Chief Justice John Roberts has energized the lunatic fringe and virtually assured the re-election of Obama and a full-blown Obama depression as American businesses stagger under the growth of the socialist tyranny of punishing taxation to pay for a 50% increase in the size of government entitlements and a 25% cut in national security and jobs. Chief Justice John Roberts and the other lunatic left judges have changed the interpretation of American Constitution to give Obama totalitarian powers to punish Americans who refuse to join Obamascare. According to Chief Justice John Roberts it is now okay to silence free speech in America by putting a tax on it. John Roberts says it is ok for Obama to punish Americans if he devises discriminatory taxes to do it

The Obama Campaign fails to gain traction as attack ads accuse Romney of not liking Latinos and fabricates stories that Romney’s encouragement of free enterprise is bad for job creation. Obama ads stress he saved the American economy with government jobs, food stamps and housing subsidies that his accountants say created more than 4 million new jobs.  But even silly Chief Justice John Roberts flip-flop support of Obamascare did not help Obama get traction in the polls last week. Obama faces a strong headwind as the commander and chief slacker and carpetbagger from Nigeria. His alcoholic uncle and free-loading Aunt kept a low profile for the time being and none of Obama’s many illegal immigrant in-laws has been arrested even once this year.  If Obama was always a US born Citizen how is it that none of his relatives came to America until he appeared in Chicago and became a Senator?  When he applied to Harvard how come his records show he was a foreign student?
http://boston.cbslocal.com/2011/08/29/report-obama%E2%80%99s-uncle-arrested-for-drunk-driving-in-framingham/

Obama’s Aunt came to America and along with Obama’s drunken driving illegal immigrant Boston uncle and both are living off the American taxpayers. Obama’s Aunt argues that she has a right to live off of American prosperity because she says Americans did not earn their wealth, it was earned by their parents and by exploiting other’s. Therefore she has just as much right to America’s wealth as any American. That is the classic argument of socialism for redistribution of wealth. It hearkens back to the African elephant hunt where the socialist feast off the free enterprise states they destroy. Socialists are the first to seek a government job, a pension, early retirement, tax avoidance/cheating strategies, fraudulent law suites, and a welfare check. They and are the last to seek a good education, a challenging job, or to show any compassion for others who have real needs. Socialists have no problem with self-esteem. They believe all of the rest of us owe them an affluent life.

Ratings for the Supreme Court have slipped since John Roberts flip-flop on health care from 36% who last week said the high court was doing a good or an excellent job down to 33% Monday. The big change is a rise in negative Supreme Court opinion. Today, 28% say John Roberts is doing a poor job up 11 points over the past week. However, Mitt Romney still has 46% of the polling vote, while President Obama gets 44%.
http://www.rasmussenreports.com/public_content/politics/obama_administration/daily_presidential_tracking_poll

Microsoft disclosed plans to take a $6.2 billion charge tied to its unsuccessful 2007 acquisition of aQuantive and the warned of slower-than-expected growth in the quarter ahead.

Boeing Co. said growth in industry deliveries will slow to less than a fifth of the rate predicted in 2011over the next 20 years as demand for jumbo jets and freighters wanes.


World market this week

Barclays chief executive, the American Bob Diamond resigned Tuesday, a casualty of the interest rate-rigging scandal that implicates about a dozen major world banks.

European and Asian shares stocks rose with their biggest five-day gain this year on expectations that central banks in Europe and China will ease monetary policy to spur economic growth. China’s stocks rose for a third day as speculation grew the government will further ease monetary policy. Property sales expanded at a faster pace.

The jobless rate in the 17-nation euro area rose to 11.1 percent in May the highest on record for the EU as a deepening economic slump and budget cuts prompted companies from Spain to Italy to reduce their workforces.

Japan’s industrial output fell 3.1 percent in May, the most since the March 2011 earthquake and tsunami as weakness in European demand limited automobile output.

Chinese manufacturing indexes slipped to seven-month lows Monday as overseas orders dropped, and South Korea cut its estimate for exports this year. Alert!! China has not confirmed to have bottomed. This week, the last three-month cycle posted a lower low point after the market failed to hit a new high in May and could test January lows. See:
http://finance.yahoo.com/echarts?s=000001.SS+Interactive#symbol=000001.ss;range=6m;compare=;indicator=volume;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined;

Emerging markets falter.
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

Germany faltering and 7% below the recent high but 20% higher than last year’s low: 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 Markets are becoming undecided.
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

The world crisis will continue as long as a socialist/communist is the president of the USA and believes his socialist objectives depend on his pro-active destabilization and exploitation of his economic and other crisis such as gun running to drug lords.  The Justice Department will not prosecute Eric Holder or Obama for the Fast and Furious murder of an American Border guard with one of Obama's guns.  Obama planned to use Fast and Furious to justify disarming Americans to make communist totalitarianism possible.


American Economy
Generally the USA economic indicators were poor the last two weeks.

Yesterday

ISM Index Jun 49.7 51.5 manufacturing index declined 4% from 53.5

Construction Spending May 0.9% up from 0.6%

Today

Jul 3 10:00 AM Factory Orders May

Jul 3 2:00 PM Auto Sales Jun

Jul 3 2:00 PM Truck Sales Jun

This Week

Jul 5 7:00 AM MBA Mortgage Index 06/30

Jul 5 7:30 AM Challenger Job Cuts Jun

Jul 5 8:15 AM ADP Employment Change Jun

Jul 5 8:30 AM Initial Claims 06/30

Jul 5 8:30 AM Continuing Claims 06/23

Jul 5 10:00 AM ISM Services Jun

Jul 5 11:00 AM Crude Inventories 06/30

Jul 6 8:30 AM Nonfarm Payrolls Jun

Jul 6 8:30 AM Nonfarm Private Payrolls Jun

Jul 6 8:30 AM Unemployment Rate Jun

Jul 6 8:30 AM Hourly Earnings Jun

Jul 6 8:30 AM Average Workweek Jun

Market outlook July 3, 2012
Average daily price volatility in the S&P doubled to 1 percent in June, according to data compiled by Bloomberg. At the same time, U.S. trading has plunged to 6.8 billion shares a day and PE valuations are 16 percent below the five-decade mean. Reaching those levels in tandem last occurred nine years ago after 911.

The markets are now following their trendlines (which is bearish). If they do not break out it is bearish. They need to rise more than 4% to become bullish. A sharp 4% decline would now test the lows. A sharp 4% advance would test the upper trading range. Caution is advised, as it could set up a bull trap. Chief Justice John Roberts has energized the lunatic fringe and virtually assured the re-election of Obama and a full-blown Obama depression as American businesses stagger under the growth of the socialist tyranny of punishing taxation to pay for a 50% increase in the size of government entitlements and a 25% cut in national security and jobs. Chief Justice John Roberts and the other lunatic left judges have changed the interpretation of American Constitution to give Obama totalitarian powers to punish Americans who refuse to join Obamascare. According to Chief Justice John Roberts it is now okay to silence free speech in America by putting a tax on it. Idiot John Roberts thinks Obama can punish Americans if he devises discriminatory taxes to do it.

The market is poised now to quickly drop as much as 10%. There could even be a massive panic sell-off. Examine the last 5 years of the NYSE. We could easily be headed into a profoundly deep bear market.

http://finance.yahoo.com/echarts?s=%5ENYA+Interactive#symbol=^nya;range=5y;compare=;indicator=ema(200,100)+volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=off;source=undefined;

The Dow Theory Industrials and Rails sell signal of August 2, 2011 still holds. http://finance.yahoo.com/echarts?s=%5EDJT+Interactive#symbol=^djt;range=5y;compare=^dji;indicator=;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined;

Obama is so inept; a deep depression can only be prevented if he is ejected, not elected. But Chief Justice John Roberts has assured that every stupid and lazy American will rally and re-elect Obama now because he is their Robin Hood. The sell signal is seen in 3-month cyclic data.

http://finance.yahoo.com/echarts?s=%5ENYA+Interactive#symbol=^nya;range=2y;compare=;indicator=ema(200,100)+volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=off;source=undefined

The VIX says the market is again complacent and extremely dangerous.

http://finance.yahoo.com/q/bc?s=%5EVIX&t=2y&l=on&z=m&q=l&c=

The Baltic Dry Index is anemic but couldn’t get much worse.
http://www.bloomberg.com/quote/BDIY:IND/chart

Stock market update:

Asian markets were up last night. China up 0.1%, Hong Kong up 1.5%, Taiwan up 1%, Japan up 0.7%.

European markets were up half way through their day in a range of +0.3% to +0.9%

American market futures are flat at about +0.1% in after hour trading at 8 AM EST. It is shortened trading day and week.