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Have You Seen This?

  • Jobs Disappoint. Again!

    In This Issue.

    * The so-called Flight to Safety.

    * A$ holds its own.

    * SNB has to be selling francs.

    * Eurozone exports soar!

    ...
  • When 8.5% Is Really 15.6%!

    In This Issue..

    * Job Losses Continue To Mount!
    * Currencies rally on the day...
    * Shhhhh! The Gov't wants to keep this quiet....
    * Richard Russell...

    Good day... And a Marvelous Monday to you! OK, it's Opening Day here in St. Louis, so traditionally I bring this to you on Opening Day... Beat the drum, and hold the phone, the sun came out today, we're born again, there's new grass on the field... A-rounded third, and headed for home, it's a brown eyed handsome man, anyone can understand the way I feel.....

    Yes, baseball freaks like me, believe we're born again every spring on Opening Day, for before that first pitch is thrown, everyone is in first place!...
  • Trillion Dollar Deficits For Years To Come...

    * CBO forecasts $1.2 Trillion Budget deficit! * And we can expect more! * ADP shows job losses mounting big time! * Brazil's real reverses course... ** Trillion Dollar Deficits For Years To Come... Good day... And a Tub Thumpin' Thursday to you! I had not realized it was Thursday until I began writing this morning! I had been buying breakfast sandwiches for the trading desk on Thursdays, and I'm sure a few people will be wondering what happened when there are no sandwiches this morning... I simply lost track of the days! UGH! Well... There are two major things on the docket for the front and center piece today, both tell us a lot, but I think I'm going to go with the announcement of the Congressional Budget Office (CBO) yesterday afternoon as the lead story, and the ADP jobs report as the second story... So, let's go to the tape!...
  • A New Year!

    * Currencies range trade... * With a bias to buy dollars... * Recession deepens in Eurozone... * India cuts rates... ** A New Year! Good day... Happy New Year! And a Happy Friday to one and all! A Fantastico Friday, I bet it will be, as most people are still on "holiday". I hope your New Year's celebration went well, mine did, spent with good friends, after a simply scrumptious dinner! Yesterday, we spent the day with friends again, as good friend Rick, had everyone and their brother to his new house to celebrate the New Year... I'm worn out! Good thing this is a quick shot work day, and then onto the weekend, because I'm spent! Well, enough of all that! The currencies traded in a very tight range on Wednesday, and I expect more of that today. The bias has been to buy dollars going into the year-end, and it looks as though that might be the case today, as there's been no data to speak of in the U.S., while the Eurozone printed a very weak manufacturing index report, indicating that the Eurozone's recession is deepening. Of course if we compared apples to apples the bias would be to buy euros, but since there hasn't been any "real" economic data in a couple of days from the U.S. this report from the Eurozone gets all the attention....
  • Misguided risk aversion...

    * Bad data pushes investors into US treasuries... * Barclay's says the euro will rally... * SNB surprises with a rate cut... * Iceland gets their bailout... ** Misguided risk aversion... Good day...The dollar rallied a bit yesterday on some very poor economic data which illustrated just how bad things are getting here in the US. As Chuck has repeatedly told everyone, in the current trade pattern the dollar rallies whenever we get negative data for the US economy. Investors get spooked by this negative data, and run scared into the 'safety' of US treasuries. Ty sent me a quote from respected newsletter owner/author Bill Bonner yesterday: "Misguided risk aversion, anyone? A few months ago, investors stretched for yields. Now, it's safety they reach for...and grab U.S. Treasury debt with both hands. Investors now seem to have an unqualified trust in the full faith and credit of the world's largest debtor. Yields on 91-day T-bills have fallen to 0.11% - scarcely a tenth of one percent!"...
  • Are Freddie and Fannie Insolvent?

    * Poole slams Freddie and Fannie... * The dollar gets sold again... * Bad data for the dollar today... * Renminbi matches '07 performance! ** Are Freddie and Fannie Insolvent? Good day... And a Happy Friday to one and all! A Fabulous Friday indeed! The euro broke out of that tight trading range yesterday, we had a distorted Weekly Jobless Claims number, and the un-dynamic duo of Ben and Hank got taken to the woodshed by Ron Paul... All this and more as we head into the 2nd Friday of July! OK... First on this Fabulous Friday, I forgot to talk about ex-St. Louis Fed President William Poole's comments about Freddie and Fannie yesterday... These comments were responsible for bringing the mortgage meltdown front and center to the markets once again... So... What did Poole say? Well... Poole flatly stated that, "Freddie and Fannie Mae are insolvent"... Uh-Oh! As I thought earlier this week that this meltdown of Freddie and Fannie Mae could be the risk event I've been talking about... Well... If Poole is correct... We're here......