This overhead resistance zone for the euro could provide support for the US dollar. 
There is tremendous strength in the QQQQ. If the S&P 500 continues higher, tech will likely lead the way.
Here are some other stories I’m looking at …
Leap in U.S. debt hits taxpayers with 12% more red ink
Taxpayers are on the hook for an extra $55,000 a household to cover rising federal commitments made just in the past year for retirement benefits, the national debt and other government promises, a USA TODAY analysis shows. The 12% rise in red ink in 2008 stems from an explosion of federal borrowing during the recession, plus an aging population driving up the costs of Medicare and Social Security.
USA TODAY used federal data to compute all government liabilities, from Treasury bonds to Medicare to military pensions. Bottom line: The government took on $6.8 trillion in new obligations in 2008, pushing the total owed to a record $63.8 trillion.
XX Sean’s note – that’s about $515,000 per household. Pay up!
The Good, The Bad And The GDP
We now have Goldman Sachs this morning telling the sheeple specifically to: “sell Petrobras October $34 put options for $1.95 because a U.S. economic recovery and lower petrochemical supplies will limit declines in the price of oil.” What Goldman does not mention is that they were one of the “large speculators” that increased their net long positions in commodities 300% since they got their TARP money. This is just BRILLIANT - take OUR money and invest it in commodities, then pull out all the stops to run oil up 88% where these leveraged investment can pay off 10:1 and then give us our money back early at virtually no cost while keeping the 900% gains for themselves - BRILLIANT!
That is how, using our bail-out money, the price of oil has been driven up 88% in 6 months and it will go up another 88% if this Administration is going to act as deaf, dumb and blind as the last Administration while the American people are robbed blind with over $600Bn global consumer dollars being sucked out of the economy with every $10 increase in the price of crude. We are at a 25-year high in petroleum storage in the US and we have 139M barrels more in storage than last year - an average increase of nearly 3M barrels a WEEK despite OPEC’s 29Mb/week production cut. Reuters reports that there is a “floating oil lake” that “is now so big that it is likely to keep a lid on prices for some time” as the volume of oil stored at sea has risen to record levels.
Gas price surge may stall recovery
Gas prices jump 20% in 32 days, nearing $2.50 a gallon and putting more pressure on the already battered economy. [get chart]
Americans are already dealing with high unemployment and a collapsing housing market. If gas prices continue to climb at their heady rates, Americans who are living “paycheck to paycheck” could put the brakes on their plans to tool around this summer, crimping some of the government’s efforts to pull the economy out of recession, said Tom Kloza, chief oil analyst for the Oil Price Information Service.
How the American Oil Industry Can Save Your Retirement
According to new analysis by the American Institute for Economic Research, federal tax revenue fell $138 billion last month compared to just one year ago. News headlines will likely focus on how the drop could severely hinder Washington’s ability to pay down the projected $1.7 trillion budget deficit. That’s missing a major point — how the drop will impact American workers’ outlook for prosperity and retirement.
How widespread is this problem, and how can the oil industry help? A recent study by former Clinton economic advisor Robert Shapiro found that over 80 percent of oil company shares are owned by pension funds, endowments, individual investors and asset management companies with mutual funds. This means that a major part of restoring the investments of retirees, union members, and every other person saving for the future lies in how politicians view and treat our domestic energy companies.
NOTE: Global warming debunker is debunked yet again! Not surprising since so-called experts who deny global warming tend to be bought-and-paid-for industry shills.
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- Gold Chart and Commodity Chart for Monday (06/29/09)
- Friday Chart and Video Fiesta — Now With Flash Spider! (03/06/09)
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