• 
  

  
  

  Oh no !! On the advice of trusted comments on this blog, I shorted BOQ at 11.20 because it was a gift.

  
  

  This morning, BOQ opened at 11.26 and is now 11.41. I can see my retirement disappearing before my very eyes! If it goes any higher, the CFD company will send a hitman after me …

  
  

  
  

  Commenter
  Bud Fox
  
  Location

  
  

  Date and time
  
  October 15, 2013, 11:15AM

  
  
  • 
    

    
    

    Not high enough to add yet, maybe 11.60.

    
    

    
    

    Commenter
    Allan
    
    Location
    
    Prahran
    
    Date and time
    
    October 15, 2013, 11:22AM
    

  
  
  • 
    

    
    

    Sorry for you Bud, but your breaking the first rule of shorters – confessing to a loss.

    
    

    
    

    Commenter
    Peter
    
    Location
    
    Sunbury
    
    Date and time
    
    October 15, 2013, 11:23AM
    

  
  
  • 
    

    
    

    And that was Professional advice you took, was it!!! ???

    
    

    
    

    Commenter
    Sucked In
    
    Location
    
    Chapel St
    
    Date and time
    
    October 15, 2013, 11:26AM
    

  
  
  • 
    

    
    

    You have to exercise your own judgement. I reckon about half of the predictions made here are wrong. Also there may well be experts out there but I for one dont know who they are – and even they are wrong half the time. PS good luck with BOQ.

    
    

    
    

    Commenter
    Yin or yang
    
    Location

    
    

    Date and time
    
    October 15, 2013, 11:45AM
    

  
  
  • 
    

    
    

    You take advice from anonymous postings on a blog?

    
    

    You really alfed it.

    
    

    You deserve failure.

    
    

    
    

    Commenter
    poor old bloke
    
    Location

    
    

    Date and time
    
    October 15, 2013, 11:46AM
    

  
  
  • 
    

    
    

    “confessing to a loss.”
    lol – funny /c its true.

    
    

    allan has 100% strike rate this year.

    
    

    
    

    Commenter
    young n dumb
    
    Location

    
    

    Date and time
    
    October 15, 2013, 11:47AM
    

  
  
  • 
    

    
    

    Aww.. young n dumb, cheer up. Nice day outside. maybe go for a walk?

    
    

    
    

    Commenter
    Allan
    
    Location
    
    Prahran
    
    Date and time
    
    October 15, 2013, 11:53AM
    

  
  
  • 
    

    
    

    I would recommend that you cease taking advice from paper traders.

    
    

    
    

    Commenter
    Long Buffett
    
    Location

    
    

    Date and time
    
    October 15, 2013, 12:01PM
    

  
  
  • 
    

    
    

    But but but … it was a gift!

    
    

    Gift (noun): a thing given willingly to someone without payment; a present.

    
    

    You mean, if I want to trade the stockmarket, I have to do my own research ? Make my own judgements? Study charts myself? Know my Bollinger bands from my Fibonacci numbers?

    
    

    Nah. Too much hard work …

    
    

    Hey guys, don’t worry about me. Just pulling your legs. But it is interesting how BOQ fell back a lot after the post-earnings jump, and is now going again.

    
    

    Good trading, y’all

    
    

    
    

    Commenter
    Bud Fox
    
    Location

    
    

    Date and time
    
    October 15, 2013, 12:04PM
    

  
  


• 
  
  • 
    

    
    

    … no stop loss. Try harder.

    
    

    
    

    Commenter
    Liberator
    
    Location
    
    SEQLD
    
    Date and time
    
    October 15, 2013, 12:53PM
    

  
  
  • 
    

    
    

    I read somewhere, today that shorters risk unlimited losses
    I am glad Allan did not show me how
    There are clever clever people running hedge funds that still lose their shirts, or rather the shirts of their clientèle
    Buy WBC and ANZ, gift:)
    Plagiarism?

    
    

    
    

    Commenter
    stuarth44
    
    Location

    
    

    Date and time
    
    October 15, 2013, 1:13PM
    

  
  
  • 
    

    
    

    Don’t forget the 30 cent Divi coming up.

    
    

    
    

    Commenter
    Bob
    
    Location
    
    Franga
    
    Date and time
    
    October 15, 2013, 2:17PM
    

  
  


• 
  

  
  

  Nice jump on CNX. Long up 42%.

  
  

  
  

  Commenter
  Allan
  
  Location
  
  Prahran
  
  Date and time
  
  October 15, 2013, 11:13AM

  
  


• 
  

  
  

  The most frustrating thing going these last few (stressful) days all over the global news, all over this blog…everywhere…surely must be: not the (apparent) housing bubble, not the US Gov’t shut down, not the debt ceiling fiasco and not even the lingering US debt default, No! the worst thing is everyone, everywhere quoting Churchill…”We can always count on the Americans to do the right thing, after…” I just can’t take it any more, please find and use another quote!

  
  

  
  

  Commenter
  Market Guru
  
  Location
  
  Sydney
  
  Date and time
  
  October 15, 2013, 11:10AM

  
  


• 
  

  
  

  Short SEK, $12. Gift.

  
  

  
  

  Commenter
  Allan
  
  Location
  
  Prahran
  
  Date and time
  
  October 15, 2013, 11:10AM

  
  


• 
  

  
  

  Stormy days ahead for the USD and global markets ! It is obvious that the US is buying time and there will be much pain ahead with tough austerity measures and economic mess. The US government is not only indebted to their creditors, but they are truly indebted to their own people !

  
  

  
  

  Commenter
  modernhero
  
  Location
  
  QLD
  
  Date and time
  
  October 15, 2013, 11:06AM

  
  
  • 
    

    
    

    The Emperor gets a little more naked by the month, and he’s got a solid case of shrinkage.

    
    

    
    

    Commenter
    The Oracle
    
    Location
    
    2233
    
    Date and time
    
    October 15, 2013, 12:21PM
    

  
  


• 
  

  
  

  Short cwn $16.40. Gift.

  
  

  
  

  Commenter
  Allan
  
  Location
  
  Prahran
  
  Date and time
  
  October 15, 2013, 11:05AM

  
  
  • 
    

    
    

    While I agree CWN is presently over-valued, this is not a gift.

    
    

    The premium willing to be paid for predictable earnings growth is staggering eg healthcare

    
    

    Melco Crown keeps rolling in the dosh, and the Sydney tower is priced in.

    
    

    As an aside, the QLD govt is nuts believing they can support 7 casinos. Desperate for cash

    
    

    
    

    Commenter
    igroki
    
    Location

    
    

    Date and time
    
    October 15, 2013, 11:41AM
    

  
  


• 
  

  
  

  Genuinely surprised at how people are reading this market.

  
  

  A US default would be a major problem yet the market has only trickled down about 100 points on low volume in the last 2 weeks and any positive talk has seen good rallies. This shows that the market is bullish but waiting until the bad news is sorted.

  
  

  I still see a Xmas rally to 5400-5600 as there is a lot of bullishness out there!

  
  

  
  

  Commenter
  Life Is Good
  
  Location
  
  The Real World
  
  Date and time
  
  October 15, 2013, 10:55AM

  
  


• 
  

  
  

  Nathan Bell today in The Age. “Whatever you think of the morality, shorting stocks is a dangerous game with potentially unlimited losses.”
  Not according to the shorters on this blog its not. It a license to print money !,
  Now how big was that fish again, it was huuuuuuuuuuge,

  
  

  
  

  Commenter
  Peter
  
  Location
  
  Sunbury
  
  Date and time
  
  October 15, 2013, 10:46AM

  
  
  • 
    

    
    

    If it’s too risky for you don’t do it. So what’s your problem?

    
    

    
    

    Commenter
    Allan
    
    Location
    
    Prahran
    
    Date and time
    
    October 15, 2013, 10:55AM
    

  
  
  • 
    

    
    

    Gloating posts aside, shorters are very helpful for long term investors

    
    

    eg LEI got hammered after the bribery allegations. Dropped significantly, now is steadying. A good price for people willing to ride the waves

    
    

    
    

    Commenter
    igroki
    
    Location

    
    

    Date and time
    
    October 15, 2013, 11:00AM
    

  
  
  • 
    

    
    

    What a load. Exact same risk as going long. A stock can go belly up over night – as has been proven time and time again the last 10 years. It is also called a STOP LOSS. 2%. Get with the times.

    
    

    
    

    Commenter
    Liberator
    
    Location
    
    SEQLD
    
    Date and time
    
    October 15, 2013, 11:06AM
    

  
  


• 
  
  • 
    

    
    

    Just casting out and reeling em in.

    
    

    
    

    Commenter
    Peter
    
    Location
    
    Sunbury
    
    Date and time
    
    October 15, 2013, 11:20AM
    

  
  
  • 
    

    
    

    Hey Lib, why the stop loss, after all every short is a GIFT

    
    

    
    

    Commenter
    Peter
    
    Location
    
    Sunbury
    
    Date and time
    
    October 15, 2013, 11:33AM
    

  
  
  • 
    

    
    

    the great lib has been out of the game since may due to ‘other’ commitments
    lol

    
    

    
    

    Commenter
    young n dumb
    
    Location
    
    @shorting…renting a dumb in the cbd
    
    Date and time
    
    October 15, 2013, 11:49AM
    

  
  
  • 
    

    
    

    “renting a dumb in the cbd”

    
    

    He he… drop out.

    
    

    
    

    Commenter
    Allan
    
    Location
    
    Prahran
    
    Date and time
    
    October 15, 2013, 12:00PM
    

  
  
  • 
    

    
    

    young – own my own properties and stopped renting when I was early 20s. Sorry fella but you need to read the forums more. My other commitment will net me a considerable pile of money… shorting on the books in very near future. Be ready. PS: Are you the poor nfi everyone talks about here?

    
    

    
    

    Commenter
    Liberator
    
    Location
    
    SEQLD
    
    Date and time
    
    October 15, 2013, 12:58PM
    

  
  
  • 
    

    
    

    Lib, what happened to your “mother of all shorts” at 5200? Gift I assume?

    
    

    
    

    Commenter
    Andrew137
    
    Location

    
    

    Date and time
    
    October 15, 2013, 2:23PM
    

  
  
  • 
    

    
    

    Andrew
    5240 – was shorted with a to the minute call (with previous posts if you care to look before commenting) months back you monkey. I made a motza and you missed it. I have been making 5x the average wage per month since July! Why trade! PS: That ends in Jan 2014 – so maybe I do have to come back to trading…

    
    

    
    

    Commenter
    Liberator
    
    Location
    
    SEQLD
    
    Date and time
    
    October 15, 2013, 3:33PM
    

  
  


• 
  

  
  

  Total market cap of the companies on the NYSE is $16.5T. US govt debt $17T.

  
  

  BUY! BUY! BUY!

  
  

  
  

  Commenter
  Allan
  
  Location
  
  Prahran
  
  Date and time
  
  October 15, 2013, 10:36AM

  
  


• 
  

  
  

  FMG Long closed. It’s like Christmas come early… Allan’s not always right

  
  

  
  

  Commenter
  Rogue Trader
  
  Location
  
  Canberra
  
  Date and time
  
  October 15, 2013, 10:36AM

  
  
  • 
    

    
    

    well done!

    
    

    
    

    Commenter
    market faithful
    
    Location
    
    perth
    
    Date and time
    
    October 15, 2013, 11:05AM
    

  
  
  • 
    

    
    

    Being short on FMG at or around the $5 mark – sit back. I think them guys will see $3.50 again soon enough.

    
    

    
    

    Commenter
    Liberator
    
    Location
    
    SEQLD
    
    Date and time
    
    October 15, 2013, 11:08AM
    

  
  
  • 
    

    
    

    he has been this year, 100% strike rate according to him.

    
    

    
    

    Commenter
    fan of allan
    
    Location

    
    

    Date and time
    
    October 15, 2013, 11:37AM
    

  
  
  • 
    

    
    

    Aww… fan… cheer up. You’ll get somewhere one day.. he he…

    
    

    
    

    Commenter
    Allan
    
    Location
    
    Prahran
    
    Date and time
    
    October 15, 2013, 12:01PM
    

  
  
  • 
    

    
    

    have been thinking of putting a short on this stock for the last few days, but it just keeps going up… doesn’t make sense at all

    
    

    
    

    Commenter
    panda
    
    Location
    
    perth
    
    Date and time
    
    October 15, 2013, 12:34PM
    

  
  


• 
  

  
  

  Gee I was hoping to add to shorts today but prices aren’t high enough yet. Pollyannas get to work!

  
  

  
  

  Commenter
  Allan
  
  Location
  
  Prahran
  
  Date and time
  
  October 15, 2013, 10:33AM

  
  


• 
  

  
  

  Should we say poor old Anna Bourke or should we say what a right proper Bourke. The participation voting method was to remove the power brokers. It appears that the power brokers have migrated their influence. I find it a shame that ALP positions are not allocated according to talent. There is nothing more boring than to listen to lightweight politicians waffling.

  
  

  
  

  Commenter
  Bearly Gruntled
  
  Location
  
  Land of hot air
  
  Date and time
  
  October 15, 2013, 10:32AM

  
  
  • 
    

    
    

    Not a lightweight, at least not physically, but I heard Hockey on ch24 this am talking about the impasse in the US . He sounded like the new boy at the table making what he thought were the right noises, hoping listeners would think he knew what he was talking about, but instead saying the bleeding obvious. I don’t think he has a clue. I pity Treasury Finance having to deal with him. Hockey is going to learn that it’s all too easy to criticise gov’t economic policy but all too hard to actually formulate the right policy for the right time. By now, 5 weeks after the new gov’t being elected, I would have expected some kind of strong guidance on what directions the new gov’t would be taking, particularly in light of the so-called “Budget Emergency”. What a con job on the electorate that was. Business needs some guidance as to where the gov’t will be cutting and where it will be stimulating and how it’s going to achieve a surplus and at whose expense. Instead nothing.

    
    

    
    

    Commenter
    mitch of ACT
    
    Location

    
    

    Date and time
    
    October 15, 2013, 11:02AM
    

  
  
  • 
    

    
    

    @Mitch. Hockey has been very disappointing. I seriously didn’t think we could do worse than Labor but I think I was very wrong. Australia needs a bipartisan arm of government that ensures policies from whichever woeful party’s in at the time has our countries future at the core of its policies. That’s what’s missing in Australia.

    
    

    
    

    Commenter
    JohnBB
    
    Location

    
    

    Date and time
    
    October 15, 2013, 11:42AM
    

  
  
  • 
    

    
    

    Mr Grunt
    I think we should make Angela Merkel and offer to run this joint in her coffee break
    On the serious side, it is Unbelievable that our PM is the worlds highest paid, or ein Deutche , unglaubliche

    
    

    
    

    Commenter
    stuarth44
    
    Location

    
    

    Date and time
    
    October 15, 2013, 1:00PM
    

  
  


• 
  

  
  

  LOL pollyannas never learn.

  
  

  BUY! BUY! BUY!

  
  

  ROFLMAO!

  
  

  
  

  Commenter
  Allan
  
  Location
  
  Prahran
  
  Date and time
  
  October 15, 2013, 10:25AM

  
  
  • 
    

    
    

    I hope you’re right ! Sold more ARI at $1.37 !

    
    

    
    

    Commenter
    got brain
    
    Location

    
    

    Date and time
    
    October 15, 2013, 10:49AM
    

  
  


• 
  

  
  

  I certainly didnt pick that CRZ would rally so soon. Up almost 5% atm

  
  

  
  

  Commenter
  igroki
  
  Location

  
  

  Date and time
  
  October 15, 2013, 10:23AM

  
  


• 
  

  
  

  Yale’s Prof. Shiller’s been great to watch on TV shows I’ve seen. Now there’s a new word in my vocab…”bubbly”. I wonder if he’ll get a bottle of bubbly to celebrate his noble Nobel award?

  
  

  
  

  Commenter
  Gordon Gekko
  
  Location
  
  Greg Coffey World
  
  Date and time
  
  October 15, 2013, 10:13AM

  
  


• 
  

  
  

  The current bond and stock market reactions to the stand-off in the US are unnerving. The markets are saying to the tea party, we know you have a gun pointed at our heads but because the consequences of pulling the trigger are so great, we know you won’t do it, so we don’t plan to allocate a risk premium to your actions. It is like making dinner reservations on the phone while an unstable man with a gun threatens to shoot you during a police stand-off. He doesn’t have to pull the trigger to cause immense damage, just hitting you with the gun can disrupt your dinner plans……

  
  

  
  

  Commenter
  why a tea party?
  
  Location
  
  lets have a rum rebellion
  
  Date and time
  
  October 15, 2013, 10:10AM

  
  


• 
  

  
  

  The euphoria of free money – going to be a nasty end to it all.

  
  

  
  

  Commenter
  Liberator
  
  Location
  
  SEQLD
  
  Date and time
  
  October 15, 2013, 10:10AM

  
  
  • 
    

    
    

    Agreed 100%

    
    

    
    

    Commenter
    Pierre
    
    Location

    
    

    Date and time
    
    October 15, 2013, 11:47AM
    

  
  


• 
  

  
  

  Churchill once said that Americans could always be counted on to do the right thing, after exhausting all other possibilities…

  
  

  Not that the fractional banking system is the right thing but at this point printing money is about all they have got left. or should that be “the rest of us have got left” all the dominos are lined up.. perhaps only a fool would wish the first one to fall.

  
  

  
  

  Commenter
  Lean Too
  
  Location

  
  

  Date and time
  
  October 15, 2013, 10:08AM

  
  
  • 
    

    
    

    Let them fall…….it would be the anti biotic this profit obsessed, imbecilic society truly needs.

    
    

    
    

    Commenter
    The Seer
    
    Location

    
    

    Date and time
    
    October 15, 2013, 1:53PM
    

  
  


• 
  

  
  

  10000 jobs gone, assets all gone, 400 000 extra people a year; one could be Einstein. Let’s f ing hope so hey? Nothing to worry about our politicians know exactly what they’re doing to ensure our kids’ futures. This would all be so funny if only the people destroying us were hurt, unfortunately that’s not how this will turn out.

  
  

  
  

  Commenter
  JohnBB
  
  Location

  
  

  Date and time
  
  October 15, 2013, 9:59AM

  
  
  • 
    

    
    

    Corporate and shareholder greed will continue to trample what the people of Australian, our workers, built. Down down down.

    
    

    
    

    Commenter
    Liberator
    
    Location
    
    SEQLD
    
    Date and time
    
    October 15, 2013, 10:40AM
    

  
  


• 
  
  • 
    

    
    

    Hey Lib. I was at Surfers over the past few days. Beautiful. Particularly Mariners cove . I’m going to keep an eye on RE up there. I know you don’t like it atm but if it comes down a bit more I’m buying.

    
    

    
    

    Commenter
    JohnBB
    
    Location

    
    

    Date and time
    
    October 15, 2013, 11:22AM
    

  
  
  • 
    

    
    

    It is a nice place mate – no doubt about it. Not that I hate the RE… I hate the hype and spivs around it here – all full of s***. You might even be able to get heavily discounted apartment in the current market. There is a glut here you wouldn’t believe.

    
    

    Sold – The other week very nice high rise, 12th floor, beach front unit, direct ocean / beach view unhindered, 2 bedder, 2 bath, double basement parking, low body corp, complete reno to mint condition – $439K. Same property sold in 2006 – $490K. OUCH.

    
    

    
    

    Commenter
    Liberator
    
    Location
    
    SEQLD
    
    Date and time
    
    October 15, 2013, 2:43PM
    

  
  


• 
  

  
  

  Morning All
  Abt intraday trades Saithong
  Ah I am very pleased you took this method onboard
  With RIO and CBA you can see these huge shifts intraday and then you realise just how much money is being made
  I have the chance to make what is in my opine, a lot of money because I am shifting over 10000 shares at any one time(not RIO) and one needs to work on a min of 20 cents as the brokerage gobbles it up,
  Abt 3 years ago I gave it a serious shot, I did 8x 100k trades in a day and made–600 bucks, pathetic, I was using 10 cents
  But I have rarely intra day traded That’s going to change, going to practice what I preach
  I have Metastock, but I do not use it as I simply cannot get to grips with it
  So I fly by seat of pants, just watching two stocks all day , all week, all year
  Sure I have dabble in things like BLY , ASB, UGL from time to time
  But seeing as I never use stop loss, then I prefer staying with the so called Blue Chips,
  Using stops with those will just cost and they always come back with time
  I’ll be watching RIO today to see how you fair,
  My wife had RIO at the top, what were they 180? she bought at 50
  I made her adviser sell at 80, he fought me, I won and made money for her buying cba at 50 and then nab and wbc. His words”‘ you have to have RIO they are an icon” what nonsense, sentiment must never come into it

  
  

  
  

  Commenter
  stuarth44
  
  Location
  
  S.E QLD 10 yrs pls 2 hrs behind the World
  
  Date and time
  
  October 15, 2013, 9:55AM

  
  
  • 
    

    
    

    From my point, I believe that is gambling so I prefer to use company value and growth prospects with long term view.
    Am not criticising what you do, but I believe more in the concept of investing in a company the same as I do with property etc.
    Good luck if it works for you; I’ll stick to the method which has served me extremely well for many years….. Buy, Buy, Buy only !

    
    

    
    

    Commenter
    Pierre
    
    Location

    
    

    Date and time
    
    October 15, 2013, 10:27AM
    

  
  
  • 
    

    
    

    Brokers are weird people. No surprise that DIY investing is all the rage now

    
    

    
    

    Commenter
    igroki
    
    Location

    
    

    Date and time
    
    October 15, 2013, 10:29AM
    

  
  
  • 
    

    
    

    Weird is that the best you can do. I think its a safe haven for massive white collar crime. Brokers inhabit a fantasy land where they can play with monopoly money, If things go bad well just gamble some more, if that does not work just do a bit more jiggery pokery, its all OK unless it is billions it will be covered up by the company who does not want bad publicity. And even if it is billions, a few years in gaol, if your really unlucky, then live high on hog on the hidden money for the rest of you life. The courts do not really see white collar crime like working class crime, and of course justice has its inverse price, the more money you have the less time you do.

    
    

    
    

    Commenter
    Peter
    
    Location
    
    Sunbury
    
    Date and time
    
    October 15, 2013, 11:18AM
    

  
  


• 
  

  
  

  Whats the best/cheap online platform to trade on?? currently using westpac online investing.

  
  

  
  

  Commenter
  LOLO
  
  Location
  
  melbourne
  
  Date and time
  
  October 15, 2013, 9:53AM

  
  
  • 
    

    
    

    Cheapest – Bell Direct or NabTrade I think

    
    

    
    

    Commenter
    igroki
    
    Location

    
    

    Date and time
    
    October 15, 2013, 10:15AM
    

  
  
  • 
    

    
    

    I am definitely no expert, however having used a few I find comsec the easiest to use and navigate; also with good research tools.

    
    

    
    

    Commenter
    Pierre
    
    Location

    
    

    Date and time
    
    October 15, 2013, 10:22AM
    

  
  
  • 
    

    
    

    Thats Aussie brokers ofc.

    
    

    Idk Westpac rates – but its worth trying to negotiate for a better deal

    
    

    Commsec has a whopping 50% + market share. They dont care about being cheap. Other brokers are desperate to keep customers and will negotiate.

    
    

    
    

    Commenter
    igroki
    
    Location

    
    

    Date and time
    
    October 15, 2013, 10:22AM
    

  
  
  • 
    

    
    

    Interactive Brokers seem very good to me, have had no issues with them at all , pricing and market access is excellent

    
    

    
    

    Commenter
    Chris
    
    Location
    
    Sydney
    
    Date and time
    
    October 15, 2013, 10:50AM
    

  
  
  • 
    

    
    

    I’ve researched several recently. For me ‘real time’ price updates is critical. We retail investors are already at enough of a disadvantage and a lot can happen in 20 minutes! With some of the products listed here , it doesn’t come as a default feature. You either pay per month (eg. $40) or need a minimum number of trades.

    
    

    
    

    Commenter
    Yin or yang
    
    Location

    
    

    Date and time
    
    October 15, 2013, 1:43PM
    

  
  


• 
  

  
  

  A huge dead cat bouncing!!
  Come on Allan cheers us up again

  
  

  
  

  Commenter
  I told you so
  
  Location
  
  Melbourne
  
  Date and time
  
  October 15, 2013, 9:49AM

  
  
  • 
    

    
    

    up up
    He He

    
    

    
    

    Commenter
    NAB MAN
    
    Location

    
    

    Date and time
    
    October 15, 2013, 10:15AM
    

  
  
  • 
    

    
    

    Up? NAB was $35 over 10 years ago. He he…

    
    

    
    

    Commenter
    Allan
    
    Location
    
    Prahran
    
    Date and time
    
    October 15, 2013, 10:52AM
    

  
  


• 
  

  
  

  Huge Broad losses for asx. I like it!
  Watch out next week.
  US Govt shut down..
  Debt limit coming…
  Enjoy!
  Commenter
  Allan
  Location
  Prahran
  Date and time
  October 04, 2013, 4:16PM

  
  

  
  

  Commenter
  REM
  
  Location
  
  it’s the end of the world as we know it…
  
  Date and time
  
  October 15, 2013, 9:47AM

  
  
  • 
    

    
    

    Thanks alpha. Good to see you’re paying attention.

    
    

    
    

    Commenter
    Allan
    
    Location
    
    Prahran
    
    Date and time
    
    October 15, 2013, 10:37AM
    

  
  
  • 
    

    
    

    alf, as the most boring man on the planet, what day to day challenges do you face?

    
    

    he he

    
    

    
    

    Commenter
    Mr Stipe
    
    Location

    
    

    Date and time
    
    October 15, 2013, 10:51AM
    

  
  
  • 
    

    
    

    everybody hurts al…..sometimessssssssss al…everybody hurtssss allan

    
    

    
    

    Commenter
    REM
    
    Location
    
    @feeling the shorter’s pain
    
    Date and time
    
    October 15, 2013, 10:58AM
    

  
  
  • 
    

    
    

    Seems it’s you that’s hurting. He he…

    
    

    
    

    Commenter
    Allan
    
    Location
    
    Prahran
    
    Date and time
    
    October 15, 2013, 11:23AM
    

  
  


• 
  

  
  

  Another HOPE rally ?

  
  

  
  

  Commenter
  The Oracle
  
  Location
  
  2233
  
  Date and time
  
  October 15, 2013, 9:39AM

  
  
  • 
    

    
    

    Until Febuary ?

    
    

    
    

    Commenter
    Pierre
    
    Location

    
    

    Date and time
    
    October 15, 2013, 10:01AM
    

  
  
  • 
    

    
    

    Where’s it rallying to? It was already at massive resistance. What is Hockey talking about? Back pocket, live within our means? Do we now need to use “read between the lines glasses” to understand what he’s talking about as well as the US Fed?

    
    

    
    

    Commenter
    JohnBB
    
    Location

    
    

    Date and time
    
    October 15, 2013, 10:03AM
    

  
  
  • 
    

    
    

    A “bubbly property boom” as well as “bubbly share market”.

    
    

    Bubble bubble, toil and trouble.

    
    

    
    

    Commenter
    The Oracle
    
    Location
    
    2233
    
    Date and time
    
    October 15, 2013, 10:21AM
    

  
  
  • 
    

    
    

    Actually it’s “bubble double toil and trouble” which is even more apt.

    
    

    
    

    Commenter
    Allan
    
    Location
    
    Prahran
    
    Date and time
    
    October 15, 2013, 10:58AM
    

  
  
  • 
    

    
    

    Actually it is double double toil and trouble. Unless Allan you were trying to be funny.

    
    

    
    

    Commenter
    Billy Wobblestick
    
    Location
    
    Forest Hills
    
    Date and time
    
    October 15, 2013, 11:30AM
    

  
  
  • 
    

    
    

    that’s the thing billy…this bloke is not trying to be funny with his posts..he is dead serious…lol

    
    

    
    

    Commenter
    the nfi
    
    Location
    
    would you like fries with that allan?
    
    Date and time
    
    October 15, 2013, 1:53PM
    

  
  
  • 
    

    
    

    He he… fries? No thanks. Congratulations on your new job though.

    
    

    
    

    Commenter
    Allan
    
    Location
    
    Prahran
    
    Date and time
    
    October 15, 2013, 2:48PM
    

  
  



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