http://www.zerohedge.com/article/global-tactical-asset-allocation-q3-update-commodities

http://www.zerohedge.com/article/goldman-flip-flops-once-again-mocks-iea-impact-crude-prices-reiterates-20-upside-commodities

http://www.zerohedge.com/article/coming-new-world-order-revolution-how-things-will-change-next-20-years-kondratieff-cycle-per

http://www.zerohedge.com/article/guest-post-question-risk-part-one-three

Bloomberg reports that Moody's downgrades Portugal to Ba2 with a negative outlook.

This is a reminder that the financial crisis in Europe doesn't stop with Greece.

In a research note released today, Goldman Sachs economist Andrew Tilton listed five hopeful signs for the 2nd half of 2011:

First, commodity prices have eased. Using a standard seasonal adjustment procedure, retail gasoline prices are back to end-2010 levels.
...
Second, despite the increase in interest rates this week, financial conditions are easier than at any point in 2010. Bank lending standards remain tight, but these too are easing on the margin.
...
Third, the decline in house prices may be abating.
...
Fourth, vehicle production has rebounded following large disruptions due to the Japanese earthquake and tsunami.
...
Fifth, labor market indicators seem to have stabilized after some worrying readings in late April and May, although we’ll have to wait until next Friday’s June employment report for a more definitive assessment. ... We expect an increase of 125,000 payroll jobs, with the unemployment rate dropping back to 9.0%.

http://www.calculatedriskblog.com/2011/06/update-real-house-prices-and-price-to.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+CalculatedRisk+%28Calculated+Risk%29&utm_content=Google+Reader

http://www.zerohedge.com/article/daytraders-account-over-90-volume-price-formation-es-crude-gold-and-silver-futures#

The dollar’s preeminence dates to the end of World War II with the Bretton Woods global agreement on monetary management. That formal system unwound in the early ‘70s, but the dollar has continued to serve as the global reserve currency. But note that the share of dollars in global central bank portfolios has been declining slowly for the last eight to 10 years. According to the International Monetary Fund, about 60% to 65% of global reserves held by emerging nations are in the form of dollars, down from about 70% a decade ago.

In our baseline case we do not see the dollar being supplanted as the global reserve currency in the next three to five years. If foreign central banks were to decide that they did not want to hold dollars as a reserve, they would have to hold some other currency. And right now there is not a single viable alternative to the dollar. Aside from the 60% that I mentioned earlier, global reserves include about 30% in euros and the rest is mixed. Given current circumstances in Europe, we would not expect the euro to supplant the dollar.

Issues for GM

http://www.zerohedge.com/article/gms-channel-stuffing-goes-mainstream

http://www.zerohedge.com/article/gold-could-see-1800oz-seasonal-strength-and-deepening-eurozone-and-us-debt-crisis

http://www.capital.ro/detalii-articole/stiri/ultima-saptamana-pentru-pregatirea-vanzarii-actiunilor-petrom-pe-bursa-149491.html

http://www.gizmag.com/dslr-follow-focus/19110/