NEWS - From "Alternative" Sources - NOT the Mainstream Propaganda Machine...

http://stockmarketchartanalyst.blogspot.com/

Here are a number of articles I read this morning, from my favorite "alternative" news sources:

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Shadow Government Statistics:
Analysis Behind and Beyond Government Economic Reporting

http://www.shadowstats.com/

If you've watched my last few updates on the market, you'll notice that I'm quite cynical when it comes to any economic report put out by the government (and I'm also very skeptical that earnings reports aren't continually being fudged. Just look at the recent SEC case against Dell as an example). This site gives you the REAL scoop when it comes to the government's reports of economic data...

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Show Me the Recovery:
While second-quarter sales increases are encouraging, weak cash generation is worrisome.

http://www.cfo.com/article.cfm/14522495

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Claims of Recovery But Results Nowhere To Be Found:
A weekly excerpt from the subscription issue of The International Forecaster, taken from Bob Chapman's weekly publication.

http://theinternationalforecaster.com/International_Forecaster_Weekly/Claims_of_Recovery_But_Results_Nowhere_To_Be_Found

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Economists Cut U.S. Growth Forecast - AGAIN!:
Projected U.S. economic growth for the rest of this year and next was revised down for a third month in a row by a panel of about 50 economists.

http://finance.yahoo.com/news/Economists-cut-US-growth-rb-1119878296.html?x=0

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Hell Yes It’s Class Warfare! Part 1:
There is an intentional misconception out there in the market place of talking points and political discussion – it is that liberals are waging class warfare on the wealthy.

http://cons-lie.com/2010/09/07/hell-yes-its-class-warfare-part-1/

Hell Yes It’s Class Warfare! Part 2:

http://cons-lie.com/2010/09/08/hell-yes-its-class-warfare-part-2/

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The Wholly Fallible Ben Bernanke:
Despite three crucial errors at the Federal Reserve, its chairman is still revered as if he is the pope – while we pay the price.

http://www.guardian.co.uk/commentisfree/cifamerica/2010/sep/08/ben-bernanke-federal-reserve

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Rome is Burning:
There is a critical point that I fear the commentariat is just not getting.

http://modeledbehavior.com/2010/09/07/rome-is-burning/

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In The Headlights:
The toils of summer are bygone now. The days grow shorter and America stands in the darkling road of its own prospects like a dumb animal frozen in the blinding light of approaching fury.

http://www.kunstler.com/blog/2010/09/in-the-headlights.html#more

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Death By Globalism:
Have economists made themselves irrelevant? If you have any doubts, have a look at the current issue of themagazine, International Economy, a slick publication endorsed by former Federal Reserve chairmen Paul Volcker and Alan Greenspan, by Jean-Claude Trichet, president of the European Central Bank, by former Secretary of State George Shultz, and by the New York Times and Washington Post, both of which declare the magazine to be “ahead of the curve.”

http://www.counterpunch.org/roberts09012010.html

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And finally, the winner of the "Doom and Gloom Award" goes to this piece, which I found to be a fascinating read...

Doomsdayers Not Cynical Enough:
[Like your editor, Rick’s Picks forum regular Wayne Razzi (aka “Red Will”) is a veteran floor-trader who grew up in South Jersey. When I asked him if he would like to contribute a guest commentary, I was not expecting the provocative tour de force that unfolds, step by step, below. In the essay, Will asserts nothing less that that the impending collapse of our economic system was meticulously engineered by financial and political sociopaths. Let me attest that his is not some whack-o conspiracy theory; rather, it is the closely-reasoned argument of a highly intelligent person who values truth sufficiently to have searched for it, in the form of an answer to a profoundly disturbing question, for many years. Judge for yourself whether his conclusions tally with your own thoughts as to why the American Dream is about to go bust. RA]

http://news.goldseek.com/RickAckerman/1284012060.php

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That's it for today...
I hope you enjoy reading these articles as much as I did!

Happy Trading!...
the zigzagman

My Primary Sell Signal on the $SPX May Kick In Tomorrow - IF it's Another Down Day...

My Secondary Sell Signal was given today by the $SPX closing a fraction below the 5MA...The CCI downticked sharply today, and IF tomorrow is another down day, my Primary Sell Signal will be given when the CCI crosses below the +100 line...Today's candlestick was another Doji, though not a perfect one since the body is a bit on the large side, but the upper and lower wicks are of equal length...Volume was anemic today, and a down day on much stronger Volume would have been more convincing so that a call of another down day on Thursday would be much easier to call...Stochastics is still in Overbought territory near 90, and the fast line crossing down through the slow line today is somewhat Bearish...The MACD Histogram downticked for the second day in a row, and it's fast line leveled off for the first time in a week and a half...If tomorrow is another down day on higher Volume, my first target is down to the 15MA at 1089. and if that Support level fails the next target is the middle Bollinger Band at 1075. where it may find Support there...If the market rallies tomorrow, and the Index rises above Monday's intraday high Resistance level and looks like it will close there, the Bulls will be showing that they are in charge...See my notes on Fundamental Analysis below the chart...



Today's surprisingly negative Durable Goods Orders numbers and the weak Beige Book report from the Fed showed much more weakness in the economy than analysts expected...Analysts predicted that the Durable Goods number would come in a +1%, and it came in at -1%...

Orders for big-ticket goods fall 1 percent in June: http://tinyurl.com/34v5nlr

Dow ends 4-day win streak on Fed economic report: http://tinyurl.com/32f85rm

The Fed survey followed a disappointing Commerce Department durable goods orders report early in the day. Orders for durable goods, which are expected to last at least three years, fell 1 percent in June. Economists expected a 1 percent gain.

Investors have been trying in recent weeks to balance strong earnings and corporate outlooks with economic data that isn't as encouraging. A drop in consumer confidence Tuesday helped push stocks mostly lower although another batch of robust earnings reports came out.

Earnings reports were mixed Wednesday. Boeing Co. said its profit slipped from a year ago, but results still topped expectations. The airplane maker also didn't adjust its outlook.

Tomorrow's potential market moving events will be the weekly Jobless Claims number to be released an hour before the opening bell:

http://online.barrons.com/public/page/barrons_econoday.html

And a slew of earning reports from a number of Fortune 500 companies listed on the $SPX:



To see the full list of companies reporting earnings tomorrow, follow this link:

http://thestreet.ccbn.com/earning.asp?client=thestreet&date=20100429

Investors are really looking to the first read of the Gross Domestic Product (GDP) for the 2nd Quarter on Friday - an hour before the opening bell...If you recall, the first read of 1st Quarter GDP came in at 3.2%, the second read at 3.0%, and the final read settled at only 2.7%...

And it looks like the Consensus number for the first read of 2nd Quarter Real GDP will come in at 2.5%: (click on the "Consensus" button just below "GDP" on Friday's listings anytime before the report is released)

http://online.barrons.com/public/page/barrons_econoday.html

Payrolls Drop by 125K as Many Census Jobs End; Unemployment Rate Falls to 9.5 Percent:

Christopher S. Rugaber, AP Economics Writer, On Friday July 2, 2010, 8:38 am

WASHINGTON (AP) -- A wave of census layoffs cut the nation's payrolls in June for the first time in six months, while private employers added a modest number of jobs. The unemployment rate fell to 9.5 percent, its lowest level in almost a year.

Employers cut 125,000 jobs last month, the most since last October, the Labor Department said Friday. The loss was driven by the end of 225,000 temporary census jobs.

Businesses added a net total of 83,000 workers, an improvement from May. But that's also below March and April totals. The nation has 7.9 million fewer private payroll jobs than it did when the recession began.

Analysts expected private payrolls to rise by about 110,000, according to Thomson Reuters. The report indicates that businesses are still reluctant to hire as the economy slowly recovers form the worst recession since the 1930s.

The unemployment rate fell as 652,000 people gave up on their job searches and left the labor force. People who are no longer looking for work aren't counted as unemployed.

All told, 14.6 million people were looking for work in June.

Counting those who have given up their job searches and those who are working part time but would prefer full-time work, the underemployment rate edged down to 16.5 percent from 16.6 percent in May.

http://finance.yahoo.com/news/Payrolls-drop-by-125K-jobless-apf-711965434.html;_ylt=AuA562cud9WdSKyJrNxk3Xa7YWsA;_ylu=X3oDMTE1OG1nMTA5BHBvcwMyBHNlYwN0b3BTdG9yaWVzBHNsawNqdW5lcGF5cm9sbHM-?x=0&sec=topStories&pos=main&asset=&ccode=