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  • Back To Risk Aversion Again!

    In This Issue..

    * Earnings reports begin this week...
    * Dollar, yen, francs get bought...
    * Medvedev shows off new coin!
    * A busy week!

    Good day... And a Marvelous Monday to you! A Home Run Derby Monday to boot! I have no Idea what's going on this morning, as I just woke up, and it's very late in the morning! I was very careful to set my alarm last night, and I've never been one of those people that hit the snooze button when it goes off, but here I am, waking up late... UGH!

    So... I'm writing from home, and then I'll shoot in to work... We're short handed this week, so, I'm sure everyone will be arriving to the office, not see my car, and be a little ticked... So, I've got a surprise for them, something they've never seen... Me come in late!...
  • Risk Returns... Slowly...

    In This Issue..

    * Currencies rebound...
    * G-8 has no fireworks...
    * Aussie / China and coal...
    * Entitlements...

    Good day... And a Tub Thumpin' Thursday to you! I'm late, I'm late! I don't believe I ever heard the alarm go off this morning! I overslept by more than an hour, and will still be here more than an hour before any sign of someone else! But! That puts me behind by more than an hour today... I've got to play catch-up! So, let's get this Tub Thumpin' Thursday going!

    Well... Let's see... G-8 never had the opportunity to shoot fireworks because China's leader had to return home to deal with the street riots going on in his country. So... The call for a replacement for the dollar as the reserve currency will have to wait for another day! And, with that news, the dollar got to remain in the sunlight, and bask in the glory of being the reserve currency and so-called 'safe haven' another day......
  • Throwing A Cat Among The Pigeons Again!

    In This Issue..

    * Russia's Fin Min talks up the dollar!
    * Currencies, commodities, stocks all lose ground...
    * Who's car is uglier
    * Gold hit a 3-week low...

    Good day... And a Marvelous Monday to you! How about that weekend? I actually didn't get a chance to experience much of it outside, but it sure looked great! We have new champions in basketball and hockey, so congrats to the Lakers and Penguins on their Championships! Now, the housecleaning is out of the way... It's time to get to the meat... Where's the beef? HA!...
  • Rising Treasury Yields...

    In This Issue..

    * Another Treasury auction today...
    * Spending habits come back to haunt reps...
    * Some healing in the currencies...
    * 10 Banks to repay TARP today...

    Good day... And a Terrific Tuesday to you! Well... I sure stirred up the hornet's nest yesterday... Some people didn't think I should express my opinion... But that's OK... Here's the skinny... I wrote yesterday about the farce that the jobs report was, and what a feeble job the media did in reporting the 'real numbers'... I then threw something in the Pfennig that I don't normally do, just to see what was more important to people... The fact that their Gov't lies to them, or the fact that they don't see eye-to-eye with me on the President...

    Given the response, I'd say that most had their eye on the ball with the jobs farce... And that's all I'm going to say from here on out......
  • Fighting Deflation Instead of Inflation?

    * A bounce in the euro overnight... * Iran tests long range missiles... * Japan's Machine Orders soar! * Is Big Ben giving us a hint? ** Fighting Deflation Instead of Inflation? Good day... And a Wonderful Wednesday to you! Things settled down a bit yesterday, with the rumors of bailout for Fannie and Freddie Macs fading, and some awful Housing data being swept under the rug. The dollar gained back the ground it had lost to the euro the previous day, and Japan printed a very strong Machine Orders report... And now Iran tests long range missiles... All that and more as we begin our Wednesday... OK, front and center this morning... The Housing data from yesterday. Since the media decided to sweep this under the rug, I thought I would make certain that at least Pfennig Readers were aware of the rot on the Housing vine. The index of Pending Home resales fell -4.7% in April, a much larger decline than the "experts" forecast. I think what you're seeing here is simply that would be buyers are holding off as they expect further declines in prices.....
  • Trichet "Gets The Memo"

    * ECB raises interest rates... * More jobs losses in June! * An embarrassment for the Fed... * Buying opportunities? ** Trichet "Gets The Memo" Good day... And a Marvelous Monday to you! What a fabuloso 3-day Holiday weekend! WOW! The weather was great, I relaxed max time, and shot off some fireworks just to keep the tradition going... The weekend was working hard to make me forget the happenings of Thursday... The Perfect Storm that was possible for the dollar turned out to see the tables turned and it was the euro that went into a tailspin on Thursday... Here's the skinny......
  • Fighting Inflation...

    * CPI increases... * Eurozone inflation increases too! * G-8 lets currencies slip by... * TIC Flows data today... **Fighting Inflation... Good day... And a Marvelous Monday to you! I hope you had a grand Father's Day... Mine was fabulous! And a great weather day too! Cards take 2 of 3 from the Phillies after getting royally spanked on Friday night! UGH! And I got to see my first ever Polo game on Saturday! I've seen 100's of water polo games, as son Andrew was a good player in High School, but never a Polo game on horses... Absolutely cool! OK... Friday was not a good day in the currencies as once again the dollar took the hammer and swung a mighty swing. The euro spent the day in the 1.53 handle, as more and more talk about the Fed fighting inflation took hold of the markets. I'm still resisting this rhetoric by the Fed, and believe that eventually the markets will come to the realization that the Fed is simply "talking the talk" and are unwilling to "walk the walk"......
  • Dollar Receives Some Stimulus...

    * Dollar receives some stimulus... * G8 to support $ over the weekend... * India surprises with a rate increase... * BOJ likely to keep rates unchanged... **Dollar receives some stimulus..... Good day... We had a pretty calm day in the markets yesterday as the dollar drifted lower vs. most of the major currencies. But when the Europeans picked up the trading overnight they all but wiped out any advances the currencies had made and the dollar is now sitting slightly higher than it was trading at this time yesterday morning. But I will get to that later; let me start this morning's Pfennig off with some comments Chuck left me on the markets as he signed off his computer last night: "OK... So quite a few of you liked my conspiracy theories yesterday, and even a few had one of their own! This whole mess of Bernanke and Paulson finally sitting up and taking notice in June is just too much for me. I think there's got to be a story here that we don't know about... Yet!...