The oversold market technical rally gets some support.

Market forces

The volume of trading yesterday fell sharply and the rally was halted by profit taking but not stopped. The bears appear willing to let this one rise a little. There is talk that president Obama's friend and wealthiest backer, Hungarian Socialist George Soros may not be shorting American stocks as much while still supporting the American dollar. That is because the big spending packages have now passed in Congress so the fearful shark attacks can subside a little. This could dramatically change the market dynamics. It will no longer be necessary for Obama to trash the markets to help short sellers like Soros make $billions as Americans lose their 401s become depressed and beg Obama for mercy. But on the other hand Soros is still needed to support the dollar or at least not attack the dollar. That is very positive. It could mean the rally will have legs for a while.

President Obama proclaimed that America is failing in the fighting in Iraq and Afghanistan. Troop withdrawals have occurred. President Obama flies around the country in his personal B747 but now Speaker of the House Nancy Pelosi uses military aircraft too to fly friends and even grandchildren around the world. Of course it is her duty to keep the military busy because the Socialist Democrats think of the military as their "Republican Guard." American soldiers are becoming so depressed by the Socialist politics that the suicide rate in the military now exceeds the numbers of soldiers being killed in action. Obama wants Americans to see the coffins of the men killed in action but is hiding the coffins of the suicide victims of his America trashing Socialist politics.

There is a broad movement of political discontent growing among Democrats and Republicans to throw everyone who is up for election in 2010 out of office… not just the Democrat Socialists. The feeling is that there is now so much corruption in government that a clean sweep is needed because they are all tainted and playing along.

The disgust extends to the entire Socialist Empire of the Washington beltway. This week even former successful GE Chairman and CEO, Jack Welch expressed outrage that he and others have felt the infringement on freedom of speech and that dissenters of Washington pork barrel corruption are mocked by the liberals of the press and at their drunken and drug stupor ridden parties.


Market Outlook

Asian stocks were mixed last night with Shanghai down 0.2%, India up about 2.2%, Japan down 2.4%, and Hong Kong was up about 0.6%.

European markets are down in the range between -1.2% to -1.8% mid way through their day anticipating the American profit taking today.

American market futures are currently down about 0.5%, two hours before the market opens. Profit taking is expected at the end of the day.