The attack on S&P is an attack on every American’s duty to expose government morons like Obama

Obama destroys business leaders who expose him as an idiot and a petty creep tyrant. Standard & Poor's President Deven Sharma is now leaving the credit-rating firm at the end of this year. He is being driven out because Obama’s investigation would drive S&P bankrupt with all the attorney fees. He has to resign because he showed that Obama was destroying the US economy by running up the deficit. Just last week cranky Obama announced a Federal investigation of Standard & Poor's to pressure them to raise the US rating again and fire their president. Bank of America CEO Kenneth Lewis also was forced to resign when Obama took office because he revealed that Obama’s stupid socialist goons ordered him to buy Countrywide and Merrill Lynch. All the democrat-socialist brownshirt state treasurers voted their millions of shares against Lewis and then began to pull pension funds out of Bank of America. That shows just what a creep Obama is and how he is violating the constitution by using his power to harass Americans who think his economic policies are not just stupid but dangerous as well. Obama should be put on trial for harassing and violating the constitutional rights of free speech. The attack on S&P is an attack on every American’s duty to expose government morons like Obama and American’s Constitutional right to show that cranky Obama shows he is an idiot every time he does something mean and stupid like investigate S&P.

U.S. stock futures rose, signaling a rebound from its biggest four-week drop since 2009, amid speculation the Federal Reserve will this week unveil further measures to support the economy. The greatest support for the stock market is all the corporate cash on the sidelines that corporations plan to use to purchase their own stock at current bargain prices. Businesses have more confidence in the stock market than they have in Obama stimulating job creation. Lowe’s Cos., the second-largest U.S. home-improvement retailer, said it plans to buy back $5 billion of its own stock over the next two-to-three years.

Many companies are likely to buy back shares at a time when price-to-earnings ratios are low, providing a trigger for a rally of 10% or half the recent 20% decline. We plan to sell when we get a sell signal. It is entirely possible that the rally could reach the recent highs depending on how fast U.S. companies buy back shares since they have high cash ratios and buy backs enormously increase the rise in earnings per share.

Steve Bridges would be a better president than Obama.
http://www.stevebridges.com/obamavideos-promo-july2010-lg.html


World Markets:
Asian Stocks Climb as Exports Rise

Benchmark indexes in Germany, Brazil and Hong Kong have fallen more than 20 percent from their highs, the common definition of a bear market.

Socialist economists from Pacific Investment Management to Harvard say ensuring the euro’s existence may require members to leave the 17-nation currency region. So far the rescue bill includes $524 billion in official loans to Greece, Portugal and Ireland, the creation of a 440-billion euro rescue fund and 96 billion euros in bond buying by the European Central Bank.

World markets may have set lows for now and in some cases they set double bottoms.
Germany
http://finance.yahoo.com/echarts?s=%5EGDAXI+Interactive#chart1:symbol=^gdaxi;range=1m;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

The Swiss government and central bank talks about a possible target for the Swiss franc to halt its gains has failed and the Swiss franc is rising again. The Swiss market has not yet double bottomed and has a way to go.
http://finance.yahoo.com/echarts?s=^SSMI+Interactive#chart2:symbol=^ssmi;range=1m;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

Emerging markets also will fall further before they double bottom.
http://finance.yahoo.com/echarts?s=^BVSP+Interactive#symbol=%5EBVSP;range=
http://finance.yahoo.com/echarts?s=000001.SS+Interactive#chart1:symbol=000001.ss;range=1m;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined


American Economy-
Last week
Initial Claims 08/13 up again to 408K from 395K last week. Over 400 is bad
Continuing Claims 08/6 up to 3702K from 3688K last week.
Existing Home Sales Jul 4.67M flat from 4.77M. bottomed out
Leading Indicators Jul 0.5% up from 0.3%. very good

This week:
Aug 23 10:00 AM New Home Sales Jul

Aug 24 7:00 AM MBA Mortgage Index 08/20
Aug 24 8:30 AM Durable Orders Jul
Aug 24 8:30 AM Durable Orders -ex Transportation Jul
Aug 24 10:00 AM FHFA Housing Price Index Jun
Aug 24 10:30 AM Crude Inventories 08/20

Aug 25 8:30 AM Initial Claims 08/20
Aug 25 8:30 AM Continuing Claims 08/13

Aug 26 8:30 AM GDP - Second Estimate Q2
Aug 26 8:30 AM GDP Deflator - Second Estimate Q2
Aug 26 9:55 AM Michigan Sentiment - Final

Market Outlook August 23, 2011
The lows are holding on the stock exchanges. The coming market rally should be somewhere between 50% and 90% of the way to the recent spring highs.

Bloomberg reported that Wall Street firms pushed up estimates for Standard & Poor’s 500 Index earnings for a 10th straight quarter, forecasting a 17 percent gain in 2011. That’s 9.9 times more than economists say gross domestic product will grow. The average ratio since 1954 is 5.4 times, the data show. People are discounting the chances of a recession and what that could mean for earnings while analysts are making pie in the sky estimates.

Relatively speaking housing is beginning to look better. It is good for new construction to decline until the overburden of foreclosed ‘Obama liar loans” houses is depleted. We expect housing stocks will actually begin to do well since the banks are finally dealing with Obama and Barney Frank’s “liar loans”.
We expect the VIX to decline today as the panic of smaller investors now subsides. http://finance.yahoo.com/q/bc?s=^VIX&t=5d&l=on&z=m&q=l&c=

We expect a normal advance now of up to at least 50% of the total decline. See:
http://finance.yahoo.com/q/ta?s=^NYA&t=6m&l=on&z=l&q=l&p=e50%2Ce100&a=&c=

Economic recovery the past two years was one of Obama’s big lies as he continued to divide Americans, destroyed the American economy with socialism and corruption, and barked at Congress and the increasing numbers of disappointed voters. See:
http://www.bloomberg.com/apps/quote?ticker=BDIY:IND

Stock market update:
Asian Stocks were mixed last night. China +1.5%, Hong Kong up 2%, India up 1%, and Japan up 1.2%.

European markets are up today by about 1.1% to 2.4% half way through their day.

American markets futures are up about 0.5% at 6:00 AM EST

We expect the stock market run-up could be fast now with corporation buying back their own stock at least 50% of the way, possibly to 90% of the recent highs. Corporations have over $500 billion in cash to invest and it does not look like they will invest in jobs as long as Obama socialized medicine and new Obama taxes loom.