Ray Irani, making $59 million leads CEOs as Americans deplore Obama's blind eye towards executive thieving pay. If Marie Antoinette were around today she would be in Obama's cabinet. Obama cronies and leftist lunatics funnel wealth to their buddies in the CO2 environmental hoax using misappropriate stimulus funds. Obama record keeping of fund transfers is not up to the African standards of Moslem Nigeria's Sharia law or the South American communist banana republic of Venezuela. When does Obama plan to start setting examples by decapitating those who violate the Sharia law that says corporate pigs must die?
We expect about six weeks of market declines now as people begin to realize that Obama socialism is creating long term damage from the moral hazard of his growing welfare state. Obama likes to redistributes wealth from people who work hard to people who don't want to work (like Obama) and don't even want to learn the US language. In 1795, Congress affirmed English as the national language when it decided to continue to maintain all US laws in English and not publish them in any other languages. We need to throw the democrat socialists out and adopt the policy… no speakee English then no gettee citizenshipee or US benefittees.
The only way now to avoid a Great Depression or a permanent economic depression under socialism, is to throw the bums out and repeal the work of the Obama Administration.
World Outlook
The Euro continues to decline against the dollar. Since China is now linked to a basket of currencies that makes the dollar stronger against the Juan. Germany is the only nation in Europe able to exert some self-control when it comes to the big unions. Most union people in Greece on the other hand have no pride in their work. That may reflect the fact that Germany has a two track educational system that trains people well in trade skills that results in Germany having competent workers who have pride in workmanship and too much dignity to try to bankrupt their country with socialist demands for something for nothing.
This Week of Market Reports:
Treasury bill auctions are feeling the pressure of China's absence at auctions. That means the treasury will need to actually inflate the US currency.
Existing Home Sales fell 0.7% from a year ago. That looks like a statistical blip not a trend.
Yesterday
Durable Goods Orders rose in February for a third month, while inventories and backlogs climbed by the most in more than a year indicating the economy had perhaps finished with its first dip. New Home Sales fell to the lowest level (308,000 annually) since this statistic has been recorded. This is after the previous month was corrected downward as well from 315 to 309 adding 6000 to the current figure.
Thursday, March 25
Unemployment Claims
Consumer Price Index
Friday, March 26
Q4 GDP revision
Consumer Sentiment
Market Outlook March 25
We have noticed that the greatest impediment to stock market profits is a portfolio under $100,000. Beyond $100,000 the investor costs go down and diversification begins to work. Below $6000 it is almost impossible for an investor to make money other than in an index fund (at best) and that has performed close to a net zero (even ignoring trading commissions) for the last ten years.
We are in the quiet before the storm. As we said we have been selling heavily into this rally which shows signs of ending soon. Our only major holding now is precious metals that are up over 15% from where we bought in. Most of the shakiest economies of the world sold their gold at the lowest prices in the last 20 years. Even small purchases by China and India now have a dramatic effect on gold and silver. We expect gold to reach $1500/oz this year.
If you look back you will see we were buying when people had sold off the market and we are selling near the peak now. Our private sell signal corrects the market price data with volume data to make the data speak the truth. So we can already see the head and shoulder sell signal is forming even though the current markets are at new highs for 2010. In fact the highs would need to be 3% higher for them to be higher after being corrected for poorer volume on advances than on declines. If the head and shoulders is confirmed we are looking at a possible two or three market legs down starting soon.
Obama and the democrat-socialists are setting the stage for short sellers of every breed to sweep in soon and attack American markets and currencies. The fact that George Soros funded the Obama campaign should have been enough cause for every American to vote against the Obama regime.
World Markets
Asian markets were beginning to tilt down over night; Shanghai down 0.1%, Hong Kong down -1.2%, India down -1.1%, and Japan up 0.1%.
European markets are currently up in the range from 0.5% to 0.9 % this morning about half way through their day.
Today US pre-market futures are up in a range 0.3% to 0.5% at 8:00 AM EST.
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