Browse by Tags

Daily Pfennig

Blog Subscription Form

  • Email Notifications
    Go

Archives

  • A Change Of Heart?

    In This Issue..
    * Very Tight trading ranges...
    * Gold and loonies are cheaper today...
    * What are these guys thinking?
    * China not 'ideal' to buy gold?

    Good day... And a Terrific Tuesday to you! Well... Here we are this morning, the currencies have basically remained stalled, with only the 'higher yielders' making any headway, albeit small headway.

    The non-dollar currencies saw a bit of selling yesterday morning, after I signed off, but have rebounded, like I said, a bit in the overnight markets. There's a feeling among us here on the trading desk that we're about to break out here... It's either going to be a break out to the high side or the low side... But I doubt that we're going to remain in these tight ranges for too much longer. But, that's just my opinion, of course, I could be wrong!...
  • The Treasury Secretary rides to the rescue...

    In This Issue..

    * Geithner rescues the stock market...
    * Commercial real estate, the next big drag...
    * Norway: the new safe haven...
    * China pushes for a new reserve currency...

    It was a dramatic day on Wall Street yesterday, with the major stock indexes surging as much as 6 percent, including the Dow Jones which jumped more than 400 points. The reason for all of this euphoria on Wall Street? A combination of Geithner's plan to rescue the banks from the toxic debt in which many are mired, and a surprisingly large uptick in existing home sales. I touched briefly on the Giethner plan in yesterday's Pfennig and readers know I am more than a little skeptical about its possible success.

    But the housing numbers really caught me off guard. Existing home sales jumped a tremendous 5.1% in February, clearly above all expectations. But Chuck pointed out that the almost 1/2 of the sales were either foreclosures or short sales, hardly what you would call a 'rebound' in home sales! And these additional existing home sales came at deep discounts. The median price for an existing home fell 15.5% in February 2009 to $165,400 as compared to $195,800 in February of 2008....