The Palestinians have no right to return to Israel and slaughter the Jews and Christians again as they do continuously in all the Moslem countries

Israeli Prime Minister Benjamin Netanyahu wrapped up a five-day U.S. visit that began with a White House clash with President Barack Obama over Obama's Palestinian flub and ended with 29 standing ovations from Congress.

The Palestinian’s were told by Moslem socialist leaders in 1949 to leave Israel so the Moslem Jihad armies could invade Israel and kill all the Jews in a post-Hitler holocaust. The Israelis settled Judea more than 3000 years ago. Jews and Christians were slaughtered and driven out by Moslems about 1200 years ago. The Palestinians have no right to return to Israel and slaughter the Jews and Christians again as they do continuously in all the Moslem countries of the world today.

Citigroup Inc. slipped as a report said that the five biggest U.S. banks might face at least $17 billion in civil lawsuits.

For the first time since the Great Depression, government payoffs to socialists in America exceed tax receipts. All this week, the FOX Business Network will explore the idea that Obama has made America a nation of takers, instead of makers. Obama socialist media saboteurs staged demonstrations against American Special Forces in Afghanistan because the Taliban is loosing. Obama’s supporters set up the cameras and had the Taliban supporters’ march directly at the camera's making a dramatic news clip. It was obviously staged and shown last Wednesday and

World Markets:
U.K. economy grew only 0.5% in first quarter.

Applied Materials Inc., the world’s largest producer of chip-making material, forecast earnings that missed estimates, dropping 2.9 percent in German trading.

The Belarusian ruble weaken by 36 percent versus the dollar yesterday as demand for foreign currency from importers and households derails an economy already laboring under a current-account deficit of 16 percent of gross domestic product. “A ’91-style meltdown is almost inevitable,” said Alexei Moiseev, chief economist the investment-banking arm of Russia’s state-owned VTB Group. “Rapid privatization is the only way that can help avert complete disaster.”

Belgium had the outlook on its debt rating lowered to negative at Fitch Ratings, which joined Standard & Poor’s in saying that political deadlock complicates efforts to cut the euro area’s third-highest debt load.
Belgium’s debt load swelled to 96.8 percent of GDP at the end of 2010. That’s the third highest among the 17 nations sharing the euro, behind Greece and Italy

More than a year after European policy makers approved a 750 billion-euro ($1.1 trillion) bailout blueprint to stem the sovereign crisis, bond yields in debt-laden peripheral countries are at record highs and officials are floating plans to extend Greek repayments.
Italian bonds dropped after the nation’s credit-rating outlook was revised downward from stable to negative by Standard & Poor’s on May 20. Yields on 10-year Greek debt rose to a euro-era record, while those on Spanish and Portuguese bonds also climbed.
German bund yields fell to a four-month low as a report showed European services and manufacturing growth slowed in May by more than economists predicted.
Preliminary purchasing managers’ surveys pointed to slower economic growth in the euro zone and in China in the second quarter. Growth in the EU’s dominant service sector also slowed more sharply than expected.

US Economic Highlights
Past Week
NY Manufacturing activity in May plunged to 11.9 from 21.7 last month. Terrible
Housing Starts in Apr fell to 523K from 549K last month. Terrible
Building Permits in Apr fell to 551K from 594K last month. Terrible
US Industrial Production stopped growing in Apr after increasing 0.8% last month. Terrible
The Philadelphia Federal Reserve Bank said its business activity index slumped to 3.9 from 18.5 in April. It was the index's lowest level since October 2010. Terrible
Leading Indicators Apr -0.3% down from 0.4% last month. Terrible! Two quarters of that would be the definition of another recession.
May 24 New Home Sales Apr rose to 323K from 301K last month a 7% improvement expected in the spring.

Today
May 25 7:00 AM MBA Mortgage Index 05/20
May 25 8:30 AM Durable Orders Apr
May 25 8:30 AM Durable Orders -ex Transportation Apr
May 25 10:00 AM FHFA Housing Price Index Mar
May 25 10:30 AM Crude Inventories 05/21

This week
May 26 8:30 AM GDP - Second Estimate Q1
May 26 8:30 AM GDP Deflator - Second Estimate Q1
May 26 8:30 AM Initial Claims 05/21
May 26 8:30 AM Continuing Claims 05/14
May 27 8:30 AM Personal Income Apr
May 27 8:30 AM Personal Spending Apr
May 27 8:30 AM PCE Prices - Core Apr
May 27 9:55 AM Michigan Sentiment - Final May
May 27 10:00 AM Pending Home Sales Mar


Market Outlook May 25, 2011
Yesterday, U.S. stock futures pared their losses as concern eased that some and Greece will sell (privatize) some government assets to repay all of their debt.

The stock market has now broken the lower resistance 50DMA line and we added a new 100DMA that is the current resistance level. If it breaks through the 100DMA we expect a panic. On a cashflow (not price basis) there was no new high after the last breakdown and thus a head and shoulders sell signal formed already in “Cash Flow” and is becoming apparent in price action now as well. It is likely we will bounce here and then have a major breakdown over the summer. This week is critical if the market is headed lower as downward capitulation is more probable. Then the 50 DMA line will become the new upper limit of the trend line.
http://finance.yahoo.com/q/ta?s=^NYA&t=6m&l=on&z=m&q=l&p=m20%2Ce50%2Ce100&a=m26-12-9&c=

The VIX says investors are very complacent now and a 100DMA breakdown (within a month) will likely cause a panic.
http://finance.yahoo.com/q/bc?s=%5EVIX&t=1y&l=on&z=m&q=l&c=


World recovery is still a political myth. See:
http://www.bloomberg.com/apps/quote?ticker=BDIY:IND
Click on the 3yr chart and see the low flat-line forming. This was GE/MSNBC/Pravda’s main chart for following China’s growth until it showed stagnation instead.

Asian markets were down last night. China down –0.9%, Hong Kong up 0.1%, India down –0.9%, and Japan down –0.6%.

European markets are down slightly this morning in a range of about 0.1% to -0.3% half way through their day.

US pre-market futures are down today at about -0.2% at 7:30AM EST.