Obama's In-Your-Face Appointment of GE's Immelt May Have Marked the Stock Market Top

Likes of Kudlow and Cramer and a host of others in MSM financial media have been telling us "See, Obama is pro-business after all!" They also points to the appointment of GE's CEO Jeff Immelt as the head of the newly created (by presidential fiat) Jobs and Competitiveness Board, and scream "See? See? See?"

(It's gotta be a joke of some kind - a sick kind. Immelt is very good at CUTTING JOBS in the US.)

Yes I see it alright. But what I see is not Obama being "pro-business". I see a President giving favors to his buddies and his masters. If that's called "pro-business", sure, it is "pro-large, multinational businesses", aka "crony capitalism".

Take a look at this wonderful picture from the article linked above (first one): Obama, posing as a serious, attentive listener to Immelt, with Valerie "slum lord" Jarret looking on to make sure Barry is striking a right pose for the camera.

I have this feeling that the stock market, however much it has been manipulated by Ben and TBTF friends of his on Wall Street, may have stopped responding to this "economy is great and Obama is pro-business" chorus ever since December 1st. And looking at what has transpired during the Chinese president visit and seeing Immelt appointment, at least the part of the stock market may have thrown in the towel, saying "Ferrrgetit..."

Why do I have this feeling, you ask? The charts. If Obama is pro-business, intent on creating jobs (I'm too tired to even laugh), why are the two particular indices that represent growth and new jobs have been dropping big time?

The top one is Nasdaq, the bottom is Russell 2000. Technology companies and small/medium companies, which would create jobs through growth. They seem to know Obama being "pro-business" simply means he favors his big donors, i.e. large multinational conglomerates who have shipped jobs overseas, mostly to Communist China, and that Obama will bend over backwards to hand his buddies some lucrative contracts (like he just did for GE and Honeywell).

Both Nasdaq and Russell 2000 went down significantly for three days in a row, despite good earnings reports. Note the extremely narrow bollinger band on Russell 2000. Probably the narrowest since March last year. A big move seems to be coming. I don't sense that it is going to be to the upside. How about you?

The indices that represent big caps, Dow Jones Industrial Average and S&P500, both went up yet again today. Dow continues to levitate near the upper bollinger band, while S&P bounced off the mid bollinger band.

To give some credit to the viewership of Kudlow's show, 84% of online respondents do not believe Obama is pro-business.

Tweet