Market comments for March 11th

Much news in the world today. There is the big 8.9 magnitude earthquake in Japan with a Tsunami following. There is the trouble in Libya, the unrest still in Egypt, and new protests in Saudi Arabia. But if that isn't enough, the Michigan Sentiment for March came in at only 68.2, while expectations were for a 78.0 reading. That is a huge drop and most likely based upon the recent rise in Oil prices because of the trouble in Libya and Egypt. The prior reading was a 77.5 reading. The reading today was the lowest since Oct. 2010. See the chart below.

The market is meandering today after the big sell-off yesterday. It has been both down and up today but the total range is about 94 points today for the Dow. It does not change my view that we are headed lower next week.

Market comments for March 8th, 2011

It appears as though we are approaching a very critical time for the Dow. We are within days of testing the uptrend support line and whether the market will break lower or rise. Based upon world events it doesn't appear the news is favorable for a market rise with concerns over $200/barrel oil according to a Bloomberg.com story this morning because a Day of Rage has been called now for Saudi Arabia.

As the chart below shows, we are at the edge with time running out.

As I have stated clearly here many times, we are headed down in my opinion and it is going to get very ugly for those who did not take profits yet and are hoping we climb much higher. Greed is not your friend here.

Bush and Cheney's pandering to the Saudi Royal family must stop now

That's right. These 2 Oil men are putting their personal needs ahead of our country's needs and it must stop. We need to elect a President who doesn't hold hands with the head of State whose citizens flew planes into our NY office buildings. This President authorized the Bin Laden family members, which were in the United States when 9/11 happened to be able to leave our country when all planes were grounded on 9/11. Saudi Arabia is the same country that has not cracked down on the clerics and schools that preach hatred against us.

Americans must wake up and demand we get off the addiction of foreign oil and the phony relationships we have with their leaders. The solution unfortunately doesn't exist with the candidates fro President in the Republican Party, with the exception of Ron Paul. But it does with any of the Democratic choices for President, but mostly with Barack Obama and John Edwards. We have got to get smarter as citizens, because when we are not involved nor paying attention to what the candidates say, the last election we got the President we deserved. Hopefully this time, Americans are awakening and will choose more wisely.

Terrorist plot against Saudi's- What should be our reaction?

Shocking plot to attack Saudi Arabia seems to be uncovered with the Saudi's arresting 172 people suspected of targeting senior officials and the important Oil fields. If successful the whole world would have been in turmoil, as it would have disrupted the Oil supply to all countries, which includes our friends and our enemies. This report by ABDULLAH SHIHRI, Associated Press Writer a few minutes ago, runs chills through my spine and brings the images of 9/11 back in focus. The world has gone mad as if bitten by a rabid dog and unfortunately there is no injection to prevent the rabies from causing death.

There is a solution to this problem but it is a difficult choice for the U.S. and the world. We in the U.S. must first get the President and VP's attention to engage in an intensive summit searching for an end to the fighting in Iraq and a removal of all U.S. troops form the country. We must also put the Isreali/Palestinean conflict resolution on the table and work towards a 2 State solution, which will help create a peace in the Middle East. This was clearly spelled out in the Iraq Study Group Report. This President and VP have no interest in promoting this course of action. Their Oil interests are well known. Therefore, Articles of Impeachment should be acted upon, as time is running out. The possibility of a world in flames is very real. The sophistication of the Al-Qaeda plot should get everyone concerned and moved to action. Let's fight the real war with the rest of the world and fight Al-Qaeda together. And let's stop world leader's excuses for not helping us, by taking away the impediment and leaving Iraq. It's time for the "i" word: IMPEACHMENT. This would make a statement to the world: The American people are in charge of their country and not held hostage to perilous strategies by an incompetent President and Vice President.

Policy on Iraq is about Oil but not what you think

The Bush/Cheney policy that drove us into Iraq was not WMD or other stories about a terrorist haven there. It was about OIL. But it wasn't that we had hoped to capture a source of oil for ourselves, nor did we want to really help the Iraqi's share in the profits of their oil supply revenue. It was about keeping the Middle East in turmoil so that Oil prices would stay high.

As you look to the chart shown here you can see the effect of the years of this Administration on the price of Oil on the right of the chart. It has gone above the 1979 spike in the center of the chart. Add to this the fact that both Bush and Cheney are Oil men and add to the mix that 2006 brought the highest profits in history to big Oil companies and their executives. That is why the President is rattling his saber with Iran. That is why there is no diplomatic effort to get the Iranians and Syria involved in talks. Because as long as there is turmoil, war and sectarian violence, Oil prices will continue to climb, as will gasoline prices.

There are ample stockpiles in our strategic oil reserve, and this Administration is doing all it can to keep the conflict going because the big fear is that if there is a peaceful solution to this conflict, Oil will once again go below $30 per barrel and Middle East countries will feel the pinch, especially the friends of the Bush's; the House of Saud in Saudi Arabia.

You want to do something to help end this war? Try using less gasoline, start saving energy and start promoting higher gasoline taxes to cut demand. It is the American people that can truly make a difference here, not the politicians. Start now.