May 2011

Commercial Real Estate’s Race To Loan Maturity

May 25, 2011

As a native of Indiana, every Memorial Day my attention turns to the “Greatest Spectacle in Racing,” the Indianapolis 500. However, as senior commercial real estate strategist with CoStar Group, I have my eyes set on another race — the one between maturing commercial real estate loans and the prices of the underlying properties securing those loans. And in that race, commercial real estate has recently been issued a yellow flag. In CoStar…

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Why Medicare Will Be The Issue Of 2012

May 25, 2011

WASHINGTON — The 2012 election found its defining issue on Tuesday night, with an insurgent Democrat upsetting a well-financed Republican in a deeply red district in New York state. The GOP paved the way for the Democrat’s victory by voting earlier this year to end the current Medicare program that guarantees health coverage to seniors and replace it with a voucher system that provides premium support for the elderly to purchase private health insurance. The Republican in the race, Jane Corwin, fully endorsed the GOP plan to alter Medicare, while the Democrat, Kathy Hochul, defended the social safety net. The race’s polling trends point to Medicare as the defining issue, while the conversation has played out on a national level. Former House Speaker Nancy Pelosi (D-Calif.) summed up the Democratic position: “We have a plan –- it’s called Medicare.” With some exceptions, Democrats have ranged from reluctant defenders of government spending to outright hawkish assailants of social funds. But nothing focuses the mind like political calculation, and the upset in upstate New York has sent a message so clear that not even the highest priced Democratic consultant could miss it. “Kathy Hochul’s victory tonight is a tribute to Democrats’ commitment to preserve and strengthen Medicare, create jobs and grow our economy. And it sends a clear message that will echo nationwide: Republicans will be held accountable for their vote to end Medicare,” Pelosi said in a statement after the election. The race began turning toward the Democrat when Corwin embraced the GOP’s Medicare plan in mid-April. The campaigns had already been communicating with voters, airing television spots for nearly a month. Corwin attacked Hochul on the airwaves in late March for having sought property tax increases and attempted to link Hochul to Pelosi, following the playbook Republicans applied with success during 2010. Hochul responded with a series of ads beginning in early April, but none mentioned Medicare. That changed on April 26 when the Hochul campaign began airing an ad that hit Corwin for saying “she would vote for the 2012 Republican budget that would essentially end Medicare,” that would have seniors “pay $6,400 more for the same coverage” and would “cut taxes for the wealthiest Americans.” WATCH : Just before Hochul’s television campaign shifted to Medicare, a Siena Research survey showed Corwin leading Hochul by a surprisingly narrow margin, 36 percent to 31 percent. But ten days later, an automated survey conducted by Democratic firm Public Policy Polling and sponsored by SEIU showed Hochul leading by four points (35 percent to 31 percent). And in the final week, two more surveys, one from PPP and one from Siena College, both showed Hochul leading by similar margins. Jef Pollock, Hochul’s pollster, told HuffPost that the numbers showed the Democrat winning among seniors and independents, two groups that broke heavily for Republicans in 2010. “This race was won, in a significant way, because of the disastrous decision by the GOP to dismantle Medicare as we know it,” he said. “Kathy Hochul was a great candidate. And credit is due to her for running a great race as well as credit to the campaign for making Medicare a central issue — that’s why Hochul was winning 74 percent of the voters who said that Medicare was the most important issue to them in the most recent Siena poll conducted just a few days ago,” he said. Steve Murphy, Hochul’s media consultant, argued that his candidate persuaded voters she was concerned about the deficit without needing to cut Medicare. “A Democrat in a competitive district can win on the Ryan budget and Medicare issue as long as they first demonstrate to voters that they are tough on spending and serious about the problem of rising deficits,” he suggested. “Five of our seven ads had a strong fiscal component, not just Medicare.” Democrats highlighted the serious money the Republicans put into the election. “Today, the Republican plan to end Medicare cost Republicans $3.4 million and a seat in Congress. And this is only the first seat,” said Rep. Steve Israel (D-N.Y.), head of the Democrats’ House campaign arm. House Republicans pinned blame for Corwin’s loss on a quirky third-party candidate, Jack Davis, who ran under the Tea Party despite an eclectic and sometimes liberal political past. “Republican Jane Corwin ran a hard-fought campaign against two well-funded Democrats, including one masquerading under the Tea Party name,” said Rep. Pete Sessions (R-Texas), head of the House GOP campaign operation. “Obviously, each side would rather win a special election than lose, but to predict the future based on the results of this unusual race is naive and risky.” American Crossroads, a GOP group that spent heavily in the race, said that the race indicates a resurgent Democratic party, whether the third-party candidate tipped it or not. “The debate over whether Medicare mattered more than a third-party candidate who split the Republican vote is mostly a partisan Rorschach Test,” said American Crossroad’s Jonathan Collegio. “What is clear is that this election is a wake-up call for anyone who thinks that 2012 will be just like 2010. It’s going to be a tougher environment, Democrats will be more competitive, and we need to play at the top of our game to win big next year.” The GOP can’t and won’t retreat from the Medicare valley it has occupied. “We know that bell can’t be un-rung, and we wouldn’t want to,” said a well-placed GOP aide. “We’re on the right side of history. If President Obama wants to be ‘the grown-up in the room,’ he’s going to have to grapple with grown-up problems. We have.” Indeed, the GOP has been doing plenty of grappling lately, but it’s been mostly with constituents and members of the party. Presidential candidate Newt Gingrich was browbeaten by his party for calling the Medicare plan “right-wing social engineering” and endorsing Paul Ryan’s budget, which includes Medicare reform as its signature component and has become a litmus test for candidates. At home, Republicans have faced hostile town halls with seniors questioning how they’ll be able to purchase private insurance with a voucher that doesn’t rise at the rate of health care costs. At a recent town hall, a constituent of Rep. Rob Woodall (R-Ga.) raised a practical obstacle to obtaining coverage in the private market within the confines of an employer-based health insurance system: What happens when you retire? “The private corporation that I retired from does not give medical benefits to retirees,” the woman told the congressman in video captured a local Patch reporter in Dacula, Ga. “Hear yourself, ma’am. Hear yourself,” Woodall told the woman. “You want the government to take care of you, because your employer decided not to take care of you. My question is, ‘When do I decide I’m going to take care of me?’” Sen. Chuck Schumer (D-N.Y.) pounced on the remark, telling the Washington Post that it typifies Republican ideology. Tuesday’s special election was held to fill the seat of Chris Lee, who resigned after topless photographs he sent of himself to a woman on Craigslist surfaced.

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Boston Properties To Restart Midtown Office Tower After Landing Law Firm in 180,000 SF Lease

May 25, 2011

Construction cranes are expected to return to Manhattan’s 55th Street this fall after Boston Properties (NYSE:BXP) said it will resume work on its 1 million-square-foot, 40-story glass tower at 250 West 55th Street after concluding lease negotiations with law firm Morrison & Foerster to occupy seven floors in the development. The law firm leased approximately 180,000 square feet under a 15-year term to become the anchor tenant in the office and…

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Jon Kyl Won’t Return Campaign Cash To Fiesta Bowl

May 25, 2011

PHOENIX — Politicians who received letters from the Fiesta Bowl requesting that they return tainted campaign contributions are responding, and none appear too happy to be tarred with the same brush as the bowl’s ousted CEO. U.S. Sen. Jon Kyl of Arizona has offered the latest pushback, sending a caustic letter to the bowl’s lawyer that called the return of the money inappropriate since the Fiesta Bowl had admitted improper conduct. Kyl said he would give the $3,000 he received to the American Red Cross to help with tornado relief. The reply on letterhead that read “Jon Kyl for U.S. Senate” was provided to The Associated Press late Monday. “In the past, when I have learned that funds have been improperly contributed to my campaign, I have donated them to charity; and since the Fiesta Bowl now acknowledges impropriety, that’s what I will do,” Kyl wrote. The bowl’s lawyer would not comment. A Fiesta Bowl report released March 29 detailed reimbursements to employees and their families for political donations, which was in apparent violation of federal and state laws. There was no indication the politicians knew the money they received was in fact coming from the bowl, a tax exempt group that is barred from making political donations. About two dozen local, state and federal politicians received donations totaling more than $48,000 between 2000 and 2009. The report also documented thousands of dollars in inappropriate spending. The bowl fired longtime president and CEO John Junker in response. The bowl said it is obligated to try to recover the money to maintain its non-profit status. Kyl joined fellow Arizona Republican U.S. Sen. John McCain in saying he would give the tainted money to charity. Three McCain campaign accounts received $19,500 from bowl employees who were later reimbursed in apparent violation of federal laws. Federal election law requires candidates who learn of illegal campaign contributions to return them to the donor, said Mary Brandenberger, a spokeswoman for the Federal Election Commission. She said she could not be certain if making a donation to charity met that requirement. Two former Arizona congressmen, John Shadegg and J.D. Hayworth, also were sent letters seeking reimbursement. Shadegg has not responded to inquiries about his plans. Hayworth told the AP he had not received the letter and that his campaign accounts are closed. Among the Arizona politicians who have said they would not return money from bowl employees are Gov. Jan Brewer, Secretary of State Ken Bennett and state Senate President Russell Pearce. Brewer said Tuesday she had not yet received the letter from the bowl seeking $560 her campaign received in 2009. “Maybe they don’t know where to find me,” she said. She said she has no money in campaign accounts and will not pay back the money out of her own funds. She ran for governor last year as a publically funded candidate under the state’s Clean Elections law. “I did nothing wrong,” Brewer said. “I accepted donations. They committed a crime, I guess, and reimbursed someone.” “They can go to Clean Elections and get their money,” she added. Bennett has previously said he was put off by the request and that candidates that took the money did nothing wrong, a sentiment that his spokesman, Matthew Benson, repeated Tuesday. “The illegal activity had nothing to do with the contributions to elected officials like Secretary Bennett,” Benson said. “There is no obligation for us to return it, and the legal means to do that would be difficult to ascertain because the committees have been closed for nearly 10 years.” He also questioned the motives of the bowl, calling it “a public PR effort to protect their IRS status.” The scandal at the Fiesta Bowl, which also hosts the national football championship every four years, put its role as one of the four top-tier bowl groups in jeopardy. But it has avoided the worst sanctions – the loss of the championship game and its NCAA license. The Bowl Championship Series fined the Fiesta Bowl $1 million earlier this month, and last week the NCAA placed it on probation for a year. The Fiesta Bowl also is preparing to send bills to lawmakers who accepted free trips and football game tickets. Arizona legislators can accept gifts of travel from lobbyists and their employers, and, in limited circumstances, tickets to entertainment events. They must report trips as gifts. A criminal investigation into whether some lawmakers illegally received game tickets or gifts was being conducted by Maricopa County Attorney Bill Montgomery. The Arizona Attorney General’s Office is investigating other aspects of the case. ___ Associated Press writer Paul Davenport contributed.

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Dan Solin: 401(k) Participants Need an "Arab Spring"

May 25, 2011

Let me start with the obvious (or what should be obvious, but isn’t): 1. Retirement plans of all stripes should have only index funds or passively managed funds as investment options. There should be no actively managed funds (where the fund manager attempts to beat a designated benchmark). 2. Advisors to these plans should be 3(38) ERISA fiduciaries, which requires them to accept in writing 100 percent of the liability for the selection and monitoring of the investment options in the plan. This requirement eliminates all brokers and insurance companies. They accept “revenue sharing payments” from mutual funds as the cost of admission to the list of plan options. Legally, they cannot be 3(38) fiduciaries. 3. Acceptance of items 1 and 2 above is not going to happen in 99 percent of the retirement plans in this country, to the great detriment of plan participants. The evidence that passive trumps active is so overwhelming you have to marvel at the ability of the securities industry to persuade plan administrators to ignore it. One study looked at the performance of 2,100 actively managed funds over a 31 year period. The highly credentialed authors of this independent study concluded that only 0.6 percent of the fund managers studied had genuine stock picking ability — a number which is statistically indistinguishable from zero. Nobel Laureates William Sharpe, Merton Miller, Daniel Kahneman, Paul Samuelson and Harry Markowitz all reached the same conclusion. So did authors of many financial books, including William Bernstein, Allan Roth, Burton Malkiel, John Bogle, David Swensen, Larry Swedroe, Mark Hebner, Jason Zweig and many others. Malkiel said it best: It’s like giving up a belief in Santa Claus. Even though you know Santa Claus doesn’t exist, you kind of cling to that belief. I’m not saying that this is a scam. They generally believe they can do it. The evidence is, however, that they can’t. The explanation for why plan administrators continue to punish participants by investing in actively managed funds may be found in a 1998 PriceWaterhouseCoopers study, which concluded: …even as better information on indexing becomes available, emotional factors may continue to constrain the growth of indexing. Many institutional fund managers feel driven to beat the market, even while recognizing the arguments in favor of indexing. My personal experience in presenting passively managed options to CFO’s and Human Resource Departments validates this conclusion. They are either unaware of this data or choose to ignore it. The cost to plan participants of their ignorance is substantial. One study found that investing in actively managed funds rather than passively managed ones costs investors $80 billion a year. It’s no wonder many are predicting a “retirement tsunami” as baby boomers confront their diminished 401(k) plan balances and wonder whether they will ever be able to stop working. The “Arab Spring” might be a lesson for 401(k) participants. They need to familiarize themselves with the data and demand a fundamental change in the way their retirement plans are being managed. It’s time to stop the gravy train for mutual funds, brokers and “market beating” advisers and focus on the needs of plan participants. I am not suggesting demonstrations in the street (yet!), but participants need to educate themselves, organize, sign petitions and insist on retirement plans consistent with sound, academically based investment practices. Leaving these decisions up to your plan administrators simply is not working. The views set forth in this blog are the opinions of the author alone and may not represent the views of any firm or entity with whom he is affiliated. The data, information, and content on this blog are for information, education, and non-commercial purposes only. Returns from index funds do not represent the performance of any investment advisory firm. The information on this blog does not involve the rendering of personalized investment advice and is limited to the dissemination of opinions on investing. No reader should construe these opinions as an offer of advisory services. Readers who require investment advice should retain the services of a competent investment professional. The information on this blog is not an offer to buy or sell, or a solicitation of any offer to buy or sell any securities or class of securities mentioned herein. Furthermore, the information on this blog should not be construed as an offer of advisory services. Please note that the author does not recommend specific securities nor is he responsible for comments made by persons posting on this blog.

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The Future Of Casinos Is Online, Industry Panel Says

May 25, 2011

ATLANTIC CITY, N.J. — Internet gambling is the future of the casino industry, whether it’s approved at the federal or state level, a panel of online and brick-and-mortar casino executives said Tuesday. And a New Jersey lawmaker predicted there will be a ballot question next year asking his state’s residents whether to amend the state Constitution to allow Internet gambling. Speaking at the East Coast Gaming Congress, executives from two online betting organizations and Caesars Entertainment said the Internet provides the gambling industry its best opportunity for growth. But the prospect of a federal law permitting it appears dim in light of recent federal raids on online gambling sites. “You’re not going to stop the Internet,” said Jan Jones, senior vice president of government relations for Caesars Entertainment. “You can regulate it, you can put in protections, but it’s going to exist.” Melanie Brenner, president of the U.S. Online Gaming Association, said more than 10 million people currently play online poker. “That’s what they look forward to,” she said. “This is the path to growth for (the casino) industry.” Panel members estimated the potential annual revenue from legalized Internet gambling in the U.S. at nearly $80 billion. Richard Bronson, chairman of U.S. Digital Gaming, predicts individual states will approve online gambling soon. He said the recent raids by federal prosecutors on online poker web sites makes it unlikely the federal government will approve Internet gambling, leaving states an opportunity to do it on a piecemeal basis. “I believe strongly there will not be a national online gambling bill passed in the U.S.,” he said. “I’ve yet to find one governor, one legislator, one lottery director that tells me otherwise. They want this to be a state issue.” New Jersey was on the verge of becoming the first state in the nation to approve Internet gambling within its state borders. But Gov. Chris Christie vetoed a bill that would have permitted it, voicing concern about its legality. Christie suggested if New jersey legislators are serious about allowing Internet gambling, they should put a proposed Constitutional amendment before the voters and let them decide. That’s exactly what state Assemblyman John Burzichelli, a south Jersey Democrat, said the legislature plans to do. “Next year there’s probably going to be a question on the ballot to allow Internet gambling,” he said. “Whether or not New Jersey voters amend the Constitution is up in the air. We came close, and we’re going to do it again. We’re going to take another run at it.” New Jersey law requires that all casino gambling in the state take place in Atlantic City. The bill Christie vetoed would have had the Atlantic City casinos maintain the servers, thus technically making the transactions happen in Atlantic City. Christie didn’t buy that argument, and also worried about bars and restaurants setting up “Internet cafes” that would be fronts for illegal gambling. In April, federal authorities busted the three largest online poker web sites in the United States on charges of bank fraud and illegal gambling against 11 people, accusing them of manipulating banks to process billions of dollars in illegal revenue. Prosecutors in Manhattan said they’ve issued restraining orders against more than 75 bank accounts in 14 countries used by the poker companies, interrupting the illegal flow of billions of dollars. The companies, all based overseas, are PokerStars, Full Tilt Poker and Absolute Poker. The indictment seeks $3 billion in money laundering penalties and forfeiture from the defendants. The indictment said the companies ran afoul of the law after the U.S. in October 2006 enacted the Unlawful Internet Gambling Enforcement Act, which makes it a crime for gambling businesses to knowingly accept most forms of payment in connection with the participation of another person in unlawful Internet gambling. Federal prosecutors in Maryland on Monday announced indictments of three other people and two businesses, plus the seizure of 11 bank accounts and 10 website domain names. The American Gaming Association called the prosecutions a “half measure” toward fixing the problem and called for federally sanctioned licensing and regulation of online poker. The association’s president, Frank Fahrenkopf, said millions of Americans bet billions of dollars a year at foreign websites, and will continue to do so as long as there are sites they can access. “In fact, in the immediate aftermath of online poker’s April 15 `Black Friday,’ some of the 300 companies that continued to operate in the U.S., in spite of the law, saw a surge in new business,” he said. “Today, there are more than 1,000 real-money websites operated by these offshore operators that still target the U.S. market.” Because of that prosecution, individual states will try to approve Internet gambling solely within their own borders, panel members agreed. But they would lose out on a lucrative worldwide market that unscrupulous illegal website operators will fill, they added. “If we look at this as a state opportunity, we will have lost the single largest opportunity for this industry,” said Jones, the Caesars executive. “If you don’t have that international capability – Europe, Asia – you can’t go in there because you can’t go outside your own state. You lost the worldwide opportunity.”

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Dollar Hits Two Month Highs but Rate Outlook Still Critically Missing

May 25, 2011

Dollar Hits Two Month Highs but Rate Outlook Still Critically Missing

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"Potential" Candlestick Reversal Patterns

May 25, 2011

“Potential” Candlestick Reversal Patterns

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Guest Commentary: Is the CFTC Actually Helping Traders?

May 25, 2011

Guest Commentary: Is the CFTC Actually Helping Traders?

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US Dollar Index Eases Ahead of GDP Report- Channel Holds

May 25, 2011

US Dollar Index Eases Ahead of GDP Report- Channel Holds

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Buccaneer Energy Limited (ASX:BCC) Kenai Loop Testing Exceeds Expectations

May 25, 2011

Buccaneer Energy Limited (ASX:BCC) Kenai Loop Testing Exceeds Expectations

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Black Range Minerals Limited (ASX:BLR) Intersected Thick High Grade Uranium At The Hansen Deposit

May 25, 2011

Black Range Minerals Limited (ASX:BLR) Intersected Thick High Grade Uranium At The Hansen Deposit

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Galaxy Resources Limited (ASX:GXY) Acquires 20% Of James Bay Project With Extensive High-Grade Spodumene Pegmatite

May 25, 2011

Galaxy Resources Limited (ASX:GXY) Acquires 20% Of James Bay Project With Extensive High-Grade Spodumene Pegmatite

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U.S. stock closed in green, while investors eye tomorrow’s GDP data…

May 25, 2011

U.S. stock closed in green, while investors eye tomorrow’s GDP data…

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US Dollar Outlook Remains Bullish on Futures, Options Sentiment

May 25, 2011

US Dollar Outlook Remains Bullish on Futures, Options Sentiment

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GBP/CHF Descending Channel, Wedge Provide Swing Trading Opportunity

May 25, 2011

GBP/CHF Descending Channel, Wedge Provide Swing Trading Opportunity

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GBP/CHF Descending Channel, Wedge Provide Swing Trading Opportunity

May 25, 2011

GBP/CHF Descending Channel, Wedge Provide Swing Trading Opportunity

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Short-Term Trades Like a GBPUSD Short Fit Current Trading Conditions

May 25, 2011

Short-Term Trades Like a GBPUSD Short Fit Current Trading Conditions

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Short-Term Trades Like a GBPUSD Short Fit Current Trading Conditions

May 25, 2011

Short-Term Trades Like a GBPUSD Short Fit Current Trading Conditions

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EUR/USD: Trading the Preliminary U.S. 1Q GDP Report

May 25, 2011

EUR/USD: Trading the Preliminary U.S. 1Q GDP Report

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EUR/USD: Trading the Preliminary U.S. 1Q GDP Report

May 25, 2011

EUR/USD: Trading the Preliminary U.S. 1Q GDP Report

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Guest Commentary: Forex Chart Patterns Currently In Play

May 25, 2011

Guest Commentary: Forex Chart Patterns Currently In Play

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Guest Commentary: Forex Chart Patterns Currently In Play

May 25, 2011

Guest Commentary: Forex Chart Patterns Currently In Play

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Euro under Still More Pressure as Hedge Funds Reposition

May 25, 2011

Euro under Still More Pressure as Hedge Funds Reposition

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U.S. Dollar Outlook Remains Bullish As Index Preserves Upward Trend

May 25, 2011

U.S. Dollar Outlook Remains Bullish As Index Preserves Upward Trend

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EUR/CAD Intra-day Scalp- Range Trade

May 25, 2011

EUR/CAD Intra-day Scalp- Range Trade

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Steady GDP supports sterling 

May 25, 2011

Steady GDP supports sterling

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Steady GDP supports sterling 

May 25, 2011

Steady GDP supports sterling

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U.S. stocks fluctuate by opening, on gloomy U.S durable goods report… 

May 25, 2011

U.S. stocks fluctuate by opening, on gloomy U.S durable goods report…

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U.S. stocks fluctuate by opening, on gloomy U.S durable goods report… 

May 25, 2011

U.S. stocks fluctuate by opening, on gloomy U.S durable goods report…

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Costco Earnings…

May 25, 2011

Costco Earnings…

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Costco Earnings…

May 25, 2011

Costco Earnings…

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The superpower’s durable goods orders plunged significantly and worse than forecasted in April…

May 25, 2011

The superpower’s durable goods orders plunged significantly and worse than forecasted in April…

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The superpower’s durable goods orders plunged significantly and worse than forecasted in April…

May 25, 2011

The superpower’s durable goods orders plunged significantly and worse than forecasted in April…

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Haven Flows See Signs of Exhaustion- Aussie Rebounds Off Lows

May 25, 2011

Haven Flows See Signs of Exhaustion- Aussie Rebounds Off Lows

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Haven Flows See Signs of Exhaustion- Aussie Rebounds Off Lows

May 25, 2011

Haven Flows See Signs of Exhaustion- Aussie Rebounds Off Lows

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U.S. Durable Goods Orders Fall by Most in Six Months

May 25, 2011

U.S. Durable Goods Orders Fall by Most in Six Months

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Euro Outlook Remains Bearish, New Zealand Dollar Offers Range Opportunity

May 25, 2011

Euro Outlook Remains Bearish, New Zealand Dollar Offers Range Opportunity

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Euro Outlook Remains Bearish, New Zealand Dollar Offers Range Opportunity

May 25, 2011

Euro Outlook Remains Bearish, New Zealand Dollar Offers Range Opportunity

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Guest Commentary: EUR/USD 1.39 Target, USD/CAD Verging on Shift

May 25, 2011

Guest Commentary: EUR/USD 1.39 Target, USD/CAD Verging on Shift

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Guest Commentary: EUR/USD 1.39 Target, USD/CAD Verging on Shift

May 25, 2011

Guest Commentary: EUR/USD 1.39 Target, USD/CAD Verging on Shift

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Guest Commentary: EUR/USD 1.39 Target, USD/CAD Verging on Shift

May 25, 2011

Guest Commentary: EUR/USD 1.39 Target, USD/CAD Verging on Shift

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FX Headlines: Risk Aversion Resumes as European Leaders Struggle to Find Solution for Greece

May 25, 2011

FX Headlines: Risk Aversion Resumes as European Leaders Struggle to Find Solution for Greece

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Guest Commentary: Daily Euro Yen Chart Shows Exactly Why We Are Buying Dips

May 25, 2011

Guest Commentary: Daily Euro Yen Chart Shows Exactly Why We Are Buying Dips

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Guest Commentary: Daily Euro Yen Chart Shows Exactly Why We Are Buying Dips

May 25, 2011

Guest Commentary: Daily Euro Yen Chart Shows Exactly Why We Are Buying Dips

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Guest Commentary: Daily Euro Yen Chart Shows Exactly Why We Are Buying Dips

May 25, 2011

Guest Commentary: Daily Euro Yen Chart Shows Exactly Why We Are Buying Dips

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Guest Commentary: Daily Euro Yen Chart Shows Exactly Why We Are Buying Dips

May 25, 2011

Guest Commentary: Daily Euro Yen Chart Shows Exactly Why We Are Buying Dips

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Guest Commentary: Daily Euro Yen Chart Shows Exactly Why We Are Buying Dips

May 25, 2011

Guest Commentary: Daily Euro Yen Chart Shows Exactly Why We Are Buying Dips

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UK 1Q GDP Unrevised, Boosted by Rising Exports

May 25, 2011

UK 1Q GDP Unrevised, Boosted by Rising Exports

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