How fast London's pompous socialists have forgotten their friends and allies since the Lend-Lease and Marshall Plans. It seems an American pompous socialist also forgot America’s friends and sent the bust of Churchill back to London. Birds of a certain feather goose step together and certainly deserve each other. The London Olympics incompetent socialists think intelligent planning and responsibility is a big joke. Ha, ha, ha they said to potential future American president Mitt Romney. Due to socialist incompetence the London Olympics are faced with few spectators but thousands of people stranded in trains every day due to extremely poor planning by the socialists running the events.

The athletes are great but the socialists running the Olympics cannot get their act together. The socialists shouted, "we are ready" several times after Mitt Romney mentioned he would anticipate and prepare for some minor problems at first like he said he had in Utah. The socialist scoffed at their "hayseed American future president" guest and now after a week the pompous socialists fools in London still proudly goose step around while their citizens are trapped in railroad stations miles from the Olympics. Yes, the Nazi were pompous goose stepping socialists not people who believed in liberty, respect, compassion, and justice for all. Yes socialist birds of a feather do goose step together.

The U.S. Fed and European Central Bank failed their critical test this week of coordinated international socialist Ponzi schemes intended to stimulate the global economy with of course the usual unintended Ponzi consequence of a complete collapse of the world economies a few years from now. The WSJ said Gold is poised to get a boost as investors look to the metal as a hedge against the growing risk of global inflation.
European Central Bank President Mario Draghi said Thursday the central bank would make a new effort to buy government bonds with worthless IOUs to drive down the high borrowing rates squeezing the continent's indebted governments. This is of course the same Ponzi scheme socialist Obama and the left wing are already using called quantitative easing. The IOU’s the central banks will loan out to the commercial banks will allow the commercial banks to buy treasuries and those Obama IOUs are not backed by gold or even cash. The IOUs are a line item on the Fed’s balance sheet backed buy the full faith and trust in Obama socialism. The American people and Congress were never consulted and have not given Obama permission to engage in his Ponzi scheme. Most Americans would not even believe the criminal stupidity of what Obama and Draghi are doing if you told them. We have only the word of an incompetent socialist president without a Continental or a Confederate dollar to back it up. This is a major world scam. It could not be Constitutional. It is much worse than what socialists in Congress have forced the banks to do with “liar loans.” These socialists should be in padded asylums not running nations with dictatorial executive orders like Obama uses. These people will throw us to the worlds dogs, the new goose stepping Hitlers, Stalins, and Pol Pots. They were all socialists too who were initially elected and then became dictators.

Hitler was so bad all the socialists still refuse to admit the Nazi were nationalist socialists and one of their socialist ilk. The way Communist China now lets private industry co-exist is exactly what Hitler called Nationalist Socialism. National socialist Obama will be so happy to be goose stepping all over Congress and our human rights if he is re-elected. Socialists are morons. There are those who do, and those who teach, and socialists who think you need them to run your life and tell you what to eat and drink and when your children need to get the socialist's “free” condoms, cell phones, and abortions.

The Obama administration ignored internal warnings to cut its losses on solar-panel maker Solyndra, opting instead for a restructuring that has now led to a much bigger loss for taxpayers. It keeps about 1000 people working at a taxpayer cost of $290,000 per person per year. It is not as good as GM workers got though. Obama gave GM union workers who retire at an average age of 53, $10billion to cover their $93,000 pensions. Isn’t socialism great? Yes, it seems great if you are ignorant and lazy and have no common sense. They are the people who will try to re-elect Obama to get moh-ahh money.

Amtrak Food Service Lost $834M of taxpayer money in the last 10 Years

Navistar International Corp withdrew its 2012 profit forecast on Thursday as it works to update its engine technology to comply with emissions regulations and revealed it is now the target of U.S. Securities and Exchange Commission harassment for complaining about government regulations. The catastrophic decision to elect Obama in 2008 could bankrupt, Navistar International. Obama banned efficient diesel technology and forced new EPA rules that will cost America preeminence in trucks now as well as cars.

Marxist-socialism is the opiate of the asses. The malaise of Obama incompetence and his FED Ponzi Scheme pervades the free world. The FED knew the stock market will likely collapse with or without FED action. It makes no sense for the FED to get blamed when in a month or two they can announce something new and take credit for the stock market rebound that will occur with or without the FED once Obama is ejected from office.

People argue whether Obama is a Christian or a Moslem. They are both wrong because people who believe in the Marxist religion are called atheists.

Former pot smoking atheist Obama enjoys goose stepping all over Congress and religious freedom. This Wednesday, Obama’s dictatorial executive order imposed fines on Christian institutions. Obama violated the American constitution by fining Christian hospitals that refuse to comply with the Obama dictatorship’s executive order that they perform abortions and provide contraceptives. Thousands of Christians are suffering now because Obama is an inhuman dictator who lacks the compassion for anyone who does not think exactly like he does. This is not just Obama withholding payments for regular services… this is fining people for their religious beliefs as well (per day and per hospital employee) and putting all Christian charitable organizations out of business. This will deny suffering people of proper humane care.

Only Christian church organizations are being harassed no Moslems or Hindus are affected by Obama as Obama now has thousands of IRS agents calling and continuously harassing Christian churches across America that either do not support abortion or do not support gay marriage. It is becoming apparent now that the Catholic Church will sue Obama all the way to the Supreme Court. Black Christian Churches warned Obama on Tuesday that they would not support him if his dictatorial executive order harassment continues.

Obama says America’s free enterprise system failed and must be replaced by his compassionate Hitler-Stalin socialism that gives everyone a job and equal pay. Obama says, "From each according to his ability, to each according to any wants that he can fake." In America’s 230-year history free enterprise has never gone bankrupt. Free enterprise erases failed ideas such as socialism in a regenerative creative process. Just as Obama blames Bush for everything… the socialists always blame capitalism for the destruction the socialists spread. The USSR survived and oppressed their citizens for about 70 years. The USSR’s two most popular and successful leaders were Yeltsin and Gorbachev who put an end to the rule of the socialists and broke up their “evil empire.”

Facebook hit a new low of just $19.82 Thursday, nearly 50% below their initial offering price.

Apple Inc. was sued in Texas over allegations it knew of the defects in the motherboards of its MacBook and MacBook Pro laptop computers and didn’t correct them. Apple is now without a capable and responsible leader. Steve Jobs would never have put defective products on the market.

GM quarterly profit falls 38% as union featherbedding worsens.

Warner Inc.'s earnings declined 33% in the second quarter as film and publishing revenues fell.

DreamWorks second-quarter earnings slumped 63%.

The Rasmussen Reports daily Presidential Tracking Poll shows Mitt Romney stuck in a 46% to 44%dead heat with Obama. http://www.rasmussenreports.com/public_content/politics/obama_administration/daily_presidential_tracking_poll

World market this week
Asian stocks fell for a third day after the European Central Bank failed to deliver immediate action.

Sharp Corp. and Sony Corp. plunged after cutting forecasts.

China’s non-manufacturing industries expanded at a slower pace in July as new orders and outlooks for future business slipped.

Bloomberg said gold seen gaining in London on speculation about monetary easing accelerating stagflation.

Indonesia’s stagflation quickened to over 10% for a second month in July, as its neighbors lower interest rates even as declining exports threaten growth. Stagflation is the sum of inflation and unemployment.

U.K. manufacturing shrank the most in more than three years in July as export orders slumped, indicating the economy’s recession continued to deepen at the start of the third quarter.

BMW the world’s biggest maker of luxury cars reported its first drop in quarterly operating profit (-19%) in three years as the world economy slumps.

Indian stocks swung between from gains to losses as Goldman Sachs cut its growth forecast for the second time in two months. Half of India was under an electricity blackout for several days due to lack of infrastructure.

Signs of economic weakness are emerging out of Asian tigers South Korea and Taiwan as the slowdown in key trading partner China takes a toll on the export-driven nations.

Toshiba Corp. reported Tuesday that it swung into a net loss in the fiscal first quarter as restructuring costs and the high yen outweighed growth in its energy-related infrastructure business.

UBS said it would start legal proceedings against exchange operator Nasdaq OMX Group after the Swiss bank's second quarter was hit by a big loss from the Facebook stock-market debut

Economic confidence in the 17-nation euro area fell to 87.9 from 89.9 in June… more than economists forecast to the lowest in almost three years in July, suggesting the economy’s slump extended into the third quarter as governments struggled to tame the debt crisis. The Euro fell to $1.22.

China’s volatility indexes are increasing according to Bloomberg which tracks US and other market volatility. That is a sign that the bull trap is beginning to close on all world stock markets and the bears know Obama-Bernanke are running a Ponzi scheme.

In spite of miss reporting by MSNBC that Emerging markets recovered the faltered at recent highs which are well below the March level which is well below the high of 2012. All world markets will suffer now unless Obama is given the heave-ho. 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 below the recent high which is well blow the March level which is well below the high of 2012: Choose 2 or 5 years. The DAX can’t even keep up with the DJI!
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 Market is testing moving averages. It gave a sell signal last year. It is at a new high for 2012 but well below the 2011 high.
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

American Economy
Pending Home Sales Jun -1.4% way down from 5.9% very bad

GDP-Adv. Q2 1.5% adjusted down from Obama’s original 2%+ estimate

Chain Deflator-Adv. Q2 1.6% (6.4%/yr) which is higher than the growth rate that says the recession continues. Obama Stagflation = 6.4 +8.2 = 14.6%

Michigan Sentiment - Final Jul 72.3 up slightly from 72.0 last month.

Yesterday
Personal Income Jun rose 0.5% or at a 6% annual rate- does anyone actually believe this Obama report. If 10 % of Americans got a raise this past year they would have gotten a 60% raise to make it a 6% raise for the entire US population. We would expect personal spending to go up about 0.5% too.

Personal Spending Jun was flat at 0.0% after a -0.1% decline in May. That makes no sense if the average American had a 0.5% increase in income.

PCE Prices - Core producer prices Jun rose 0.2% after rising 0.1% in May indicating the Fed goal of almost 2.5% annual inflation.

Employment Cost Index Q2 up 0.5% on top of a 0.4% in Q1

Case-Shiller 20-city price Index May down -0.7% after down -1.9% in April. The Obama news said home prices rose when in truth they dropped again.

Chicago PMI Jul at 53.7 up from 52.9 indicating manufacturing may be recovering from the recent decline.

Consumer Confidence Jul rose to 65.9 from the recent low of 62.7

ISM Index Jul fell for July fell to 49.8. American manufacturing contracted in July for a second month, reflecting a drop in orders spreading the Obama malaise of incompetence. Egypt had seven plagues for its transgressions. America got Obama and that was more than enough for the economy.

MBA Mortgage Index 07/28 dropped to 0.2% from 0.9% bad for the housing glut

ADP Employment Change Jul 163K down from 179K

Construction Spending Jun 0.4% 0down from 0.9% means construction is down which would be smart considering the overhang in housing.

Crude Inventories 07/28 -6.522M much higher than 2.717M, oil prices under pressure by oversupply. Also means tourism has declined

FOMC Rate Decision Jul to do nothing

Yesterday
Challenger Job Cuts Jul -44.5% much worse than last month

Initial Unemployment Claims 07/28 365K up from 353K

Continuing Claims 07/21 3272K flat

Factory Orders Jun -0.5% sharply lower than 0.7%

Today
Aug 3 8:30 AM Nonfarm Payrolls Jul

Aug 3 8:30 AM Nonfarm Private Payrolls July

Aug 3 8:30 AM Unemployment Rate Jul

Aug 3 8:30 AM Hourly Earnings Jul

Aug 3 8:30 AM Average Workweek Jul

Aug 3 10:00 AM ISM Services Jul

Market outlook August 3, 2012
Knight Capital Group Inc. (KCG) yesterday called it a “technical issue.” Its shares fell 50%. They are lying crooks; just the kinds that make the good communist commissars that Obama is looking for. They were triggering the stop losses of small investors to fleece the most inexperienced of all investors. Wall Street is covering this up because the fleecing is much more wide-spread and they are big contributors to the Obama campaign which on Wall Street” is called “protection money.”

It appears that the stock market will drop in 2012 starting roughly the same week that it dropped 10+% last year. Compare what GLD did when stocks dropped last August. To do that, right click and change the date range from “200 days” to “Past Year” and see what gold did. This is a good way to plot your stocks together.
http://stockcharts.com/freecharts/perf.html?DTD,EXT,EPS,EES,EZY,ROI,GLD

People forget that the DJI is not by itself the famous stock market indicator. The DJR must confirm the DJI for there to be a buy signal or sell signal. The DJI and DJR confirmed a sell signal together in August 2011and the DJR remains confirming that sell signal today. The DJI is the last “safe” place bulls go to reduce risk before the entire stock market collapses. Therefore the DJI is biased bullish and needs the DJR for balance. The DJ Rails continues to say sell even as people seek the false security of the DJ Industrials.
http://finance.yahoo.com/echarts?s=%5EDJT+Interactive#symbol=^djt;range=6m;compare=^dji;indicator=;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined;

The NYSE is much more representative of the US economy than are the DOW indices. Examine the last 5 years of the NYSE. It shows that Obama may be taking America into a profoundly deeper depression breaking 2009 lows if he is re-elected.
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. The Rails failed again to meet even the last shoulder of the head and shoulder sell signal.
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;

The market sell signal is also seen in 3-month market cyclic data. Notice that yesterday wasn’t even a breakout.
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 is showing that the bear market has barely started and the VIX indicates the market has a long way to go fall until the VIX rises above 30 where bear markets normally end.
http://finance.yahoo.com/q/bc?s=%5EVIX&t=5y&l=on&z=l&q=l&c=

The Baltic Dry Index is already anemic and now is falling again. World trade has now almost completely collapsed with just having Obama around, without tariffs that were the blame for the collapse during FDR’s socialist experimentation that resulted in the last Great Depression. Clearly it is the corruption of gangster socialism and its crony capitalism, not rigorous free enterprise, that always ends in collapse of production and then economic depression.
http://www.bloomberg.com/quote/BDIY:IND/chart

Stock market update:
Asian markets were down last night. China up 1%, Hong Kong down -0.1%, India down –0.2%, S. Korea down –1.1%, Japan down –1.1%.

European markets were down –1% to –1.7% yesterday

European markets today are up half way through their day in a turbulent range of –1.9% to +2.5%.

American market futures are up about 0.9% in after-hour trading at 7:30 AM EST. This indicator does not statistically correlate with anything. Yesterday it was up 0.4% and ended down –0.7%.