Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for November 6.

Barack Obama may have been elected president.  But it's still not possible to get rich by spending money.  Nor is it possible to save a man from too much debt by giving him more credit.

The euro and British pound both edged lower on Wednesday, and while all the European economic data in the world argues in favor of weakness for the two currencies, the price action we’ve been seeing lately has had more to do with the very broad trend of flight-to-quality into “safe-havens” like the US dollar.

Now with the Fed Funds rate matching its lowest level since the Bretton Woods pact collapsed, we can see speculation beginning to take a hawkish turn through further months.

Both the stock market and higher yielding currencies gave back some gains after Barack Obama won the presidential election.

How bad will the coming recession be?

The US dollar pulled back sharply on Tuesday, especially against the high-yielding commodity dollars, amidst a pickup in demand for carry and an improvement in investor sentiment.

The euro shot higher despite increasing expectations that the ECB may begin an aggressive easing policy with a rate cut at Thursday’s policy meeting.

Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for November 4.