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  1. Phil

    Good morning! 

    Europe leading the Futures lower so no 1,565 for you!  

    Euro diving to $1.279 and MAYBE bouncing off $1.28 (it's just spiking now) and the Pound dropped like a pound of rocks from $1.518 to $1.512 and the Dollar jumped to 83.34 and it's not even helping the Yen at 94.55 because those idiots have been buying Euros trying to keep they Yen up (weaker).  

    Silver crashed from $28.80 to, at the moment, $28.20 and gold is down to $1,590 (from $1,600) with copper back to $3.43.  Nat gas, however, jammed up to $4 and is holding that line very artificially while gasoline remains at $3.10.  OIl, for the moment, is $95.82 and deteriorating slowly ever since they jammed that close to $96.45 and we can go back to Seinfeld twice in one comment as we describe the oil action as fake, Fake, FAKE!

    They've got armed army guys outside each Cyprus bank and they're opening tomorrow so, essentially, everyone expects mass riots in Cyprus.  Of course, it's hard to have a good mass riot when a whole country has just 1M people.  There are 45 KINDS of banks listed in Cyprus so figure, conservatively, 1,000 branches is 1,000 people per branch but, on the other hand, if 1M people went to BAC on the same day and asked for $10,000 in cash, BAC would have to shut down their doors as well – there simply isn't that much cash around so the wildcard is how panicked are the average Cypriots?  

    And, of course, if they CAN be panicked and someone can make money off them panicking, that increases the odds it will happen….

    Oops, things turning worse – /NKD just failed 12,500 and we know they can go much lower so that's a good Futures short (with tight stops over that line) as is, of course, Oil at $96. 



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Chart School

Home Prices Rose 5.1% Year-over-Year, Increases Ease in May

Courtesy of Doug Short's Advisor Perspectives.

With today's release of the May S&P/Case-Shiller Home Price we learned that seasonally adjusted home prices for the benchmark 20-city index were down month over month at -0.1%. The seasonally adjusted year-over-year change has hovered between 4.4% and 5.4% for the last twelve months.

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"Hello PSW Members –

This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible.  Feel free to contact me directly at jennifersurovy@yahoo.com with any questions.

Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts.  After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.)  Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.

http://www.youcaring.com/medical-fundraiser/help-get-shadowfax-out-from-the-darkness-of-medical-bills-/126743

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