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Warren, Roosevelt and

Obama

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Osawatomie Kansas is where Republican President Teddy Roosevelt made his big speech on income inequality – A New Nationalism –  101 years ago. Elizabeth Warren has echoed those words in a 2 minute video - The Debt Crisis and Fair Taxation.


Yesterday at Osawatomie Obama finally joined the chorus.


You can see the “best speech of his presidency” video and text at The New Civil Rights Movement. NYT lead editorial HERE.  Huffingtpost HERE From the later some observations and quotes -

Obama presented himself as the one fighting for shared sacrifice and success against those who would gut government and let people fend for themselves. He did so knowing the nation is riven over the question of whether economic opportunity for all is evaporating -

“Throughout the country, it’s sparked protests and political movements, from the tea party to the people who’ve been occupying the streets of New York and other cities,” Obama said.

“This is the defining issue of our time,” he said in echoing President Theodore Roosevelt’s famous speech here in 1910.

“This is a make-​or-​break moment for the middle class and all those who are fighting to get into the middle class,” Obama said. “At stake is whether this will be a country where working people can earn enough to raise a family, build a modest savings, own a home and secure their retirement.”

Obama drew a sharp contrast between his “New Nationalism” and Mitt Romney & Republicans who believe “business unfettered will easily bring back Jobs and prosperity.”(NYT quote)


Rick Scott

People in Florida have learned their lesson of what happens when you put a right wing, unfettered, free market, businessman in the Governors office. In just three short years his poll numbers have dropped to the lowest in Florida history 26%.

It took him long enough but

Obama is finally talking the talk

Can he walk the walk?




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STOCKS

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The Front page of the NYT has an image of German chancellor Andrea Merkel with the following quote –

[Merkel]appears to have adopted a strategy aimed at remaking the euro zone in her country’s likeness.”

There is a major summit going on in Europe that ends on Friday. US Treasury Secretary Tim Geithner is there. – Like all the other summits there will probably be no clean resolution to the Euro debt crisis, but perhaps some small steps forward.

Bernanke vs. Bloomberg News – Two weeks ago (again thanks to Robert H for the heads upon this) Investors411 featured Bloomberg news articles on “secret debt.” The Fed chair has challenged them and Bloomberg News has  a coherent replied.

LINK

The CNBC Market cheerleaders are featuring the headline – Portugal Yield Dips; Strong Demand in German Auction” Willing to bet that our Fed is directly or indirectly responsible for bond purchases.

Strong correlation between Europe and US stock opening price

Germany’s DAX Down from open, but up +0.43% at 6:20 AM EST

DAX down - 1.40% at 8:45 AM EST

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Reading The Tea Leaves

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Our #1 technical forecasting tool, the McCellan Oscillator fell to +2o.81. 50DMA at +11.37NEUTRAL

There’s lots of room for the market to move higher despite last week’s big gains. We need to hit +60 on the MO before you start to worry about being overbought. For more on MO see Strategy section of blog

Interday trading pattern has been a higher open that gets sold into over last few days. It’s bearish. The benchmark S&P 500 is directly below strong resisistance (the 200 DMA) and stocks have failed to crack this level – again short term bearish sign.

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Current Positions

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YSL #7 is out and Paul has been updating it in the comment section of the blog. – Some excellent choices here.

SSO – (ETF that is @ 2X long the S&P 500) Bought, on dip at 46.20

USO – (Oil ETF and UCO 2x oil) under consideration on dips.

NB - All of Your Stock List #7 with links to charts is now on the Positions Section of blog. (Scroll down)


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Longer Term Outlook

3+ months

The Fed has seemingly committed to do whatever it takes to hold things together. From US equities to the European Union.

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CAUTIOUSLY BULLISH

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Investors411 has 5 different valuations - BULLISH, CAUTIOUSLY BULLISH, NEUTRAL, CAUTIOUSLY BEARISH, and BEARISH.

Everything written in BROWN is a repeat from a previous day(s)

AS ALWAYS, DO YOUR OWN RESEARCH BEFORE INVESTING

ALL TRADING INVOLVES RISK AND POTENTIAL LOSS OF PRINCIPLE

CHECK ALL DATA, I MAKE MORE THAN GRAMMAR  ERRORS.

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