Currencies rebound VS the dollar…Aussie and kiwi lead the currencies higher…Data and Central Bank speeches today…Gold rebounds back to $1,000! And Now… Today’s Pfennig!

Recently, my colleague Marc Lichtenfeld and I took a collective pop at some lazy journalists and other media cheerleaders. Their crime? Whipping the investment community into false optimism through misleading headlines regarding earnings announcements.

A 4-day rally…  High Yield demand continues…  Home Prices slow to recover…  Paulson comes out from under the bus…

If you think the real estate industry is finally on the mend, you better check the data one more time. Now that interest rates are on the rise, home prices will have to drop once again. But prepare your portfolio and you will have nothing to worry about.

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

American home prices just suffered their worst quarter in recorded history.

Want to have some fun with the latest news? Go to the government’s housing price databank and get a much clearer picture of the situation than the headlines will give you. Today’s headlines are blaring that home prices just recorded their biggest drop ever—minus 4.8% this past quarter. Oh woe, oh woe. In the gloom, reports barely mention that a few states are showing some mild improvements in prices.

When U.S. Department of Energy analysts told you more than a month ago that gasoline prices would peak at about $4 a gallon around Memorial Day, we told you they were wrong. Gas prices, we said, were destined to head much, much higher.