The overnight markets say, "whoa"

Good Day... And a Tom Terrific Tuesday to you! No baseball for me last night, we open tonight in NYC with the Mets... This will be a jam-packed week in sports, with the World Cup starting, the 4^th game of the NBA Championship, The World Series in College Baseball, and I'm sure I'm missing something... It was a rainy day here yesterday, until late afternoon, when the sun came out and stayed! The Outsiders greet me this morning with their song: Time Won't Let Me...

Well, after Friday's debacle in the metals, yesterday's slower pace didn't hurt my feelings one bit! The dollar got bought but by a small amount instead of Friday's rampage by the dollar. The BBDXY gained 2 index points to close at 1,211... 

Gold found a way to gain $3 (Whoopee!) And Silver gained 36-cents on the day. Gold closed at $4,331, and Silver closed at $68.18... The talks of Peace were prevalent yesterday, as The POTUS told Israel to stop bombing Iran... Israel and Iran had volleyed missiles at each country while the markets were ga-ga over Peace... That's a strange way to go about Peace if you ask me... But then, no on asks me... 

The price of Oil gave back a buck yesterday and closed the day with a $91 handle, while the 10-year saw more selling and its yield rose to 4.56%... 

In the overnight markets last night... The overnight markets said, This has gone too far too fast, and they rectified the situation best they could by selling the dollar. The dollar lost 4 index points overnight, and starts our day at 1,207... Gold is slowly getting back into investor's minds, as it gains $3 in the early morning trading, and Silver has gained 35-cents to start our day.  

The price of Oil slipped overnight to trade this morning in the $89 handle, and the 10-year Treasury is steady Eddie this morning, trading with a 4.54% yield. 

Well, everyone is up in arms about The Clarity Act... This bill is moving through its courses on Capitol Hill.... Jamie Dimon of JPMorgan says that the Banks will not support the bill... As he believes it will take away from deposits at a bank... This Bill tells you which government agency owns which corner of the crypto market. Up to the time this bill get passed, no regulatory Entity was responsible for regulation and jurisdiction on Crypto... 

With all this jurisdiction now in place, investors will feel more comfortable owning crypto... And that will take away from bank deposits. Per Jamie Dimon... 

I've never felt comfortable with crypto, because there's nothing behind it... Gold you can hold in your hand, stocks have Companies behind them, Bonds have Corps and Gov'ts behind them... You see where I'm coming from here right? I used to say that Bitcoin was a Ponzi Scheme, and always worried about a power grid failure... Where would the normal Joe Six Pack go to get his lost Crypto? Nowhere! But, I do admit that a lot of investors have made a ton of money in crypto... Until.... 

So, there, I've given my thoughts... I know that there will be some readers out there that don't agree with me on this, and that's OK to have differences and not have to settle them with a gun... But you won't change me, so don't even try.... I'm just saying...

OK, a few readers have always requested that I talk about Crypto, so now I have, and we can move on...

Yesterday, I mentioned that the STUPID CPI for May will print this week... I have a question for the Fed Heads and their new leader, Kevin Warsh... "What happens if the STUPID CPI prints at 4%, what will you do to prove that you can stop its trajectory?" With the Fed Funds rate at 3.62% The Fed Heads are working underwater... And the Bond boys are making sure the Fed Heads see where bonds are going if they fail to do anything to stop inflation's trajectory... 

And if yields continue to move higher, that means that the bond servicing costs (Interest rate on bonds) are going higher.... The U.S. already spends more than $1 Trillion on debt servicing costs... That $1 Trillion eats away at the disposable taxes in the budget... And if they continue to rise, then the other items in the budget get less allocated to them, if any at all... I'm just saying...

And these are not 3^rd World Problems for the U.S. And should be weighing on the dollar right now, but isn't because the markets are still ga-ga over the trumped-up labor report, and supposedly Peace... 

I mentioned yesterday about how the Chinese renminbi had weathered the dollar storm. Well, this morning the renminbi is not only weathering the storm, but fighting it as well... There's something about that currency that catches my attention, all the time... I just can't put my finger on it!

The currencies are waking up from their dollar induced coma, and it will be interesting to see if they get out of their sick beds, or just drift from here... Of course, it all depends on what the dollar does going forward... To me, I see the dollar heading downhill from here, but then I look at the dollar differently than the markets do for sure!

And all that yen that the Bank of Japan (BOJ) spent intervening to prevent the yen from falling off a cliff, went for nothing... The yen is back to 160 this morning, thus proving once again, that Central Bank intervention is worthless.... like I've said for years, The markets have deeper pockets than a Central Bank...  

The U.S. Data Cupboard yesterday was empty, and today only has the April Trade Deficit, which without tariffs will be back to a deficit each month... Tomorrow, we'll see the STUPID CPI and hold our breath that it's not 4% or higher... Otherwise there will be more rot on bonds' vine.... 

To recap... Well, the buying abated a bit yesterday and the dollar only gained 2 index points in the BBDXY... Gold & Silver eked out gains, but nothing to write home about... Chuck is still astonished that the markets went so ga-ga over the BLS's labor report... It's all a bunch hooey but the markets bought it hook, line and sinker...  

For What It's Worth... I'm still astonished that the markets were so ga-ga over the BLS's labor repot... if only they looked under the hood and saw at of the 172,000 jobs they created, 158,000 were created out of thin air, after the job surveys were collected and counted... That being what it is...

Here's your snippet: "Deep inside a strong jobs report for May, there was a set of numbers moving the wrong way: It’s taking out-of-work job seekers longer to find work — in some cases, much longer.

To be sure, experts say there’s a lot to cheer about in the report. It showed the U.S. economy added 172,000 jobs last month, blowing out the forecasts. The report may have smoothed over some frayed nerves about artificial intelligence coming for jobs.

But at the same time, the average length of unemployment climbed to 26 weeks, up from 24.4 weeks in April. That’s half a year of looking for work, tweaking resumes, applying, networking and then repeating the process.

The median length of unemployment showed nearly three months on the job hunt — 11.6 weeks in May, an increase when compared to April as well as a year ago.

The strong top-line numbers “obscure the same underlying story we’ve been telling for months: This is still a low-hire, low-fire market, and the calm on the surface reflects stillness underneath, rather than genuine momentum,” said Laura Ullrich, Indeed’s director of economic research.

More than one-quarter of unemployed workers have been out of work for over half a year, Ullrich said. That’s up from 20% a year ago, and above prepandemic levels. “The situation for many unemployed job seekers is grim, even in the midst of impressive monthly job gains,” she said.

This low-hire, low-fire dynamic and lengthy job hunts have spooked many workers, who are now opting to cling to their jobs instead of making a jump. Even with the solid May report, labor-market experts said they still see a cautious workforce."

Chuck Again... This is some part of the report that the markets failed to look into... I'm just saying...

Market Price 6/9/2026: American Style: A$ .7061, kiwi .5841, C$ .7181, euro 1.1574, sterling 1.3404, Swiss $1.2569, European Style: rand 16.4346, krone 9.4604, SEK 9.4578, forint 306.06, zloty 3.6611, koruna 20.8757, RUB 71.82, yen 160.19, sing 1.2853, HKD 7.8365, INR 95.35, China 6.7715, peso 17.35, BRL 5.1621, BBDXY 1,207, Dollar Index 99.68, Oil $89.10, 10-year 4.54%, Silver $68.53, Platinum $1,780.00, Palladium $1,267.00 Copper $6.45, and Gold... $4,335.

That's it for today... Remember, no Pfennig tomorrow, but I'll be back on Thursday... I had trashed wings at our local watering hole last night, with friends: Denny, Nancy, Larry, Patti, John, and Larry and Kathy (my Kathy was there too, but not with Larry!) A good time was had by all! I couldn't hear all of the conversations, so that was the only thing bad... Today, is one of my favorite people's birthday! Happy Birthday, Laua Baur! I made a voice recording of me singing Happy Birthday to Laura, but can't figure out how to send it!  Player takes us to the finish line today with their song: Baby Come Back... I hope you have a Tom Terrific Tuesday today, and Please Be Good To Yourself!