The stock Market remains at a record overbought level

The stock Market remains at a record overbought level as $trillions of taxpayer money is squandered by the socialists who plan to put a neo-communist woman on the Supreme Court.

World Outlook
U.S. stock-index futures declined as Greece and Ireland led a surge in the euro region’s budget deficit, re-igniting concern that mounting government debt may derail the economic recovery.

Rising crude oil inventories provide little incentive for buying oil futures.

Week's Economic Calendar
Apr 19 Leading Indicators were higher again. One reason for this is because the indicators are incestuous since one it is the Stock Market itself.

Recently:
Wall Street continues to fabricate the strength of profits seasonally adjusted or not… depending on which fools the investors more. Wall Street wants the companies to make optimistic predictions but Wall Street then low-balls its expectations just before the earnings announcements to deceive investors into thinking stocks are booming and thus exceeding expectations. The economy is not booming, instead default rates are going down because banks are foreclosing at a faster rate now than ever before.

:
Crude inventories rose more than forecast last week while gasoline inventories jumped despite expectations for a dip, according to government data released Wednesday. Crude inventories rose by 3.9 million barrels, or 1.1 percent, to 370.6 million barrels, which is 17.2 percent above year-ago levels, the Energy Department’s Energy Information Administration said in its weekly report. That is the highest inventory level since September 1990. Oil investments therefore are likely to decline as inventories continue to climb.
Apr 22 Initial Claims 04/17 dropped to 456000 down from 480,000 the previous month. When G W Bush was in office we all remember that the socialists would go on a rampage any time it got higher than 50,000. GW Bush inherited the tech bubble crisis of 2000 from Clinton but the socialists only blamed Bush. Remember the Enron and Worldcom scandals of the Clinton economic collapse? Bush never blamed anyone he just went about getting Americans working again. Then after the socialists got into office the continue to blame Bush while the run a deficit that will accumulate to ten time what GW Bush had in his eight years. The socialists are bankrupting America but still blame Bush for what Clinton and Obama have done. The socialist WMD (weapons of mass destruction) of the American economy are lies, lies, and more lies. Obama blames Bush instead of focussing on what Obama cam do to stimulate free enterprise instead of stimulating government waste, ACORN Nazis, and the Union's highway robbery of federal stimulation $trillion of funds.

Apr 22 Continuing Claims dropped by 40,000 because Congress was slow by one month in extending unemployment claims. Unemployment claims can now be paid for the longest period ever in American history. During the Great Depression there was no unemployment insurance so people had to look hard for work and depend on American charity. No one starved and everyone was grateful to find work.
Apr 22 Producer Price Index rose 0.7% in March which is at a very high 9.8% annual interest rate.
Apr 22 8:30 AM Core Producer Price Index for Mar (excluding food, energy and everything humans need except clothing and housing rose 0.1% or at 1.2% per year. The core rate is what politicians use to fool the public into thinking there is no inflation so that they can justify cutting Social Security for seniors. In the 1970's under Jimmy Carter inflation rose to over 16% per year and Social Security was cut so low that many poorer senior citizens bought high protein dog food to live on.
Apr 22 10:00 AM Sales of Existing Home rose in March to 5.35 million up from 5.01 million in February. That is a seasonal adjustment because home sales are always lowest in the winter months and highest in the summer.
Apr 22 10:00 AM FHFA Home Price Index for February dropped another 0.2%. Not good!

Apr 23 8:30 AM Durable Orders Mar
Apr 23 8:30 AM Durable Orders ex auto Mar
Apr 23 10:00 AM New Home Sales Mar


Market Outlook April 23

Thursday the broader NYSE declined modestly again on slightly higher than normal volume again showing the stock market is extremely inflated and ready to drop. The volume corrected NYSE continues to be a few percent below the high that was first set in September of 2009.

World Markets
Asian markets were down again last night; Shanghai down -0.6%, Hong Kong down -1%, India up 0.7%, and Japan down -0.3%.

European markets are currently up in the range from 0.4% to 1.2 % this morning about half way through their day.

Today US pre-market futures are up 0.2% to 0.3% at 8:00 AM EST.

John P. Hussman, Ph.D. this week says:

"As of last week, the stock market remained characterized by strenuous overvaluation, strenuous overbought conditions, overbullish sentiment, and hostile yield pressures. The fraud charges brought against Goldman Sachs by the SEC may or may not provide a catalyst for market weakness, but significant risk is already baked into observable market conditions. The present syndrome tends to be followed by large and abrupt losses (though with somewhat unpredictable timing). "