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  • Maybe It's Time For A Change?

    * Currencies continue to rally... * More Stimulus... * Data shows more rot on the vine... * A Thanksgiving thought... **Maybe It's Time For A Change? Good day... And a Wonderful Wednesday to you! The day before Thanksgiving... Tonight is, historically, the biggest "going out" night for the younger crowd, as they all return home from college, etc. Not for yours truly though... A little reminder that Friday I will not be writing... Friday night, a large group of friends and family are starting the holiday season off with a gathering at the Butler House, before all heading to see the Trans Siberian Orchestra's Holiday Concert... I'm getting pumped up for that! OK... Another rally day in the currencies yesterday... One that wasn't as pronounced as Monday's 3-cent rally... But a rally just the same, and at one point, the euro was trading above 1.30... Hadn't seen that level in a while, so welcome back to the 1.30 level, Mr. euro... ...
  • Veteran's Day

    * The China good feeling dissipates... * Currencies lose their edge... * Fannie Mae needs more! * Silver manipulation? ** Veteran's Day Good day... And a Terrific Tuesday to you! A Veteran's Day Tuesday! This is a Banking and Federal Holiday today, so the bricks and mortar banks are closed, and there will be no mail delivery, and of course your friendly neighborhood Government worker gets the day off. I'm here, in the saddle, writing the Pfennig like it's a regular work day, and the boys and girls will begin to gather in about 2 1/2 hours from now. We'll get all caught up, return some calls and head home today. Veteran's Day... I thought I would begin today with a snippet of a Veteran's Day poem by Jared Jenkins......
  • Congratulations to Chuck...

    * Great news from Chuck... * FOMC could lower rates... * TIC flows to slow... * Yen and SFR continue to rally... ** Congratulations to Chuck... Good day... I want to start this mornings Pfennig off with a note Chuck sent the trade desk last night: "The doctor called, and I'm CLEAN! My scans were clean, and, I'm officially off the Sutent, and considered a "Cancer Survivor" now! YIPPEE!" I know the markets are in a state of turmoil, but that great news from Chuck took precedence over anything I could write about the currencies. It looks like Chuck's positive attitude along with all of our prayers have beaten back the cancer (I guess his doctors and the new medicines deserve some of the credit also). Congratulations to Chuck, can't wait to shake his hand when he returns from the first week of the FXU tour. But now lets move on to the markets. I was so focused on the Wall Street turmoil yesterday that I failed to mention the FOMC will be meeting today. Just a few weeks ago, the markets were calling for an interest rate increase by the Fed to tackle inflation. But the events of this past weekend, along with a dramatic drop in the price of oil, has many calling for another interest rate cut. The Central Bank has already injected billions of money into the markets to try and calm them after the bankruptcy of Lehman. The Federal Reserve yesterday added $70 billion in reserves, the most since the September 2001 terrorist attacks. The funds were needed as banks and financial firms tightened up their lending in reaction to the financial turmoil....
  • This Is Not A Trend Reversal!

    * German Retail Sales crumble...* UBS takes a big loss! * An Iceland note... * RBA leaves rates unchanged......
  • The Fed's Quiver Is Getting Empty...

    * A Technical correction... * Leading Indicators to fall a 5th month? * Paul Volcker chimes in... * A new Carry Trade currency?...
  • Another Large Rate Cut From The Fed...

    * Are there more rate cuts coming? * Yen and Swiss kicking sand... * Emerging Markets High Yielders fall... * Buying Opportunities in Gold and Silver?...
  • Fed Force Feeds Funds Into the System...

    * Fed cuts discount rate...* Swiss franc above parity... * Japanese yen continues to climb... * Gold blows through $1,000......