The stock market has having a government gridlock rally. Gridlock is much better for the economy than Obama.

The stock market has having a government gridlock rally. Gridlock is much better for the economy than Obama.
Wealth redistribution is Obama’s code word for vote buying. Obama/Greek style union/state worker government corruption is killing America.

The Obama administration’s decision to issue a free contraception-coverage down to age nine without an exemption on religious grounds is creating an election-year split among Democrats, with some in the party joining Republicans in calls to modify or scrap it.

Senator Joe Manchin, a West Virginia Democrat said “I feel it’s wrong, the direction and the position that the administration is taking, “I think it needs to be rebuild, return and let’s go back to where we were.” Other Democrats in the Senate, including John Kerry of Massachusetts and Claire McCaskill of Missouri, said they want the administration to adjust its rule. It would shut down many hospitals run by religious groups.

Obama campaign collection are far below targets so this week Obama announced he will gladly accept funds from evil bank PACs and yesterday the SEC announced they plan to warn several major banks that they intend to sue them over mortgage-related actions linked to the financial crisis. Under Obama’s socialism you are innocent until investigated. The move would mark a stepped-up effort to stimulate campaign contributions. The IRS said it would also step up audits of people who work for a living and should contribute more than the 100% they already pay for the 48% who pay nothing.
http://www.houstonbeats.com/board/showthread.php?p=1719570

http://online.wsj.com/article/SB10001424052970203315804577211470167644182.html

http://www.reuters.com/article/2012/02/09/banks-mortgagesuits-idUSL4E8D90NJ20120209

The two “terrorist attacks” targeting a military security branch and police headquarters killed at least 25 people and wounded 175 in Syria.

World markets
Apollo Global Management LLC said fourth- quarter profit fell 66 percent as market losses hurt its private equity holdings.
Reliance Communications Ltd. (RCOM), India’s second largest mobile phone operator, reported a quarterly profit that missed targets due to higher debts.
Spain’s Congress yesterday decided to halt subsidies for new renewable-energy projects that were bankrupting Spain and not helping the environment due to the heat and pollution of their manufacturing processes.

Donald Trump said in January that he would scrap plans for a hotel and housing at his golf resort in Aberdeenshire, Scotland, if the government approves an offshore wind farm in sight of his championship course due to open in June.
Sony Corp. incoming Chief Executive Officer Kazuo Hirai said facing the company’s fourth straight annual loss.

German Finance Minister Wolfgang Schaeuble said Greece is missing its debt-cutting targets by almost 15%, intensifying pressure on Greek politicians to deliver on austerity promises. Greece must turn its latest budget-cutting plan into law, flesh out 325 million euros in spending reductions and have its major party leaders sign up to the program so they don’t retreat again after upcoming elections. Greece has signed up before but has not delivered. The Euro slid from the highest since December against the yen after the leader of one of the Greek government’s supporting parties said he couldn’t even support the fake austerity accord needed to secure the bailout.

China’s exports declined more than 10% in December and January due to the worldwide slowdown in trade in the second half of last year that caused the Baltic Dry Index to plummet. Commerce Minister Chen Deming pledged to maintain “stability” in the yuan’s exchange rate. Exports in January “cannot make us optimistic” and are “expected to have negative growth due to Chinese New Year and other factors. Inflation accelerated to 4.5% in January for the first time in six months, and pushed up by holiday spending. That means more than half of their recent 8% growth is caused by inflation.

German exports slumped 4.3 percent from November, four times more than economists forecast in December as the sovereign debt crisis damped growth across the euro region. It plummeted further in December and January. In Germany they have a skilled labor force that is now on furlough one or two days of week and staying at home these cold winter days. Obama/Greek style union/state worker government corruption killing America.

Indonesia’s central bank cut its benchmark interest rate to slow the collapse in deteriorating trade and a declining global economy. In India there is a growing shortage of cash and people have become net sellers of gold jewelry. Interest rates are falling but just like in the USA, people cannot get loans or refinance. That has complicated the USA mortgage bankruptcy situation. Bankers in the USA are beginning to hunker down and can no longer comply with continued Obama administration attacks to raise Obama’s election campaign funds. Obama has destroyed the American economy with his corruption and the siphoning off of hundreds of $billions to support his largely dysfunctional and unemployable voting block. People are beginning to realize that the “Occupy Wall Street” was intended to scare Wall Street in an election year to “buy Obama protection”. But all the “Occupy Wall Street” people are the dysfunctional youth who are getting Obama money to attend college for free and will be dropping out and getting high as soon as the corrupting “Obama voter stimulation” ends.
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Sharp, Japan’s largest maker of LCD panels, forecast its worst annual loss since its founding a century ago, with its president saying exporting is “nearly impossible” with the current demand.

Germany’s largest bank, Deutsche Bank AG, said fourth-quarter profit fell 76 percent as Europe’s debt crisis cut trading and the company wrote down losses.

The USA and the EU stock markets posted their highest gains in over 15 years while the highest proportion of EU companies on record are missing profit estimates. “I am not optimistic about Hong Kong’s export performance in the first half of this year,” said John Tsang. China’s market continues to slump.

Singapore Airlines’ profit tumbled 53% on rising competition and costs.

Asian markets (especially China) have failed to break out some on the second and third times at resistance levels. China’s stocks could fall 50% from here if Obama’s announced world wide “Great Depression” spreads there too.
http://finance.yahoo.com/q/ta?s=000001.SS&t=2y&l=on&z=l&q=l&p=e200%2Ce100&a=&c=

Germany broke through the resistance levels: Choose 2 or 5 years
http://finance.yahoo.com/echarts?s=%5EGDAXI+Interactive#chart2:symbol=^gdaxi;range=2y;indicator=ema(200,100)+volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on

The Swiss broke through the resistance levels. Choose 2 or 5 years http://finance.yahoo.com/echarts?s=%5ESSMI+Interactive#chart1:symbol=^ssmi;range=2y;indicator=ema(200,100)+volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

Emerging markets show strength. Brazil broke through
http://finance.yahoo.com/echarts?s=^BVSP+Interactive#chart1:symbol=^bvsp;range=2y;indicator=ema(100,200)+volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

American Economy
Brookfield Office Properties Inc, owner of lower Manhattan’s World Financial Center, said fourth- quarter revenues plunged 34 percent.
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New York sued Bank of America, JPMorgan and Wells Fargo in state court in Brooklyn as socialists continue to try to redistribute wealth to their election campaign coffers. In election years the socialists sue companies that do not give their candidates enough campaign payola. Obama told business he wants $1 billion for his re-election campaign and so far American business has coughed up less than $300,000,000. So now Obama wants Pac support too.

American Moslem welfare mother of two children on California welfare who came to international attention when she had free California fertility treatment and gave birth to octuplets in January 2009.
http://en.wikipedia.org/wiki/Nadya_Suleman

So Far This week
Consumer Credit Dec $19.3B down from $20.4B Consumer demand declined, not good
MBA Mortgage Index 02/04 +7.5% up from -2.9% due to seasonal effects
Crude Inventories 02/04 0.304M down from 4.175M

Yesterday
Initial Claims 02/04 358K down slightly from 367K Not Bad
Continuing Claims 01/28 3515K up from 3437K Not good
Feb 9 10:00 AM Wholesale Inventories Dec 1.0% up sharply from 0.1% Decreasing is good. This is bad

This week
Feb 10 8:30 AM Trade Balance Dec
Feb 10 9:55 AM Mich Sentiment Feb
Feb 10 2:00 PM Treasury Budget Jan

Market outlook February 10, 2012
Cramer of Mad Money said this is a bull market and to buy early and accumulate. That is the curse of death to this stock market rally.

Market at 2008 level and still looks ready to plunge. Stock volume is incredibly thin making it easy to manipulate the market higher… until the funds pull the plug again.

The VIX indicates extreme complacency now. A sharp computer sell-off could end the current rally any time now and trigger stop-losses with huge losses.
http://finance.yahoo.com/q/bc?s=%5EVIX&t=2y&l=on&z=m&q=l&c=

Bulk shipments are now at the bottom since Obama took office, even lower the Obama lows of 2008. It collapsed to the lowest world bulk trade level that existed since Obama started the Obama Great Depression in one of his 2007-2008 campaign speeches to defeat his opponent. It is now less than 5% of the international trade that existed just before Obama was elected. In the past, a decline like this set off alarms around the financial world because it implies supply exceeds demand and something has to give.
http://www.bloomberg.com/apps/quote?ticker=BDIY:IND

Stock market update:
Asian Stock markets were down last night. China up 0.1%, Hong Kong down 1.1%, India down 0.5%, and Japan down 0.6%

European markets are down sharply today in a range -0.4% to -1.6% half way through their day. With Greece down 2.9%

American market futures are down about –0.8% in after hour trading at 8:00 AM EST.