Obama’s only concern is to get re-elected. It turned out the only thing Obama wanted was to put off the debt ceiling problem until after the 2012 ele

Obama’s only concern is to get re-elected. It turned out the only thing Obama wanted was to put off the debt ceiling problem until after the 2012 elections. But as it stands we just broke through 14.5Trillion in national debt or about $49,000 for every American man woman and child with very little done to stem the midieval blood-sucking treatment that almost always killed the patients.


World Markets:
World markets rose after the American debt limit was raised.

More than 50% of the European companies in the Stoxx Europe 600 Index reporting earnings are missing analysts’ projections. That’s the most since 2006. The benchmark gauge lost 3.1 in July, the largest decline at the start of an earnings season since 2010.

Banks in the biggest emerging markets are losing the confidence of investors as loans turn sour after a two-year credit binge.

Spain’s communist People’s Party threatens to oust the Socialist Party in new election.

Emerging markets ready to plummet. Brazil http://finance.yahoo.com/q/ta?s=%5EBVSP&t=5y&l=on&z=l&q=l&p=e100%2Ce200&a=&c=

Asian markets ready to plummet. China
http://finance.yahoo.com/q/ta?t=5y&l=on&z=l&q=l&p=e100%2Ce200&a=&c=&s=^SSEC
India
http://finance.yahoo.com/q/ta?t=5y&l=on&z=l&q=l&p=e100%2Ce200&a=&c=&s=^BSESN

Europe’s markets ready to plummet. Swiss
http://finance.yahoo.com/q/ta?t=5y&l=on&z=l&q=l&p=e100%2Ce200&a=&c=&s=^SSMI

Past Week

Initial Claims 07/23 398K down from 418K last week
Continuing Claims 07/16 3703K up from 3698K last week
Pending Home Sales June 2.4% down from 8.2% last week
GDP-Adv. Q2 up only 1.3% and down from the previous estimate of 1.9%
GDP Deflator Q2 2.3% which means without inflation the economy contracted 0.3% the inflation last quarter was 2.0% which means without inflation the economy contracted only 0.1% last time. Therefore the economic contraction accelerated from 0.1% to 0.3%.
Employment Cost Index Q2 rose to be 0.7% from 0.6% last quarter.
Chicago PMI Jul shrank to 58.8 from 61.1 reported last time.
Michigan Sentiment - Final Jul 63.7 continued show shrinkage of confidence from week level 63.8 last time.

Today
Aug 1 10:00 AM ISM Index Jul
Aug 1 10:00 AM Construction Spending Jun
This week
Aug 2 8:30 AM Personal Income Jun
Aug 2 8:30 AM Personal Spending Jun
Aug 2 8:30 AM PCE Prices - Core Jun
Aug 2 3:00 PM Auto Sales Aug
Aug 2 3:00 PM Truck Sales Aug
Aug 3 7:00 AM MBA Mortgage Index 07/30
Aug 3 7:30 AM Challenger Job Cuts Jul
Aug 3 8:15 AM ADP Employment Change Jul
Aug 3 10:00 AM Factory Orders Jun
Aug 3 10:00 AM ISM Services Jul
Aug 3 10:30 AM Crude Inventories 07/30
Aug 4 8:30 AM Initial Claims 07/30
Aug 4 8:30 AM Continuing Claims 07/23
Aug 5 8:30 AM Nonfarm Payrolls Jul
Aug 5 8:30 AM Nonfarm Private Payrolls Jul
Aug 5 8:30 AM Unemployment Rate Jul
Aug 5 8:30 AM Hourly Earnings Jul
Aug 5 8:30 AM Average Workweek Jul
Aug 5 3:00 PM Consumer Credit Jun

This Week

Market Outlook August 1, 2011

Well the bargains may end soon now although the recession is beginning to grip emerging markets and Europe. You can see the VIX rising when a serious decline occurs. It usually peaks at 30 or 40 before a crisis is normally over.
http://finance.yahoo.com/q/bc?s=^VIX&t=1y&l=on&z=m&q=l&c=


The last rally still looks like the second shoulder of a classic head-and-shoulders sell signal. If that is the case there could be a sharp sell off. Perhaps it already occurred and the prices are suspended using futures. See:
http://finance.yahoo.com/q/ta?s=^NYA&t=1y&l=on&z=l&q=l&p=e50%2Ce100&a=&c=

Recovery is one of Obama’s big lies as he continues to divide America. Click on the 5yr chart and see full effect of the slowdown in world dry shipments. Now most of his supporters are quietly admitting Obama has done nothing as president to help the economy. See:
http://www.bloomberg.com/apps/quote?ticker=BDIY:IND

Asian Stocks were up last night. China up 0.1%, Hong Kong up 1%, India up 0.6%, Taiwan up 0.7%, and Japan up 1.3%.

European markets are mixed sharply this morning in a range of about –1.5% to +1.5% half way through their day.

American markets futures are up today about +1.2% this morning at 8:30 AM EST