Browse by Tags

* The China good feeling dissipates... * Currencies lose their edge... * Fannie Mae needs more! * Silver manipulation? ** Veteran's Day Good day... And a Terrific Tuesday to you! A Veteran's Day Tuesday! This is a Banking and Federal Holiday today, so the bricks and mortar banks are closed, and there will be no mail delivery, and of course your friendly neighborhood Government worker gets the day off. I'm here, in the saddle, writing the Pfennig like it's a regular work day, and the boys and girls will begin to gather in about 2 1/2 hours from now. We'll get all caught up, return some calls and head home today. Veteran's Day... I thought I would begin today with a snippet of a Veteran's Day poem by Jared Jenkins......

* Mixed bag o' data... * Trading theme in place... * election tomorrow... * Consumer Spending collapses! ** Rate Cut Week... Good day... And a Marvelous Monday to you! Welcome to November! For almost 20 years, November was my least favorite month, cold gray days, dead looking trees, bad memories of the month, and all that... But I just don't get all involved in that stuff anymore, as my different outlook on life tells me that every day is a great day, and months just contain great days! OK... On Friday, we saw more and more of the same trading theme, and in the overnight markets last night, more and more of it again! And Carry Trades are back for the moment anyway, as stocks rebounded late in the week to end the month with a brighter outlook than they had earlier in the month. But, in my view from the cheap seats, this stock rebound is much like what they call in the markets, a dead cat bounce, (OK no animals were hurt here!) which means... That stocks are going nowhere, but bounces can still happen. I say that stocks are going nowhere, and I'm not even your last choice as a stock jockey... I just survey the economic horizon and see a deeper recession than we are currently experiencing, and a "spent" Consumer, which is going to lead to awful earnings for Corporations, and thus stocks not going anywhere......

* Not your father's currency traders.... * The euro does the rope-a-dope... * Deep Thoughts * Jimmy Rogers on the bail out... ** Scaredy Cats! Good day... And a Wonderful Wednesday to you! Hurricane Ike moves into the Gulf... Which way it goes from here isn't good for anyone. We had another day of watching the euro rally during the day, only to see it fizzle out by the end of the day. I go home each night and think all the way home about all this stuff going on, and wonder just who in their right minds would be buying dollars right now... Scaredy Cats that's who... So... Here you go... Deep Thoughts by chuck butler... Here's the skinny on that thought... Ever since the Fed, Bank of Japan (BOC), and European Central Bank (ECB) intervened in their coordinated, covert operation, market participants and traders are scared to death to short dollars, for fear of more intervention that could wipe out their trades, and post losses for them. Come on... These aren't the currency traders that I grew up with! Those traders took any Central Bank intervention as a "challenge" and would laugh in the face of Central Bank intervention! Central Bank intervention usually meant it was a desperate measure to shore up a currency, and that was like blood in the water for a shark... Currency traders would hit that currency even harder! But not these scaredy cats! That's one thing I think about... And then there's this......

* Dollar rally is stopped! * FOMC meeting minutes... * Housing data you won't see on TV! * Sweden to sell Gold... ** Currencies Rally On Bad U.S. Data... Good day... And a Wonderful Wednesday to you! I'm back. I just couldn't answer the bell yesterday morning, as the night before was simply rough on your old Pfennig writer. I'm in my last week of treatment and it has been a tough row to hoe, and I feel bad that I was not able to stiffen the back and make it through the day. But, no biggie, I've got great people here to take care of things when I'm gone... When I finally dragged myself out of bed yesterday, I saw that the dollar was taking liberties with the euro and other currencies once again. It was another game of "your economy is worse than mine", as German Business Confidence took a ride on the slippery slope down. You should have seen the "bandwagon jumpers" falling all over themselves to write about how cool it was to own the dollar. I chuckled, no big laugh as that might upset my stomach! But, their claim to be cool, was quickly squashed like a bug, when the housing numbers printed, and then later in the day, with the latest FOMC meeting minutes... More on this in a minute.......

* ISM falls to 2003 levels... * RBA hikes 25 BPS... * Money Supply soars higher! * BOC to cut rates today......