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  • The Euro Gets Bogged Down...

    In This Issue..

    * A split among ECB ministers...
    * Trichet walks a fine line...
    * China and gold and copper...
    * Canada's economy has a pulse...

    Good day... And a Happy Friday to one and all! A Fantastico Friday as well, as all our prayers were answered once again, and my scans were clean! YAHOO! They did see something in my lung... It's called pneumonia! I knew this "thing" I had was more potent than anything I had ever had before... So... The proper medicine was dispatched, and hopefully in about 4 days I'll have this whipped! I've got the whole weekend to rest, and drink plenty of fluids! Now if I wasn't sick, that last sentence would take on a whole new meaning, if you get my drift!

    OK... Now that we have that housecleaning out of the way, it's time to go to work! Well, the currencies traded in a very tight range yesterday, only to see the euro lose ground in the European session, this morning, as ECB President Trichet, deep sixed the currency this time!...
  • 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....