| | Wednesday 14 November 2012 THOUGHT FOR THE DAY  They Won't All Be Down Hello Share Fanciers,
There is a tendency, gang, to think that because the Footsie is down all your shares are down. Not true. There are many days that I check my portfolios with some trepidation after seeing the big index take a bit of a dive.
And I have been pleasantly surprised to find that the total is better than the day before. This is because not all shares fall or rise at the same time. Now this seems obvious, but in Crazyland the obvious is sometimes worth stressing. We don't always see the obvious in the Big City.
This is a topsy turvy world where the 'obvious' is often missing and the 'fancy that' is more often the case. (I think that makes sense, but I never know these days.)
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London Pre-open FTSE set to track US stocks lower
City sources predict the FTSE 100 will open down 26 points from yesterday's close of 5,786, tracking losses seen in the US overnight.
After a strong start on the back of strong earnings from Home Depot, US stock markets yesterday sunk into the red by the close as concerns about the dreaded 'fiscal cliff' dampened the mood.
The 'cliff' refers to a number of laws that, if unchanged, would result in over $600bn of automatic tax increases and spending cuts starting in January. President Barack Obama is set to meet with Congress this week to discuss plans to avert the automatic change in laws.
It's a busy day today, announcement wise, with the UK Balance of Trade, BoE Inflation Report, Claimant Count Rate, and the Unemployment Rate all due out at 09:30.
Looking abroad, on the agenda are: US Business Inventories, FOMC Interest Rate Minutes, US Manufacturing Inventories, US Retail Sales, and EU Industrial Production.
In company news, underlying half-year profit before tax was ahead of expectations at Sainsbury as it continued to outperform in a challenging market. Underlying profit before tax in the 28 weeks to September 29th was up 5.4% to £373m from £354m the year before. Seymour Pierce had gone for £370m while Charles Stanley had plumped for £363m. Total sales, including valued added tax (VAT) and fuel, were up 4.0% to £13,365m from £12,848m the year before, while excluding fuel they were 4.1% year-on-year. Like-for-like sales growth in the reporting period, including VAT and excluding fuel, were up 1.7%.
All of the financials are in line with expectations this year at Tullow, while the oil group remains on target to deliver average net production of 80,000 to 84,000 barrels of oil equivalent per day (boepd) for the full year. The group's interim management statement covering the second half of the year said operational and financial performance has remained strong.
Engineering consultancy AMEC said it was trading in line with expectations despite ongoing economic uncertainty. The firm said mining activity was slowing, but conventional oil and gas activity remained strong, particularly in the North Sea and Gulf of Mexico. Its order book was £3.6bn at the end of October, compared to £3.3bn the previous year, and down slightly from £3.7bn in June. "We are on track to deliver double-digit underlying revenue growth for the full year and we expect to deliver good growth in 2013," said Chief Executive Samir Brikho.
THE LATEST ON THE CRAZY BOARD The top 5 hot company threads on the Bulletin Board: Leni Oil & Gas Caza Goldplat Wincanton The Running Trading Thread
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BOOK OF THE WEEK  By Nassim Taleb
A book review by Ross Jones The majority of us want to push for more in our lives and it is my belief that without the drive and ambition to succeed in your job, and your everyday life, things would be pretty boring. But that then sparks the question; what makes some people more successful than others? The typical answer would be skill, talent, effort and dedication, but Nassim Taleb suggests it is something altogether more unpredictable. The author of the fantastic The Black Swan argues that success, and even life, is all about luck. Taleb proposes that it is only because we fail to truly grasp the role of probability in our lives that we continue to put our respective successes down to skill and talent, as opposed to chance.
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