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FIRST ON FOX: GOP Sens. Roger Wicker, R-Miss., Marco Rubio, R-Fla., and Jim Risch, R-Idaho, are expected to send a letter urging the Biden administration to increase support for the Philippines following repeated aggressive incidents from Chinese maritime assets in the South China Sea.  

The senators detailed a series of incidents beginning in August involving the People’s Republic Coast Guard and maritime militia. 

These actions were aimed at disrupting the Philippines’ efforts to resupply the BRP Sierra Madre, a 542-class tank landing ship stranded on a nearby reef and crewed by Filipino sailors, the letter stated. 

China’s Coast Guard and maritime militia resorted to tactics such as deploying water cannons and issuing threats to intercept supply vessels, all in a bid to hinder the replenishment of the stranded vessel.

‘China is on the verge of willfully triggering a humanitarian crisis by blocking the resupply of the BRP Sierra Madre. Its actions will eventually starve Filipino sailors on the vessel. China’s main purpose, of course, is to force the Philippines to abandon Second Thomas Shoal and take de facto control of this territorial feature,’ the senators wrote. ‘Doing so would expand further its unlawful maritime claims – just as Beijing did with Scarborough Shoal over a decade ago. Each new claim of maritime sovereignty gives China another platform to hold allied territory (and U.S. military assets) at greater risk.’ 

The senators urged President Biden to provide a comprehensive overview of strategies to bolster the Philippine mission concerning the Sierra Madre. The senators contended that a failure to take such steps would potentially embolden further adverse actions. 

‘Your administration has repeatedly stated that an attack on Philippine public vessels, aircraft and armed forces – including those of its Coast Guard in the South China Sea – would invoke the U.S. mutual defense commitments… China’s actions are testing the credibility and value of these commitments, and we must respond with strength,’ the senators wrote.

The administration said Monday it would defend the Philippines against potential threats under a decades-old treaty after Chinese ships blocked and collided with two Filipino vessels in the South China Sea.

The U.S. and other allies expressed alarm over the Chinese action off Second Thomas Shoal, and Washington specifically renewed a warning that it is obligated to defend the Philippines under a 1951 Mutual Defense Treaty if Filipino armed forces, ships or aircraft come under an armed attack, including ‘those of its coast guard – anywhere in the South China Sea.’

‘The United States stands with our Philippine allies in the face of the People’s Republic of China coast guard and maritime militia’s dangerous and unlawful actions obstructing an Oct. 22 Philippine resupply mission to Second Thomas Shoal,’ the State Department said in a statement issued by its embassy in Manila.

In May, Secretary of Defense Lloyd J. Austin III and Philippine Secretary of the Department of National Defense Carlito Galvez established the ‘Bilateral Defense Guidelines’ and reaffirmed that ‘an armed attack in the Pacific, including anywhere in the South China Sea, on either of their public vessels, aircraft, or armed forces – which includes their Coast Guards – would invoke mutual defense commitments under Articles IV and V of the 1951 U.S.-Philippines Mutual Defense Treaty,’ the State Department said.

Washington has deployed forces to the disputed sea to patrol the waters and promote freedom of navigation. The move has angered Beijing, which has warned the U.S. to stop meddling.

On Sunday, about five Chinese coast guard ships, eight accompanying vessels and two navy ships formed a blockade to prevent two Philippine coast guard ships and two boats from delivering food and other supplies to Filipino forces stationed at Second Thomas Shoal aboard a marooned navy ship, Philippine Coast Guard Commodore Jay Tarriela said.

Fox News’ Lawrence Richard and The Associated Press contributed to this report. 

This post appeared first on FOX NEWS

The footage of ‘Squad’ Democrat Rep. Jamaal Bowman of New York pulling a fire alarm in a House office building was released Thursday after he accepted a plea deal on misdemeanor charges for the incident.

Fox News obtained security footage from Sept. 30 showing Bowman attempting to open two doors in the Cannon House Office Building.

Bowman appears to approach the doors and try the right door, taking a red alarm sign with him from the entryway.

The congressman then appeared to try to open the left door while knocking over the second alarm sign.

Bowman then turned and pulled the fire alarm before walking off camera still holding the alarm sign from the first door.

Bowman said that he did not mean to pull the fire alarm and that he had done so while in a rush to go vote. The House at the time was debating and voting on a stopgap bill to fund the government temporarily and avert a .

The ‘Squad’ Democrat told reporters outside the D.C. Superior Court on Thursday that ‘Hell no’ he didn’t mean to pull the alarm.

‘What I did was against D.C. law,’ Bowman said. ‘As I said from the very beginning, I was not trying to disrupt any congressional proceedings, I’m glad the investigation yielded that.’

Bowman pulled the fire alarm ahead of a crucial vote as the GOP pushed a critical stopgap funding bill to avoid a government shutdown.

However, the newly released footage seems to throw water on his argument.

Users online blasted Bowman after the video’s release, with Florida Rep. Matt Gaetz, a Republican, quipping that this ‘is what lawyers would call ‘intent.”

‘Why is this footage only coming to light now? We know he got his plea deal, but this is outrageous,’ Fox News contributor Tammy Bruce tweeted.

Former GOP Wisconsin Governor Scott Walker blasted Bowman as a ‘bold-faced liar’ and called for the congressman to face jail time in a tweet on Thursday.

‘This is not a brain freeze. Not an accident,’ Walker wrote. ‘This was a premeditated attempt to stop other Members of Congress from voting.’

‘This is a federal crime and there must be consequences for his actions,’ Walker continued. ‘The tapes reveal the truth. Time for him to go to jail.’

Other users noted that Bowman did not attempt to open the doors after pulling the fire alarm.

Bowman’s office did not immediately respond to Fox News Digital’s request for comment.

Bowman, 47, turned himself in to D.C. Superior Court on Thursday morning ahead of his arraignment. He pleaded guilty to causing the false alarm.

As part of his plea deal, Bowman is required to write a letter of apology to the U.S. Capitol Police and pay a $1,000 fine.

Fox News Digital’s Tyler Olson and Jake Gibson contributed reporting.

This post appeared first on FOX NEWS

Perhaps it was better without a Speaker.

With no Speaker, the House floor was closed.

TRUMP AS HOUSE SPEAKER WOULD BE THE ‘DUCK-BILLED PLATYPUS’ OF POLITICS

Now that the House elected House Speaker Mike Johnson (R-La.), there was an absolute PARADE on the House floor today of lawmakers demanding that the body either expel or sanction their fellow colleagues.

If you’re scoring at home.

Rep. Marjorie Taylor Greene (R-GA) introduced a resolution to censure Rep. Rashida Tlaib (D-Mich.) over her support of the massive anti-Israel rally on Capitol Hill last week which resulted in more than 300 arrests.

That measure comes up next week.

THE CHAOTIC, CONVOLUTED PATH HOUSE REPUBLICANS TOOK TO ELECT A SPEAKER LEADS BACK TO SQUARE ONE

Rep. Nicole Malliotakis (R-NY) still wants to expel Rep. Jamaal Bowman (D-N.Y.) – especially after he pleaded guilty to pulling a false fire alarm on Capitol Hill in late September.

New York Republicans introduced a resolution to expel Rep. George Santos (R-N.Y.). The House must tangle with that resolution. Some Republicans want Santos gone. Yet other Republicans may move to table or kill the resolution.

Expelling Santos would shave the GOP’s already narrow majority. This is going to be a challenge for Johnson to finesse this.

In short, the House is TRULY back in form now that it has a new Speaker and is ‘open for business.’

This post appeared first on FOX NEWS

Long-shot Republican presidential candidate Larry Elder announced Thursday evening that he had suspended his campaign and immediately endorsed former President Donald Trump.

In a statement, Elder expressed gratitude for his supporters and said he was honored by their enthusiasm and grassroots support. He further explained that after assessing his campaign and the state of the race, he had made the ‘difficult decision’ to suspend his campaign.

‘Throughout my campaign, I have been steadfast in my belief that the biggest issues facing our nation are the crisis of fatherlessness, the dangerous lie that America is systemically racist, the need for an amendment to the constitution to set federal spending to a fixed percentage of the GDP — otherwise government gets bigger whether Republicans or Democrats are in charge, and the need to remove the Soros-backed DAs across the country who refuse to enforce the law,’ he said in a statement.

‘The breakdown of the family structure and the absence of positive father figures in the lives of many children have far-reaching consequences for our society, including the crime wave we are currently seeing in America today,’ he continued. ‘I hope that my campaign has helped shine a light on these critical issues and sparked important conversations about how we can solve them.’

Elder — a conservative talk radio host who previously ran as a recall candidate to replace Democratic California Gov. Gavin Newsom — announced he would run for president in April during an interview with Fox News. He explained that he believed he had a ‘moral, religious and a patriotic duty’ to enter the race.

In August, Elder made waves after he threatened to sue the Republican National Committee (RNC) for not including him in the first GOP debate. While the RNC determined Elder had failed to meet the required threshold for number of individual donors and polling, he accused them of purposely silencing him.

‘I said from the beginning that it appeared the rules of the game were rigged, little did we know just how rigged it is. For some reason, the establishment leaders at the RNC are afraid of having my voice on the debate stage,’ he said in an X post at the time.

However, according to the latest polls, Elder’s support continues to hover at between 0-1%.

And in his statement Thursday, Elder called for Republicans to rally around Trump as their presidential candidate.

‘Now that I am exiting the race, I am proud to announce my endorsement of Donald Trump for President of the United States. His leadership has been instrumental in advancing conservative, America-first principles and policies that have benefited our great nation,’ Elder said. ‘We must unite behind Donald Trump to beat Joe Biden and fight back against Biden’s unprecedented election interference and the left’s destruction of America.

‘I want to thank my supporters, volunteers, and donors who invested their time, energy, and resources in this campaign. From Iowa to New Hampshire to Nevada and beyond, I am grateful for the opportunity to have met so many incredible Americans who share our values.’

This post appeared first on FOX NEWS

The S&P 500 (SPY) has fallen about 10 percent from the July top, and the last two weeks has been pretty rough, so should we be looking for the Bear to take charge again? First, looking at a weekly chart, it is not clear that the Bear actually left town. In spite of a great rally off the October 2022 low, the market top in July never actually exceed the January 2022 all-time high, so the current decline could be the next down leg of an ongoing bear market.

This next chart shows some of the best breadth indicators available. The Silver Cross Index (SCI) is an intermediate-term indicator that shows the percentage of stocks in the S&P 500 Index that have their 20-day EMA above their 50-day EMA. Currently that number is only 19%, meaning that 81% are in a negative configuration. The Golden Cross Index (GCI) is a long-term indicator that shows the percentage of stocks with their 50-day EMA above their 200-day EMA (commonly called a Golden Cross). That number is 44%, which on this indicator signifies a bear market.

A minor, but maybe important, feature at the lower right corner of this chart may be the two rising dotted green lines drawn under the % SPX Stocks > 20EMA and % SPX Stocks > 50EMA which represent a positive divergence against price. These may be a hint that a bounce is in the cards.

Conclusion: Is the Bear back in town? Considering the lower long-term price top, it is not clear that he actually left. The fact that only 19% of S&P 500 stocks are positively configured (20-EMA above the 50-EMA) in the intermediate-term, the internals do not encourage positive thinking. The best thing we can say at this point is that the SCI is very oversold, and that offers hope of an upside reaction.

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On this week’s edition of Stock Talk with Joe Rabil, Joe shows an intraday trade setup in the SPY that took place this week. He uses the MACD and ADX in multiple timeframes to explain in detail how they can help with our entry and timing. He discusses the pros and cons of this trade and how the cons help to determine the trade management strategy. Joe then analyses the symbol requests that came through this week, including GOOGL, META, and more.

This video was originally published on October 26, 2023. Click this link to watch on YouTube.

Archived episodes of the show are available at this link. Send symbol requests to stocktalk@stockcharts.com; you can also submit a request in the comments section below the video on YouTube. Symbol Requests can be sent in throughout the week prior to the next show. (Please do not leave Symbol Requests on this page.)

Don’t miss last week’s edition of the show, originally published October 19, 2023, where Joe shows a specific MACD/ADX scan to generate ideas. He also discusses some keys to understand the best way to use scans. He explains how to define the universe, understand the goal of the scan and how to be organized. Joe then analyses the symbols requests that came through that week, including LLY, SHOP, and more.

In this week’s edition of Moxie Indicator Minutes, TG discusses how breadth continues to be abysmal, and now that some of the mega caps are reporting earnings, they are getting whacked hard. If they can’t hold up, most of the market is at risk of moving down, which is exactly what has been happening. With META getting hit today, AAPL is feeling sympathy pains and MSFT can’t hold its gains.

This video was originally broadcast on October 26, 2023. Click this link to watch on YouTube.

New episodes of Moxie Indicator Minutes premiere weekly. Archived episodes of the show are available at this link.

In this edition of StockCharts TV‘s The Final Bar, guest Tom Bowley of EarningsBeats shares his chart of key ratios illustrating how growth still has held its ground relative to value stocks. Host David Keller, CMT focuses in on distribution in the last hour of trading and highlights one commodity in a position of strength amid market weakness.

This video originally premiered on October 26, 2023. Watch on our dedicated Final Bar page on StockCharts TV, or click this link to watch on YouTube.

New episodes of The Final Bar premiere every weekday afternoon LIVE at 4pm ET. You can view all previously recorded episodes at this link.

If you’re feeling a little conflicted on Amazon’s (AMZN) near-term prospects and whether to take a bullish or bearish stance, it’s probably because of the many reasons—technical and fundamental—to consider either perspective. 

Technical Reasons to Hate AMZN Stock: The Bearish Case

Despite AMZN’s strong YTD performance, the big picture shows it underperforming the S&P 500 ($SPX) by -29% and the Consumer Discretionary sector (using XLY as a proxy) by -18% (see weekly chart of AMZN below).

CHART 1: WEEKLY CHART OF AMZN. The current price action may be nothing more than a bear rally.Chart source: StockCharts.com. For educational purposes.

The upside trend break (see blue trendline) marks the stock’s reversal after bottoming at the beginning of 2023. But is this a mere correction? Once the rally hit the 61.8% Fibonacci retracement level, drawn from the 2021 peak to 2023 trough, the bears were jumping (and bulls lost heart).

What fundamentals support this bearish technical outlook? There are many…

Fundamental Reasons to Hate AMZN Stock: The Bearish Case

AMZN may have a diverse startup portfolio, but startups are going extinct, at least for now. With over 543 startup shutdowns recorded this year, the drop in cloud service demand will sting.

Also, AMZN’s stock price is down 25% from where it was in early January 2021. Macroeconomic challenges, such as high oil prices and interest rates, could hurt the company’s performance.

Lastly, Amazon is in an antitrust battle with the FTC over price manipulation and merchant lock-in. This could hurt the company and lead investors to sell.

Technical Reasons to Love AMZN Stock: The Bullish Case

CHART 2: DAILY CHART OF AMZN. The year-to-date picture shows a different situation, with price declining into potential critical support. Plus, buying pressure, as shown by the Chaikin Money Flow (CMF), appears to reveal a sharp surge.Chart source: StockCharts.com. For educational purposes.

Here’s a question: Are the bulls failing to see the big picture (long-term), or are they right in taking a more “current view of AMZN’s performance?

AMZN may be declining against the S&P 500, but it’s still outperforming it in the near term by 21%. As for XLY, AMZN’s year-to-date outperformance is quite pronounced and rising, up 22%. AMZN’s price action shows a sharp decline that began in September; however, by drawing a Fib retracement from the March bottom to the September top, representing the stock’s YTD surge, we can see that the stock’s price touched the 50% Fib level, which happens to coincide with the 200-day simple moving average (SMA).

Adding to the technical bull case, look at the Chaikin Money Flow (CMF) in the lowest panel. The CMF shows a sharp divergence between AMZN’s decline and the rise in buying pressure, indicating that more investors are buying than selling the stock (possibly). This bullish technical perspective is not without fundamental merit either.

Fundamental Reasons to Love AMZN Stock: The Bullish Case

Amazon has a diverse portfolio of startups. AWS has supported around 250,000 startups, including 83% of the world’s unicorns. Startups are slowing right now, but there’s the generative AI boom, which can increase demand for AI cloud services.

AMZN stock has had a strong year-to-date performance, up 50%, with the company’s revenue having grown across all of its business segments. Its diverse revenue streams also show signs of strength.

Overall, its dominance in e-commerce and cloud services, plus its strengthening digital ad revenue, all provide a strong case for its growth prospects.

Earnings Will Be a Critical Driver for AMZN’s Stock Directionality

Today’s earnings drop has everyone on edge. If today’s numbers show a hint of weakness or Amazon’s grip slipping, the bears will be ready to pounce, potentially sending the stock deeper into negative territory. 

A couple of things to consider:

Bulls might find AMZN in “buy” territory down to $110, its 61.8% Fib level. Granted, there’s a reason to bet on a reversal in momentum and price (versus taking a riskier pre-emptive approach). A stop loss at around $107 would be reasonable, as it would invalidate the near-term technical bull case.Bears are likely in position already, with many shorting the stock since September. Hopefully, they placed a stop loss right above $135, the most recent swing high point, to prevent from getting “squeezed” just in case AMZN reveals a blockbuster beat.

The Bottom Line

The conflicting forces of boom and doom are clashing fiercely as AMZN’s earnings report looms. The outcome dictates the stock’s immediate trajectory—surge or plunge. With a long-term technical landscape that paints a grim picture of potential bear rallies and a 25% nosedive since January 2021, the bears seem to be standing their ground. However, the bulls have a robust case, too, with a 50% spike in YTD performance, dominance in e-commerce, and a potential AI cloud services boom. Either way, today’s earnings are poised to tip the scales, a financial showdown and make-or-break moment for AMZN’s near-term fate.

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Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

Correlations rise during bear markets. This means more stocks participate in broad market declines than broad market advances. In other words, the odds are stacked against us when picking stocks in bear markets. Traders are better off looking outside of the stock market for opportunities.

The Perfchart below shows the performance for 10 asset-based ETFs over the last forty days. Seven of the ten are down with Silver, REITs, the S&P 500 SPDR and the 20+ Yr Treasury Bond ETF leading the way lower. Three stand out. The DB Energy ETF (DBE), the Gold SPDR (GLD) and the Dollar Bullish ETF (UUP) are all higher.

Chart Trader featured weekly charts for oil and gold in Thursday’s report and video. Let’s take a look at the US Oil Fund (USO), which is forming a short-term bullish continuation pattern. USO broke out with a big advance from July to September. The Trend Composite turned positive on July 24th and confirmed this trend reversal.  

Short-term, the ETF became overbought in late September and fell back in early October. This decline, while sharp, held above the breakout zone so the breakout remained intact. USO went on to consolidate with a pennant, which is a short-term bullish continuation pattern. A breakout would signal a continuation higher and target a move to the upper 90s.

Today at Chart Trader:

Measured Move Target for SPYFundamentals Show A Perfect StormQQQ Reverses UpswingRussell 2000 ETF Remains the WeakestGold Goes for Another BreakoutUS Oil Fund Consolidates after BreakoutOil & Gas Equipment & Services ETF Hits Reversal ZoneNatural Gas Futures versus the ETNNike Hits Resistance Zone

Reports and videos are published every Tuesday and Thursday. Click here for immediate access.    

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