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  • Cyprus is open for business...

    In This Issue.

    * Europe sets the tone

    * More housing numbers

    * Italian bonds

    * Sweden still shining

    ...
  • Housing showed some life...

    * European spotlight faded...

    * Housing showed improvement...

    * BOJ joined in...

    * BOE members harmonized...

    ...
  • US housing starts suffer…

    In This Issue..

    * Housing starts suffer...
    * Stressful times in Europe...
    * Aussie dollar moves higher...
    * Canada to raise rates...

    The news which drove the markets yesterday was no big surprise for the desk. Homebuilder confidence here in the US dropped to the lowest level since April 2009 as the homebuyer credits expired. Today we will get additional data on the housing market which is expected to show US housing starts continue to fall while foreclosures climb. While prices steadied over the past couple of months there is still a backlog of homes facing foreclosure which will equate to a very slow recovery for the housing markets. And in the US, as the housing goes so does the economy; so the data is not a good sign for our nascent recovery....
  • Now It's Spain...

    In This Issue..

    * Euro drops 2-cents overnight...
    * All Risk is taken off the table today...
    * Geopolitical problems steady Gold...
    * The Budget Cuts just keep coming!

    Good day... And a Terrific Tuesday to you! Well, it was almost a "perfect ride" to work this morning, as I hit all the green lights until the very end! UGH! See, it doesn't take much to make me happy!

    The euro's green light ended last night too, as 'Now It's Spain' (NIS)... As I was packing up to go home yesterday afternoon, the euro had moved beyond 1.24, and I said, 'I wonder what's got the euro so perky this afternoon'... Well, that 'perky' feeling the euro had at that time was wiped out and more by fears that Spain's problems are now going to take center stage... Greece is an afterthought at this point, now it's Spain......
  • The Euro Short Squeeze Comes To An End...

    In This Issue..

    * Euro drops 2-cents overnight...
    * The Ring of Fire...
    * Euro to be added to Carry Trade?
    * Data Cupboard has housing data this week...

    Good day... And a Marvelous Monday to you! The last week of May! Can you believe that? This weekend is Memorial Day Weekend, and Summer is here! (I know, not officially, but to me, Memorial Day marks the beginning of Summer, and always has!) Summer heat arrived here this weekend... Man, did that hot sun feel good! It was 60 for a high on Thursday, and 90 yesterday... If you don't mind change, then you'll love St. Louis weather!

    Well, the heat returned to the euro overnight... After enjoying a couple of days in the sun, rising from the ashes due to a short squeeze last week, it appears to me as though that sun bathing for the euro is over... Yes, it looks like the selling will return this week, I mean I may only have one eye, but I can see a reversal when there is one! The euro began the overnight sessions climbing to 1.2587, and then turned on a dime! The single unit is now grading below 1.24... Do you see the reversal?...