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Tuesday, June 17, 2008

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SP 500 Weekly still headed south June 17 watch out for Stagflation.


Weekly looks like headed to support and maybe beyond.
Broke below the 200 EMA. Volume is low and it is time to head through this OB condition from last month and get some new lows.
What is going to push us down?
Oil $134.01 a barrel they are screaming about speculators---how about demand. Producers paid 9.3 percent more for gasoline, the biggest increase since November, and diesel fuel gained 11.2 percent. Natural gas costs were up 5.7 percent from the previous month.
Housing starts at lowest in 17 years, the ten year bond is at 4.10% and that is the starting point for mortgages, 6.25% 30 year is a gonner this summer will see 7% 30 year rates and that is for the few that can qualify. Foreclosures, we are just seeing the first waves coming through and everyone is going out bargain hunting. Careful you could get wiped out if you are not cash positive, more foreclosures are coming. California Foreclosures are just blossoming, plenty of room to ride prices down another 15%. High end will be fine, it is the 1600 square foot condo for $500,000 that will get hit.

No help for the country, Senate is on wrong boat.

Getting America on the right course is evidently not the job of our wonderful Senate, the winner of our Dunce award. It seems that basically we will help the builders that have plundered profits for 5 to 7 years from southern California, Arizona and Nevada with tax breaks and covering of some of there bad paper. To pay for this the Senate Republicans, for the second time in a week, blocked a tax measure to renew dozens of tax breaks, including a business research credit and incentives to develop wind, solar and other renewable energy sources. Could we get some one to ask "What can we do for our Country?" and get the ball rolling in the right direction.

This is ridiculous. Crude oil for July delivery fell 60 cents to settle at $134.01 a barrel on the New York Mercantile Exchange at 3:04 p.m., after touching a record $139.89 yesterday. Everyone is saying it is going down after reaching these highs but guess what? This is the break through price I warned about last year, from here $150 is just a few days away.

June 17 SP 500 daily looks like rolling over.




Goldman says that the credit crunch will peak in 2009 and US banks need at least 69 billion to cover......Hi Ho Bernanke.

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