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Daily Pfennig

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  • Risk Returns, Dollar Buying Ends.

    In This Issue.

    * All-out currency relief rally.

    * Gold rebounds along with Oil.

    * Home prices continue to fall.

    * The Only Game In Town.

  • A Turnaround Tuesday!

    In This Issue.

    * The price of Oil surges higher!

    * Home Prices continue to fall!

    * But Consumer Confidence is strong! Go figure!

    * Japan posts first Trade Deficit in 22 months!

  • U. of Michigan Spoils The Party...

    In This Issue..

    * Risk Aversion comes back strong!
    * Risk assets get sold...
    * What games will be played with TIC's?
    * 40 years since Woodstock!

    Good day... And a Marvelous Monday to you! A great weekend that was filled with watching my little buddy, Alex, play football, hosting a surprise 30th birthday party for my little girl, Dawn, and a sweep of the Padres by the Cardinals! This week gets cut short with me a the helm, as I head to San Francisco on Thursday. Chris will have the conn on the Pfennig Thursday through Monday.

    Well... Who'd a thunk it? Yes, who would have thought that the U. of Michigan Consumer Confidence could turn the markets upside down and spoil the party? Well... It happened on Friday! The U. of Michigan Confidence Survey for Aug unexpectedly dropped to 63.2, from the previous month's 66 level. The real drop though was from the forecast for this month which was 69! The drop brought the index to a five-month low....
  • Maybe, Just Maybe A Break In The Link?

    In This Issue..

    * Currencies consolidate...
    * Brazil posts a surplus!
    * Dr. Marc Faber speaks...
    * High yielders rule!

    Good day... And a Wonderful Wednesday to you! A very tight trading range day was in place yesterday for the currencies... In yet another sign that maybe, just maybe, because you never know, the currencies could be breaking their link to stocks... U.S. stocks jumped 196 points yesterday, and the currencies range traded... Hmmm....

    Not that this will become a 'stock jockey journal'... Stocks jumped on the news that Consumer Confidence surged this month... Talk about looking at things through rose colored glasses! Any way, Consumer Confidence surged... Better to have blips in Confidence than to be all negative all the time I guess! I also guess the stock jockeys took what was behind door number 1 (consumer confidence) and not was what behind door number 2, which was the Case-Shiller House Price Index......
  • Hereeeeeee's Baaaaaacccckkkkk!

    * Dollar rally continues... * Who's buying U.S. debt? * Homeowners upside down.... * U.S. data continues to be bad! ** Hereeeeeee's Baaaaaacccckkkkk! Good day... And a Terrific Tuesday to you! I'm Baaaaaaaaaccccckkkk! Well, actually, I made it to the office yesterday morning, after flying all night from San Francisco (with a stop in Dallas)... I told the crew ahead of time I didn't want to hear anything about how I looked... And they obliged, but I could see that they were giggling inside! I'm still worn out, but Hey! I got back yesterday, to find out I get to go back out on the road all next week... Geez Louise, somebody get me a private plane! HA! Well... The joke on the desk used to be that "When Chuck was gone, the currencies rallied"... That certainly wasn't the case with this past absence! I had pre-written a large part of what I was going to say in yesterday's Pfennig, before I was not able to connect, flying in a big airliner....