So what has stocks soaring now, during this great deleveraging — this credit crunch — this historic pullback in household balance sheets?

China turns it up another notch… now “concerned about the security” of U.S. investments… Chris Mayer tells the “story of today’s economy”… Mainstream celebrates latest home price index… our perceptive on the housing “recovery”… Three market sectors currently detached from reality… The truth emerges… why Ben Bernanke really bailed out Wall Street…

Mixed bag of housing numbers…  Foundation work…  High yielders…  Commodity currencies again … And Now… Today’s Pfennig!

A 4-day rally gets stopped at the border…  Home Prices fall at a -18.12% pace…  Alice Rivlin gives her 2-cents…
* Kiwi bond maturities galore next month… And Now… Today’s Pfennig!

U.S. stock futures pointed to a flat open on Tuesday after data showed April home prices in 20 U.S. cities declined, but less than expected.

Currencies consolidate…  Brazil posts a surplus!  Dr. Marc Faber speaks…  High yielders rule! And Now… Today’s Pfennig!

More bad news for housing… one chart shows the bottom could still be far away…Credit crunch slams entitlements… demise of Social Security, Medicare now years closer…Stocks suffer… Bill Jenkins on the “surprise” data behind today’s sell-off…Jim Nelson shares one of “the world’s most exciting growth industries”…Plus, Byron King’s taking profits… a sector worth selling, right now

Being an underground investor means always trying to see past the “groupthink.” And it means trying to spot the man in the ape suit before the crowd does (which is always too late).

Mini-currency rally is cut short … Is it Japan or U.S.? … Gold stages a rally…  Swiss francs remain well bid…
And Now… Today’s Pfennig!

Yesterday, I left you with the thought that the London traders had been buying dollars since they arrived back from their three-day Holiday weekend. The U.S. traders did the same… And I believe profit taking was the order of the day.