HIGHER;PowerShares DB US Dollar Index Bullish (NYSE: UUP) up 0.86% to $22.41. The dollar stays strong as Finance Chief Bernanke made positive comments about the U.S. economy yesterday, which were reinforced by European Central Bank President Jean-Claude Trichet.
Labor Pains
After lunch yesterday, I realized how nice it was that the market was actually doing very little. Sure, the Dow was fluctuating back and forth 100 points or so, but there didn’t appear to be any major violence happening for a change. So, as a colleague had opined earlier in the day, maybe we had turned the corner after all, because the market was holding up fairly well in the face of another big batch of bad news.
Speaking of bad news, there was a plethora of it yesterday. Same-store sales numbers from the nation’s retailers were simply abysmal as sales fell by 2.7%, which was the weakest showing in nearly 40 years. And in the fun-with-numbers category, if you took Wal-Mart (WMT) out of the equation, sales would have plunged by -7.5% for the month.
But the fun definitely didn’t stop there so let’s quickly run through ...
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Trichet Sees Confidence Returning in Europe Following ECB Steps -Bloomberg
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Bernanke's Speech at European Central Banking Conferenece
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Trichet says ECB may cut rates again at Nov 6 meeting - Bloomberg
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David Moenning's Daily State of the Markets: 10/10
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Trichet Says ECB Discussed Rate-Cut Option Today - Bloomberg
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ECB's Trichet Acknowledges Weak Growth
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ECB's Trichet Says Starting From Here 'I Have No Bias' - Bloomberg
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David Moenning's Daily State of the Markets: 07/02
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David Moenning's Daily State of the Markets: 06/30
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David Moenning's Daily State of the Markets: 06/12
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David Moenning’s Daily State of the Markets: 6/11
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Crude Jumps $5 On Weak Dollar, Reports Saudi Parliament Will Explore Production Cuts
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Trichet Says ECB is Concerned with Excessive Exchange Rate Moves -Bloomberg
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David Moenning's Daily State of the Markets: 2/8
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David Moenning's Daily State of the Markets:
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Trichet says G10 very satisfied with coordinated intervention - Bloomberg
