In the currency market, the dollar rebounded powerfully against the euro. Late Tuesday, the euro was trading at $1.2507 vs. $1.275 on Monday. With no new economic data on offer, and the bond markets closed in observance of Veterans’ Day, things were subdued on the currency front.

“Dollar and yen were largely firmer in thin U.S. holiday trading, as risk aversion crept back up,” wrote currency analysts at Brown Brothers Harriman. “Optimism on China’s stimulus plan gave way to a more sober global economic outlook.”

News trickling in from elsewhere wasn’t particularly heartening. Across the pond, the British Retail Consortium’s monthly barometer reported sales that fell 2.2% on a same-store basis in October, as compared with the same month of 2007. That marked the first drop in total sales since April 2005.

And across the bigger pond, China reported that exports grew 19.2% in October from a year earlier. Doesn’t sound bad,

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HIDDEN VALUE

Dear Value Seeker,

Today the world honors its military veterans.

Veterans Day falls on Armistice Day, the day World War I officially ended.

The 40 million casualties of the “war to end all wars” is perhaps still the rawest example of humankind’s ability to screw up.

Ninety years on, we are still screwing up.

Fortunately, today’s losses are focused on corporate balance sheets and stock indexes rather than on the battlefield.

At least we have the Fed and the U.S Treasury looking out for our best interests.

Americans can sleep tight knowing Ben Bernanke and Hank Paulson are unloading their heavy artillery at the credit crisis.

Of course, the effect so far has been minimal. And their ammunition is depleting rapidly.

Already, the government has spent all but $60 billion of the first $350 billion tranche of Hank Paulson’s $700 TARP (Trash Asset

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Monday:Economic: NoneEarnings: American International Group (AIG), Carmike Cinemas (CKEC), Cinemark Holdings (CNK), Dish Network (DISH), Fuel Tech Inc (FTEK), Globalstar (GSAT), Nortel Networks (NT), Plug Power (PLUG), Sirius Satellite Radio (SIRI), Starbucks (SBUX), Tyson Foods (TSN), Virgin Mobile (VM)Tuesday:Economic: None (Veteran’s Day)Earnings: Brooks Automation (BRKS), Energy Solutions (ES), Fossil (FOSL), Liz Clairborne (LIZ), Microsoft (MSFT), Petroleo Brasileiro (PBR), TJX Companies (TJX), Tyco International (TYC), Vodophone Group (VOD)Wednesday:Economic: MBA Purchase Applications, ICSC-Goldman Store Sales, RedbookEarnings: Applied Materials (AMAT), Charlotte Russe Holding (CHIC), Computer Sciences Corp (CSC), Crocs Inc (CROX), ING Group (ING), JA Solar Holdings (JASO), Macy’s Inc (M), NetApp (NTAP), NetEase.com (NTES), The Progressive Corp (PGR)Thursday:Economic: International Trade ($-57.0B), Jobless Claims (482K), Treasury Budget ($-92.0B)Earnings: Biofuel Energy (BIOF), Clean Energy Fuels Corp (CLNE), Compugen (CGEN), Dr Pepper Snapple Group (DPS), Image Entertainment (DISK), Keynote Systems ...

This Tuesday, November 11, is Veteran's Day. Banks will be closed but the New York Stock Exchange and NASDAQ will be open with normal hours of operation. Because it is a bank holiday, if you buy on margin that day, there may be an issue with margin maintenance. Please contact your broker for more details.