THURSDAY 6/19/14; BBRY; Philly Fed; ORCL; SPX, UTIL and XLU New All-Time Highs

Asian markets trade higher following the US joy. Dollar/yen 101.81. NIKK is up a big +1.6% to 15361 at highs not seen since January. SSEC is the fly in the ointment down -1.6%.

Fighting continues at the Baiji oil refinery in Iraq. ISIS is targeting Iraqi infrastructure which will complicate the developing civil war. XOM, BP and Royal Dutch Shell are pulling personnel out of Iraq. Oil prices remain stable since three-quarters of the oil production is in southern Iraq and so far relatively unaffected. WTIC 106.46. Brent 114.68. US F-16 fighter jets are running surveillance routes above Iraq. President Obama says al-Maliki must include Sunni more in government and policy discussions and unite the country. Al-Maliki, 64 years old, is in his third term first elected in May 2006 and favors the Shiite population while beating down the minority Sunni.

[Text is Redacted: Purchase June 2014-06 to Read the Complete Chronology]

The ‘Yo’ app goes viral adding over 200K users in the last 24 hours. The app allows users to send a ‘yo’ message to others to stay in constant touch without spending a lot of time typing a message. A Gallup poll says that the approval rating for Congress is at an all-time low. Americans have lost confidence in politicians. The wealthy are made wealthier by the Fed policies supported by the president and the politicians while the middle class and poor suffer.

Up through 2008, income in America was growing faster than debt. Not anymore. Due to the growing student loan problem, excessive subprime auto loan bubble mimicking the subprime housing bubble only with cars this time, and obscene government debt, income in America is no longer keeping up with the debt burden.