The fastest way to make hard working Americans incensed is to remind them that nearly half of U.S. households end up owing no federal income tax when

The fastest way to make hard working Americans incensed is to remind them that nearly half of U.S. households end up owing no federal income tax when all is said and done and most of them voted for Obama because he actually gave many of them a negative tax rate- a kickback for voting for him. When America was born you had to owne property and pay taxes if you wanted to vote. After that he gave them tax money in Chicago and Atlanta and other welfare cities to help pay their rent.

The FED continues to buy treasuries to keep interest rates low by printing money to cover deficit spending.

Standard & poor's lowered the outlook on the United States' credit to "negative. The United States kept its AAA rating, but the downgrade means that S&P analysts believe there is at least a 33% chance that the agency will have to lower its credit rating on U.S. debt in the next two years. The report released Monday morning says that the United States has a large debt and deficit compared with other highly rated nations, and unlike with those other nations the path to addressing the debt and deficit is absent.

Citigroup Earnings Fell 32%
Moody's Investors Service revised its outlook of Sears Holdings Corp. (SHLD) downward from positive to stable citing the retailer's stagnant revenue and narrowing profit margins.
In spite of high oil prices Saudi Arabia's oil minister said on Sunday the kingdom has slashed output by 800,000 barrels per day in March.

World Markets:
European shares hit a three-week closing low on Monday.
Spain sold 12- and 18-month Treasury bills today, while Belgium auctioned bonds due in 2013, 2021 and 2041. German bunds gained on demand for safety.

European shares dropped to a three-week low in morning trade on Monday on lingering worries about indebted euro zone countries. Finland’s election adds another leader opposed to bailouts. It is expected the market will have a long period of rangebound trade.

Greek two- and 10-year government bonds slumped, driving yields to the highest since before the introduction of the euro amid concern the nation won’t be able to avoid defaulting on its debt.

US Market Highlights

Initial Claims 04/09 rose dramatically to 415K this week from 382K (corrected for Obama manipulation of 3K)
Continuing Claims 04/02 3695K almost unchanged from 3723K (corrected for Obama manipulation of 15K
NAHB Housing Market Index Apr declined again from 17 to now 16. Most of the 45% who pay no taxes live in subsidized housing so Obama doesn’t care if all that have a work ethic are stuck and cannot move because you can’t afford to sell your house at current depressed prices.

Today
Apr 19 8:30 AM Housing Starts Mar
Apr 19 8:30 AM Building Permits Mar

This week
Apr 20 7:00 AM MBA Mortgage Purchase Index 04/15
Apr 20 10:00 AM Existing Home Sales Mar
Apr 20 10:30 AM Crude Inventories 04/16
Apr 21 8:30 AM Initial Claims 04/16
Apr 21 8:30 AM Continuing Claims 04/16
Apr 21 10:00 AM Philadelphia Fed Apr
Apr 21 10:00 AM Leading Indicators Mar
Apr 21 10:00 AM FHFA Housing Price Index Feb

Market Outlook April 19, 2011
GM is now selling 10% below its IPO price and is a loss for the US Treasury

Market volume rose 15% with yesterday’s decline and the VIX rose initially and recovered half way.
http://finance.yahoo.com/q/bc?s=%5EVIX&t=5d&l=on&z=m&q=l&c=

Structural imbalances continue in the economy.
The third economic dip is beginning but likely will only slow growth and not go negative.

The job market and housing problems are growing again. Oil prices are rising again.

The Obama tax code changes reduce the incentive for people to donate to the arts. Socialists want that to happen because that causes people to then want the federal government to fund the arts. That way the socialists and communists control the arts because capitalists cut FED funding.

The stock market is continuing to test its head and shoulders now. The markets all appear to be topping out.
S&P
http://finance.yahoo.com/q/ta?s=%5EGSPC&t=1y&l=on&z=m&q=l&p=m50&a=m26-12-9&c=


World Markets
International trade shows that the world economy has only revived about 25% not the 60% shown by the stock and commodities markets. That means more than half of the stock market rise from the 2009 lows is unsupportable and could evaporate. See:
http://www.bloomberg.com/apps/quote?ticker=BDIY:IND

Asian markets were down last night. China down –1.9%, Hong Kong down –1.3%, India up 0.16%, and Japan down -1.2%.

European markets are down sharply yesterday, France -2.4%, Germany –2.1%Swiss –2.4%, and Britain –2.1%.
European markets are up this morning in a range of about 0% to 1% half way through their day.

US pre-market futures are flat about -0.1 % at 6:30 AM EST.