Daily Pfennig: What Will Big Ben Have To Say Today?

by Chuck Butler, President, Everbank World Markets
Casey Research

Good day… And a Happy Friday to one and all! The end of another very long week for me. But. we get to have a 3-day Holiday Weekend! For me, it will end up being a bit longer, as I will use Tuesday to get everything in order for my surgery on Wednesday. I’ll talk more about next Wednesday in the Big Finish. I’m saddened by the new that there’s been loss of lives from the flooding going on in the Gulf region.

Well. what a strange day yesterday in the markets. The U.S. data wasn’t exactly fun and games, or as Al McGuire used to say. It’s not all seashells and balloons. But traders reversed their dollar shorts, and the currencies and metals headed down for most of the day, but late in the day, they turned on a dime. The euro, for instance, had fallen below 1.25, but ended the day well above the 1.25 handle. And Gold, which fell $8 at one point, rallied back. And all the other currencies fell into place.

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