Asian Speculator

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I am an original Cramer fan.  I was one of the original subscribers to www.thestreet.com, I have 2 of the T-shirts to prove it.  I really enjoyed his commentary and even when he was briefly on FOX TV on Saturday mornings doing the roundtable thing… I have to admit I’m not such a big a fan of his new show ‘Mad Money’ but I have always enjoyed his passion and his knowledge on the subject of investing.  What strikes me about this clip of Cramer with Erin Burnette is how he’s screaming about how bad it is “out there” [in investment banking land], and how our fair headed boy/girl financial wonders are having a hard time of it.
 

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Chinese economic growth continues to rocket past expectations to print a second quarter GDP number of 11.9% YOY compared with only an 11% growth rate that was expected.  The red hot numbers (no pun intended) numbers coming out of China are leading some analysts to predict another rate hike from the People’s Bank to try to and slow down the economy. 
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Isn’t begging the last action available to those that have NO leg to stand on?  Why would anyone let alone a Soverign Nation Investment Fund want to touch “toxic assets” like US subprime mortgage paper?  See original Bloomberg article here

Earlier today Finance Minister Koji Omi told reporters at a press conference that

‘we are watching (foreign exchange) very closely,’

a more aggressive line than the usual remark that ‘foreign exchange ought to reflect economic fundamentals.’ It is also in line with the language employed by the central bank and other G7 officials in warning markets about currency imbalances.
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It seems as if the prognostications of the “End of the Carry Trade”, was just rumor an innuendo as we see the Yen continue its decline against the other major currencies.

 From the sizes of outflows that we’re hearing I would not be surprised to see at least 125 and possibly 127 on the Yen in this current cycle against the $US and 170 against the Euro.  USD/JPY closed this week at 123.84 with a 123.08 to 124.15 range.  You can watch it via the chart in the far right column courtesy of The Financials.com.

 There is more “rumor”, but this time on the side of the toshin, (an abbreviation of Shoken Toshi Shintaku: 証券投資信託  or a managed retail investment trust) fund being put to work, if this is really true then the Yen is sure to see more selling next week.

The news schedule is skewed heavily toward the US, with the FOMC making their interest rate announcement at 2:15pm EDT on Thursday.  There is no expectation of a change in rate however we need to be on the watch for changes in FedSpeak.

This is a post about stupid legislation