Years from now we will look back and remember 2009 as the period where if you were short dollar and long the market you made money almost every day. Sure there was a false start and a head fake or two along the way but the trend was and is clearly down. FX traders that know what they are doing must be having a field day, I know a few and they are.
Was Buffet’s purchase of BNI last week really the mother of all bets on the U.S economy? Buffet may have been born at night but not last night. In truth it’s really the mother of all inflation hedges and a great way to protect his billions from a falling dollar. Buffet knows we will be importing goods from our master, China, for a long time to come based on the plummeting greenback. Optically it’s a better play on a weak dollar than actually shorting the dollar. Even the Oracle doesn’t want to get his new bosses, Geithner and Bernanke ticked off. So next time Warren speaks from the left side of his mouth, it’s the right side we should really be watching.
Jamie Dimon’s dad, 78, quit Merrill and joined his son at JP Morgan today by joining the Bear Stearns Private Client group, Einhorn and Falcone reportedly have made back most of their 2008 losses, Springsteen gets a $10 million book advance and the beat goes on.
Watching materials and oil long this week.