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  • Election Day!

    * The winner is... Deflation! * Trading theme in place... * RBA cuts rates 75 BPS! * Manufacturing collapses! ** Election Day! Good day... And a Terrific Tuesday to you! It's Election Day! One more day of all that he said, she said, no I didn't, yes you did, aggravating election advertising! That's it! We're finally finished with all of it! Thank Goodness it's Election Day! TGIED! This will be the end of another of the things that's keeping the fundamentals in the back of the classroom. All we'll have left is the credit squeeze... Unfortunately though I feel like we're going to have to live with that one for some time to come! There are signs that things are loosening up, but it's a far cry from what should be considered as "normal" in the lending arena! As long as the credit squeeze remains in place and on the minds of traders & investors everywhere, we're stuck with the Trading Theme of 2008... Well, let's see, it didn't come into play until late July, so it should be called the Trading Theme of late 2008 and 2009....
  • 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.....