The Rasmussen Reports daily Presidential Tracking Poll for Sunday shows President Obama attracting support from 49% of voters nationwide, while Mitt Romney earns 45% of the vote. The Obama announced Great Depression would get a lot deeper if it turns out that way.

U.S. technology companies have pushed their dividends to the highest level on record, a signal to investors that profit growth in the industry is slowing.

Federal Reserve easing cannot spur a faltering recovery it can only extend a recession by first distorting investment from housing and business growth to the lucrative financing government debt. Second the debt extension makes debt financing the number one government focus to avoid national in solvency. Anyone who thinks big government solves problems is an idiot. Big government debt financing becomes the focus of banking to the detriment of the economy.

The U.S. Treasury Department said it will sell most of its stake ($18 Billion) in insurer American International Group, making the government a minority investor for the first time since it rescued the company

Apple Inc, is scheduled to release the new product on Sept 13 in the United States, which means Taiwan will have to wait for around 2-3 months for the new-generation iPhone to arrive at stores. Chinese cloned the iPhone 5 called the called the "Goophone i5", in advance.

BP is in advanced talks to sell a group of oilfields in the Gulf of Mexico to Plains Exploration & Production Co.

Mitt Romney would drop government spending to 20% of the GDP as it was under Reagan. Only by controlling the spending will America get the debt and the percentage of freeloaders under control. We need a Constitutional limit on taxes. There were no income taxes of any kind until more than 100 years after the constitution was written.

The Rasmussen Reports daily Presidential Tracking Poll for Sunday shows President Obama attracting support from 49% of voters nationwide, while Mitt Romney earns 45% of the vote. The Obama announced Great Depression would get a lot deeper if it turns out that way. Three percent (3%) prefer some other candidate, and three percent (3%) are undecided.

http://www.rasmussenreports.com/public_content/politics/obama_administration/daily_presidential_tracking_poll

World market this week

World stock markets sagged Monday, ahead of a meeting by Federal Reserve policy makers who are expected to announce new plans to stimulate a sluggish U.S. economy.

From the $2.3 trillion pumped into the U.S. by the Fed since 2008 to record-low interest rates in the euro zone, U.K. and Japan, nothing has prevented the world’s economy from slowing this year. Foreign-exchange traders are signaling they expect little improvement any time soon, and that’s a change from the past.

The rebound in China’s inflation, excess capacity in some industries and banks’ bad debt risks from past monetary easing underscore the potential cost of ramping up stimulus efforts.

Hobbled by the economic slowdown, Europe's automobile market has shrunk, causing some firms to close their factories. The influx of imported cars in China are piling on top of already high inventories and causing price wars.

"I can’t be optimistic that investor sentiment will improve rapidly and the world’s economy will pick up," Yoshisada Ishide, who oversees $14 billion as the manager of the biggest mutual fund at Daiwa SB Investments Ltd. in Tokyo,

Germany’s Federal Constitutional Court in Karlsruhe will decide whether to support or suspend the 500 billion-euro ($639 billion) European Stability Mechanism on Sept. 12.

Emerging markets will continue to suffer unless Obama is given the heave-ho. The American markets are essential to the recovery of the world.

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

Emerging market composite indicates continued breaking down through the recent lows.

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



German stocks are faltering below the recent high that is now close to the March level which is still below the high of 2011 and 2012: 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 Market is testing moving averages. It gave a sell signal last year. It is at a new high for 2012 but 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
The market continues to test old resistance levels.

The Alternative minimum tax is not being adjusted for inflation. According to the IRS, if Congress doesn’t act to prevent the $92 billion tax increase from inflation, the number of households facing the alternative tax after the fiscal cliff would increase to 32.9 million from 4.4 million.

Last Week
ISM Index Aug: The Institute for Supply Management’s factory index fell to 49.6 in August indicating that manufacturing shrank for a third month in August in the longest decline since the recession ended in 2009, threatening to deprive the world of the world’s largest economy of a driver of growth.

Construction Spending Jul fell -0.9% for what is usually the best month for construction.

Yesterday
MBA Mortgage Index 09/01 fell -2.5 percent indicating fewer mortgages and lower future home sales.

Productivity Q2 2.2% up from 1.6% last month

Unit Labor Costs - Rev Q2 1.5% revised down from previously reported 1.7% improvement

Challenger Job Cuts Aug -36.9% down from -44.5% last month

ADP Employment Change Aug 201K improved from 173K

Initial Claims 09/01 365K improved from 374K

Continuing Claims 08/25 3322K got worse from what was first reported 3316K

ISM Services Aug 53.7 improved slightly from 52.6

Crude Inventories 09/01 -7.426M fell sharply from 3.778M

Nonfarm Payrolls Aug 96K much worse than 163K last time

Nonfarm Private Payrolls Aug 103K much worse than 172K last time

Unemployment Rate Aug 8.1% down from 8.3% due to people giving up looking for work.

Hourly Earnings Aug 0.0% down from 0.1% last time

Average Workweek Aug 34.4 down from 34.5 last time

Today

Sep 10 3:00 PM Consumer Credit Jul

This Week

Sep 11 8:30 AM Trade Balance Jul

Sep 12 7:00 AM MBA Mortgage Index 09/08

Sep 12 8:30 AM Export Prices ex-ag. Aug

Sep 12 8:30 AM Import Prices ex-oil Aug

Sep 12 10:00 AM Wholesale Inventories Jul

Sep 12 10:30 AM Crude Inventories 09/08

Sep 13 8:30 AM Initial Claims 09/08

Sep 13 8:30 AM Continuing Claims 09/01

Sep 13 8:30 AM PPI Aug

Sep 13 8:30 AM Core PPI Aug

Sep 13 12:30 PM FOMC Rate Decision Sep

Sep 13 2:00 PM Treasury Budget Aug

Sep 14 8:30 AM Retail Sales Aug

Sep 14 8:30 AM Retail Sales ex-auto Aug

Sep 14 8:30 AM CPI Aug

Sep 14 8:30 AM Core CPI Aug

Sep 14 9:15 AM Industrial Production Aug

Sep 14 9:15 AM Capacity Utilization Aug

Sep 14 9:55 AM Mich Sentiment Sep

Sep 14 10:00 AM Business Inventories Jul

Market outlook Sept 10, 2012
Rasmusen predicts an Obama win in November. Moodys said they are preparing to reduce the US credit rating if America does not get control of spending. Latest economic indicators show we are again losing jobs faster. The DJI-DJT is diverging bearishly again. The EU will use the QE Ponzi scheme that put Japan into a continuous recession and a bear stock market for the past twenty years and has Japan’s debt approaching 180% of their GDP. The US will decline to Japans level in less than 10 years. We do not see the QE2 Ponzi scheme any less addictive than cocaine. But as we said before the Japanese markets rose 250% before people realized they had borrowed 20years of their future with their Ponzi scheme. Japan’s stock market today is lower than it was in 1984.

There still has been no stock market buy signal but if this run-up continues it could happen within the month. The stock market recently hit old highs and failed to break out. 
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;

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. The Divergence you see is the classic symptom of the Dow theory bull’s trap.

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;

12,000 Federal workers are reported getting government pensions exceeding $100,000/yr for life.

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 it shot up on half normal volume and still 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 back down in La-La Land. The low VIX normally precedes a sell-off. Once that starts the VIX needs to go up above 30 until bear markets normally end. The driving force this year is the election and whether the morons win or lose.
 http://finance.yahoo.com/q/bc?s=%5EVIX&t=2y&l=on&z=l&q=l&c=

The Baltic Dry Index says world trade is now at a depression low. Look at 5 years and you see it got worse after Obama was elected. http://www.bloomberg.com/quote/BDIY:IND/chart

Stock market update:
Asian markets were flat last night. China up 0.3%, Hong Kong up 0.1%, India up 0.1%, S.Korea down -0.3%, Japan down -0.1%.

European markets are down half way through their day in a range of +0.1% to –0.6%.

American market futures are down at about -0.2% in after-hour trading at 8 AM EST. This indicator does not statistically correlate with anything.