It has been suggested that Obama's ignorance or apathy in dealing with Muslim terrorism could result in Yemen becoming a worse terrorist breeding grou

It has been suggested that Obama's ignorance or apathy in dealing with Muslim terrorism could result in Yemen becoming a worse terrorist breeding ground than Afghanistan.

Half an hour after yesterday's close it was announced that Portugal's parliament is expected to reject government austerity measures on Wednesday, setting the stage for the possible collapse of the minority Socialist administration a day before a European summit. Portuguese Prime Minister Jose Socrates said on Wednesday that he has submitted his resignation. He has said its rejection is forcing the debt-laden country to follow Greece and Ireland and seek an international bailout, which he opposes.

From The London Daily Telegraph Editor on Foreign Relations, Alex Singleton
Quote: "Let me be clear: I'm not normally in favor of boycotts, and I love the American people. I holiday in their country regularly, and hate the tedious snobby sneers against the United States. But the American people chose to elect an idiot who seems hell bent on insulting their allies, and something must be done to stop Obama's reckless foreign policy, before he does the dirty on his allies on every issue."

One of the most poorly kept secrets in Washington is President Obama's animosity toward Great Britain, presumably because of what he regards as its sins while ruling Kenya (1895-1963).

One of Barack Hussein Obama's first acts as president was to return to Britain a bust of Winston Churchill that had graced the Oval Office since 9/11. He followed this up by denying Prime Minister Gordon Brown, on his first state visit, the usual joint press conference with flags.

The president was "too tired" to grant the leader of America 's closest ally a proper welcome, his aides told British journalists.

Mr. Obama followed this up with cheesy gifts for Mr. Brown and the Queen. Columnist Ian Martin described his behaviour as "rudeness personified." There was more rudeness in store for Mr. Brown at the opening session of the United Nations in September. "The prime minister was forced to dash through the kitchens of the UN in New York to secure five minutes of face time with President Obama after five requests for a sit down meeting were rejected by the White House," said London Telegraph columnist David Hughes. Mr. Obama's "churlishness is unforgivable," Mr. Hughes said.

"It is truly shocking that Barack Obama has decided to disregard our shared history," wrote Telegraph columnist Toby Young. "Does Britain 's friendship really mean so little to him?" One could ask, does the friendship of anyone in the entire world mean anything to him?

"I recently asked several senior administration officials, separately, to name a foreign leader with whom Barack Obama has forged a strong personal relationship during his first year in office," wrote Jackson Diehl, deputy editorial page editor of the Washington Post, on Monday. "A lot of hemming and hawing ensued." One official named French President Nicolas Sarkozy, but his contempt for Mr. Obama is an open secret. Another named German Chancellor Angela Merkel. But, said Mr. Diehl, "Merkel too has been conspicuously cool toward Obama."

And the Chinese make little effort to disguise their contempt for him.

For the first time in a long time, the President of the United States is actually distrusted by its allies and not in the least feared by its adversaries. Nor is Mr. Obama now respected by the majority of Americans. Understandably focused on the dismal economy and Mr. Obama's relentless efforts to nationalize and socialize health care, Americans apparently have yet to notice his dismal performance and lack of respect in the world community. They soon will. --London Daily Telegraph editor -- Alex Singleton

Democrat-Socialist Michael Moore suggested that Obama should return the Nobel Peace Prize he won in 2009. The Russians agree and have now asked that it be taken away from Obama.

World Markets this week:
Obama lacks a plan for dealing with chaos in Yemen despite dire warnings. Yemen is the main Al Qaeda breeding ground for Muslim terrorism on the Arabian Peninsula. The group, along with its operational planner, the American Anwar al-Awlaki, are now considered a greater threat than Usama bin Laden's and his network in Pakistan. It has been suggested that Obama's ignorance or apathy in dealing with Muslim terrorists in Yemen could result in a worse terrorist breeding ground than Afghanistan.

The greatest nuclear risk of catastrophe in Japan is the storage of used fuel rods at nuclear facilities because environmentalists and bureaucrats will not allow a solution. In France they reprocess the spent rods and reduce the nuclear threat by 98%. The environmentalist object to that because the recycled fuel actually contains material that could be used for bombs but is not refined to that level of potency. Also the environmentalists do not approve of the final resting-place which is to put the waste back in the ground where it came from. That could be done if uranium mining companies were contracted to seal the waste in old exhausted uranium mines.

US Economy
Sales of existing homes fell slightly in February after three straight monthly increases. Homes sold at an annual rate of 4.88 million in February, down 9.6% from January and 2.8% lower than February 2010 sales. The report was worse than the 5.05 million economists had predicted. At the same time, the median home price declined 5.2% from last year t to $156,100 due to the high percentage of foreclosures and short sales.
FHFA Housing Price Index Jan dropped again -0.3% the same as the adjusted drop last month -0.3%. Had Obama not manipulated this statistic the drop this moth would be 0.5% because the actual original reported drop last month was only -0.1%.

Yesterday
MBA Mortgage Index 03/18 +2.7% vs. last week. -0.7
New Home Sales Feb 250K down 16% from last months 301K, the third monthly decline in a row saying Obama is still living in the Ozone and ignoring this middle class disaster because sensible people will never vote for Obama again…for sure.
Crude Inventories 03/19 2.131M increasing from 1.745M

Mar 24 08:30 Initial Claims 03/19
Mar 24 08:30 Continuing Claims 03/19
Mar 24 08:30 Durable Orders Feb
Mar 24 08:30 Durable Orders ex Transportation Feb

Mar 25 08:30 GDP - Third Estimate Q4
Mar 25 08:30 GDP Deflator - Third Estimate Q4
Mar 25 09:55 Michigan Sentiment - Final Mar 69.0 68.0 68.2


Market Outlook March 24, 2011
Yesterday buying volume was low again and sellers let buyers get on the hook again.

Never in Since WWII has the American economy been in so much chronic trouble because Obama has been introducing socialism, racism, while abandoning housing at the same time. He does not care about housing because most of his voting block, like ACORN, is renters. So he is letting the American lower middle class go bankrupt in their houses instead of requiring the banks clean up the mess they started.

We expect a crisis of confidence in Obama to begin soon. The world is beginning to laugh at Obama's profound economic ignorance.

We think the next stock market support level will be down at Nov 4, 2010 levels about another 6% lower. But actually the real support starts about 16% lower than yesterdays close.

World Markets
International trade shows that the world economy has only revived about 25% not the 60% shown by the stock and commodities markets. Look at the last five years of world trade and the last year and you can see the world has not recovered the way Obama and GE/MSNBC/Pravda socialists are telling Americans. In fact world trade based on actual shipments is now one third what it was last September.

http://www.bloomberg.com/apps/quote?ticker=BDIY:IND

Asian markets mixed last night. China down -0.1%, Hong Kong up 0.4%, India up 0.7%, and Japan down -0.2%.

European markets are up this morning up in a range of about 0.5% to 1.5% half way through their day.

US pre-market futures are flat at about 0.6% at 8:00 AM EST.