Interesting WOW and Coles report. Cole as I anticipated (based on MY shopping experience) did better 3% against 2.9% improvement. Both these results are pretty poor the competition and discounts are hitting their profit especially WOW since the new store and refurbishments didn't help! I believe WOW is long term short and will short this morning. Don't expect much to happen to market with all this negative budget talk. Certainly unlikely to go up much the next week downward pressure due to negative talk and sentiment. Particularly consumer spending. Guys who is going out to buy new TV and furniture in next month - certainly not my family OR more importantly my sister family - they are bankrupt essentially at ages 55 and 58!
