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FIRST ON FOX: House Republicans are sounding the alarm over a former Biden aide’s 2017 messages to Hunter Biden regarding his CCP-linked business partner willing to wire Hunter tens of thousands of dollars to help him pay off several bills, according to a new batch of messages released by the House Ways and Means Committee last week.

Fran Person, who had previously served as a longtime adviser to the elder Biden and was a failed congressional candidate in 2016, told Hunter in a July 2017 WhatsApp message that he and Bo Zhang, Person’s business partner with ties to top CCP leaders, wanted to help Hunter financially in the midst of his rocky divorce.

‘100K at least gets me until next month,’ Hunter wrote at the time, prompting Person to respond, ‘He will help you with what you need,’ referring to Zhang.

House Republicans told Fox News Digital the exchange further points to alleged influence peddling by the Biden family.

‘The House Ways and Means Committee, under the leadership of Chairman Jason Smith, has uncovered more damning evidence showing how involved senior members of former Vice President Biden’s senior staff were with Hunter Biden and his corrupt foreign business dealings in Communist China,’ said House Republican Conference Chairwoman Rep. Elise Stefanik, R-N.Y. 

‘The American people have a right to know if their President is compromised, and House Republicans will follow the facts wherever they lead us during our impeachment inquiry into President Biden. Accountability is here.’

Rep. James Comer, R-Ky., the chairman of the House Oversight Committee, which is leading its own probe of the Biden family, slammed the Biden family and said their ‘corrupt deals and affiliations with CCP-linked individuals and companies are a threat to America’s national security.’

‘The Oversight Committee will continue to investigate and follow the money to determine whether President Biden is compromised by his family’s dealings,’ Comer continued. ‘Americans deserve to know that their public offices are not for sale.’

‘We know how the CCP operates,’ added Rep. Tim Burchett, R-Tenn., a member of the House Oversight Committee. ‘They don’t do anything that isn’t for their own good in the long run.’

‘Individuals that are very close with Xi Jinping wanted to make sure they could keep Hunter and Joe Biden in their pocket and were willing to pay big bucks. I don’t think there’s any way they didn’t get policy decisions in exchange,’ Burchett said.

Fox News Digital reported last week that Person, who went into business with Zhang shortly after leaving the White House, had offered Zhang’s financial help to Hunter in the 2017 messages.

‘I talked to Bo previously about the 37K – he didn’t flinch. I will talk to him about 56K and possibly 100K,’ Person said. ‘It really depends on his liquid assets in the US…I will ask. His only problem is getting large sums out of China (especially right now).’

The next day, Hunter asked Person if he knew whether anything was wired or if they were in a ‘holding pattern,’ prompting Person to respond, ‘No holding pattern…he was on his way to the bank this morning. He will be in touch when it’s confirmed.’

‘He will help you with what you need. He also mentioned that you should take a trip to China some time this month to just get away for a week or so…just decompress,’ Person added. An email in late August 2017 shows that Hunter was scheduled to fly first class to Hong Kong, but it is unclear whether that was related to visiting with Bo.

Fox News Digital first reported on a 2015 email from Fran to Hunter laying out how powerful Zhang’s family was in China with their real estate empire and that he was ‘being groomed to take over his family’s dynasty.’ The email also said the Zhang family has ‘great respect and relationships in China’ and that his father-in-law was the governor of the Hainan province.

His father-in-law, Liu Cigui, is a longtime member of the CCP and has held several leadership positions over the last 15 or more years.

Cigui is also considered a ‘loyalist’ of Chinese President Xi Jinping. Another one of Zhang’s CCP ties was revealed in a December 2013 Foreign Agents Registration Act (FARA) filing with the Justice Department, which listed Zhang as the ‘foreign principal.’ The filing noted his relationship with Chinese government official Liu Guoqiang, who was the vice chairman of the Liaoning Committee of the Chinese People’s Political Consultative Conference (CPPCC), which is a ‘key part’ of China’s ‘United Front’ work, The Diplomat reported last year.

‘We continue to reveal incredibly condemning evidence of influence peddling by Hunter Biden, and vast sums of cash delivered to Biden family members through 20 shell companies,’ Rep. Clay Higgins, R-La., another Oversight Committee member, told Fox News Digital on Monday. 

‘Joe Biden’s influence in DC is exactly what was for sale,’ he said. ‘Our inaugurated President is clearly compromised, and the repeated behaviors we’ve revealed most certainly call for his impeachment. Abuse of power, betrayal of oath, bribery, crimes of high office, and ultimately perhaps… once the totality of evidence is considered… treason.’

‘It’s been widely reported that Hunter Biden received $80,000 in diamonds from a now-defunct Chinese energy interest, let a political supporter pay his delinquent tax bill to the tune of $2 million, and deceived about paying $50,000 per month in rent,’ added Rep. Darrell Issa, R-Calif. ‘Why would anyone be surprised he would reach out to CCP contacts for additional spending money?’

Another text message at the end of July 2017 reveals that Zhang offered his home for Hunter to stay at. During a July 24, 2017, message exchange, Hunter and Person were determining whether to meet with Zhang at his house or the pricey mansion in McLean, Virginia, that Hunter’s father was renting shortly after leaving office.

‘Let’s meet at Beaus [sic] house or even better 626 Chain Bridge – JRB’s I’m only one that will be there,’ Hunter said.

Person apologized that he was on a conference call and listed a few meetings he had before Hunter said, ‘Ok then let’s say 1 PM at chain bridge Rd. I will plan on that unless I hear other wise.’

‘Ok sounds good. I talked to Bo. He’s good for anything He said 11am, 1pm your house, his house its all good,’ Person said.

Person went on to say that Zhang’s house was ‘unreal’ and that he ‘won’t be there much at least for another couple years.’ He added that Hunter should ‘f’n stay at his house’ and that it was furnished. It is unclear whether Hunter took Bo up on the offer to stay at the McLean, Virginia, mansion, which, according to online records, has six bedrooms and nine full bathrooms and was recently sold for over $5 million.

At the beginning of August 2017, Hunter texted Fran ‘Ok- want to talk Hong Kong and whether Bo intends to do 100 or understandable — done his part.’ Fox News Digital could not confirm whether Bo wired the full $100,000 or whether there were other wire payments to Hunter.

In another WhatsApp message released by the House Ways and Means Committee, Hunter told Person in October 2017 to ‘Send me terms on cash you’re trying to raise please and Bo’s bank wiring instructions.’ 

There was no response to that message from Person in the latest batch of messages, but the batch says the message was related to ‘CEFC’ China Energy. One of the earlier texts between Person and Hunter revealed that Zhang wanted to do a ‘due diligence check’ on Hunter’s CEFC contact for him. It is unclear whether these messages are related or whether Bo was involved with CEFC.

In one of the earlier text exchanges, Person told Hunter he ‘selfishly want[s] to work’ with him ‘because I know what the hell your capable of, AND I want to learn from you. I’m putting myself out there right now, and I’m learning quickly.’ He continued, ‘But I’d love to be there with you doing some of this stuff. I mention the 500K on 10M raise be I’m about to get started on that, and I could really use your help. We could knock it out together. I’d think that’d help take some bite out, and you wouldn’t feel like your ‘resorting’ to anything.’

‘I’ve got one loyalty brother. That’s to my family. Your family,’ Person added.

A Politico profile on Person that was written when he left then-Vice President Biden’s office in 2014 shows how close he was with Biden and other top administration officials. The piece said that Person traveled to 49 of the 50 countries Biden traveled to, including China and Serbia. 

Then-Second Lady Jill Biden was quoted saying, ‘Fran has been like a son to Joe and me. For eight years, we traveled the country, shared holidays together … Fran may be leaving the office, but he will always be a part of our family.’

Biden reflected on Person’s tenure working for him by saying, ‘In times of urgency, everyone from the Secret Service to my communications and policy teams, the first guy they go to is Fran.’ He added, ‘People know that he has my ear whenever he wants it.’ 

Less than six months later in January 2015, Person helped launch Harves Global Entertainment, an affiliate of the China-based Harves Century Group that has deep ties to the CCP. 

Person frequently emailed with Hunter and his longtime business partner, Eric Schwerin, then-president of the now-defunct Rosemont Seneca Partners, about business dealings associated with the Harves Group in 2015 and 2016, and he made multiple visits to the White House during that time, including attending a White House holiday reception in December 2015 with Zhang. Person previously told Fox News Digital the White House visits were ‘personal in nature’ and that he was ‘visiting with old colleagues and friends.’

Emails from Schwerin said that Hunter’s company held financial interests in multiple Harves affiliates, including a 5% stake with Harves Amusement Parks and ownership in Harves Sports and Entertainment, both of which fall under Harves Group.

Person repeated his previous claim to Fox News Digital for a story last month saying that neither Hunter nor any of his associates ever owned equity in any Harves entity or affiliate, despite multiple emails from Schwerin to Hunter contradicting this claim. A recent Washington Post fact check also noted that Rosemont Seneca Advisors had ‘a 5 percent stake in Harves Amusement Parks and ownership in Harves Sports and Entertainment, both in China.’

‘Like many similar companies in the attractions industry affected during the global pandemic, Harves Global Entertainment’s operations shut down,’ Person told Fox News Digital in August. ‘The projects mentioned by Eric Schwerin in that email never passed the early deal stage and were never executed. Harves Amusement Parks entity never even existed.’ 

During his time at Harves, Fran launched a failed bid for Congress in South Carolina’s 5th Congressional District in 2016. While he was campaigning, Hunter and Schwerin were recruiting their business associates behind the scenes to donate thousands of dollars to Fran’s campaign, according to emails previously reported by Fox News Digital. Then-Vice President Biden attended multiple campaign events for Person in South Carolina.

Hunter and Schwerin were also simultaneously working behind the scenes to secure business deals for Harves at the time, Fox News previously reported. 

Zhang isn’t the only wealthy individual to help with Hunter’s finances. Kevin Morris, a prominent attorney who has been dubbed Hunter’s ‘sugar brother,’ loaned more than $2 million to Hunter to help pay off the first son’s overdue taxes. He also advised Biden on a host of legal, personal and financial matters, ranging from his child-support lawsuit to how to respond to ongoing federal probes into his taxes and business affairs. Earlier this year, Hunter flew to and from the courthouse for his recent Arkansas child-support hearing aboard a luxury private jet owned by Morris.

Person, Hunter’s attorney, and Zhang did not respond to Fox News Digital’s requests for comment.

Fox News’ Aaron Kliegman contributed to this report.

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Ukraine is the new obsession for Washington’s war hawks. ‘As long as it takes’ remains the mantra of the Biden administration regarding support for Ukraine. 

According to reports from September’s U.N. General Assembly meeting, U.S. and G-7 allies expect the war in Ukraine to continue for at least six to seven years. Of course, the other implication is ‘as much as it takes.’ No price tag is too high. No weapons system is off the table. All questions of risk and tradeoffs, along with those who raise them, are causally dismissed. 

Ukraine is officially America’s new endless war.

The deep state’s memory is short and rose-tinted. The Biden administration employs the same rhetoric and tactics that the Bush and Obama administrations used to conduct indefinite military engagement in Afghanistan and Iraq, not to mention undeclared intervention in Libya, Syria, and beyond. With billions flowing from the U.S. to the Ukrainian government in ‘economic support,’ long-term security guarantees, and the reconstruction effort already underway, we can’t help but feel a sense of deja vu. 

The United States is heading down the same path that mired us in Middle Eastern conflicts for over two decades, all without clearly articulating the objective or how victory is achieved. 

The time is ripe for a national conversation regarding a real strategy for Ukraine.

Last month, President Volodymyr Zelenskyy’s visit to the U.S. prompted members of Congress to ask ‘how he plans to win the conflict.’ Such deference to the interests of one foreign leader on the receiving end of a massive payday from the American taxpayers should be raising more eyebrows. The Biden administration extends President Zelenskyy unlimited access to America’s checkbook without accountability or communicating U.S. objectives and expectations for success.

When pressed on accountability concerns, the Biden administration heralds the Offices of Inspector General from the Department of Defense, State, and USAID now overseeing the $113 billion in appropriated funds for Ukraine. They point to ‘a decade of shared experience gained from joint oversight of eight different overseas contingency operations.’ 

The administration conveniently forgets to mention the spectacular failure of oversight of these overseas contingency operations, and how the same agencies in charge covered up instances of waste, at times deliberately misleading the American public on the progress made in Afghanistan and Iraq. They also fail to mention their opposition to a more formal structure of establishing a Special Inspector General.

Thus far, Congress has been content to placate Ukraine by punting on any conversation regarding an actual strategy. But the winds are shifting. Skepticism from some, and outright opposition from others, continues to grow among fiscal conservatives and foreign policy realists on additional supplemental appropriations. The time is ripe for a national conversation regarding a real strategy for Ukraine.

The American people deserve answers before more of their money is sent to Ukraine. To that end, we are introducing the Define the Mission Act, legislation that would require President Biden to submit a comprehensive strategy to Congress regarding U.S. involvement in Ukraine. 

Further, it would require the president to be upfront with Congress and the American people by explaining how Ukraine fits into our national interest, how much more time and money will be expected to achieve our objectives, and how much Europe plans to contribute to the war taking place in their backyard. 

Congress owes it to the American people, who are fatigued from decades of war in the Middle East, to hear from their president, not President Zelenskyy, the plan for U.S. engagement in Ukraine moving forward. 

‘As long as it takes’ will no longer suffice.   

Republican Mike Lee represents Utah in the United States Senate.

Republican Warren Davidson represents Ohio’s Eighth congressional district in the United States House of Representatives.

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We are already in October …. How did that happen?

Also, I am writing this article while sitting in a Starbucks in Jakarta, Indonesia. The combination of the hotel, the Starbucks, the internet, and me have not been very successful so far 😉 Recording a Sector Spotlight show will therefore be pretty much impossible.

However, we are once again at the start of a new month, and thus ending the previous month, which means looking at seasonality and monthly charts.

Given the situation, I will attack both items in articles rather than on video. Starting with seasonality.

The table above shows the seasonality data as I always use it in Sector Spotlight.

After September living up to the expectation of being a weak month for the market, the S&P was down almost 5% vs. the seasonal average of minus 0.4%, we are now entering the strongest period of the year.

In the top half of the table, you see the percentage of time (last 20 years) that a sector has outperformed SPY. For SPY itself it is the percentage of time where SPY closed the month higher than it opened. So 65% of the time, SPY closed the month of October higher than it started.

In the bottom half of the table is the average performance relative to SPY. For SPY it is the outright average performance. 1.4% for October.

Sneak peeking ahead shows that November and December are, historically, expected to be even stronger.

Going over the relative performances for the sectors shows strong expectations for Technology 70% and Financials 60% and a weaker outlook for Health Care 35% and Energy 40%.

Following the expected relative performances in the bottom half, Technology is expected to outperform SPY by 0.7%, and Financials 0.4%.

Health Care is expected to underperform 0.8%. Energy is the odd one out, the average (expected) performance for this sector over the last 20 years is 0.2% over SPY. In combination with outperformance in October in only 40% of the time, this means that WHEN Energy outperforms the market it is outperforming very strongly.

Current Rotation

The RRG above shows the current rotation for US sectors.

Technology is inside the weakening quadrant but has already started to pick up relative momentum, a continuation of this rotation could bring XLK back towards the leading quadrant and thus maintain a leading role within SPY.

Financials has entered the leading quadrant from improving but is losing relative momentum. Relative strength needs to improve rapidly for this sector in order to keep the relative uptrend and live up to the seasonal expectation.

Health Care is inside the improving quadrant but seems ready to roll over and start heading back down toward lagging, which would be fully in line with the seasonal expectation.

Energy, finally, is the strongest sector in terms of RS-Ratio at the moment. This definitely does not align with the seasonal expectation for an underperformance but it DOES align with the observation that WHEN Energy outperforms in October it outperforms strongly.

Information Technology (70%/+0.7%)

The price chart for XLK certainly got damaged last month but on a relative basis it is still holding up well. The raw RS-Line is moving sideways while the JdK RS-Momentum line is digesting the recent decline and starting to move upward.

The recent bounce off of support in the price chart will help relative strength to maintain current levels and potentially improve further. An upward break of relative strength out of its small consolidation will very likely be the trigger for a renewed period of outperformance and bring XLK back into the leading quadrant.

Financials (60%/+0.4%)

Following the recent break below its previous low on the price chart, XLF has now started a new series of lower highs and lower lows. This will make it difficult for relative strength to hold up at current levels. The lack of relative momentum (JdK RS-Momentum) is already showing up.

This makes it doubtful whether XLF will be able to live up to its positive seasonal expectation for October.

Health Care (35%/-0.8%)

The healthcare sector is struggling. On the price chart, the last two rallies did not manage to reach the resistance area around 140 and at the moment the price is testing the upward-sloping support line for the fourth time. A break below this line will confirm underlying weakness and very likely trigger more downside movement. When that happens all previous lows will potentially act as support on the way down.

With JdK RS-Ratio still well below 100 and JdK RS-Momentum rolling over it looks as if the tail is ready to roll over and head back toward the lagging quadrant on the RRG.

This rotation would be in line, and confirm, the expected seasonal weakness for this sector.

Energy (40%/+0.2%)

The Energy sector seems to be at a crossroads, pretty much as suggested by the seasonality pattern.

The sector historically only outperforms 40% of the time, meaning that it underperforms 60% of the time. But the average relative return for October is at +0.2%. As said above this means that if and when the sector outperforms in October it will outperform strongly. Otherwise, there would not be a +0.2% average relative performance against SPY.

Looking at the price chart we see XLE pushing against overhead resistance but so far not being able to break it. Raw RS managed to get out of a small falling channel but is now running into trouble to push higher.

Hence with the price just below resistance and RS on the verge of rolling over, I can now see two scenarios for XLE.

The first is in line with the seasonal pattern. Ie an underperformance vs SPY. when the price will not be able to break resistance and the rally in RS stalls. The expected (out)performance in that case will be around 0-0.2%, in line with the market.

In the second scenario, XLE will break above resistance and accelerate higher in price which will then drag relative strength higher and push XLE deeper into the leading quadrant.

A make-or-break situation therefore which relies on the breaking of resistance.

All in all, the tails for Technology, positive, and Healthcare, negative, seem to be best positioned to follow their seasonal expectation. Financials not so much and Energy will very likely either go nowhere or, in case of a break, rally significantly relative to SPY.

#StayAlert, –Julius

The next chapter in the fall of one-time crypto billionaire Sam Bankman-Fried is set to begin Tuesday as the former FTX head goes on trial in New York City.

Jury selection in Bankman-Fried’s trial is scheduled to begin Oct. 3, while the trial itself is expected to last about six weeks.

Bankman-Fried, who was once viewed as a leader in digital currencies and a rare tech CEO who was attuned to ethics, will face federal charges of wire fraud, securities fraud and money laundering that defrauded customers of his digital currency exchange, FTX, and lenders to his cryptocurrency hedge fund, Alameda Research.

He has pleaded not guilty to all of those charges. If convicted, several of the counts would come with maximum sentences of 20 years in prison.

A stunningly swift rise

“SBF,” as he was popularly known, co-founded Alameda Research in 2017 and FTX in 2019. The latter offered low trading fees and benefited from the then-booming crypto market. It snapped up competitors and marketed itself aggressively to become one of the largest players in the field. A celebrity-stuffed Super Bowl ad helped make it one of the best known as well.

FTX was also based in the Bahamas, temporarily putting it beyond the reach of U.S. regulators.

On paper, FTX’s valuation skyrocketed and estimates of Bankman-Fried’s personal wealth peaked at $26 billion. He became a significant political donor, giving publicly to Democrats and privately to Republicans, and breaking with other tech and crypto figures by calling for some regulation of the industry.

Along the way, he began telling interviewers that he wasn’t pursuing fabulous wealth for its own sake. He framed it as an ethical imperative: making billions in crypto was just a means to an end, he explained. It was the best way to accumulate a huge fortune he would use to make the world a better place, and do it as soon as possible.

His background as the son of two Stanford legal scholars, one an expert on taxes and the other on ethics, was often noted.

He also began to cross over into popular culture, cultivating an image of a 30-year-old who dressed like a college kid, with messy, curly hair and a near-uniform of T-shirts and cargo shorts, even if he was speaking in public to world leaders.

And then it all fell apart

On Nov. 2, 2022, Coindesk reported that much of the balance sheet of Bankman-Fried’s trading firm, Alameda Research, was composed of a token, called FTT, issued by FTX itself, not by a separate asset with a known and established value. That was unusual and a major financial liability for Alameda.

Days after that report, Changpeng ‘CZ’ Zhao, CEO of the rival crypto platform Binance, said his company would sell off all of its FTT tokens. That huge sale tanked the value of FTT and badly damaged Alameda’s balance sheet.

Digital currency traders started pulling their money from FTX, and the platform soon blocked customers from further withdrawals. Binance agreed to buy FTX in a bailout, then backed out of the deal.

While FTX and Alameda were supposed to be separate businesses, it soon became clear that they were deeply intertwined — and that FTX had given customers’ money to Alameda so it could invest the funds. Bankman-Fried continued to try to raise money to save the business, but both firms, as well as FTX US, filed for bankruptcy on Nov. 11.

He was soon replaced as the CEO of FTX by bankruptcy expert John Ray, who said he had never seen ‘such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.’

Billions of dollars were missing

For a short time after the collapse, Bankman-Fried granted interviews and tweeted about his situation, maintaining an unusually public and prominent image for a person facing a criminal investigation as reporters and lawyers dug through the wreckage of his businesses. At different times he was apologetic, seemingly open and contemptuous, suggesting he hadn’t meant most of what he’d said about trying to do good.

He was scheduled to testify before Congress when he was arrested in December, in the Bahamas. He was extradited to the U.S. and initially remained on house arrest but was jailed in August after prosecutors said he had leaked diary entries by Caroline Ellison, his ex-girlfriend and the former CEO of Alameda, to The New York Times.

Ellison, like several other FTX insiders, is expected to testify against Bankman-Fried at the trial.

Bankman-Fried is expected to be tried in March 2024 on five additional counts, including bribery of a foreign official. He has also pleaded not guilty to those charges.

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A recent U.S. State Department strategy memo detailing the top priorities for Ukraine — ravaged by war against Russia since last year — shows the Biden administration has concerns over purported corruption in the Eastern European country but still supports continued aid to the region.

According to the 22-page document, called the Integrated Country Strategy, the ‘biggest challenge is winning the war,’ but ‘Ukraine has a unique opportunity in the current moment to commit to the anti-corruption and judicial reforms needed to realize the aspirations of the Ukrainian people.’

The document outlines several objectives and timelines for each that the U.S. government wants to see Ukraine reach.

The document reiterates U.S. support for Ukraine with ‘continued military and security assistance’ but adds, ‘A clear, transparent strategy to deoligarch the economy and deliver prosperity for all is central to these reforms.’

‘Even as Ukraine fights to liberate its territory, the fight for the future is also important,’ the document states. ‘President Zelenskyy campaigned on a promise to clean up corruption and remains publicly committed to rebuilding a Ukraine that benefits all of society. Ukraine cannot afford to push reforms to a post-war period. The country must lay the framework to win the future even now.’

It adds, ‘Ukraine must move against entrenched, politically influential interests to succeed now and in the post-war recovery. Reforms in the energy sector, a bastion of corruption and oligarchic control, are essential to cementing Ukraine’s European integration.’

The mostly unnoticed document, approved for public release on Aug. 29, provides another layer to the administration’s support for Ukraine, emphasizing the importance of not only making public commitments to reform but also ensuring their actual implementation. This, it suggests, will not only bolster confidence among private sector investors for the country’s recovery but also strengthen U.S. and international support in military, development, and economic spheres.

Following through on U.S. commitments to provide equipment and training is crucial in supporting Ukraine’s armed forces against Kremlin-led aggressions, the document notes. 

The document also outlines enhancing the U.S. diplomatic presence in Ukraine, including exploring the possibility of expanding U.S. presence beyond Kyiv to possibly Lviv, Odesa, Kharkiv and Dnipro.

Meanwhile, mostly GOP lawmakers have repeatedly called for more rigorous oversight to Ukranian aid, and the U.S. government averted a shutdown this weekend in a spending bill passed by Congress that left out assistance to the nation.

President Biden said in a statement Sunday after the funding bill passed late Saturday night that America’s support for Ukraine ‘cannot be interrupted.’

‘We have time, not much time, and there’s an overwhelming sense of urgency,’ he said. The spending bill expires on Nov. 17.

Fox News Digital reached out to the U.S. Department of State for comment but did not hear back by time of publication. 

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Rep. Dean Phillips, D-Minn., recently stepped down from his House Democrat leadership role in a move that Fox News Digital is told was not forced but the ‘writing was on the wall’ over his calls for a primary challenger to President Biden.

‘I have decided to step down from the DPCC & Democratic Caucus leadership,’ Phillips announced in a social media post on Sunday. ‘While politics & official work do not mix, it’s clear my convictions about 2024 are incongruent with the position of my colleagues & that was causing discomfort. I was not pressured or forced to resign.’

Fox News Digital is told that Phillips was not pushed out of his role and that leadership was generally supportive of Phillips but that his criticism of President Biden caused ripples in the caucus. 

‘The writing was on the wall,’ said one source.

In a follow-up post on X, formerly known as Twitter, Phillips said that House Minority Leader Hakeem Jeffries has ‘provided space & place for all perspectives, and I celebrate him and our DPCC Chair, [Rep. Joe Neguse, D-Colo.] for their authentic & principled leadership.’

The straw that broke the camel’s back, Fox News Digital is told, came at a House Democratic Caucus meeting last week. During the meeting, Rep. Sydney Kamlager-Dove, D-Calif., was outspoken against Phillips for suggesting the president step aside.

Fox News Digital is told that this is the first time that Phillips may have realized his position was causing what was termed ‘significant discomfort’ among some Democrats.

Fox has learned that the Minnesota Democrat later spoke to Kamlager-Dove on the floor and asked why she did not come to him privately to express her concerns.                                                                                                         

One source told Fox News Digital that Phillips is ‘thinking about bigger things,’ including a potential run for president, which the congressman has previously floated. 

In August, Phillips urged his Democrat colleagues to jump into the race and told NBC’s ‘Meet the Press’ that he ‘adores’ Biden but wants him to ‘pass the torch’ to new leaders.

‘I would like to see a moderate governor, hopefully from the heartland, from one of the four states that Democrats will need,’ Phillips said.

He continued, ‘Anybody who wants to run, Joe Manchin, Cornel West … that’s why we have primaries because that doesn’t undermine the likelihood of returning, in this case, a Democrat to the White House. I’m actively inviting, encouraging to some degree, imploring that people who are ready and know it’s probably time to do so take the chance.’

Phillips told ‘The Warning’ podcast last week that he is ‘thinking about it’ when asked if he is considering running against Biden. 

‘I haven’t ruled it out,’ he added.

‘I think there are people who are more proximate, better prepared to campaign with national organizations, national name recognition, which I do not possess,’ Phillips added. ‘I’m concerned that there is no alternative.’

Phillips did not respond to Fox News Digital’s request for comment. Kamlager-Dove declined to comment.

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Former House Speaker Newt Gingrich, R-Ga., floated the idea of removing GOP Rep. Matt Gaetz of Florida from the House Republican Conference.

Gingrich wrote Sunday that he thinks expelling Gaetz fully from the lower chamber would be a step too far.

However, Gingrich said booting Gaetz from the House GOP conference and his committee assignments may be more of a ‘rational response.’

‘The effort to expel Matt Gaetz for being a destructive, irresponsible anti-Republican may be a step too far,’ Gingrich wrote on X, formerly Twitter. ‘Expulsion from the House requires a two thirds vote.’

‘However expelling him from the House Republican Conference and eliminating all his committee assignments and all resources other than those an individual member is entitled to would be a rational response to his suicidal efforts to cripple the House GOP,’ Gingrich continued.

Fox News Digital reached out to Gaetz’s office for comment but did not immediately receive a response.

According to the House Republican Conference rules set for the 118th Congress, it takes a two-thirds vote to expel a GOP member from the conference.

As for committee assignments, House Speaker Kevin McCarthy, R-Calif., is free to remove Gaetz from select and conference committees – such as the House Permanent Select Committee on Intelligence – but standing committees, like the House Judiciary Committee, are a different animal altogether.

To remove a member from a standing committee, the House is required to vote on a resolution for removal – like when ‘Squad’ Rep. Ilhan Omar, D-Minn., was removed from the House Foreign Affairs Committee in February of this year.

Gingrich’s tweet comes as Republican members of the House look to expel Gaetz from the lower chamber amid his renewed threat to pursue a motion to vacate McCarthy.

Sen. Lindsey Graham, R-S.C., blasted efforts to oust McCarthy on Sunday, saying the move would be a ‘disaster’ for congressional Republicans.

Graham made the statement during an appearance on CBS’ ‘Face the Nation’ with host Margaret Brennan. Graham endorsed McCarthy as the ‘right guy’ for the job and said he only faces opposition from a handful of House Republicans.

‘I think Kevin is the right guy at the right time,’ Graham said. ‘The only way he loses his job is if a handful of Republicans join up with the Democratic Party to fire him.’

‘That would be a disaster for the future of the Republican Party. That’s not gonna happen. Kevin has the overwhelming confidence of his membership, he worked to avoid a shutdown. He will fund Ukraine, but he’s telling everybody in the country, including me, you better send something over for the border for me to help Ukraine, and he’s right to make that demand.’

Graham is the latest of a flurry of lawmakers to weigh in on a potential bid to oust McCarthy from the speakership. Gaetz vowed on Sunday to file a motion to vacate against McCarthy sometime this week.

Fox News Digital’s Anders Hagstrom contributed reporting.

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A new Monmouth University poll released Thursday revealed a huge gap in the level of concern from voters over President Biden’s advanced age versus former President Donald Trump’s.

According to the poll, 76% of voters agreed Biden, 80, was ‘too old’ to serve another term, compared to just 48% who said the same about Trump, 77, despite the difference in their ages being just three and a half years. 

Of the 76% who said Biden was ‘too old,’ 55% strongly agreed versus just 26% of the 48% who said the same about Trump.

Trump also edged Biden when it came to voter enthusiasm about their candidacies with 56% of voters saying they were either enthusiastic or very enthusiastic about him becoming the Republican nominee for president. Just 46% of voters said the same about the prospect of Biden becoming the Democrat nominee.

When broken down to just independent voters, 35% were enthusiastic about a Trump candidacy versus just 19% for a Biden candidacy.

In a hypothetical 2024 matchup, 43% of voters said they would definitely or probably vote for Trump while 42% said they would definitely or probably vote for Biden. 57% said they definitely or probably wouldn’t vote for Biden, and 56% said they definitely or probably wouldn’t vote for Trump.

Biden’s 42% support was down from the 47% a Monmouth poll found in July, and Trump’s 43% was an increase from 40% in the same poll that month.

According to the poll, Biden’s support from Black, Latino and Asian voters dropped significantly from the July poll, down to 47% from 63%. Trump, however, jumped to 33% from 23% in July.

Biden narrowly came out on top in favorability with 41% of voters viewing him as very or somewhat favorable compared to just 38% for Trump. 59% said they viewed Biden as very or somewhat unfavorable, compared to 62% for Trump.

When it came to Trump’s ongoing legal issues surrounding his response to the 2020 presidential election, 46% of voters said he committed a crime. Just 22% said Trump did something wrong, but did not commit a crime while 29% said he did nothing wrong.

On the House impeachment inquiry into President Biden, 34% said Biden should be impeached, 16% said Biden may have violated his oath of office but shouldn’t be impeached, and 43% said Biden did not violate his oath of office.

Just 15% said they had ‘a lot’ of trust in the House to conduct a fair investigation into Biden, 33% said ‘a little,’ and 50% said not at all.

Concerning Hunter Biden’s legal troubles, 27% said they made it less likely they would support Biden for president, but 72% said they would have no impact on their voting decision.

This post appeared first on FOX NEWS

If you are finding yourself fluctuating between bullishness and bearishness, then congratulations! Hopefully, that also means you are waiting for certain signals to help you commit to one way or another.

Here are the signals we are waiting for before overly committing to a bias:

As we wrote over the weekend, how the junk bonds (high yield high debt bonds) do independently, and how they perform against the long bonds (TLT).How the retail and transportation sectors do (along with small caps) as they represent the “inside” of the US economy.How DBA (ags) and DBC (commodity index) do relative to the strong dollar and higher yields.

The first chart shows you a sell signal mean reversion as far as the ratio between long bonds and junk bonds signaled. However, junk still outperforms long bonds — at this point, that says risk on, but a cautious risk on, with junk gapping lower and taking out summer lows (but holding March lows at 72.61).

Retail (XRT) had a solid reversal bottom last week. Now, it must clear last Friday’s highs and hold June lows… plus, XRT outperforms SPY right now.

Transportation (IYT) is now underperforming SPY. Although consolidating after breaking under the 200-DMA (green), it looks vulnerable. Could that change? A move over 235 would be a good start.

Looking at DBA, that whole commodities sector is outperforming the SPY. Makes you wonder what would happen if the dollar and/or yields soften.

Trading slightly below the July 6-month calendar range high, we anticipate DBA can continue higher, especially if price retakes the 50-DMA (blue line). DBC fell right onto support at its 50-DMA. Momentum also fell into support. Furthermore, DBA also outperforms SPY. This certainly makes the case for higher commodities and inflation as a trend again, especially if long bonds and the dollar soften.

This is for educational purposes only. Trading comes with risk.

For more detailed trading information about our blended models, tools and trader education courses, contact Rob Quinn, our Chief Strategy Consultant, to learn more.

If you find it difficult to execute the MarketGauge strategies or would like to explore how we can do it for you, please email Ben Scheibe at Benny@MGAMLLC.com.

“I grew my money tree and so can you!” – Mish Schneider

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Follow Mish on Twitter @marketminute for stock picks and more. Follow Mish on Instagram (mishschneider) for daily morning videos. To see updated media clips, click here.

Mish in the Media

Watch Mish and Nicole Petallides discuss how pros and cons working in tandem, plus why commodities are still a thing, in this video from Schwab.

Mish talks TSLA in this video from Business First AM.

See Mish argue investors could jump into mega-tech over value and explain why she is keeping an eye on WTI prices on BNN Bloomberg’s Opening Bell.

Even as markets crumble, there are yet market opportunities to be found, as Mish discusses on Business First AM here.

Mish explains how she’s preparing for the next move in Equities and Commodities in this video with Benzinga’s team.

Mish talks about the head-and-shoulders top pattern for the S&P 500 in The Final Bar.

Mish covers sectors from the Economic Family, oil, and risk in this Yahoo! Finance video.

Mish shares why the most important ETFs to watch are Retailers (XRT) and Small Caps (IWM) in this appearance on the Thursday, September 20 edition of StockCharts TV’s The Final Bar with David Keller, and also explains MarketGauge’s latest plugin on the StockCharts ACP platform. Mish’s interview begins at 19:53.

Mish covers 7 stocks that are ripe for the picking on the Wednesday, September 20 edition of StockCharts TV’s Your Daily Five, and she gives you actionable levels to watch.

Take a look at this analysis of StockCharts.com’s Charting Forward from Jayanthi Gopalkrishnan, which breaks down Mish’s conversation with three other charting experts about the state of the market in Q3 and beyond.

Mish was interviewed by Kitco News for the article “Oil Prices Hit Nearly One-Year High as it Marches Towards $100”, available to read here.

Mish covers short term trading in DAX, OIL, NASDAQ, GOLD, and GAS in this second part of her appearance on CMC Markets.

Mish talks Coinbase in this video from Business First AM!

Mish looks at some sectors from the economic family, oil, and risk in this appearance on Yahoo Finance!

Mish covers oil, gold, gas and the dollar in this CMC Markets video.

In this appearance on Business First AM, Mish explains why she’s recommending TEVA, an Israeli pharmaceutical company outperforming the market-action plan.

As the stock market tries to shake off a slow summer, Mish joins Investing with IBD to explain how she avoids analysis paralysis using the six market phases and the economic modern family. This edition of the podcast takes a look at the warnings, the pockets of strength, and how to see the bigger picture.

Mish was the special guest in this edition of Traders Edge, hosted by Jim Iuorio and Bobby Iaccino!

In this Q3 edition of StockCharts TV’s Charting Forward 2023, Mish joins a panel run by David Keller and featuring Julius de Kempenaer (RRG Research & StockCharts.com) and Tom Bowley (EarningsBeats). In this unstructured conversation, the group shares notes and charts to highlight what they see as important considerations in today’s market environment.

Coming Up:

October 4: Jim Puplava, Financial Sense

October 5: Yahoo! Finance & Making Money with Charles Payne, Fox Business

October 12: Dale Pinkert, F.A.C.E.

October 26: Schwab and Yahoo! Finance at the NYSE

October 27: Live in-studio with Charles Payne, Fox Business

October 29-31: The Money Show

Weekly: Business First AM, CMC Markets

ETF Summary

S&P 500 (SPY): There are multiple timeframe support levels around 420-415.Russell 2000 (IWM): 170 huge.Dow (DIA): 334 pivotal.Nasdaq (QQQ): 330 possible if can’t get back above 365.Regional Banks (KRE): 39.80 the July calendar range low.Semiconductors (SMH): 133 the 200-DMA with 147 pivotal resistance.Transportation (IYT): 237 resistance, 225 support.Biotechnology (IBB): 120-125 range.Retail (XRT): 57 key support; if can climb over 63, get bullish.

Mish Schneider

MarketGauge.com

Director of Trading Research and Education

In this edition of StockCharts TV‘s The Final Bar, Dave shows how market breadth conditions have continued to deteriorate to the point where signs of a bottom may emerge. He answers viewer questions on historical Fed cycles, under-performance of defensive sectors like utilities, and how to use technical analysis for value investing.

This video originally premiered on October 2, 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.