Time is running out for Europe. It is clear that there will be no EU resolution other than giving Greece the boot. Four opportunities to get Greece to balance their budget is one too many. France and Germany now want to spread their contagion to the world. Socialism is destroying the EU and the only solution that will work is to eject socialist run governments that choose to have downward redistribution of wealth, which is another way to say they are choosing the upward redistribution of poverty.
Give Greece the boot and get it over with. Then boot out any other members that do not get off their fat butts and root out their political corruption that is the source of the concept of “redistribution of wealth”. “Redistribution of wealth” is the song of every corrupt political machine. The end of corruption is always the overthrow of the government by tyrants followed by the overthrow of that tyranny with greater tyranny. American free enterprise only comes once in several thousand years so enjoy it before Obama and his democrat socialists in America abandon everything America stands for.
The Jimmy Carter "misery index," an informal measure derived by adding the national unemployment rate to the year-over-year change in consumer prices. It rose to 13 in September. The index hit 18 during President Jimmy Carter's last term in the 1980s.
Corrupt GE/Pravda made MSNBC the propaganda machine for corruption, i.e. Liberals. Now obviously Comcast is another corrupt corporation because it took over MSNBC and continues the same GE socialist crony politics and lies that undermine free enterprise and American citizen rights to the fruits of their labor.
World markets
European Union ladies met in Brussels this weekend and kicked the can down the road, seeking a miracle in efforts to resolve the Greek sovereign debt crisis without triggering a default, beef up the Euro bailout fund, shield banks from the fallout and ensure Italy and Spain don’t succumb to the contagion. They will hold a second summit on Oct. 26 to kick the can again. Their hope is that millionaire Obama can we enticed to save Europe now that he said he has saved Iraq and defeated all the enemies of the USA. Europe wants a redistribution of American wealth and can’t understand why millionaire Obama has not yet made Americans foot Europe’s bill.
American Economy
Week summary
The prognosis is that the housing sector is now recovering and could gap upward in valuation any time now.
Empire Manufacturing Oct improved slightly to -8.48 from -8.82 better but not good
Industrial Production Sep same at 0.2% good
Capacity Utilization Sep same at 77.4% good
Core PPI Sep 0.2% vs 0.1% last month or a 1.2% low inflation rate. Very good!
Net long-term TIC Flows Aug $57.9B vs $9.5B means lots of investment money is flowing in from other countries. Very very good!
NAHB Housing Market Index Oct was 18 vs 14 last month means continues to pick up. Very good!
Core CPI Sep 0.1% vs 0.2% last month
This Week
Oct 25 9:00 AM Case-Shiller 20-city Index Aug
Oct 25 10:00 AM Consumer Confidence Oct
Oct 25 10:00 AM FHFA Housing Price Index Aug
Oct 26 7:00 AM MBA Mortgage Index 10/22
Oct 26 8:30 AM Durable Orders Sep-
Oct 26 8:30 AM Durable Orders -ex Transportation Sep
Oct 26 10:00 AM New Home Sales Sep
Oct 26 10:30 AM Crude Inventories 10/22
Oct 27 8:30 AM Initial Claims 10/22
Oct 27 8:30 AM Continuing Claims 10/15
Oct 27 8:30 AM GDP-Adv. Q3
Oct 27 8:30 AM GDP Deflator Q3
Oct 27 10:00 AM Pending Home Sales Aug
Oct 28 8:30 AM Personal Income Sep
Oct 28 8:30 AM Personal Spending Sep
Oct 28 8:30 AM PCE Prices - Core Sep
Oct 28 8:30 AM Employment Cost Index Q3
Oct 28 9:55 AM Michigan Sentiment - Final
Market Outlook October 24 2011
The corrupt millionaire, Obama, has been on the road for two months now in his armored busses campaigning at the expense of American taxpayers. This week he will be doing the same but this week he will call it campaigning and his $billion campaign slush fund will pick up the tab.
We still expect a normal advance of at least 50% of the total recent decline and possibly as much as 90% recovery. For that to happen the 50DayMovingAverage (green line) must move above the 100 DMA (red line). The market is moving though a resistance area now, the 50 DMA. See:
http://finance.yahoo.com/q/ta?s=^NYA&t=2y&l=on&z=l&q=l&p=e50%2Ce100&a=&c=
America has not had a double dip recession. Starting in April, the banks began net loaning of money to small corporations. Since August, international trade continued to recover. See 1yr chart. You may need to cut and paste this in:
http://www.bloomberg.com/apps/quote?ticker=BDIY:IND
Stock market update:
Asian Stocks were mixed up last night. China up 2.3%, Hong Kong up 4.1%, India up 0%, Seoul up 3.3%, and Japan up 1.9%.
European markets are up today in a range -0.3% to +0.4% half way through their day.
American market futures are flat about 0.1% at 8 AM EST. US market futures rarely have any predictive correlation.
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