"You know what the news is-- in a minute, you're going to hear the rest of the story"- Paul Harvey
The stock market rallied in the last hour of trading as the interventionists stepped in to prevent a full blown rout. The DJIA closed down 7.49 after trading between down as much as 105 points, and the NASDAQ closed down 12.88 after trading down as much as 31 points.
This morning Intel (INTC) lowered its earnings forecast, and Citigroup (C) said it may need more capital from the Muslims in Dubai, Kuwait and Saudi Arabia.
The stock market is down sharply as Fed Chairman Ben Bernanke called for mortgage companies and banks to provide loan to relief to borrowers. Of course these loan modifications will eat into lenders profits so the financials are under pressure today.
In the Gen-X, "well duh" department, Merrill Lynch reduced its earnings forecasts for Citigroup saying they could write down another $18 billion in bad mortgages.
I am of the opinion that Merrill's calls are becoming a great contrarian indicator
Crude is trading up this morning likely due to another "pink elephant" crisis. The April contract is trading up 51 cents to $102.96/bbl. As I have said many times before, there is always a "good" excuse for why oil prices are high.
As long as we continue to get excuses for why oil should be high, we will continue to invest in energy.
Even a senior Gulf OPEC delegate told reporters on Tuesday that "$100 a barrel is a "very high" price, but the strength was fuelled by the weakness of the U.S. dollar, economic uncertainty and political tension."
Overnight, Japan's Nikkei stock average was up fractionally, Britain's FTSE 100 fell 1.22%, Germany's DAX index fell 1.26%, and France's CAC-40 declined 1.14%.
In Political News
As American soldiers fight wars abroad against radical Muslims, and American workers fight NAFTA radicals here at home, American Democrats will vote in primary contests in Texas and Ohio. This being said, voters will choose between a woman (Hillary) whose husband (Bill Clinton) pushed a democratic congress to pass NAFTA, and a senator (Barack Obama) whose middle name is Hussein.
Slowly, news is beginning to surface on Obama as two members of David Rockefeller's Council on Foreign Relations members: Sen. Richard Lugar (R-Ind.), and Joseph Biden (D-Del.) have been helping behind the scenes. So, regardless who the voters (little people) choose, it looks as if the New World Order gang will be well represented.
On the other side of the isle, the Democratic candidate is will likely face John McCain, who favors the NWO’s North American Union. Along with this union comes the NAFTA Super Highway which runs from Mexico to Canada
By revealing this information to you, I am not trying to be political since I realize that we can't control what is occurring. By walking you through this revealing exercise, I am trying to show you the big picture, and by doing so find a way you and I can profit from upcoming trends.
Since none of the available candidates fit my beliefs or values, this” little person" will watch the 2008 elections from the sidelines.
