Tom
Scollon
Chief Editor		 Company earnings season is well under way in the USA and generally reports have been well received by the “street”. This led Wall Street to finish the week on a very positive note. This has held up an otherwise tepid market cooled by the reduced buying pressure. There are fewer stocks in the USA that are now compelling buys. This is not a matter for concern. On the contrary it is a pause and what we are seeing is a very orderly retreat.

In Australia we cannot avoid watching the direction of the USA market as it has such a profound and on-going impact on our market action. Thus the Wall Street rebound on Friday will spur our market to a new high although I suspect a more reserved move than we saw in the USA. In my article below I review the current markets and suggest investors be a little wary and exercise a modicum of discipline.

Noel returns after a well earned break. Having spent the last two weeks as a “road warrior” I value even more the contributions that Aaron, Noel, Mike and Wayne make each week in their articles given the furious travel schedule they maintain. One added benefit for you in their travels is that many of you get to meet them in person at the seminars at which they present. I am sure they will be pleased if you make yourself known to them!