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  • The U.S. Treasury Moves The Goal Posts...

    In This Issue..

    * A 4-day rally gets stopped at the border...
    * Home Prices fall at a -18.12% pace...
    * Alice Rivlin gives her 2-cents...
    * Kiwi bond maturities galore next month...

    Good day... And a Wonderful Wednesday to you! As tradition with the Pfennig would have it, here's my introduction to July... There I was... On a July morning... Looking for love... With the strength of a new day dawning, and... The beautiful sun...

    Yes, for those 'old rockers' from the 70's like me... That's Uriah Heep, at their best!

    OK... So, welcome to July! The last day of June was quite the volatile one to say the least! There we were waiting for the S&P/CaseShiller Home Price Index to print, and show that home prices were still down by quite a bit, when it did, it did, it printed at -18.12%... But! The media was all over that like a cheap suit, clamoring that the spiral down in Home Prices had come to and end! Which, may be true... But wouldn't you want to wait to see if next month's report confirms it? And... By the way... Since when does -18.12% fall in home prices beckon a rally? Yesterday, would be that answer!...
  • Stuck In A Range...

    In This Issue..

    * A Turn Around Tuesday?
    * BRIC meeting doesn't get covered by the media?
    * Are the Bearer Bonds real or fakes?
    * QTC's get Gov. backing!

    Good day... And a Wonderful Wednesday to you! Remember last week, when I said that we had a 'Turn Around Tuesday?' I came in this morning to find a story that Chris Gaffney had printed off the Bloomie for me... The writer refers to the price action yesterday as 'Turn Around Tuesday!' OK... I for one, don't even begin to believe that I was the originator of a saying like that for the currencies... I just find it interesting, that a week after I make a big deal out Turn Around Tuesday that it is used in a story with much wider distribution than my little old Pfennig!...