In the current E-Mini S&P tout, I state my belief that stocks have made a major top. There is good technical evidence for this, including the S&P high yesterday near 1767.00, a Hidden Pivot target I’d drum-rolled weeks earlier when the futures were trading nearly 40 points lower. I must confess, however, that my bias is colored by the sinking feeling that Obama all by himself is bringing America’s long run to a crashing end. Obamacare, for one, is not merely a web-site fiasco, but an epic policy disaster that has cast a huge piece of the economy into a meat grinder of chaos. At the same time, our standing in the world has sunk to new lows — not just among our allies, but in the eyes of enemies whom Obama may already have been emboldened sufficiently to “make their move.”
Scandals that long ago would have cost an equally incompetent white president his job will not go away, and even a left-tilting press that has been fawningly complicitous in keeping Obama afloat is starting to turn against him. And so is the public, including at least some of the benighted fools who gave him a second term. With an approval rating of 43% that is sinking fast, Barack Obama seems all but certain to eclipse George W. Bush’s low-ebb 38%. Americans are angrier than ever — but frustrated as well, since the only ‘coup’ they are allowed is a Congressional election that is still more than a year away. It’s hard to imagine that the status quo will obtain until then. What is the alternative? Will it take a Second Great Depression to clear the fetid air from Wall Street and Washington, allowing good Americans, finally, to put the country back on track?