Jun 6, 2011 - Issue #270

Michele Bachmann

On Tuesday, every House Republican sent a strong message to Obama by voting down legislation to raise the debt ceiling. The future and prosperity of our nation is at stake yet, after meeting with House Republicans following the vote, President Obama still did not offer any indication that he plans to cut spending. With nearly one out of every ten Americans currently out of a job, this is simply not good enough.

It is very clear that President Obama only cares about one job... his own! He is focused on winning reelection and is putting our nation’s stability at risk while running what will be the most expensive campaign in history. This much is clear--until we rein in the spending, enact pro-job policies, and defund Obamacare, the American people will continue to suffer the disastrous consequences of Obama’s presidential trainwreck. We cannot afford four more years of his failed leadership and socialist policies.

Countdown till 2012 elections: 74 weeks.

Heads Up

W. D. Gann, a keen market observer, although not an astronomer, nevertheless, was fascinated by the apparent coincidence of important market 'pivot points' and astronomical dates. Theories exist for estimating time and price of important market turning points but astronomical occurrences are computed with mathematical certainty.

There is no logical reason why these occurrences should coincide yet, empirically, they have.

The 'Full Moon' and 'New Moon', among others, have been cited. Therefore, one might be well advised to be aware of their occurrence. Note: The first 5 business days of 2008 concluded on a 'New Moon' and we all know how that worked out. Coincidence?

6/1 Wednesday - New Moon.

6/15 Tuesday - Full Moon.

During the next two weeks, the following DJ-30 components report earnings. Keep a sharp eye out for possible price swings leading up to 'earnings day' (Subject to revision):

None.

Dow score card for the week ending 6/3/11.

DJ-30: 12441.58 -70.46 -0.56%. The Real World (arithmetical) DJ-30: 53.52 -1.29 -2.35%.

UP: 0, Down: 30.

Trends (weekly charts): This is the subjective part.

Rising (Generally Higher Highs/Higher Lows) 0 (n/c) 0%:

None.

Consolidating (Generally Lower Highs/Higher Lows) 8 (-8) 27%:

HPQ, JNJ, KFT, MCD, PFE, PG, +*TRV, XOM.

Declining (Generally Lower Highs/Lower Lows) 22 (+8) 73%:

-*AA, -*AXP, BA, -*BAC, -*CAT, CSCO, -*CVX, DD, -*DIS, GE, HD, IBM, INTC, JPM, KO, MMM, -*MRK, -*MSFT, -*T, UTX, VZ, WMT.

+/- denotes change of direction.

* denotes change of category.