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To: Jacob Snyder who wrote (156958)	9/16/2011 4:47:00 PM
From: Jacob Snyder	1 Recommendation Read Replies (1) of 206087

Recession Watch: Household wealth in the U.S. dropped in the second quarter for the first time in a year, hurt by falling share prices and declining home values. Net worth for households and non-profit groups decreased by $149 billion... bloomberg.com 2011 will be the 6th year that world production of crude oil was unable to increase beyond the ceiling established in 2005: http://seekingalpha.com/article/293689-limits-to-keynesianism Initial unemployment claims, after falling steadily from the recession highs, have stopped going down, and are stuck at about 400,000/week: http://seekingalpha.com/article/293952-jobless-claims-picture-gets-bleaker Vertical line at the Lehman bankruptcy: seekingalpha.com Recent Sovereign And State CDS Trends; France Now More Risky Than California And New York seekingalpha.com ST capitulation? 1) The USA Today consensus showed that strategists have cut their year-end S&P 500 target by 8%. 2) Wall Street economists are at 40% recession odds, which means if the heads of research allowed them to really say what the probability was it would be 80%. 3) Bank of America let its chief equity strategist go who was calling for 1,450 on the S&P 500 and the most bullish seer out there (we wish him well). 4) The AAII investor sentiment suvey shows 30.2% bulls and 40.3% bears. 5) The Investors Intelligence survey also did a switcheroo, with the bull camp in the past week down 3.2% to 35.5% and the bear share rising the same amount to 40.9%. That is the largest number of bears since March 2009 (was 21.5% at the July market peak). And we have the fewest bulls since the August 2010 retest of the lows back then. The “spread” is now -5.4% between bulls and bears, well off the +28% gap at the July market peak. 6) Short interest on the NYSE and Nasdaq surged nearly 4% in the second half of August; these positions are now being squeezed, which is the “buying support” the market has been experiencing in the low volume rally of the past few sessions. seekingalpha.com

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