Report: China Exports Likely Down 14%; Whirlpool Sales Sink 76%; Starbucks Adding Value Meals; Chavez: Venezuela Untouched by Crisis; Defaults on Jumbo ARMS Could Double; Satyam to Decide on Action Plan Following Scandal

Expect more pain in the housing market next year, says Don Miller. Rising unemployment will keep the foreclosures coming. And as the backlog of inventories swells, Don says homebuilders still look ripe for shorting in this environment.

Consumer Confidence at All-Time Low; Home Prices Continue Collapse; OPEC Still Not Satisfied; Whirlpool Circles the Drain; Optimistic Wall Street; Banks Balk on Buyout; Stop the Presses?

Whirlpool Corp. (NYSE:WHR) announced it would cut 5,000 jobs by the end of 2009. America’s largest home appliance maker also lowered its earnings outlook after a 7% fall in Q3. This from Associated Press:

Whirlpool said the drop in profit reflects significantly higher material and oil-related costs and lower industry demand. U.S. industry unit shipments of major appliances declined 11 percent in the quarter.

Whirlpool said it now expects a profit of $5.75 to $6 per share for 2008, compared with its previous estimate of $7 to $7.50 per share.

Based upon its revised earnings expectations and the glum industry outlook, the company said it now expects to generate free cash flow of $50 million or less for the full year, well down from…

Consumer spending was flat in the US in August. Adam Lass says this zero means more than the much-hyped $700 billion figure currently grabbing the headlines.

The bottom line is consumers are running scared, and that is bad news for retailers and manufacturers.

Adam says Whirlpool (NYSE:WHR) and Sherwin-Williams (NYSE:SHW) are in for a particularly rough ride. Even ’safe’ stocks such as Sears (NASDAQ:SHLD) or Kohl’s (NYSE:KSS) could seriously hurt your portfolio in the coming months.

As the housing market slumps it should take anything related to building or furnishing with it.

However, the stock of home appliance maker Whirlpool (NYSE:WHR) has risen 6.4% in the year to date despite razor thin margins and a wider downturn.

Wave Strength Options Weekly editor Adam Lass says this is a great opportunity to make at least 30% with a simple short play.

Buying strategic put options could increase these gains up to 118%.

Retailers Report 4.3% Bump in Sales; Toyota Changes Direction; Whirlpool Closes Two Factories; Brazil and Vietnam Come Together; GE Spin-Off; New Wachovia CEO; IAM Wants Fair Bidding; Oil Jumps Over $5 on Political Tension

Since we started Money Morning last year, there’s been one key theme: The next generation of leading global companies will come from outside U.S. borders.