According to a report by the Institute on Taxation and Economic Policy, GE’s president, Obama’s advisor Jeffrey Immelt, not only exported the highest percentage of jobs, GE runs the Indian firm “Infotech” which was set up to take away American Engineering Jobs, and GE has paid little or no income taxes. Obama’s only corporate advisor is Jeffrey Immelt. All of Obama’s other advisors are leftist lunatics.
Obama does not realize that what the EU is going through is what Obama is setting the USA up to go through in about 7 years and that is to default on debt and hurt everyone who owns US Treasuries with a 50% haircut. The USA needs to throw out the socialists who believe in spending beyond our means and on giving welfare instead of an education in American work ethics.
Patrick Caddell, who was a pollster to former President Jimmy Carter, and Douglas Schoen, who worked for Bill Clinton, both said Obama should abandon his re-election effort in favor of Hilary Clinton, in an opinion piece in the Nov. 21 edition of the Wall Street Journal. They both said that Hillary Clinton is “the only leader capable of uniting the country.”
World markets
ECB meeting in Frankfurt is believed likely to be ready to stimulate European economies by cutting the benchmark interest rate by a quarter percentage point to 1 percent. This is bullish for the EU.
Singapore faces a collapse in housing prices as Asian chaos grows.
Japan’s trade balance fades as lower manufacturing costs and junk from China undermines Japan’s sales. It is reminiscent of the 1950’s when Japanese junk undermined the American and European economies. Junk is very costly because it usually causes damage to other dependent products and is a waste of money, time and energy.
Brazil’s November inflation increased to a 6.2% annual rate.
Greek Prime Minister Lucas Papademos received parliamentary approval for a financial plan that aims to nearly halve next year’s deficit shortfall and possibly allow Greece to remain a member of the EU. The pressure on debtors has declined significantly.
China’s recession risk increased significantly.
Geithner risks USA economy and our children’s future to bail out Europe with US taxpayer dollars. China will benefit from doing nothing to help other countries as they dump inferior products on the world. Chinese computer batteries are said to sell for half the price of American batteries but last 10% the US battery life.
German industrial production rose for the first time in three months as the debt crisis threatens to tip Germany’s large economy into recession.
China double bounced. http://finance.yahoo.com/echarts?s=000001.SS+Interactive#chart1:symbol=000001.ss;range=5y;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined
Germany bounced: Choose 2 or 5 years
http://finance.yahoo.com/echarts?s=%5EGDAXI+Interactive#chart1:symbol=^gdaxi;range=2y;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined
The Swiss bounced. Choose 2 or 5 years http://finance.yahoo.com/echarts?s=%5ESSMI+Interactive#chart1:symbol=^ssmi;range=2y;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined
Emerging markets double bounce.
http://finance.yahoo.com/echarts?s=^BVSP+Interactive#chart1:symbol=^bvsp;range=2y;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefine
American Economy
The US economy may not dip as Americans increasingly hope that the Obama Regime will be thrown out of office so Americans can change back to an honest free enterprise system.
Holiday consumer spending is up about 5% in the USA and all income bands predict they will purchase much more in 2012 (10 to 40% more). Yet most Americans think Obama is doing a terrible job because he does nothing that helps the American pie grow. Instead American education is run by union leftists who are trying to educate people to pay them higher teacher salaries when the teachers should instead be teaching students how to think intelligently and get off their duffs and make something of themselves. Today’s teachers inspire laziness and incompetence and give students the sense that there is no value in the American values that made America great. Today’s public schools and public employees need an education in the American work ethic so they know how to teach the lazy that work is useful and grows the pie even if they have to start with minimum wage because they got a terrible education. The lazy and incompetent American government workers need a haircut not a full pension when they have worked only 10 years. They often get state pensions after just 10 years and then want to retire! .
This Week
So far
Factory Orders in Oct, -0.4%, down significantly from last month’s +0.3%
ISM Service Sector Nov, 52.0 down from 52.9 last month
Yesterday
MBA Mortgage Index 12/03 12.8% a tremendous improvement from -11.7% last month.
Crude Inventories 12/03 1.336M down from 3.932M means higher fuel prices and fossil fuel stock recovery.
Consumer Credit Oct $7.6B up slightly from $7.4B reported last month is mostly due to student debt.
Today
Dec 8 8:30 AM Initial Claims 12/03
Dec 8 8:30 AM Continuing Claims 11/26
Dec 8 10:00 AM Wholesale Inventories Oct
Coming
Dec 9 8:30 AM Trade Balance Oct
Dec 9 9:55 AM Mich Sentiment Dec
The Obama lies
Unemployment Rate Nov 8.6% Obama communist style lies say unemployment down from 9.0%. That is because Obama thinks he will not get re-elected if unemployment is greater than 9%
Market outlook December 8, 2011
Stocks still hover near recent highs. The US and the world economy may not slip back into a recession in spite of Obama incompetence. Real estate has possibly turned the corner but will not take off until Americans are confident that Obama and his leftist supporters will be thrown out of office.
Market vector is predicting the same type of short term rally we have been talking about: Select stock index data, then stock index daily, then the market index you want. Things could improve if Obama is persuaded not to run for office, as Lyndon Johnson was when he faced guns & butter stagnation. America has always been decisive in the past. The American Revolution and the World Wars were over in 4 years of American involvement. Americans hate wars but love a good victory over tyranny. Five or more years of war are the American definition of incompetence in leadership. That goes for Republicans as well as Democrats.
http://marketvector.com/data/index.htm
The short squeeze will probably come within 60 days and it is good to take profits in stocks with good runs and buy into stocks and sectors/indexes that are low and that will benefit from a good year end run-up in sales. The sales gains will be reported in January and will probably result in the peak of this intermediate trend rally. Obama is an economic bummer for the USA and it will continue that way because he is such a socialist to the very core. Since the collapse of the USSR communist empire and China’s venture into capitalism only morons still believe in the socialist “welfare state.”
The housing market has stabilized but is still near the bottom. Many are predicting a real estate come back next year.
http://www.martincapital.com/index.php?page=graph&view=permits_and_construction
When it comes to jobs, Obama is a moron and has to manipulate the government statistics just like all communists do to pretend things are getting better.
http://www.martincapital.com/index.php?page=graph&view=unemployment
We are at the critical upside resistance level now and it needs a breakout so the advance resumes and triggers a short squeeze that could rum stocks up close to previous highs of this year. That will be the time to get back into cash. Complacency has not set in at all yet. We are now climbing the well-known bull market wall of fear. There is still just not much short seller fear at this point. Look how low the VIX has to go before the market top is hit! A level as low as 20 would indicate complacency and the end of the bull market.
http://finance.yahoo.com/q/bc?s=%5EVIX&t=6m&l=on&z=m&q=l&c=
We advanced once over 60% of the total recent decline and predict we could possibly have as much as 95% recovery. Market Vector agrees with us. But realize that as the upside potential is approached, then the downside risk exceeds the upside potential and it is time to lighten up. View 6 mos. See: http://finance.yahoo.com/echarts?s=^NYA+Interactive#chart1:symbol=^nya;range=6m;indicator=ema(200,100)+volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined
Demand from Asia should be sufficient for increased volumes even if the Euro crisis leads to a collapse in European sales, per Bremerhaven BLG analysis: Insert into explorer.
http://www.bloomberg.com/apps/quote?ticker=BDIY:IND
Stock market update:
Asian Stock markets were down last night. China down -0.3%, Hong Kong down –0.7%, India down 0%, and Japan down -0.7%.
European markets are mixed today in a range –0.5% to 1% half way through their day.
American market futures are flat about -0.2% at 7:00 AM EST. They are an unreliable predictor.
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