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  • EU reaches an agreement (again)...

    In This Issue...

    * Jobs data is massaged...
    * EU reaches an agreement (again)...
    * Ben warns Congress we are in a 'dark place'...
    * Report shows strong growth in New Zealand...

    Good day, and happy Friday to everyone. The end of another week minus Chuck who will be back in the saddle in a few more days. Chuck is working down in Florida today, giving a presentation at an investment conference. The dollar went on another amusement ride over the past 24 hours, appreciating during the US trading day and then falling back down overnight. It has settled in right about where it was this time yesterday morning with a few exceptions....
  • 3 Million Foreclosures Forecast For 2010!

    In This Issue..

    * Dollar is in the drivers seat on rate forecasts...
    * And I'll debunk those forecasts!
    * Bernanke gets re-confirmed...
    * The PPT revisited...

    Good day... And a Happy Friday to one and all! A Fabulous Friday in my book so far... The wind is blowing so hard outside that the door to the building wouldn't open for it was opening against the wind! Have I told you all recently how much I dislike cold weather? I gotta go where it's warm! And... Hopefully I will next week, when I head to Orlando for the Money Show... Last year, it was cold there too, so I was very disappointed! But back in the day when Alex was young, we used to go early, and spend a few days at Disney World, we always had warm weather then...

    OK... Another day, another day of listening to dolts talk about rate hikes coming in the near future for the U.S. I'm going to go into the reasons, and please notice, I have an "s" at the end of reason, in a bit, for why I think these people are showing their doltness...

    ...
  • Thin trading brings tight ranges...

    In This Issue..

    * Thin trading brings tight ranges...
    * Searching for the exits...
    * Mixed data in Europe...
    * Yen and Real make strange bedfellows...

    Good day...We had a pretty quiet 24 hours in the currency markets, with the majors all trading in a very narrow band vs. the US$. We will probably have a few more of these days during the next two weeks, as currency desks are manned by the backups and trading thins out. Many of the institutional investors will be moving to cash in order to preserve gains for their year end statements, and individual investors will have the holidays to take them away from the markets. Occasionally we will get a rogue piece of economic data which shoves the market one way or the other, but we typically won't see any long term positions being put on during the last two weeks of the year....
  • It’s A Jobs Jamboree Friday for 12/04/2009!

    In This Issue..

    * Commodity Currencies rebound...
    * Gold sees profit taking...
    * Canary in a coal mine...
    * It's Moving Day!

    Good day... And a Happy Friday to one and all! It's Moving Day for us here in the EverBank St. Louis office, as we will pick up our belongings and walk next door, to a larger, space, with some incredible views! We moved into this space 5 years ago, and we've been busting at the seams, with the threads holding on to dear life, for over a year now... So, this move is welcomed. Like I said the other day, in 1999, I sat in an office that we rented from the kind folks at Paylinx, and that was the beginning... From that tiny office to this! WOW!

    ...
  • US leading indicators push higher...

    In This Issue..

    * US leading indicators push higher...
    * Labor department admits errors...
    * Ben Bernanke heads to the hill...
    * PIMCO suggests buying emerging markets...

    Good day... A quiet trading day to start the week off yesterday. As I turn on the computers this morning the dollar index is trading right at the level it was yesterday morning. The currencies were up a bit through most of Monday's trading day, but the dollar came back in Asian trading leaving us right about back where we started.

    The only data released yesterday was the index of US leading indicators which rose slightly in June for a third consecutive month. The numbers gave a bit of hope for all of the bulls, with many exclaiming that the US economy has turned a corner and the recession has ended. I am not so sure, as rising unemployment and continued weakness in the housing market will likely hold any recovery back....
  • Desperately Seeking Yield...

    In This Issue..

    * Currencies rally...
    * More on the BRIC's...
    * New Zealand's GDP contracts..
    * Bernanke gets grilled!

    Good day... And a Happy Friday to one and all! The end of what seemed to be a very long week... The last weekend in June, can you believe that? Next week, we'll be getting ready for the 4th of July celebrations! WOW!

    Well... What a volatile week it has been in the currencies! Up, down, all around, and settling back to levels that we saw before the Fed's FOMC meeting earlier this week. Suddenly, investors are looking for yield again... Looks like they are "Desperately Seeking (not Susan) Yield! And why not? The Fed, and the Bank of Canada (BOC) have come out and said that there will be no interest rate hikes until we've turned quite a few pages on the 2010 calendar....
  • Increasing SDR Issuance...

    In This Issue..

    * Fed confuses markets, risk assets get sold...
    * SNB intervenes to stop franc's rise
    * ECB issues 12-month liquidity...
    * Bernanke to get grilled?

    Good day... And a Tub Thumpin' Thursday to you! Yes, I know the currencies and commodities got whipsawed yesterday, and my Cardinals got spanked, but that's no reason for us to not enjoy a Tub Thumpin' Thursday! Every day is a gift, and it has nothing to do with stocks, bonds, currencies, and commodities!

    OK... Not that I try to be philosophical, sometimes it just comes out that way! Besides, you don't want to think that I'm just a smart *** all the time! HAHAHAHAHAHA!

    Well, as I said in the open, the currencies and commodities got whipsawed yesterday, and the culprit was the FOMC minutes... You see, the Fed Reserve met to discuss rates, and other items. And what they said just blew away the bond vigilantes, and really ticked off the Hawks, but in the end, what they said, was really that things will remain status quo......
  • May Day empties the trade desks...

    In This Issue..

    * May Day empties trade desks...
    * Chrysler declares bankruptcy...
    * SEC to investigate Paulson and Bernanke??
    * China continues to grow...

    Good day...and Happy May Day to everyone. Most associate May Day with the Soviet Union, where the communists turned it into a 'celebration of the worker'. But its origins are actually in central Europe where it developed from a combination of several pagan holidays celebrating the end of winter in the Northern Hemisphere. It never really took flight in the US, but is still a popular holiday in most other parts of the globe. With the way our government has been using tax payer funds to take over struggling companies, May Day could become a larger holiday here in the US also! Most of the trade desks throughout Europe are closed today, and many of the traders left early yesterday, so the currency and metals markets were pretty quiet....
  • Talking Stimulus...

    * A very tight range for currencies... * RBA cuts rates to historic low! * Spending that doesn't create jobs... * Gold see profit taking... ** Talking Stimulus... Good day... And a Terrific Tuesday to you! On the road again, I just can't wait to get on the road again... Yes, all my bags are packed and I'm ready to go! Won't be back until late Saturday night, and back in the saddle next Monday. And I'm leaving just in time, as yet another cold front has moved into St. Louis! UGH! Well... Let's see... What to talk about today? I could talk about the Aussie rate cut and stimulus package... I could talk about the "new and improved" stimulus package and all the "non-stimulus spending attached to it... I could talk about how it sure seems as though the euro, and then the other currencies, are taking their cues to rally from equities... Now, this is certainly a short term phenomenon because we all know that currencies have different pricing mechanisms than stocks, and a very low correlation to stocks, which is why they make excellent diversification assets, along with Gold and Silver....