Proof that Obama had vengefully decapitated Bank of America

World Outlook
Ken Lewis told the truth about being forced to have BOA take TARP funds and was then forced out of his position as CEO of Bank of America for telling the world that truth. He had foolishly signed the one-sided socialist agreement giving the government the right to ultimately take over the Bank he was most instrumental in building into America's greatest bank. When he tried to pay back the government the government officials lied and publicly implied BOA was financially unsound. Democrat-socialist state treasurers using state funds and unions across America using union funds acted in socialist dictatorial lock step trying to oust him at the BOA annual meeting this year. That being unsuccessful, Obama had CEO Lewis' salary slashed to nada and threatened a harassing expensive investigation of BOA if he did not resign. Ken Lewis resigned and now BOA can pay back TARP and get out from under Obama's dictatorial socialist thumb. That is a blow to the effort of Obama socialists to nationalize the banks as well as General Motors. Of course GM has already lost more than $50Billion in less than a year to bail out the union supporters of Obama socialism and most good Americans will no longer buy a car that symbolizes socialist and union oppression of American liberties and right to work. The socialists don't believe in the right of free people to work only in the right of unionized people to work on government projects.

So Obama said nyett and drove out Ken Lewis for not even supporting temporary nationalization. Ultimately Obama may have succeeded in destroying the bank, and BOA may have to leave N. Carolina and move to NYC or Chicago if the socialists have their way. If it does move we will know Obama has infiltrated his socialist supporters into control of BOA.

Market Outlook:
The NYSE is still 1.4% below the required sustainable cyclical bull market's head level and thus is still a declining shoulder. The markets that represent a flight to safety are the last to indicate a market top but first to indicate a bottom. This time we are looking for the top not the bottom so we cannot use the Dow or S&P. Why, because the healthiest economies hit their highs already and are moving laterally.

This week:
The U.S. economy ended November on a 15 month high as the Chicago purchasing managers index unexpectedly rose to 56.1 from 54.2 in October, the Institute for Supply Management-Chicago announced Monday. Readings above 50 indicate an expansion. High-end housing prices and sales have now bottomed but low-end housing is still fraught with foreclosures.
Dec. 1:
The US manufacturing sector expanded for a fourth month running in November but at a slower pace than expected, a private survey showed Tuesday. The Institute for Supply Management said its manufacturing index fell to 53.6 percent from 55.7 percent in October contradicting the more positive results yesterday in Obama's home city of Chicago which Obama showers with American taxpayer money.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September that is at the highest level since March 2006 when it was 115.2.
US construction spending surprisingly remained unchanged in October after September's drastically revised decline of 1.6%, the largest decline since January.
The pace of U.S. job losses slowed in November, according to two reports released Wednesday.
Outplacement firm Challenger, Gray & Christmas Inc. reported that 50,349 jobs were cut in November, 9.6% less than in October. It was the lowest total since December 2007, when 44,416 layoffs were announced.
Economic conditions are progressing 'modestly' amid signs of improvement in the troubled labor market, the Federal Reserve said in its Beige Book survey on Wednesday.


Potential market movers.
Today Thursday, Dec. 3:
Unemployment Claims
Productivity
ISM non-Manufacture Index

Friday, Dec. 4:
Labor Dept. Jobs Report.
Factory Orders


Market forces December 3
We estimate the NYSE must still rise 1.4% 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. The market already looks like it is topping out. In any event after a possible Santa-Claus rally a normal -3% to -5% downward correction would be due anyway… so it is still wise to take profits were possible. If the head and shoulders sell signal occurs 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 rose over night; China down -0.2%, Hong Kong up 1.2%, India up 0.1%, Japan up 3.8%, Seoul up 1.5% and Taiwan up 0.1%.

European markets are mixed with the average in a range from -0.1% to +0.4% this morning about half way through their day.

US pre-market futures are up about 0.3% today at 7:30 AM EST.

It is important to be able to take stock profits before January if the broader market of the NYSE does not set a new high at least 1.4% above yesterday's closing price and on above average volume. The DOW set a new high but the DOW is where stock money goes when the market is shaky. That disparity itself is a concern. The NYSE also set a new high but on low market volume. But when market volume is considered the NYSE is still below its high for this year.