Recent earnings reports have been disastrous but the pundit predictions are even more negative. Thus the dismal returns are hidden by the terrible blo

Recent earnings reports have been disastrous but the pundit predictions are even more negative. Thus the dismal returns are hidden by the terrible blows that the pundits think the Obama economic policy disasters will deliver to earnings.

The latest Rasmussen Poll 4-21-2012 reports that Romney is holding his lead over Obama. In a hypothetical Election 2012 matchup, presumptive Republican nominee Mitt Romney earns 46% of the vote, while President Obama attracts support from 45%. Republicans continue to enjoy a ten-point advantage over Democrats on the Generic Congressional Ballot to take the Senate and House in 2012. Ninety-two percent (92%) believe it is important to place strict limits on government so that it cannot take away individual rights and freedom.
http://www.rasmussenreports.com/public_content/politics/obama_administration/daily_presidential_tracking_poll

Gallup Daily Tracking 4-21-2012
Mitt Romney is supported by 47% of national registered voters and Hussein Obama by 45% in the inaugural Gallup Daily tracking results.
http://www.gallup.com/poll/153902/Romney-Obama-Tight-Race-Gallup-Daily-Tracking-Begins.aspx

World market
The French equivalent “Idiot Obama” won the first round of French elections. European stock markets drop sharply. As officials across Europe battle the sovereign-debt crisis, budget cuts by governments and surging unemployment are deflating Europe’s economy. Gold declined again.

Euro-area services and manufacturing output declined for the third month in a row to a five-month low as the economy struggled to rebound from the sharp fourth-quarter contraction.

Spain’s interest rates soar and Dutch austerity talks flopped. The socialists are taking power and are refusing to control their government deficits. “Idiot Obama” type fiscal policies are destroying confidence in European recovery.

Manufacturing shrank in both Europe and China. The Euro weakened and the cost of insuring the region’s debt rose after the Dutch government has fallen to socialists and French President Nicolas Sarkozy lost ground to socialists in elections.

Italy’s confidence index declined to 89 from 96.3 in March hitting the lowest level since the series began in 1996.

19% of French voters cast their ballots for National Front leader Marine Le Pen’s call to abandon the Euro and turn her country into an anti-Moslem immigrant fortress. Norwegian resistance to Moslem despotism also is increasing. A BBC program on the Moslem practice of disfiguring their women is turning women everywhere against the Moslem sadist and suicidal society.

Reliance Industries Ltd., the owner of the largest oil-refining complex, wants to reverse a 29 percent slump in its stock in the past year. The slowdown in China’s economy and escalating European debt crisis cut fuel demand. Adding to the drag on earnings is the decline in production at India’s biggest natural gas field. China continues to cut energy consumption.

China Mobile Ltd. (941), the world’s fastest growing and biggest phone carrier by users, fell the most in more than six months in Hong Kong trading after the company reported profit fell 3 percent.

China continues to threaten an invasion of unoccupied Philippine islands. N. Korea is threatening to attack S Korean targets and incinerate them for not properly worshiping N. Korean leaders.


Most national stock markets are on one, five and twelve-year head-and-shoulders sell areas. Germany’s market is losing steam. To see the megatrend look back to 1995.
http://finance.yahoo.com/echarts?s=%5EGDAXI+Interactive#symbol=^gdaxi;range=my;compare=;indicator=ema(200,100)+volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined;

The Swiss are still lower than last year’s high with a mega-trend decline. Choose max years http://finance.yahoo.com/echarts?s=%5ESSMI+Interactive#symbol=^ssmi;range=my;compare=;indicator=ema(200,100)+volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined;

China has been declining for more than a year now. Chinese inflation data disappointed, with March consumer price index rising 3.6%. If the economic output grew 8% and inflation grew 3.6% that means real growth in China has declined to 4.4%.
http://finance.yahoo.com/echarts?s=000001.SS+Interactive#symbol=000001.ss;range=my;compare=;indicator=ema(100,200)+volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined;

Emerging markets are still lower than last year’s high and look like a head and shoulder sell signal.
http://finance.yahoo.com/echarts?s=^BVSP+Interactive#symbol=^bvsp;range=5y;compare=;indicator=ema(100,200)+volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined;

American Economy
Fox news reported today that the Department of Labor has revised higher the number of people who filed for unemployment benefits for the first time 58 out of the last 59 weeks. That Obama fraud allows him to report lower unemployment by always adjusting it after to optimistic numbers are released because almost no Obama/MSNBC/Pravda propagandists report the deception. We have been telling our readers that for months.

Last week
PNC Financial Services Group Inc., the sixth-largest U.S. bank by deposits, reported a 2.5 percent drop in first-quarter profits.
Obama manipulated Retail Sales down from 1.1% to 1.0% last month so he could lie and say they are only down 0.2% from 1% to 0.8% in Mar when in fact they have declined 0.4% from 1.1% to 0.7%.
Retail Sales ex-auto Mar 0.8% down from 0.9% and not manipulated by Obama.
Empire Manufacturing Apr way down to 6.6 from 20.2 without Obama manipulation.
Net long-term TIC Flows Feb $10.1B way down from $101.0B last month
Business Inventories Feb was a flat 0.7% unmanipulated but was manipulated to make it look better by a 0.2% reduction in inventories.
The NAHB Housing Market Index Apr got worse (25) down from 28 without manipulation. The CPUSA does not manipulate some things because they do not compile the independent honest reports.
Housing Starts Mar 654K down sharply from 698K
Industrial Production Mar 0.0% no growth continues 0.0%
MBA Mortgage Index 04/14 6.9% improved from -2.4%
Initial Claims 04/14 386K were worse than last week’s 380K. But if you reverse the Obama manipulation this week’s number is a lot worse. It could be as high as 394 initial claims this week if the 8K was all transferred to last week after the numbers were first reported last week. It is not possible to know the truth the way Obama continues to compare apples to oranges.
Continuing Claims 04/07 3297K got worse from 3251K in an apples to apples comparison.
Existing Home Sales Mar 4.48M worse fell from 4.59M
Philadelphia Fed Apr 8.5 worse down from 12.5

This week
Apr 24 9:00 AM Case-Shiller 20-city Index Feb
Apr 24 10:00 AM Consumer Confidence Apr
Apr 24 10:00 AM New Home Sales Mar
Apr 24 10:00 AM FHFA Housing Price Index Feb
Apr 25 7:00 AM MBA Mortgage Index 04/21
Apr 25 8:30 AM Durable Orders Mar
Apr 25 8:30 AM Durable Goods
Apr 25 10:30 AM Crude Inventories 04/21
Apr 25 12:30 PM FOMC Rate Decision Apr
Apr 26 8:30 AM Initial Claims 04/21
Apr 26 8:30 AM Continuing Claims 04/14
Apr 26 10:00 AM Pending Home Sales Mar
Apr 27 8:30 AM GDP-Adv. Q1
Apr 27 8:30 AM Chain Deflator-Adv. Q1
Apr 27 8:30 AM Employment Cost Index Q1
Apr 27 9:55 AM Michigan Sentiment - Final

Market outlook April 23, 2012

The markets are nowhere near this year’s high much less last rear’s high. Volume increased on the declines indicating net selling (no accumulation going on). The small investor has been taking profits. This market is made by machines now not by humans. The machines are trying to make money speculating on human behavior that no longer affects the market in the short run.

Still no DOW rail confirmation means there still is no DOW buy signal since the collapse in August of 2011. It is looking like a head and shoulder sell signal forming in the Rails. We are a few days away from a complete breakdown of the market.
http://finance.yahoo.com/echarts?s=%5EDJT+Interactive#chart1:symbol=^djt;range=2y;indicator=ema(200,100)+volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

On a quarterly cycle basis (look at 6 months), the New York Stock exchange second neckline was confirmed being broken on the down side. If a new high is not reached within a month the second shoulder of the head-and-shoulder sell signal will be set. Breakdown will occur rapidly if the lower neckline is then broken.
On an annual cycle basis (look at 2009 to today) it appears the head and shoulders is already in place and the market is about to break down for that mini cycle. On an economic business cycle basis (up to 20 + years) it shows the economy peaked in early 2000 and began to decline during the Clinton administration. Only if we can get rid of the “big government moron Obama socialists” this year… will we begin another 20year free enterprise booming business cycle.
http://finance.yahoo.com/echarts?s=%5ENYA+Interactive#symbol=^nya;range=1y;compare=;indicator=ema(200,100)+volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=off;source=undefined;

The VIX is rising sharply indicating the market could now fall sharply for a few weeks. A sharp computer sell-off could end the current rally any moment now and trigger huge stop-losses.
http://finance.yahoo.com/q/bc?s=%5EVIX&t=2y&l=on&z=m&q=l&c=

Baltic Dry Index is still languishing..
http://www.bloomberg.com/quote/BDIY:IND/chart

Stock market update:
Asian Stock markets were down last night. China down –0.8%, Hong Kong down –1.8%, India down –1.6%, Jakarta down –0.6%, Taiwan down –0.4%, and Japan down –0.2%. Asia follows the USA markets.

European markets are mixed today in a range of –3% to –1.7% half way through their day. Belgium was an outlier

American market futures are down about -1% in after hour trading at 7:30 AM EST.