Morning Morsel

Posted by UpsideTrader
on November 23rd, 2009

The dollar is plummeting and materials and all the shiny stuff is popping. St. Louis Fed president Bullard (who has popped out of the woodwork lately,) continues his dovish rate rhetoric and is adamant about the U.S. buying mortgage backed securities past the first quarter of 2010 , when asset purchases are supposed to end. Commodities, as a result, are getting a mega steroid/epinephrine blast this morning.

As I’ve said before the only space I am long is materials, the greenback has it’s moments but the trend is down. Gold has gone mainstream here, and is no longer just the flavor of the decade for chicken little and the perm-bears.

I know most of you have been losing sleep over the personal stock losses incurred by Dick Fuld and Jimmy Cayne at Bear and Lehman, let not hearts be troubled as the Wall St. Journal reports that Dick and Jimmy, along with three others, sold over $2billion in stock and received over $500 million in cash bonuses from 2000 to 2008.

Have a great day and stay with the trend.

Monday, November 23, 2009

Economic

10:00 Oct Existing Home Sales (last 5.57M, m/m 9.4%)

13:00 Treasury’s 2-year note auction

Events

Ex-dividend: QCOM $0.17, HSY $0.298, MHP $0.225.

Earnings

Before the Open: JOBS, BJS, CPB, LDK, TECD, TSN, VAL. After the Close: ADI, ATW, CTRN, DY, HPQ, NUAN.

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