News and Charts for Tuesday
Greenspan says U.S. economic growth slowing WASHINGTON (Reuters) - Former Federal Reserve Chairman Alan Greenspan said on Sunday that the rate of U.S. economic growth was slowing, but the odds of a recession are less than 50 percent.
XX My view -- a blind alley cat could see the US is slowing, and odds of "less than 50 percent" is slightly better than coin toss. Considering that the man prides himself on speaking in circles, that he sowed the seeds for the housing bubble, and that he told homeowners it was "smart" to use ARMs-ageddon-type loans, maybe Greenspan should just STFU.
Recycled Petrodollars Fuel Treasury Rally as OPEC Revenue Rises 9 Percent The biggest quarterly rally for U.S. government securities in five years is getting an extraordinary boost from the burgeoning reinvestment of petrodollars by the Organization of Petroleum Exporting Countries. OPEC members increased their holdings of Treasuries 12 percent this year through July to $123.8 billion, Treasury Department data show. The prospect that OPEC's share of U.S. debt is growing is based on the 31 percent rise in oil since December, which will raise OPEC revenue 4 percent to $630 billion this year and 9 percent to $688 billion in 2008, according to estimates by the U.S. Department of Energy.
Australian Dollar Falls From 23-Year High as Prices of Metals Exports Slip The Australian dollar fell from a 23- year high after a slump in metals prices reduced the value of commodity exports from the Asia-Pacific's fifth-biggest economy.
Market correction for grains this week? Last Monday we thought the market was showing signs of being overbought, and the cycle counts were suggesting weakness into the October Supply/Demand report. We have not been disappointed by the market action. Many private advisory services are coming out with increased corn yield projections. We would not be surprised to see an average corn yield come in around 158. We continue to believe most of the bearish fundamentals will be factored in prior to the Supply/Demand report on Friday. While the market may trade lower after the report, we believe the odds will be better than 60/40 we could have a bearish report and bullish reaction, especially for the deferred price contracts.
XX My view -- a blind alley cat could see the US is slowing, and odds of "less than 50 percent" is slightly better than coin toss. Considering that the man prides himself on speaking in circles, that he sowed the seeds for the housing bubble, and that he told homeowners it was "smart" to use ARMs-ageddon-type loans, maybe Greenspan should just STFU.
Recycled Petrodollars Fuel Treasury Rally as OPEC Revenue Rises 9 Percent The biggest quarterly rally for U.S. government securities in five years is getting an extraordinary boost from the burgeoning reinvestment of petrodollars by the Organization of Petroleum Exporting Countries. OPEC members increased their holdings of Treasuries 12 percent this year through July to $123.8 billion, Treasury Department data show. The prospect that OPEC's share of U.S. debt is growing is based on the 31 percent rise in oil since December, which will raise OPEC revenue 4 percent to $630 billion this year and 9 percent to $688 billion in 2008, according to estimates by the U.S. Department of Energy.
Australian Dollar Falls From 23-Year High as Prices of Metals Exports Slip The Australian dollar fell from a 23- year high after a slump in metals prices reduced the value of commodity exports from the Asia-Pacific's fifth-biggest economy.
Market correction for grains this week? Last Monday we thought the market was showing signs of being overbought, and the cycle counts were suggesting weakness into the October Supply/Demand report. We have not been disappointed by the market action. Many private advisory services are coming out with increased corn yield projections. We would not be surprised to see an average corn yield come in around 158. We continue to believe most of the bearish fundamentals will be factored in prior to the Supply/Demand report on Friday. While the market may trade lower after the report, we believe the odds will be better than 60/40 we could have a bearish report and bullish reaction, especially for the deferred price contracts.
Check out my new gold and energy blog at MoneyAndMarkets.com
posted by Sean Brodrick @ 7:08 AM
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