The Bomber still enjoys his election honeymoon but his rating is now below Sarah Palin's

Will the GE/MSNBC/Pravda socialist network abandon Obama now that his election honeymoon period is about to end?

World Outlook
The world begins to reel in horror at the ineptness of the lunatic leftists of the Obama administration. Soldiers die while Obama can't make up his mind on what to do. Now he thinks Americans need a specific National Defense tax of 1% on every taxpayer. Fortunately for Obama most of his supporters are not taxpayers and those that are, happen to be experienced tax cheats and liars. But if Obama imposes a National Defense Tax the next congress may just propose a Welfare Tax on leftists and quickly end Obama's socialist welfare state. Leftists only spend other people's money because they produce so little of any value themselves.

Market Outlook:
The profits of the banks are not the fruit of the labor of great minds in the banking business. The profit is an infusion of money loaned to the banks at a negative real interest rate complements of the American taxpayers, present and future. Excessive bonuses probably will be clawed back by the administration.

This week:
Economic data takes precedence over earnings this week. Home sales, gross domestic product, and personal income and spending will all be released early this week ahead of the Thanksgiving holiday.

The government is likely to revise its estimate of third quarter GDP today to 3% growth, from its initial 3.5% figure. Also out today is the nonprofit Conference Board's November consumer confidence index and the final November figure of the Reuters-University of Michigan consumer confidence index. Wednesday the government reports on October durable goods orders and October personal income and spending.

Monday Nov 23:
Existing Home Sales were up over 10%

Today, Nov 24:
Q3 GDP Revision
Corporate Profits
Home Price Index in 20 U.S. cities probably fell in September at the slowest pace in almost two years.
Consumer Confidence

Wednesday, Nov 25:
New Home Sales
Unemployment Claims
Consumer sentiment
Durable Goods Orders
Personal Income & Spending

Thursday, Friday Closed

Market forces November 24
We estimate the NYSE must still rise 2.7% from yesterday's close to be interpreted as a continuing rally not a declining head and shoulder sell signal. That reflects both the price change and volume of shares being traded. In any event after a possible Santa-Claus rally a normal 3% to 5% correction would be due… so it is still wise to take profits were possible. If the head and shoulders formation is confirmed then the correction could be closer to -10% to -15%. Asian markets appear to have entered into a limited price range period and America may soon do the same.

Asian markets were down sharply last night; China down -3.5%, Hong Kong down -1.5%, India down -0.3%, Japan down -1%, Seoul down -0.8%and Taiwan up 0.4%.

European markets are flat with the average in a range from -0.1% to +0.3% this morning about half way through their day.

US pre-market futures are flat at about 0% today at 8:00 AM EST.

It is important to be able to take stock profits before January if the NYSE does not set a new high at least 2.7% above yesterday's closing price and on above average volume. We would even consider getting retirement investments on the sidelines under those conditions.