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  • Stepping Up On The Soap Box...

    In This Issue..

    * Euro continues to get sold...
    * Freddie Mac needs $10 Billion more!
    * Auctioning another $80 Billion in Treasuries...
    * Norges Bank does the right thing!

    Good day... And a Tub Thumpin' Thursday to you! I don't really have a reason for it to a Tub Thumpin' Thursday, just thought it would be good to get going into the weekend early! I'm slowly getting back into the swing of things here. There's a parking issue that's got me so ticked off right now, but that's not what you came to read about, so... Let's get going!

    Well... The rout that was on with the euro continued for most of the morning yesterday, but then suddenly, it stopped, and we saw the currencies & Gold turn around... It was just like I had said the day before, that the euro would probably reach oversold levels, and we could see a mini-rally... And we did!...
  • Waiting On The Norges Bank...

    In This Issue..

    * Euro continues to get sold...
    * Will Norges bank get confused?
    * Thoughts on China...
    * Gold gets dragged down by euro...

    Good day... And a Wonderful Wednesday to you! It's getting quite ugly out there in the investing world. Yesterday I tried to draw a line of comparison from the near collapse of Bear Stearns to the problems of the Eurozone... That line became quite a bit more clear yesterday and in the overnight markets... Let's go to the tape!

    Well... It was another day of selling the euro and dragging other currencies along for the ride... This time, Gold and Brazilian real could no longer resist the pull / drag of the euro selling... It has actually become a rout on the single unit, as now, we're not only dealing with the sovereign debt risk of Greece (which I still contend is not that big in the whole scheme of the Eurozone) but now, the euro is sailing into technical trading rough waters......
  • Abu Dhabi Provides $10 Billion Bailout...

    In This Issue..

    * A Huge Friday Sell off!
    * U.S. Retail Sales are strong...
    * Testing the risk waters again...
    * Norges Bank & Riksbank meet this week...

    Good day... And a Marvelous Monday to you! Friday turned out to be Fantastico, as I had hope for, and the weekend was for resting, as I was on my feed too much Friday night. It was NOT a Fantastico Friday for the non-dollar currencies, though... I'll get to that in a minute... First though, I want to crow a bit on the Dubai debt problems...

    It was announced this morning that Dubai's government received $10 Billion in financing from Abu Dhabi... Hmmm... You know, I read somewhere a couple of weeks ago, when this debt /loan repayment problem was announced, that in the end, the Abu Dhabi government would step in to bail out Dubai, for the people running the two governments are blood related, and even though there had been shots fired between the two, blood would run thick here... And voila that's exactly what happened!...
  • Consumer Confidence Drops!

    In This Issue..

    * The dollar continues to hammer!
    * Jim Rogers on the dollar rally...
    * C. Fred Bergsten talks of a dollar alternative...
    * Lord Monckton's thoughts...

    Good day... And a Wonderful Wednesday to you! It's still raining here... Quite frankly, I don't know how people that live in rainy areas do it! I don't mind rainy days, as long as they are sprinkled in with the days of sunshine!

    Well... The dollar rally that began for a number of rumored reasons continued on yesterday... Remember when I said on Monday that the data this week should show us that the economy is healing somewhat, which would be bad for the dollar? Well, that thought got cold water thrown on it yesterday when Consumer Confidence surprisingly declined last month...

    You know how I like to question just what people that were surveyed for this Consumer Confidence report are so confident about? Well, apparently, the Conference Board surveyed the wrong people this month! Consumer confidence in the U.S. declined in October to 47.7 versus expectations of a 53.5 reading. Both consumers' perceptions of current conditions and their expectations for the future declined. Hmmm......
  • Cash For Clunkers Is A Clunker!

    In This Issue..

    * Currencies trade in a tight range again...
    * U.S. Retail Sales are a clunker!
    * RBA's Stevens is upbeat!
    * Thoughts on Brazil...

    Good day... And a Happy Friday to one and all! The end of the week... It's been a tough week for yours truly, as I've hobble around in pain all week. But, as I recall, I promised 2 years ago that I would not complain about these things in the future... So! I carry on!

    Well... Front and center this morning... The currencies are trading near levels they were when I signed off yesterday morning. They did have a brief rally, after the U.S. Retail Sales data showed some real rot on the 'recover is here' vine... But that rally was snuffed out, as the risk aversion campers came back to the markets......