Good morning Australia. It’s another triple digit mid-day decline on the Dow. Is this the Obama Rally?

There’s been a return to risk aversion overnight, as some news from the United Kingdom has reignited the fears that the banks may still be sitting on a ton of bad debt… Of course, as Pfennig readers, you already know this…

Tanned, rested, and ready from a week of hiking in the Rocky Mountains, your editor is happy to report that good Mexican food is still cheap in America and prices are still rising in Australia. But did we miss something while we were away?

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.

The dollar is a bit softer this morning going into the Jobs Jamboree, and rightly so, given the forecast. However, the dollar is still swinging a mighty hammer and I’m a bit perplexed by this.

Different week, same three “Fs”. Food, fuel, and finance. We mentioned a few weeks ago that these three investment themes intersect, interconnect, and generally get all tangled up. Expect more tangling this week. Let’s try to untangle them a bit for you today.

Today’s Australian has a headline that reads, “Credit card debt slows to 13-year low.” That would lead you to believe that something good has happened in the economy. But has it?

The global wise men of asset prices and capital flows have weighed in on Aussie house prices. They have been found overvalued. Crikey. Hey, you can’t say we’re being knee-jerk bears on this one.