Finland’s euro-skeptic bloc won elections in Sunday’s election, as voters used the poll to protest against funding euro-region bailouts.

Finland’s euro-skeptic bloc won elections in Sunday’s election, as voters used the poll to protest against funding euro-region bailouts.

Crude oil for May up at $108.47 a barrel in electronic trading on the New York Mercantile Exchange. The more actively traded to $109.13.

World Markets:
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.

Portuguese two- and 10-year yields reached new records again, even after Greek officials said restructuring isn’t being discussed.

US Market Highlights
Last Week
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
ProducerPriceIndex Mar rose 0.7% not as inflationary as last month’s 1.6%
Core PPI Mar rose 0.3% on target and similar to last month’s 0.2%
ConsumerPriceI March rose 0.5% again or at 6% per yr
Core CPI Mar rose 0.1% down from 0.2% last month, inflation only 1.2%?? who believes that?? Obama and Bernacke?
Empire Manufacturing Apr rose to 19.2% vs. 17.5 last month removing a 2.5 “Obama distortion.”
Net long-term TIC Flows Feb were 26.9 vs 51.5 last month. The TIC flows are one of the major events in the market, as most participants as the Government resource for offsetting the current Trade Deficit see it. A high reading is positive (or bullish) for the USD, while a low reading is negative (or bearish). It declines so it is bearish for the dollar that already has fallen to a ten-year record low.
Industrial Production Mar 0.8% up from 0.1% last month
Capacity Utilization Mar 77.3% up slightly from 77.0% with “Obama distortion”removed.
Mich Sentiment Apr 69.6 improved after falling to 67.5 last month.


Today
NAHB Housing Market Index Apr

This week
Apr 19 8:30 AM Housing Starts Mar
Apr 19 8:30 AM Building Permits Mar
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 18, 2011
Market volume remained low in Friday’s slight advance but there was still little change in the VIX.
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 cause 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 up 0.2%, Hong Kong down –0.7%, India down –1.5%, and Japan down -0.4%.

European markets are down sharply this morning in a range of about –1% to -1.8% half way through their day.

US pre-market futures are down about -0.7 % at 7:30 AM EST.