The President is pleading with lawmakers for another $50 billion in emergency aid for state and local governments.This latest aid package is needed to avoid massive layoffs of teachers,police and firefighters.
The package requested for Nevada and Harry Reid up for re-election was not meet with open arms and neither is the latest.
House Majority Leader Steny H. Hoyer (D-Md) was quoted as saying, I think there is spending fatigue. He went on to say, It's tough in both houses to get votes.
As Obama's Leadership skills are being scrutinized ever so more closely with his handling of the oil spill, foreign policy and his answer to the debt crisis to print more dollars, this will not be an easy task.No question he must be concerned with the big vote coming up in 5 months.
Iran is once again making provactive moves sending so called aid ships to Gaza to challenge the Israel's naval blockade. Meanwhile Saudi Arabia has given Israel use of it's air space if an attack is launched to wipe out Iran's nuclear facilities.
Stocks are coming in sharply higher and the dollar is trading sharply lower.Plenty of rains over the weekend have the July Corn trading unchanged at 349 ½.Even with the weaker dollar and stronger stocks rain makes grain and better economic news or a simple correction are taking a back seat to traders expectations of a bumper crop.The July contract trading range has been 351 to 348 1/2in the electronic session.We have growing conditions and the current weather pattern should keep bulls on their heels for now.
On the Energy Front the July Crude is trading at 7551 which is up 173 at this writing.The trading range has been 7574 to 7404.I anticipate some more strength given all the tension and uncertainty war in the Middle-East and Korea.
In the long haul I remain bearish is these two crisis find a way to dissapate. Traders will be on edge with the goofy war-mongering terrorist in Iran.
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