The good vibes from the stock market’s apparent recovery earlier this week were blown away over night. We blame the gale force winds that deposited about a kilo’s worth of grit on our scalp yesterday as we walked along St. Kilda Road. But you may as well blame the two likeliest characters: Ben Bernanke and Australian stock broker Opes Prime.

We have good news for Australia. Earnings are going up for some companies! Rising resource prices for tangibles like coal, iron ore, and gold should continue to generate earnings growth for Aussie exporters. It’s true that energy costs are rising for Aussie producers and the strong local dollar puts a dent in earnings.