Fed Chairman to talk today. Will it be his usual open mouth insert foot speech?

Fed Chairman to talk today. Will it be his usual open mouth insert foot speech?

Obama blamed Bush for the economy and then kept Bush's Fed chairman who sets the economic parameters. That either says Obama was wrong in blaming Bush, or Obama was right in blaming Bush but stupid for keeping the Fed Chairman, or Obama is stupid for both wrongly blaming Bush and then keeping the Fed Chairman and exposing his own stupidity by keeping the policy he said caused the Obama declared depression.

World Markets:
The world markets including China are now taking their cues from the USA. Will Obama get smart and fire his leftist advisors?

Toward the end of Clinton's first term he dropped Clinton-health-care and declared the age of big government had ended. He proceeded to steal the Republican ideas of Gingrich and ushered in a period of growth and budget surpluses. Clinton did enough positives to make up for his sex scandals. Obama on the other hand is still dangerously incompetent and frightens about 80% of the American electorate.

Economic Calendar
We are seeing manipulated leftist Obama government statistics again with wide data scatter and swing in corrections as big as the reported changes themselves. Leftists are historically corrupt and manufacture useless statistics as propaganda.

This week:
Existing Home Sales July fell 27% the most in a decade. None of Obama's lunatic left economic medicine helped create private sector jobs that are needed to pay for the tax burden the lunatic left is creating. Obama is only making things worse. Americans (who have brains) first need jobs to have confidence they can pay the mortgage. Only brain-dead leftists offer derelicts, welfare recipients, and drug addicts no-money down mortgages.
Durable Orders Jul improved 0.3% but was ignored by investors.
Durable Goods -ex Transportation July declined 3.8% but it looks like massive Obama administration incompetence in maintaining accurate government statistics. The month to month variation in these two orders indices looks almost like they got them mixed up.
New Home Sales Jul was at 276K down from 315K but looking again like Obama's incompetent government making up the numbers as they go along.
Crude Inventories 08/21 rose to 4.1M up from 0.8M up from -3M and -2.8 and stable numbers before that. Again, can we believe anything this administration gets its hands on? Biden (the idiot) is out telling people the recession is over and yet they put out highly negative reports!

Yesterday:Aug 26 8:30 AM Initial Claims 08/21473K down from 507K but still showing a deep recession level.
Aug 26 8:30 AM Continuing Claims 08/14 at 4456k down slightly from 4478k initially reported last week. Still shows Obama administration is doing nothing for the economy other than frighten the entire world.

Still to come
Aug 27 8:30 AM GDP - Second Estimate Q2
Aug 27 8:30 AM GDP Deflator - Second Estimate Q2
Aug 27 9:55 AM U Michigan Consumer Sentiment


Market Outlook Aug 27, 2010

The most positive thing about the market right mow is the level of bearishness that usually is not like this except at market bottoms.

I have never seen more pessimism about American government and financial incompetence than right now. One cannot even mention leadership with this administration because they run from it and still blame others for their own stupidity and government corruption at all levels. Obama is giving tons of grants to people of his own race but has done almost nothing to reduce the number of mortgages in default. If his ignorance results in another 10% decline in home prices, many more Americans will lose their homes and consumer confidence will plummet causing another burst of layoffs and even more mortgage defaults. The Obama administration is the most moronic administration in the history of the western world, but about on par for Indonesia and Africa his apparent homelands.

All Obama has to do to show he is not an illegal immigrant is to make public an original American birth certificate from when he says he was born in Hawaii and make public his college records that prove he was not registered as a foreign student. Only Obama can make them public because that information is not available to the public. Why is he the only American president to conceal that information. The lunatic left used to call President Bush an idiot until Al Gore's Yale records were released and showed he was a much poorer student. Thousands of illegal immigrants visit the USA each year so that their children can be born in America. Is the problem with Obama's birth certificate that his hippie mother had renounced her US citizenship and was Indonesian or Nigerian at the time? Why doesn't he release his records and show America the truth? Then perhaps we could quickly get rid of him. Sooner or later the truth will get out.

What is technically wrong with this market is that it still needs to break again above the 20-day and 100 day moving averages. The May meltdown frightened a lot of people. It was not caused by a fat finger mistake. The automatic market system is flawed and unstable. It could happen again because like the Japanese car auto-acceleration problem, the SEC has no clue as to what actually caused the instability. And under Obama the SEC has another brain dead democrat-socialist appointee who has no time to investigate and fix the problem.

World Markets
Asian markets were mixed last night. Shanghai up 0.3%, Hong Kong down -0.1%, India down 1.3%, and Japan up 1%.

European markets are flat in a range of about 0% to 0.2% this morning about half way through their day.

US pre-market futures are up 0.2% to 0.4% this morning at 8 Am.

The only thing we have to fear is fear itself, which now consists of Obama, Gore, Bogoyevitch and the other leftist democrat-socialists.