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* Fed cuts rates 50 BPS! * Currencies rally Big! * 3rd QTR GDP to go negative? * I.O.U.S.A. ** Heading Towards Zero... Good day... And a Tub Thumpin' Thursday to you! It certainly was a Tub Thumpin' Wednesday for the currencies, foreign stocks, commodities, and the Philadelphia Phillies! This by no means that the deep dense fog that has hung over the markets for 3 months has lifted for good... It did, however, lift for one day, and what a day it was! Oh, and the Fed did indeedly do cut their Fed Funds rate to 1%, which works out great since Fed Funds had been trading at 1% anyway! I had a reported from Dow Jones call me a few minutes after the rate cut and ask me my opinion on what the dollar was doing, which at the time was rallying back a bit... I said it looked like a classic case of buy the rumor sell the fact, that enough speculators were pushing the dollar lower ahead of the rate cut in hopes that a larger cut would be made. That, however, was not the case, and the dollar rallied... But only for about 20 minutes, and then it took a rid on the slippery slope, with the euro pushing to the 1.29 handle as I left for the day....

* Dollar wages war on euro! * Pulling the wool over our eyes... * A Gold discussion... * 4-weeks of selling renminbi... ** Inflation & Jobless Rate Soars! Good day... And a Happy Friday to one and all! It's been 3 weeks since I last started a Friday with that note. I hit every red light this morning on my way to work, which led me to think aloud in the parking lot, that this isn't going to be a Fantastico Friday... And when I turned on the currency screens, after reaching my desk, I could see why I thought those negative thoughts... It's getting ugly... Yesterday, I was busy with my head down working on something, when Chris Gaffney yelled across the trading desk, "Hey, Chuck, what happened to the euro?" I looked up to see the euro had lost 1-cent in a matter of 20 minutes... But that's not the end... This morning, the euro has given up another 1-cent, and now trades with a 1.47 handle. Just what the heck is going on here?...

* ADP prints a huge downside surprise! * Euros get past 1.58... * A Perfect Storm? * Gold continues its move higher! ** Beware The Thin Markets... Good day... And a Happy pseudo-Friday to one and all! It is actually Thursday of course, but it's our Friday, as tomorrow is the 4th of July holiday here in the U.S. I think a lot about the Declaration of Independence these days, as I feel there is a faction of people here in the U.S. that would like to tear up the constitution... So, as we come to the day we celebrate the signing of the Declaration of Independence let's stop and remember that it's WE THE PEOPLE that make a difference in this country, certainly not anything that comes out of Washington D.C.! OK, I'm down from my soapbox... This could really be a Tub Thumpin' Thursday as it has the potential to really kick some rear and take names later. Here's what I'm talking about......