Currency speculation is soaring as hedge funds move away from shorting stocks. Stocks poised to soar.

Currency speculation is soaring as hedge funds move away from shorting stocks. Stocks poised to soar.

Unfortunately people who lack a work ethic tend to live in places where they don't have to do much work for shelter or to keep from freezing in the winter. They don't like the cold where the lazy freeze to death. They only migrate to colder climates when there are liberal/progressive dominated Christian countries willing to furnish them with food and shelter and an unearned income. This is the primary reason for the immigration problems in the USA and Western Europe. You don't see them migrating to communist countries or theocratic Moslem states. Americans do not owe socialist-liberal/progressive-union-lazy-state/federal government workers, indigents, and perverts a life. They need to create a life of their own.

World Markets:
The world markets including China are continuing to take their cues from the USA. US down, Asia down. That is because the USA is the major innovator and buyer of finished products.

Economic Calendar
We are seeing manipulated leftist Obama government statistics again with wide data scatter and swing in corrections as big as the reported changes themselves. Leftists are historically corrupt and manufacture useless statistics primarily for propaganda.

So far this week:
Personal Income Jul increased 0.2% after no improvement the last month
Personal Spending Jul increased 0.4% after no change last month
PCE Prices - Core Jul prices increased 0.1% which is also good as it is not deflation.
All good news but market was down 1.4%

Yesterday
Case-Shiller 20-city house price Index Jun rose 4.2% after rising 4.6% in April… good news. It is believed prices have since weakened. Prices had declined as much as 32% and are now down 28% from their peak.
Chicago PMI Aug declined to 57 from 63 still in positive territory for manufacturing… good news
Consumer Confidence in Aug rose to 53.5 from 50.4 in July… good news.
Minutes of FOMC Meeting 08/10 indicated a higher risk of Japanese type deflation so they bought more worthless bank assets which is equivalent to printing more money to re-inflate.

Today
Sep 1 8:15 AM ADP Employment Change Aug
Sep 1 10:00 AM Construction Spending Jul
Sep 1 10:00 AM ISM Index Aug
Sep 1 10:30 AM Crude Inventories 08/28
Sep 1 2:00 PM Auto Sales Aug
Sep 1 2:00 PM Truck Sales Aug

This week
Sep 2 8:30 AM Initial Claims 08/28
Sep 2 8:30 AM Continuing Claims 08/21
Sep 2 8:30 AM Productivity-Rev. Q2
Sep 2 8:30 AM Unit Labor Costs Q2
Sep 2 10:00 AM Factory Orders Jul
Sep 2 10:00 AM Pending Home Sales Jul
Sep 3 8:30 AM Nonfarm Payrolls Aug
Sep 3 8:30 AM Nonfarm Payrolls - Private Aug
Sep 3 8:30 AM Unemployment Rate Aug
Sep 3 8:30 AM Hourly Earnings Aug
Sep 3 8:30 AM Average Workweek Aug
Sep 3 10:00 AM ISM Services Aug


Market Outlook Sept 1, 2010
The market rose yesterday on a surge with a 38.4% surge in volume bringing volume well above average (100 DMA). It was a sign that bargain hunting prevented a further decline. The market averages look like a double bottom formation, which is good because the recent lows, held.

This leftist government must be thrown out in November for the rally to be big. If the socialists maintain even a slight majority it will be impossible to reverse the arrogant unconstitutional redistribution of wealth and obamacare because the socialists will claim they have a mandate to continue.

World Markets
Asian markets were up last night. Shanghai down -0.6%, Hong Kong up 0.4%, India up 1.3%, and Japan up 1.2% on good economic news from China.

European markets are up sharply in a range of about 1.2% to 1.8% this morning about half way through their day.

US pre-market futures are up in the range 0.7% to 1.2% this morning at 7:30 Am.

The only thing we have to fear is fear itself, which now consists of Obama, Gore, Bogoyevitch, Rangel, Waters and the other leftist crook democrat-socialists.