CBS is becoming more objective and coming around to see Mitt Romney as an alternative to Obama’s gross incompetence in domestic and foreign policy. Today the WSJ criticized Obama for cutting security staff in Libya just as the Ambassador saw the growing threat and was asking for more. Gayle King (Oprah's friend) personally met and knows Mitt and is saying kind things. This clip is one of the most truthful pieces of information I have seen CBS come out with on Mitt Romney. And, it is on the formerly left leaning CBS station.

http://www.cbsnews.com/video/watch/?id=7405692n&tag=api

Obama as commander in chief has been a fool and a traitor to the American principles of our founding fathers. The fiscal cliff Obama has built has a $600 billion military cut and then he gave Leon Panetta the job to cut yet another $400+ billion. Panetta did not realize he was doubling the military cuts!  But too late, Panetta suddenly woke up and realized what he mistakenly did, and what a fool Obama made of him. So he asked the Congress not make the double cut. But it was too late. Obama will be firing non-military support people as well as military people and has to give the non-military people 60 days notice. But Obama does not want to do that before the election. Obama screwed up because he did not know he has to notify civilians 60 days before they are fired. So Obama may make an illegal executive order to defer notification until after the election and break the laws of Congress just so he does not have to tell the military the truly bad news and lose their votes.

Obama told the world which Seal team took out Osama and they all now have Al Quada bulls eyes painted on their backs because Obama bragging and loose lips has now identified even their families for Al Quada revenge. That led to that seal helicopter that was shot down in Afghanistan. It was carrying the seal team that took out Bin Laden. Any military people who vote for Obama  deserve to be fired along with Obama.

 The following is what the Founding Fathers gave America and what Obama and his clowns want to destroy. The American Constitution was the first in the world to protect the rights of individuals, minorities, and states by limiting the power of the federal government. It was well understood from earlier democracies that in a democracy of three persons, two persons could create and pass laws to legally expropriate and redistribute the wealth or labor of any third person. Thomas Jefferson to P. Dupont in 1816 wrote; "The majority oppressing an individual, is guilty of a crime, abuses its strength, and by acting on the law of the strongest breaks up the foundation of society."

James Madison in the Federalist Papers, Feb 5, 1788 wrote to the Massachusetts Convention, "but as a just government protects all alike, it is necessary that the sober and industrious part of the community should be defended from the rapacity and violence of the vicious and idle. A bill of rights, therefore, ought to set forth the purposes for which the compact is made, and serves to secure the minority against the usurpation and tyranny of the majority."

In 1824 Thomas Jefferson the founder the Democratic Party also wrote (note in Tracy's Political Economy, 1816), "To take from one, because it is thought that his own industry and that of his fathers has acquired too much, in order to spare to others, who, or whose fathers have not exercised equal industry and skill, is to violate arbitrarily the first principle of association, the guarantee to every one of a free exercise of his industry, and the fruits acquired by it."

Obama also said he wanted to create a domestic security force as strong as the military. The founding fathers specifically were against domestic armies because that is how all the European tyrants held power and killed and imprisoned their political opponents.

Obama is unpatriotic! He says that if the rich were patriotic they would give more now to pay for his voting block’s children, housing and food stamps. With Obama re-runs, everything he could possibly say to get elected he has been said before. So why does Obama waste his campaign money? If Obama were patriotic he would give all his campaign war chest to the poor. Why insult our intelligence. He said Americans would be patriotic if they gave everything away to help a delirious ignorant spend thrift Obama administration. If Obama had a brain wouldn’t he set an example then and give his $189 million raised last month for food stamps. Isn’t that what Saint patriotic Buffet would do? Electing Obama is a huge waste of money. http://thehayride.com:80/2012/09/maybe-the-best-ad-of-the-political-season-so-far/?utm_source=Nooner%2c+9-5-12&utm_campaign=Nooner+1-25-12&utm_medium=email

Jamie Dimon, CEO of the nation's largest bank JPMorgan Chase, lashed out on Wednesday at the Obama Administration on a host of issues -- from the fiscal cliff to a recent Obama-Holder federal lawsuit slapped against his bank. Obama/Holder filed a civil mortgage fraud lawsuit on Tuesday against Wells Fargo & Co, the latest extortion volley against big banks for complying with the Obama/Dodd/Frank/Holder liar loan lending during the housing boom because the subsequently failed to meet Obama/Holder campaign contribution goals. Dimon said the bank has put together a "war room" to prepare for the fiscal cliff which is the $7 trillion worth of tax increases and spending cuts that will be triggered if Congress doesn't act to prevent it by Dec. 31.

Goldman got immunity for their creation of liar loan derivatives "risk free trances" and their insurance policies in case their liar loan trances went belly-up. Immunity was given because Goldman was the biggest campaign contributor to Obama’s in 2008. BOA and Wells Fargo did not meet their Obama campaign contribution shake down targets so Obama/Holder have been harassing them to teach other banks a lesson. Beware, "Wall Street and Banks will be sued to set an example"… if they do not meet the Obama/Holder campaign shakedown goals!

David Siegel, CEO of Westgate Resorts, warned his 7000 employees that they may lose their jobs if President Obama wins re-election

It has been disclosed that Facebook fought the SEC to keep mobile risks hidden before IPO crash, mobile phone size does not permit the advertising Facebook assumed was available for their revenue growth..

Yum’s chief Executive Officer David Novak said, "Very strong sales and profit at all of our divisions, including China, Yum! Restaurants International, India and the U.S., drove 19% third-quarter EPS growth."

Capital One experienced online attacks Monday as the latest victim in an ongoing cyber operation by a group claiming to be Muslims.

Alcoa kicked off earnings season on an optimistic note, disclosing a surprise profit and a good forecast.

Apple Inc. is facing extreme consumer scorn over massive number of errors produced by the iPhone’s $499 defective navigation software. Apple rivals Nokia and Google are offering the reliability of their decent digital maps available by competitors of Apple.

On Monday, the Pew Research Center disclosed that now Mitt Romney leads President Obama by 4 percentage points among likely voters after a strong debate performance last week. Romney has a 49% to 45% edge, Pew said. Last month they said Obama had an 8-point advantage among those most likely to vote in that Pew survey. Registered voters by more than 3-to-1 said Romney did a better job than Obama in their first presidential debate last week in Denver.

The Rasmussen Reports Wednesday Presidential Tracking pre-debate poll shows; Mitt Romney earns 48% of the vote while President Obama attracting support from 47% of voters nationwide. The Obama Great Depression would get a lot deeper if he wins.

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

Writing in the Wall Street Journal, Jack Welch elaborated Wednesday on his criticism of the latest government jobs report, claiming that the reported 7.8% unemployment rate is "downright implausible."

Jack Welch resigned from Fortune magazine, due to leftist critical coverage of his truthful tweet last week that the Obama Administration obviously manipulated the September jobs report. People getting checks went up the same amount Obama apparently lied and said unemployment went down.
Ken Langone was on TV Wednesday morning and he backed Jack Welch and said Obama’s unemployment numbers do not square. He also said Obama would continue to do badly in all the debates because he can’t think he has to have teleprompters and people telling him what to say but the debates do not allow that.

Jack Welch’s has all the elements right. His assertion that the U.S. unemployment numbers have been cooked to help President Barack Obama’s re-election effort is clearly in last week’s numbers. Continuing Claims 09/22 3281K up from 3271K (up 0.3%) if you look at the reported numbers used for the last unemployment rate. Unemployment Rate Sep 7.8% complete fraud down from 8.1% How can Unemployment go down 0.3% when the Continuing claims (the people picking up the unemployment checks just jumped 0.3% …except with Obama election fraud cooking the books? Jack Welch is correct and the majority of the news media are wannabe Marxists like Obama. 

World Economies
Greece’s unemployment now exceeds 25%.

Prices for 40-inch LCD panels fell from about $2,700 in the beginning of 2004 to $250 in 2012. Japan’s electronics business is close to bankruptcy with China competition eating Japan’s profits and threatening Japan’s islands. But do not underestimate Japan.

Standard & Poor's on Wednesday cut Spain's sovereign credit rating to BBB-minus, just above junk, citing a deepening economic recession that is limiting Spain’s options.

Toyota Motor Corp. slipped 1.9 percent, pacing declines among Japanese carmakers that reported a slump in China sales. Note that China appears to have bottomed out. But only an end to the "Obama Depression" will lead to a recovery. Another four years of Obama will be four more years of the "Obama Depression" that is built on a continuing forced use of Obama liar loans to Obama’s lying indigent voter base.

Reports pointing to slowdowns in several important world economies are creating what may a world economic bottom before Romney is elected and gets the USA off of Marxism and back on track with free enterprise.

The International Monetary Fund said Europe’s banks would need to sell more assets through 2013 if policy makers fail to stem the fiscal crisis.

The volume of loans that will be restructured in India is expected to jump 71 percent in the year ending March 2013 to 2.05 trillion rupees from 1.2 trillion rupees a year earlier, according to estimates by Crisil, the Indian unit of Standard & Poor’s. That would mean 5.7 percent of India’s total bank loans would have been restructured over the current two-year period. That is a historic risk of world defaults.

Prime Minister David Cameron warned that Britain faces a choice between increasing its productivity now or falling behind other countries.

It is rumored Tuesday that plans to establish a single regulator to oversee 6,000 banks in Europe by January 1 will be pushed back by a year.

Huawei Technologies Co., has been shut out of American investment because China has been the greatest source of internet espionage and disruption in the world and has shown itself not just as unwilling to respect private property but as a thief and saboteur.

At stake this week is the payment of 31 billion euros ($40 billion) from bailout commitments first made in 2010 if Greece wants to continue to have membership in the 17-nation euro.

As the euro area’s debt crisis intensifies the International Monetary Fund cut its global growth forecasts and warned of even slower expansion unless officials in the U.S. and Europe address threats to their economies. The IMF now sees "alarmingly high" risks of a steeper slowdown, with a one-in-six chance of world growth another one third from where it is. Still China is expected to have some additional growth next year even if Obama wins.

U.K. manufacturing Factory output dropped 1.1 percent from July, much more than economists forecast and the trade gap widened, indicating the economy will likely continue to struggle to regain strength.

Spain’s black hole is growing faster than its cuts in government pensions and other government employee welfare. Interest rates on Spanish debt are rising again.

China’s stock market is now almost as low as it was when Lehman Brothers collapsed when it was discovered they had liar loans hidden off the books the way Obama is hiding the Quantitative Easing money off the Treasuries Dept Books. China’s funds are looking more attractive.
http://in.finance.yahoo.com/echarts?s=000001.SS#symbol=000001.ss;range=5y;compare=;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined;

 Emerging markets seem to be forming a market bottom.
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 it may be forming a market bottom or a low.
 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 gave a sell signal in 2011 and have to rise a few more percent to give a buy signal again. 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 also testing moving averages. It gave a sell signal last year. It is at a new high for 2012 and closing in on a new buy signal.
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
Last Week
Continuing Claims 09/22 3281K up from 3271K

Unemployment Rate Sep 7.8% complete fraud down from8.1% How can Unemployment go down 0.3% when the

Continuing claims (the people picking up the unemployment checks just jumped 0.3% …except with Obama election fraud cooking the books? Jack Welch is correct.

This Week
MBA Mortgage Index 10/06 -1.2% down tremendously from 16.6% Fewer people buying houses

Wholesale Inventories Aug 0.5% still increasing, was 0.6% Increasing is not good.

Treasury Budget Sep ???? -$62.8B

Job openings in the US dropped for a second straight month in August, indicating companies are reluctant to beef up payrolls through year-end without faster economic growth.

Oct 11 8:30 AM Initial Claims 10/06

Oct 11 8:30 AM Continuing Claims 09/29

Oct 11 8:30 AM Trade Balance Aug - -$44.6B

Oct 11 8:30 AM Export Prices ex-ag. Sep

Oct 11 8:30 AM Import Prices ex-oil Sep

Oct 11 11:00 AM Crude Inventories 10/06

Oct 12 8:30 AM PPI Sep

Oct 12 8:30 AM Core PPI Sep

Oct 12 9:55 AM Mich Sentiment Oct

Market outlook Oct 11, 2012
The markets are still climbing the wall of worry. Earnings reports are OK but the dark cloud of Obama gross incompetence in every facet of government still pervades the world economy. Another V-P gaff tonight in the debate will be a ray of sunlight on the world economy. If we do not get rid of Obama we go deeper into the "Obama Depression." The economy will turn around quickly in the black ink again with Mitt Romney. And that will also turn around the world economy. Marxists and Jihadists sympathizers make their economies very dark.

Both rails and bulk trade are showing some life again. Trade and commerce are the lifeblood of our economies just as the Internet is the nervous system. That is why companies like HP and Dell will come back too as the economy improves.

With the more likely defeat of wannabe Marxist Central Committee Chairman Obama, we are now optimistic on Asia and emerging markets. The USA is still the world engine for innovation and demand. The Dry Bulk trade has picked up for three weeks now and the emerging economies appear to have bottomed. We are becoming more optimistic that the idiot socialist American administration will be voted out of office. This could be the last chance America has to reduce government. US government is now 42% of the GDP, a record high under America’s first Marxist. But Obama should not feel too bad because even Hitler and Stalin would not have had a chance to rise in the USA.

Notice the recent uptick in Rails relative to Industrials and the up-tick in bulk trade. This could be the turning point if Mitt Romney is elected. If Obama wins we expect serious investors to bail out and start leaving the country in significant numbers.
http://finance.yahoo.com/echarts?s=%5EDJT+Interactive#symbol=^djt;range=3m;compare=^dji;indicator=;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined;

The DJR must still confirm the DJI for there to be a new DOW buy signal. The DJI and DJR confirmed a sell signal together in August 2011and the DJR remains confirming that sell signal today. http://finance.yahoo.com/echarts?s=%5EDJT+Interactive#symbol=^djt;range=3m;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. The one-year cycle is still sell but the three months now gives hope for a future buy signal. While it shows that Obama may be taking America into a profoundly deeper depression breaking 2009 lows if he is re-elected we have hope of an anticipated recovery if Obama is thrown out. 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 to meet even the last 3-month shoulder of the head and shoulder sell signal. But bulk trade is rising and October looks like a turn around beginning. http://finance.yahoo.com/echarts?s=%5EDJT+Interactive#symbol=^djt;range=1m;compare=^dji;indicator=;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined;

The rise of the stock market was the effects of the Ponzi QE3 scheme. In Japan it led to their 22-year recession and a market that eventually declined for the last 22 years. We have get Obama out and stop his QE Ponzi scheme.

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 USA VIX is rising. A 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 Obama loses.
http://finance.yahoo.com/q/bc?s=%5EVIX&t=2y&l=on&z=l&q=l&c=

Well the Baltic Dry Index blip peaked again. China probably hit bottom and may be ready to bounce.
http://www.bloomberg.com/quote/BDIY:IND/chart

Stock market update:
Asian markets followed were mixed last night with China down -0.8%, Hong Kong up 0.4%, India up 0.9%, Japan down -7%

European markets are up half way through their day in a range of +0% to +0.8%.

American market futures are up about 0.3 % in after-hour trading at 8:00 AM EST. This indicator does not correlate with anything.