Dear %%first_name%%,
The local market wasn’t overly impressed by new PM Kevin Rudd’s cabinet line-up this morning, and I’m not really either. Not that I’m unimpressed, just that I’m not sure they can do much to change the election outcome in September.
I took a bit of a break from it all last week to reconsider my SMSF and add some banks. Maureen (my wife and business partner) will tell you more about how we actually manage our SMSF on Thursday, but if you want to know why I think buying good shares is like buying property, read my morning missive below.
Also in today’s Switzer Super Report, Paul Rickard will update you on our portfolios’ performance in June. All in all, they had a good six months. Tony Negline wishes you a happy new financial year with a checklist for your SMSF(including spouse contribution splitting) and we take a grab of Lance Lai’s ASX200 chart from his appearance on my show last week.
Penny Pryor looks at a new property report in the auction clearance rate wrap-up from the weekend, and the weekly broker report ponders whether the worst is over for the mining sector.
Sincerely,
Peter Switzer
When chart guru Lance Lai appeared on Switzer TV last week with his outlook for the US market, gold, China and the ASX200, he expressed some surprise that the ASX 200 had fallen so quickly past the S level on the chart below. When he last appeared on the show (in May) he was expecting an effective fall just to around the S level, based on the fall in the Aussie dollar.
CHART HERE
“What’s happened since, is the market has ignored what it is an effective fall for an adjusted fall in the AUD and it has actually fallen to that level (S),” he said last Thursday.
“I think we have some more challenges in the short term.”
(See more of the interview here)