This is Not Working Mr. President

Well, we are a couple of percentage points lower today in the equity markets and unfortunately your administration points the finger at the tsunami in Japan and other external issues that are stifling the economy. It is always someone else’s fault and not your administration.

It doesn’t matter if you are a Republican or a Democrat, this is YOUR economy and YOUR administration has to accept responsibility for it. You have spent trillions of tax payer’s money on unneeded and unwanted legislation, and it is never going to help the country or create jobs.

You came into office on “Hope and Change”....America got neither.

Do you really want to help the country and ensure your reelection? I think you should turn over the billion dollars you are amassing for your reelection campaign to the treasury. I would see that as a very positive gesture and it would likely get you reelected.

You were recommended to lower the corporate tax rate from 34% down to about 27%, earlier in you administration. What happened to that idea? That would mean that millions of small companies could hire more people, plan more and do more. The program was rapidly shelved because it didn’t help everybody. Mr. President corporations employ people. Corporations pay taxes. Corporations and the lack of government regulations and interference are what made America run and be a great country.

I think you’re probably a very smart man and you should recognize it’s time to change course on this spend, spend, spend attitude. You wouldn’t do it with your own checkbook, but it seems to be okay to borrow more money and spend more money for the country under the guise that it’s all going to work out.

Mr. President, it is not working out.

It’s about 16 months before the election and one promise I will make… If there are no radical changes in your policies, with unemployment at 9.2% officially and unofficially closer to 16%, then your chances of getting reelected are going to be ZERO.

P.S. Please don’t come on TV again to tell us your latest plan as it will probably send the markets further into a tailspin.

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Merry Christmas Crude Oil Bulls...From President Obama!

Is the second term of the Clinton presidency back? Even Bill couldn't have timed a better trade as President Obama let's it be known that he is willing to extend the Bush era tax breaks for an extension of unemployment benefits. This as our world currency [crude oil of course] hovers around the most critical level of 90+ a barrel. Is $90 our new support number? Is $100 a barrel in the cards in December? The rest of the week and especially Fridays close will tell us a lot, but for now here is your support, resistance and pivot numbers for Tuesdays trading.

Crude oil was higher overnight as it extends the rally off last week's low. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near term.

If January extends the rally off last week's low, the 87% retracement level of May's decline crossing at 90.62 is the next upside target. Closes below the 20 day moving average crossing at 84.34 would confirm that a short term top has been posted.

First resistance is the overnight high crossing at 90.46
Second resistance is the 87% retracement level of May's decline crossing at 90.62

Crude oil pivot point for Tuesday morning is 89.23

First support is the 10 day moving average crossing at 86.23
Second support is the 20 day moving average crossing at 85.34

Natural gas was higher overnight as it extends the rally off November's low. Stochastics and the RSI are diverging but have turned bullish signaling that sideways to higher prices are possible near term.

If January extends the rally off November's low, the 38% retracement level of the June-November decline crossing at 4.654 is the next upside target. Closes below the 20 day moving average crossing at 4.271 would confirm that a short term top has been posted.

First resistance is the overnight high crossing at 4.545
Second resistance is the 38% retracement level of the June-November decline crossing at 4.654

Natural gas pivot point for Tuesday morning is 4.471

First support is the 10 day moving average crossing at 4.357
Second support is the 20 day moving average crossing at 4.271

Gold was higher overnight as it continues to rebound off the mid November low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

If March extends this year's rally into uncharted territory, upside targets will now be hard to project. Closes below the 20 day moving average crossing at 1380.30 would confirm that a short term top has been posted.

First resistance is the overnight high crossing at 1429.40.
Second resistance is at 1438.10

Gold pivot point for Tuesday morning is 1418.40

First support is the 10 day moving average crossing at 1390.00.
Second support is the 20 day moving average crossing at 1380.30.



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