Climatoligists now admit the melting of arctic ice due to humans was grossly overstated as 50% when under 0.1%

Climatoligists now admit the melting of arctic ice due to humans was grossly overstated as 50% when in fact the data showed it was a statistically insignificant 0.1%. It was a 99.8% error. That is very disturbing. It means Obama has been destroying the cheap American fossil fuel energy industry for nothing. That has caused the loss of American energy industry jobs and has made America less competitive driving American firms closer to bankruptcy.

As the market declines it takes much less cash to buy out all the fools that bought bonds at their highs, and then bought stocks at their highs and have fled into gold and silver this year at their highs. The con artists who got people into Silver said being an industrial commodity was a plus but that is false in a recession. The people buying gold and “food insurance” are fools and the victims of con artists. All the fools will be broke and out of the market pretty soon. There will be no hyperinflation. Just look at Japan, a deep debtor nation and you see there has been no inflation there with 20 years of slow growth. The time to by gold was between 1984 and Sept 1999 when it was below $254/oz. It was time to sell was this year, not buy. Selling then at%1500 was a 500% profit. Selling above $1900 was just about 700% profit. Only fools would expect even that much.

Morgan Stanley is the first firm to publicly use some of its massive cash base to buy its own under priced stock. MS in far better shape than it was three years ago when it needed government bailout money to survive. So chief executive James Gorman decided to quash an ugly rumor that Morgan faced losses due to faltering European banks. He ordered his traders to buy the firm’s own debt in the market to underscore the firm’s financial strength and the shares of Morgan Stanley rebounded and was up 2.9% Friday.

Luxury homes now hold their own now in the USA and in central London they climbed the most this past year. The debt crisis is encouraging investors to buy less-risky assets that the wealthy can use to maintain their real estate portfolio.

A federal appeals court in San Francisco said the U.S. Treasury Department’s use of classified information to designate the now defunct Oregon Islamic charity, as a terrorist organization will be upheld. While the terrorist organization, Al- Haramain Islamic Foundation Inc, was not given a chance to respond to the information against it, the designation as a terrorist group wouldn’t have been altered, the court said. Terrorists should not expect to be able cripple justice in the USA.

World markets
German stocks rose as Germany’s business confidence fell less than expected. Both French and German stock markets are now down more than 30% from their highs close to the average full depth of a bear market.

The International Monetary Fund said it is ready to support European nations in their efforts to resolve the debt crisis.

Central bankers in Asian nations signaled that global financial-market turmoil diminishes inflation pressures in their economies, making previously anticipated interest-rate increases unlikely this year.

“The biggest single risk to the United States today is that the European situation will spiral out of control,” said Edwin M. Truman, a former Treasury official who is now at the Peterson Institute for International Economics. “Europe is not going to save the U.S. economy, but it could be the straw that breaks it.”

The socialists commit crimes against their children with indoctrination. The Nationalist Socialists, the International Socialists, and the Moslem Socialists all do it. It is not the American Way. It is sick, it is corrupt, it is hate unleashed, and it is taught to our children. Was the $2.3Billion loss by corrupt London based ignoramus Kweku Adoboli at UBS anything compared to what Washington based Barrack Hussein Obama (mmm mmm mmm) is getting away with $trillions of funds going to his political supporters and stimulating contributions to this political campaign “War Chest?” Will the socialists be stopped? It worked in 2010 but needs to be done again.
http://www.youtube.com/watch?v=R3TKMKbifgQ&NR=1
http://www.youtube.com/watch?v=449Qm9YSOLU
http://www.youtube.com/watch?v=7Gzyeo1Z1I4&feature=related


China sliding into recession? http://finance.yahoo.com/echarts?s=000001.SS+Interactive#chart3:symbol=000001.ss;range=6m;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

Has Germany bottomed yet? Choose 2 or 5 years. We would say yes.
http://finance.yahoo.com/echarts?s=^GDAXI+Interactive#chart1:symbol=^gdaxi;range=3m;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined


The Swiss market has bottomed. Choose 2 or 5 years http://finance.yahoo.com/echarts?s=^SSMI+Interactive#chart2:symbol=^ssmi;range=2y;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined


Emerging markets are in recovery.
http://finance.yahoo.com/echarts?s=^BVSP+Interactive#chart1:symbol=^bvsp;range=2y;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined


American Economy-
Last week summary
MBA Mortgage Purchase Index 09/10 up +6.3% after being down -4.9% last month. Great news again for housing.
Core CPI Aug remained constant at 0.2%… no inflation
Sep 16 9:55 AM Mich Sentiment Sep 57.8 up from 55.7 but still very low.
MBA Mortgage Index 09/17 up 0.6% after up +6.3% last month. Very good for housing.
Existing Home Sales Aug up to 5.03M from 4.67M last month. Very good for housing.
Initial Claims 09/17 were 423K down from 428K. Good news
FHFA Housing Price Index Jul rose 0.8% following a 0.9% improvement. Great news.
Leading Indicators Aug rose 0.3 following a 0.5% improvement in July still a good 6 month forward indicator.

This week
Sep 26 10:00 AM New Home Sales Aug

Sep 27 9:00 AM Case-Shiller 20-city Index Jul
Sep 27 10:00 AM Consumer Confidence Sep

Sep 28 7:00 AM MBA Mortgage Index 09/24
Sep 28 8:30 AM Durable Orders Aug
Sep 28 8:30 AM Durable Ordes ex Transportation Aug
Sep 28 10:30 AM Crude Inventories 09/24

Sep 29 8:30 AM Initial Claims 09/24
Sep 29 8:30 AM Continuing Claims 09/17
Sep 29 8:30 AM GDP - Third Estimate Q2
Sep 29 8:30 AM GDP Deflator - Third Estimate Q2
Sep 29 10:00 AM Pending Home Sales Jul

Sep 30 8:30 AM Personal Income Aug
Sep 30 8:30 AM Personal Spending Aug
Sep 30 8:30 AM PCE Prices - Core Aug
Sep 30 9:45 AM Chicago PMI Sep -
Sep 30 9:55 AM Michigan Sentiment - Final Sep

Market Outlook September 26 2011
It is good news that housing has bottomed and is now moving up. Construction spending appears to have bottomed out, and sales and sales prices are rising again. The news on housing has finally turned positive 25 months after GE/MSNBC/Pravda’s Jim Cramer said they bottomed in July of 2009.

The trading range of equities tested the resistance levels of 2010 and held. We still expect a normal advance of up to at least 50% of the total decline. See:
http://finance.yahoo.com/q/ta?s=^NYA&t=2y&l=on&z=l&q=l&p=e50%2Ce100&a=&c=

We see a pick up in bulk trade which seems to have bottomed and is improving. See 1yr chart at:
http://www.bloomberg.com/apps/quote?ticker=BDIY:IND


Stock market update:

Asian Stocks were down again last night. China down –1.6%, Hong Kong down –1.5%, India no change, Seoul down –2.6%, and Japan down -2.2%.

European markets are up significantly in a range 1.3% to 3.5% half way through their day.
.
American market futures are up about 1.3% to 1.7% at 8AM EST.