While at least nine global warming (glacial) cycles occurred before modern man emerged we are in the tenth now and anyone with a brain and an honest disposition already admits global warming occurred long before mankind began burning fossil fuels and producing CO2. The only valid question is whether mankind is causing global warming to accelerate and get worse. To cause that result the anti-science global warming cult has been caught falsifying data to make it appear that the temperature rise is now hooking sharply upward. Now the Russians say the anti-science cult have been caught red handed. This is not the first time they have been caught but it is the first time an influential government has had the courage to speak up.
The hacking into the anti-science e-mail by Russians three weeks ago disclosed how the cult uses its influence on leftist in government to keep scientists from getting research grants or from publishing the truth in America and Britain.
World Outlook
The Christmas season is almost the exclusive custom of the advanced countries that enjoy western concepts of personal liberty, work ethic, personal integrity, love (charity), and tolerance of other beliefs systems. Because Christianity has fostered personal integrity and moral principles, the trust that is needed for free enterprise is present. When a people cannot trust their government's institutions, poverty and starvation persist. In America it is big news when leftists can find someone who claims they are hungry. At Christmas, the majority of the people in developed countries celebrate and therefore the market trading volume gets very low and the market tends to rise. Taking profits at the end of the year means there is very little use of the profits before they are taxed. Generally if the market is high it is better to take profits in January and use the profits for 14 months tax-free. Due to the run-up we saw from the March lows there is a higher probability that this year there will be a sell-off in January triggered by profit taking.
Market Outlook:
This Week
Today, Dec. 21:
Treasury bill auctions
Tuesday, Dec. 22:
Q3 GDP Revision
Corporate profits
Existing Home Sales
Wednesday, Dec. 23:
Consumer Income
Consumer Sentiment
New Home Sales
Thursday, Dec. 24:
U.S. Market closes early
Unemployment Claims
Durable Goods Orders
Friday, Dec. 25:
U.S. Markets closed for Christmas Day
Market forces December 21
We estimate the NYSE must still rise 4.4% from Friday'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.
Asian markets were down over night; China up 0.3%, Hong Kong down -1.1%, India down -0.7%, and Japan up 0.4%.
European markets are up with the average in a range from 0.8% to 1.2% this morning about half way through their day.
US pre-market futures up by about 0.4% today at 8:30 AM EST.
We are preparing for a market decline that could take prices down to where they were at the end of May seven months ago.
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