Ann: Preliminary Final Report-WOR.AX, page-14

just further to this - as general comment on stock market - would appreciate your views DSD.

Last night housing starts came in strong in the USA. Basic materials and the market in general cheered (as they always do). My thoughts are that how this plays out is - the market cheered last night. Tonight and tomorrow they realise that puts more pressure on the FED to raise rates, and leading into Fridays FED speak they get very nervous and sell everything down again.

It was interesting last night to see Oil quite week for most of the session. In the afternoon it gained on the silly resurgance of OPEC cut talks - but this morning it is off 1% again.

BHP is up strongly today. Last night I shorted the open (actually pre-open - along with RIO) and bought back for profit on close (lows). Today I am shorting BHP above 21.55 and expect we see lower levels before Friday Fed talk.

Any thoughts?