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  • New Home Sales Plunge!

    In This Issue..

    * More bad data in the U.S. weighs on dollar...

    * Who are you going to believe?

    * Gold & Silver rebound nicely on bad U.S. data...

    * No follow through on Japanese jawboning...

    ...
  • Home sales improve...

    In This Issue..

    * Home sales improve...
    * Are we there yet...
    * Intervention talks...
    * Buying on dips...

    Good day...and a Fabulous Friday to you. As I was sitting here this morning collecting my thoughts, it just hit me like a ton of bricks that we're already towards the end of July and next weekend brings us into August...where's the pause button when you need it. Anyway, yesterday started out like any other quiet morning so far this week but we did see a nice little run in the currencies only to see profit taking as we moved into the late afternoon. As I turned the computer screens on this morning, I see where the overnight markets brought us right back up to the levels we began with this time yesterday. The big story that moved the markets was the better than expected housing numbers that, again, gave investors that warm and fuzzy feeling that I touched on yesterday. Since I already let the cat out of the bag, I'll jump right in...

    ...
  • A shrinking US economy puts pressure on the US$...

    In This Issue..

    * US GDP falls more than expected...
    * FOMC holds course...
    * Canadian dollar has a great week...
    * Oil helps commodity currencies...

    Good day... Yesterday was a big day in St. Louis as President Obama came to visit on his 100th day in office. I can't believe it has been 100 days since the inauguration. Time sure does fly! I'm sure Obama and the rest of his administration would like the calendar to move even faster as this recession will likely last through the end of 2009. While the government has thrown trillions of dollars at the markets in an attempt to turn them around, the key ingredient for recessionary cycles to reverse is time. There is now 'quick fix' for the problems we are in, and the policies the administration has begun will take time to have an impact on our shrinking economy. Obama said as much in his nationally televised press conference last night....
  • A "Stock Tip From The Top Guy!"

    * Australia's economy contracts.... * Bank of Canada cuts rates to .50% * Meeting margin calls... * TALF... ** A 'Stock Tip From The Top Guy!' Good day... And a Wonderful Wednesday to you! My beautiful bride is getting ready to leave this morning. I'm not used to 'talking' to someone when I get up at my usual early hour! She'll be gone in a few, as I write, and then it will be my little buddy, Alex, and your Pfennig writer on their own for 5 days! YAHOO! Well... After a day of waxing eloquently about the how well the Aussie economy was doing compared to the rest of the world, they go and post a contraction in their economic growth! UGH! That's the way to show me up! The Aussie economy shrank in the 4th QTR by .5% VS the forecast of .2% growth... The news scared the markets into believing the Asian problem will be worse off than previously thought. Oh Come On! Australia is STILL doing better than most countries, especially those that I listed in yesterday's Pfennig!...
  • Comfortably Numb...

    * Comfortably numb... * Data confirms the US slowdown... * NZD and AUD end the week with gains... * Hungarian forint stabilizes... ** Comfortably numb... Good day...These dramatic swings in the markets are becoming so common place that a move of 400 pts by the Dow doesn't really garner much notice. After all, in the past five days, the Dow Jones average has had a trading range of almost 2,000 points, but after five dramatic days the stock market is trading almost exactly where it was a week ago. And the volatility in the equity markets has carried over to the currency markets, where we continued the roller coaster ride which began a few weeks ago. Yesterday, the dollar began the day with a strong move up in early European trading. But a plethora of bad data released here in the US caused the greenback to reverse course, and it wiped out all of its earlier gains. But the bargain hunting rally in the stock market during the afternoon pulled the dollar along with it, and we ended the day with a dollar index which was slightly higher than the day before. Today is shaping up to be a similar trading pattern, as Europe has begun the day buying dollars vs. most of the major currencies....