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  • Jobs Jamboree Disappoints... AGAIN!

    In This Issue..

    * Currencies rally on Friday...

    * But show some slippage this morning...

    * FOMC week, will they announce more stimulus?

    * Norwegian krone is best monthly performer!

    And Now... Today's Pfennig!

    Good day... And a Marvelous Monday to you! Well... I'm Baaaaaacccckkkkk! What a great vacation! Any time I get to spend time with my family, is special... And to do when you're camping... Well, if you've ever done that with your family, you know what I'm talking about... And talk about being "away from the markets"...

    So... Yesterday, I got all caught up with what Chris had to say last week, and let me stop here to say a BIG Thank You to Chris, for taking the conn on the Pfennig last week... A great job as usual! Chris did leave me a few notes on the Friday happenings and that helped me get the "motor" started to write this morning!

    ...
  • A Week Dominated By Data...

    In This Issue..

    * Both sides of the ship...
    * Currencies remain well bid...
    * ECB and Riksbank meet this week...
    * Baiting the hook for more stimulus?

    Good day... And a Marvelous Monday to you! The Heat Wave finally broke Saturday night, and we had just one of the most beautiful days yesterday that I have ever seen! Which was good, because we had a backyard full of first kids, and then family to celebrate Alex's 14th birthday!

    Well... We have a week ahead of us that will be dominated by the U.S. data cupboard. And this week, we'll get the June Jobs Jamboree (JJJ) on Thursday instead of Friday. Saturday is the 4th of July, and I guess the Bureau of Labor Statistics (BLS) isn't working on Friday! HA! No, they do this every now and then when the markets will be quite thin on a Friday before a Holiday weekend. And this week qualifies BIG TIME! It will be the 4th of July! And maybe, just maybe because you never know, someone in Washington D.C. will realize that the it's supposed to be about WE THE PEOPLE, not we the politicians......
  • Labor Market Continues To Deteriorate...

    * Merkel leaves us wanting... * Gold soars higher overnight! * Indian rupees' worst week! * Greenspan = Very Bad Idea! ** Labor Market Continues To Deteriorate... Good day... And a Happy Friday to one and all! It got cold here again... I can't wait for my March trip to a warmer climate! GM's Swedish unit Saab is filing for protection from creditors, so that it can reorganize into a business independent of GM... Hmmm... Everyone is jumping the GM ship... Well, it's Friday, and that means yesterday we saw the print of the Weekly Initial Jobless Claims... And once again, the rot on labor's vine was exposed... The total Claims files last week was 627K, the experts had forecast 600K... But here's the thing that really hits home... The number of Americans collecting unemployment benefits has jumped to 4.99 Million, and each week and new record number is established... It certainly tells me that the labor market is still deteriorating......
  • A Retail Sales Surprise!

    * 623K new unemployment claims filed.. * G-7 begins today.. * Dealing from a position of strength.. * Valentine's Day tomorrow! ** A Retail Sales Surprise! Good day... And a Happy Friday to one and all! Front and center this morning, a Continental regional plane crashed near the Buffalo airport overnight, and all 48 on the plane were killed, along with 1 person in a home. Not Happy news for a Friday morning, for sure... Our thoughts should be with the familes of these people today... I want to say thank you to all who responded yesterday to me regarding my hissy fit I had yesterday morning regarding the minority objections to my opinions... The vote is in... It was a landslide in favor of me being me, and not what the few objectors want me to be. So, I will continue writing the Pfennig in the manner the majority expect... I don't want this to sound cold, but those that feel the need to send me nasty emails, could you please just unsubscribe instead?...
  • It's Not My Fault, It Must Be Yours!

    * What's $78 Billion among friends? * Currencies fade with bias to buy Gold... * Could the Carry Trade Unwind be done? * U.S. soccer beats Mexico... ** It's Not My Fault, It Must Be Yours! Good day... And a Thunderin' Thursday to you! Well... Front and center this morning, I'm going to tell you something that will surprise a few and make a few happy. I've had my say on the Bailouts, TARP, Stimulus, and spending. I've beaten them to a pulp, and some readers have expressed their contempt with me carrying on with this beating. So... Unless something cracks, I'll just leave it all as it stands, and go on with life. This all has been too much for my blood pressure to take! I'll report the facts on this stuff, and leave the commentary for people that think they "know better"... For instance, it was reported the other day that the Treasury Dept. has overpaid for stock received from TARP recipients by $78 Billion. You see, for every $100 given in TARP, the Treasury was to receive $100 in stock / assets, but when all the beans are counted, the Treasury is $78 Billion short on stock /assets... But, what the heck, what's $78 Billion among friends?...
  • Jobs Jamboree / Horror Show!

    * 598K jobs lost in January... * Currencies rally with stocks... * G-7 this weekend... * More thoughts on Gold... ** Jobs Jamboree / Horror Show! Good day... And a Marvelous Monday to you! Well, Chris and I returned Saturday night and it was warmer in St. Louis than it was in Orlando Florida! Un-Be-Live-able! I know that it stayed warm there however, as opposed to here! The Money Show was good, not the best one or even close to the best one I've attended, but as I told Chris, I believe it was simply "a sign of the times"... Bad economic times that is! OK... Let's get this ball rolling, eh? The currencies had a nice rally on Friday, as the Jobs Jamboree turned out to be a horror show... But I don't think it was the Jobs Jamboree horror show that pushed the euro and other currencies higher. I think it was the stock market rally. Recall, last week, when I told you that the stocks and currencies had been trading side by side, which wasn't something we normally see, as they have different pricing mechanisms, and a low correlation to each other. But they were trading in tandem, and that carried through on Friday......
  • Talking Stimulus Deux

    * Pending Home Sales surprise! * Eurozone Retail Sales slump! * Tax cuts don't create jobs... * Failure to follow through for the A$ ** Talking Stimulus Deux... Good day... And a Wonderful Wednesday to you! Well... I'm here! The Orlando Money Show... And guess what? Looks like I brought that artic cold front that had hit St. Louis, all the way down to Orlando! It's cold here! UGH! Well, not "cold" like at home, but "cold" for here! OK... Front and center this morning, we had a stock rally yesterday after the Pending Home Sales data printed a surprise number. And since stocks and currencies have been trading together the past few days, (we talked at length about this yesterday) that meant a currency rally as well! But! Neither stocks or currencies could break on through to the other side, break on through, yeah! So... That left them vulnerable to profit taking, and that's exactly what we've seen with the currencies overnight. We'll have to wait a couple of hours to see how stocks open up......
  • 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....