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We have introduced two new tables in the DecisionPoint ALERT to give an overview of trend and BIAS for the major market indexes, sectors, and industry groups that we track. The first is our Market Scoreboard, which shows the current Intermediate-Term and Long-Term Trend Model (ITTM and LTTM) signal status. To review:

The IT Trend Model generates a BUY Signal when the 20-day EMA crosses up through the 50-day EMA (Silver Cross). The IT Trend Model generates a NEUTRAL Signal when the 20-day EMA crosses down through the 50-day EMA (Dark Cross) above the 200-day EMA. This is a soft SELL Signal, going to cash or a hedge. This avoids being short in a bull market.The IT Trend Model generates a SELL Signal when the 20-day EMA crosses down through the 50-day EMA (Dark Cross) below the 200-day EMA.

The LT Trend Model generates a BUY Signal when the 50-day EMA crosses up through the 200-day EMA (Golden Cross).The LT Trend Model generates a SELL Signal when the 50-day EMA crosses down through the 200-day EMA (Death Cross).

The current table shows that there is considerable stress in the intermediate-term; however, the long-term is still comfortably green for market and sector indexes. But we need to remember that the market indexes are cap-weighted, which means that they can be held aloft by large-cap stocks. The 11 sectors shown are composed solely of S&P 500 components, meaning that they will reflect the strength of that index. Industry groups, however, are not doing as well because they are less protected by the large-cap umbrella.

Next, let’s look at how we determine the BIAS of a given index. First, the Silver Cross Index shows the percentage of stocks in an index that have a Silver Cross (20-day EMA above the 50-day EMA), and the Golden Cross Index shows the percentage of stocks in the index that have a Golden Cross (50-day EMA above the 200-day EMA). Next we determine BIAS based upon the relationship of the Silver Cross Index to its 10-day EMA, and the relationship of the Golden Cross Index to its 20-day EMA. When they are above, the BIAS is bullish. When they are below, the BIAS is bearish. See the chart below.

The following table shows the current intermediate-term and long-term BIAS of the market, sector, and industry group indexes we follow. Note that the picture is extremely bearish, but it is a very oversold condition, which will shift toward the positive in the event of a strong rally.

Conclusion: These new tables, available daily in the DecisionPoint ALERT, provide a quick overview of market trend and BIAS. They are intended to help focus attention on areas that may be of interest. They do not give action commands, but provide information flags to prompt assessment of the relevant charts.

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On this week’s edition of Stock Talk with Joe Rabil, Joe explains how the creator of the MACD, Gerald Appel, used this indicator as an overbought/oversold oscillator. He shows how using the SPY on the daily chart as an example. He then explains what to do when MACD is broken and giving false signals. Joe then analyses the symbol requests that came through this week.

This video was originally published on September 28, 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.)

Which Cyber Security ETF is the StrongestStocks were hit hard the last two weeks with the S&P 500 SPDR (SPY) breaking below its August low. SPY also forged a lower high from July to August. Stocks and ETFs that held above their August lows are showing relative strength. With that in mind, the three cyber security ETFs stand out and one is stronger than the others. This standout and two cybersecurity stocks were featured in Thursday’s Chart Trader Report & Video.

The first chart shows SPY to set the reference points. First, SPY formed a lower high from July to early September (red dashed lines). Second, SPY broke the August low with a sharp decline (green line). These are the two reference points to keep in mind going forward.

The next chart shows the Cybersecurity ETF (CIBR). First, notice that it formed two equal highs in the 47.50 area (red dashed line). CIBR did not forge a lower high and showed more strength. Second, CIBR held above the August low during the September decline. Again, CIBR is holding up better and showing relative strength.

The next chart shows the Cybersecurity ETF (BUG) with the same characteristics.

The next chart shows the Cyber Security ETF (HACK) with different characteristics. HACK forged a higher high and a 52-week high on September 1st. This higher high means it was stronger than SPY on the way up. HACK fell with the rest of the market over the last two weeks, but remains well above the August low. HACK shows relative strength on this decline.

The chart above also shows a bullish continuation pattern in play. This pattern is explained in the video above. Note that I featured HACK and two cybersecurity stocks in the Chart Trader Report & Video on Thursday morning. This report also showed three short-term breadth indicators becoming oversold the last two days. Click here to learn more and gain immediate access.

The TIP Indicator Edge Plug-in for StockCharts ACP has 11 indicators to enhance your analysis and trading. These include the Trend Composite, Momentum Composite and ATR Trailing Stop. Click here to learn more and take your trading to the next level.

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The Senate unanimously passed a resolution late Wednesday formalizing business attire as the proper dress code while on the floor of the chamber following bipartisan backlash, after Sen. Majority Leader Chuck Schumer, D-N.Y., quietly relaxed dress requirements last week that allowed Sen. John Fetterman, D-Pa., to continue to wear hooded sweatshirts and gym shorts.

The bipartisan bill by Sen. Joe Manchin, D-W.Va., and Sen. Mitt Romney, R-Utah, requires that members abide by a dress when on the Senate floor. 

The new written rules include a coat, tie, and slacks for men. The resolution does not detail dress codes for women members. 

In his remarks Wednesday Schumer said that an official dress code is ‘the right path forward.’

‘Though we’ve never had an official dress code, the events over the past week have made us all feel as though formalizing one is the right path forward,’ Schumer said. ‘I deeply appreciate Senator Fetterman working with me to come to an agreement that we all find acceptable, and of course I appreciate Sen. Manchin and Sen. Romney’s leadership on this issue.’

Following the vote, Fetterman’s office released a brief statement that included a viral meme photograph of the actor Kevin James sheepishly shrugging.

The resolution came after considerable backlash after Schumer dropped the dress code for senators on Sept. 17. 

Many have referred to it as the ‘Fetterman Rule’ given Fetterman, who has routinely been seen around the Capitol building while wearing gym shorts and his trademark hoodie.

Fox News’ Chad Pergram and Pilar Arias contributed to this report.

This post appeared first on FOX NEWS

House Republicans on Thursday morning are set to hold their first impeachment inquiry public hearing, where they will present all evidence uncovered to date as part of their investigation into the Biden family’s business dealings while examining ‘the value’ of the inquiry.

The House Oversight Committee, led by Chairman James Comer, R-Ky., will ‘examine the value of an impeachment inquiry and present evidence House Republicans have uncovered to date regarding President Joe Biden’s knowledge of and role in his family’s domestic and international business practices,’ according to the panel. The hearing is to begin at 10 a.m.

Bruce Dubinsky, a forensic accountant with decades of experience in financial investigations and consulting – and who the committee says has testified in more than 80 trials, including trials that involved financial fraud – will testify, along with former Assistant Attorney General Eileen O’Connor, who served in the Department of Justice Tax Division.

Law professor and Fox News contributor Jonathan Turley, who testified in the Clinton and Trump impeachments, will also testify.

‘The House Oversight and Accountability Committee has uncovered a mountain of evidence revealing how Joe Biden abused his public office for his family’s financial gain,’ Comer is expected to say in his opening statement. ‘For years, President Biden has lied to the American people about his knowledge of and participation in his family’s corrupt business schemes.’ 

‘Evidence reveals that then-Vice President Joe Biden spoke, dined, and developed relationships with his family’s foreign business targets. These business targets include foreign oligarchs who sent millions of dollars to his family,’ Comer is expected to say. ‘It also includes a Chinese national who wired a quarter of a million dollars to his son.’ 

Comer was referring to subpoenaed Hunter Biden financial records, which revealed he received two wires originating from Beijing and linked to BHR Partners in 2019. 

Fox News Digital first reported that Hunter Biden received the wire payments, which originated in Beijing, for more than $250,000 from Chinese business partners during the summer of 2019 — wires that listed the Delaware home of Joe Biden as the beneficiary address for the funds.

The White House declined to comment.

‘To date, the House Oversight Committee has uncovered how the Bidens and their associates created over 20 shell companies and raked in over $24 million dollars,’ Comer will say, adding that the committee has also ‘identified nine members of the Biden family who have participated in or benefited from these business schemes.’ 

‘What were the Bidens selling to make all this money? Joe Biden himself,’ Comer will say. ‘The American people demand accountability for this culture of corruption.’ 

Comer is expected to say that the American people ‘demand to know how these schemes have compromised President Biden and threaten our national security,’ and ‘demand safeguards to be put in place to prevent public officials from selling access to their public office for private gain..’ 

‘Today, the House Oversight Committee will examine over two dozen pieces of evidence revealing Joe Biden’s corruption and abuse of public office,’ Comer will explain. ‘This includes e-mails, text messages, bank records, and testimony of Biden business associates.’

The House of Representatives formally launched the impeachment inquiry this month – something Comer said Congress had a duty to do while stressing that Americans ‘demand and deserve answers, transparency and accountability’ for Biden’s alleged corruption and ‘abuse of public office.’

Biden faces accusations that he was involved in foreign business deals set up by his son, Hunter Biden, who allegedly promised his father would use his public office to grant favors in exchange for payments.

The White House maintains that President Biden was ‘never in business with his son.’

White House officials, though, have blasted House Republicans for the impeachment inquiry, calling it an ‘evidence-free’ probe and a ‘political stunt.’ The White House is also slamming GOP lawmakers for holding the hearing just days before the government runs out of funding.

Congress is currently negotiating a continuing resolution to extend the current year’s funding, but without passing a deal by Sept. 30, they risk sending the government into a partial shutdown.

‘Extreme House Republicans are already telegraphing their plans to try to distract from their own chaotic inability to govern and the impact of it on the country,’ White House spokesperson Ian Sams told Fox News Digital.

‘Staging a political stunt hearing in the waning days before they shut down the government reveals their true priorities: to them, baseless personal attacks on President Biden are more important than preventing a government shutdown and the pain it would inflict on American families,’ Sams said.

The hearing will be the first since House Speaker Kevin McCarthy, R-Calif., formalized an impeachment inquiry last week. McCarthy directed Comer and House Judiciary Chairman Jim Jordan, R-Ohio, along with Ways and Means Committee Chairman Jason Smith, R-Mo., to lead the investigation.

This post appeared first on FOX NEWS

The North Korean government has added the policy of growing its nuclear capabilities into the national constitution. 

The 14th Supreme People’s Assembly, the unicameral legislative body of the country, made the constitutional change on Wednesday.

‘The DPRK’s nuclear force-building policy has been made permanent as the basic law of the state, which no one is allowed to flout with anything,’ Supreme Leader Kim Jong Un said during the legislative session.

He added, ‘This is a historic event that provided a powerful political lever for remarkably strengthening the national defense capabilities.’

The Supreme People”s Assembly is, on paper, the highest governing body in North and the government’s strongest political organ.

In actuality, the parliament has served as a mere formality — rubber-stamping the policies decided by the Kim family dynasty — for generations.

The nuclear force-building amendment unanimously passed the Supreme People’s Assembly.

Kim Jong Un said at the assembly that the enshrinement of nuclear development into the national constitution was a response to trilateral cooperation from the US, Japan, and South Korea..

The supreme leader accused the U.S. of conducting ‘large-scale nuclear war joint drills with clear aggressive nature and putting the deployment of its strategic nuclear assets near the Korean peninsula on a permanent basis.’

North Korea is positioning itself as an eager ally of Russia, the People’s Republic of China, and others in the face of American influence in East Asia.

Russia and China have increased diplomatic efforts with the hermit kingdom in recent months, with Kim Jong Un making a rare foreign visit to Russia earlier this month.

This post appeared first on FOX NEWS

Rite Aid, the third-largest U.S. drugstore chain, is reportedly preparing to seek bankruptcy protection and could close 400 to 500 stores.

The Wall Street Journal reported Friday that Rite Aid was negotiating with creditors about a plan that would have it file for Chapter 11 bankruptcy protection and close about a quarter of its 2,100 locations. It would either sell the rest or let its creditors take them over.

The Journal, which previously reported that Rite Aid was considering a bankruptcy filing, said two groups of Rite Aid’s creditors are negotiating over how many stores would be sold, with one group preferring to sell more than it has proposed.

Rite Aid said in a statement that it is ‘continuing to work collaboratively and constructively with our financial stakeholders to identify the best path forward to reduce our debt and position the business for continued success.’

It said no decisions about its next steps have been made.

For years, Rite Aid, based in Philadelphia, has struggled compared to rivals CVS and Walgreens. It has posted weaker sales and struggled with its debt load, which stood at about $3.3 billion as of June 3, and it has said it isn’t bringing in enough cash to service those debts.

Making its financial position more precarious is a federal lawsuit accusing it of ignoring signs that it was filling prescriptions for opioid abusers from 2014 to 2019. Other large pharmacy chains have faced similar allegations. The Justice Department says Rite Aid illegally filled hundreds of thousands of prescriptions for opioids and other controlled substances.

While CVS and Walgreens each have about 9,000 stores, Rite Aid’s attempts at expansion have been much less successful. After it bought the Brooks/Eckerd chain in 2007, it had a little more than 5,000 stores. It has continued to close and sell locations as it has tried to get out of its financial hole.

In 2015, Rite Aid agreed to sell itself to Walgreens, with 865 stores going to another competitor, Fred’s. The Federal Trade Commission blocked the deal, and Rite Aid ultimately sold about 2,200 stores to Walgreens, while the Fred’s part of the sale collapsed.

Rite Aid then tried to sell itself to the Albertsons grocery chain, but it pulled out of the deal in the face of shareholder opposition.

In its latest quarterly filing, in June, Rite Aid said it expected to lose $650 million to $680 million in the current fiscal year and said it had $135 million in cash on hand.

This post appeared first on NBC NEWS

If the federal government shuts down Sunday, numerous publicly funded agencies will stop work and their employees won’t be paid, but Social Security checks will still go out.

Social Security is considered a mandatory program, and it isn’t funded by the shorter-term appropriations bills passed by Congress and signed by the president. That means its operations and funding don’t stop when the government shuts down.

That’s important for a large proportion of Americans, as about 67 million people receive monthly Social Security benefits, according to the Social Security Administration. Those benefits go primarily to retirees but also to people with disabilities, as well as dependents of deceased beneficiaries. 

Medicare and Veterans Affairs benefits also continue to be distributed during a shutdown.

The federal government will shut down at 12:01 a.m. ET Sunday if Congress does not pass a bill to provide more funding. The GOP has a narrow majority in the House, and a group of hard-line conservatives is holding out from the rest of Republicans and demanding deep cuts in government spending.

President Joe Biden and the Democrats, who control the Senate, oppose those cuts.

In the event of a shutdown, ‘nonessential’ actions would stop, and 4 million federal employees would not receive paychecks.

Some, including members of the military, would work without pay and would receive back pay later on, after a new funding bill is passed and signed into law. Other federal employees would be furloughed and would not report to work.

And a shutdown would stop many other federal programs and services. The Biden administration said Monday that the Special Supplemental Nutrition Program for Women, Infants, and Children, or WIC, will stop operating one or two days into a shutdown, although Agriculture Secretary Tom Vilsack said some states might be able to keep their programs running a bit longer than that.

WIC is a program intended to help low-income pregnant and postpartum women, as well as children under age 5, access healthier food. According to the Agriculture Department, more than 6 million people received WIC benefits each month in 2022, including about 39% of all U.S. infants.

A long shutdown could harm the economy, as well. The longest shutdown lasted for 35 days, from Dec. 22, 2018, to Jan. 25, 2019, and the Congressional Budget Office estimated that it cost the U.S. economy at least $11 billion directly, with indirect costs that were harder to quantify.

A government shutdown should not be confused with a debt ceiling standoff. The U.S. reached its borrowing limit, called the debt ceiling, earlier this year. That standoff could have prevented Social Security checks from going out had it lasted long enough, but after a protracted impasse, congressional Republicans and Democrats agreed on a deal to prevent it.

This post appeared first on NBC NEWS

Hyundai and Kia are recalling a combined 3.37 million vehicles in the United States due to the risk of engine fires, telling owners to park outside and away from structures until repairs are complete.

The automakers say internal brake fluid leaks can cause an electrical short that could lead to a fire. The National Highway Traffic Safety Administration (NHTSA) said owners should follow the advice of automakers and park vehicles outside until repairs are made.

Hyundai said it has reports of 21 fires and 21 other thermal incidents since 2017 related to the recall, while Kia has reports of at least 10 confirmed fires and melting incidents. Neither automaker has reports of any crashes, injuries or fatalities or crashes tied to the recalls, NHTSA said.

Kia America’s recall covers 1.73 million Borrego, Cadenza, Forte, Sportage, K900, Optima, Soul Rio, Sorento, and Rondo vehicles. The recall covers various model years for each vehicle from 2010 through 2017, according to a filing with NHTSA.

The Hydraulic Electronic Control Unit (HECU) in the vehicles may experience an electrical short as a result of brake fluid leaks, which can result in an engine compartment fire while parked or driving, the automaker said.

Hyundai is recalling 1.64 million Elantra, Genesis Coupe, Sonata Hybrid, Accent, Azera, Veloster, Santa Fe, Equus, Veracruz, Tucson, Tucson Fuel Cell, and Santa Fe Sport vehicles from model years covering 2011 through 2015.

The Anti-Lock Brake System (ABS) module may leak brake fluid internally and cause an electrical short, which can result in an engine compartment fire while parked or driving, the carmaker said in the filing.

Hyundai plans to notify owners to bring vehicles to a dealer to replace the ABS module fuse. Kia is still working on a remedy, NHTSA said. The automakers plan to notify owners of the recall in November.

This post appeared first on NBC NEWS

Who is Ron DeSantis?

Florida Gov. Ron DeSantis will once again try to establish himself as the top challenger to former President Donald Trump and change the narrative after a series of setbacks the past few months, which triggered weeks of negative stories spotlighting his campaign’s overspending, staff layoffs, change of leadership and other setbacks.

‘I know from the military, when you’re over the target, that’s when you’re taking flak. And if you look really in the last six to nine months, I’ve been more attacked than anybody else. Biden, Harris, the media, the left, other Republican candidates,’ DeSantis said. ‘And there’s a reason for that, because people know that I’m the biggest threat. So we view it as positive feedback. We’ll be ready to do what we need to do to deliver our message, but we absolutely expect that, and we’ll be ready for it.’

Asked whether his first debate strategy included punching back at rivals on the stage, DeSantis told Fox News, ‘Yes, that means defending ourselves but more importantly showing why we are the leader to get this country turned around.’

Who is Nikki Haley?

Former South Carolina governor and UN Ambassador Nikki Haley announced in February that she would be running for president, seeking the Republican nomination for the 2024 election.
Born in Bamberg, South Carolina, Haley has long been viewed by political pundits as a potential GOP presidential contender.

Haley has crisscrossed the country the past two years through her political group Stand for America, helping fellow Republicans running in the 2022 elections. Her travels brought her numerous times to Iowa, New Hampshire, and Nevada, which hold the first, second and fourth contests in the Republican presidential nominating calendar. Haley’s home state of South Carolina votes third in the GOP primary schedule.

‘America is not past our prime, it’s just that our politicians are past theirs,’ Haley said in her first campaign speech, as the crowd chanted ‘USA’ and ‘Nikki.’

Haley has called for years for the U.S. to be more aggressive in combating the threat from Beijing and in June called for a fundamental change in the U.S. outlook to the threat from the East.

In late July, Haley unveiled an extended plan to deal with the Chinese Communist Party. The plan includes a pledge to roll back Biden-era green energy mandates, which she says are a giveaway to Beijing.

While polls indicate Haley is an underdog compared to other candidates like former President Donald Trump and Florida Gov. Ron DeSantis, Haley has a history of winning tough elections.
In 2004, she defeated the state’s longest-serving state House member in the GOP primary on her way to winning a state legislative seat. And six years later, she topped a congressman, the state’s lieutenant governor, and the attorney general in the Republican gubernatorial primary, ahead of her general election victory.

Haley is the daughter of immigrants from India who grew up to become South Carolina’s first female governor and the nation’s first female governor of Asian American heritage.

Following her tenure as governor of the Palmetto State, Haley served in Trump’s administration as the U.S. Ambassador to the UN, leaving at the end of 2018 on good terms with the then-president.

Who is Vivek Ramaswamy?

Vivek Ramaswamy, a health care and tech sector entrepreneur, conservative commentator and author who has become a crusader in the culture wars, declared his candidacy in the Republican presidential primary in February.

Born in Cincinnati, Ramaswamy quickly made a name for himself on the campaign trail. Ramaswamy, who was dubbed ‘the CEO of Anti-Woke Inc.’ in a New Yorker magazine profile last year, said earlier this year that his campaign is ‘about the unapologetic pursuit of excellence in our country. It means you believe in merit; that you get ahead in this country not on the color of your skin but on the content of your character and your contributions.’

In an interview with Fox News Digital in August, Ramaswamy said that he wants to answer ‘the question of what it means to be American in the year 2023.’

‘I’m 37 years old. When you ask people my age and younger what it means to be American today, you get a blank stare,’ he said.

Ramaswamy has called for a ‘total decoupling’ from Communist China, which he argues is a greater threat to America today than the Soviet Union was during the Cold War because China makes the ‘shoes on our feet and the phones in our pockets.’

As the son of Indian migrants who legally came through America’s ‘front door,’ Ramaswamy is a strong supporter of merit-based immigration and would not grant leniency for those who broke the law when entering the country.

Other top priorities of his include ‘restoring free speech,’ which would involve making political expression a civil right and banning Big Tech censorship executed at the behest of the government, and ‘dismantling’ affirmative action and the ‘new climate religion,’ which he calls a ‘cancer on the American soul.’

Who is Tim Scott?

South Carolina Republican Sen. Tim Scott announced in May that he would seek the GOP nomination for president.

Known for his fundraising prowess, Scott, the only Black Republican in the Senate, entered the White House race with his campaign coffers well stocked. Scott reported nearly $22 million cash on hand at the end of last year — funds left over from the senator’s convincing 25-point re-election victory in November in reliably red South Carolina.

A pair of Scott-aligned super PACs started 2023 with roughly $16 million in the bank, thanks to contributors from numerous Republican mega-donors including Oracle co-founder Larry Ellison.

‘Here’s a kid that grew up in North Charleston, South Carolina, mired in poverty, in a single parent household. To think about one day being the President of the United States just tells me that the evolution of the American soul continues to move toward that more perfect union,’ Scott told Fox News in May.

Prior to his campaign announcement, Scott, who has served in the Senate since 2013 and was born in North Charleston, South Carolina, had been viewed by political pundits as a potential 2024 Republican presidential contender.

While the senator had repeatedly demurred when asked about a White House bid, he hinted last November at a possible future run during his re-election victory celebration by telling the story of how he took his grandfather to the polls in 2012, and that his grandfather proudly voted for him as well as for Democrat Barack Obama, the nation’s first Black president.

‘I wish he had lived long enough to see perhaps another man of color elected President of the United States,’ Scott said, before adding ‘but this time let it be a Republican.’

Who is Chris Christie?

Former two-term New Jersey Gov. Chris Christie officially launched his second White House bid in June, joining a crowded field of presidential hopefuls vying for the 2024 Republican nomination.

Declaring his candidacy during a town hall event at Saint Anselm College in Manchester, New Hampshire — the state with the first GOP presidential primary — Christie said: ‘I can’t guarantee you success in what I’m about to do. But I guarantee you that at the end of it, you will have no doubt in your mind who I am and what I stand for and whether I deserve it.’

In his speech, Christie railed against the division that he said has driven Americans into smaller groups, brought about by the likes of former Presidents Barack Obama and Donald Trump. He also touted America’s role throughout its history in ‘fighting evil’ across the world.

Christie focused a portion of his campaign announcement speech on taking jabs at former President Donald Trump, describing him as a ‘leader who won’t admit any of his shortcomings’ and referring to him as ‘Voldemort,’ the infamous villain in the ‘Harry Potter’ novels.

Born in Newark, New Jersey, Christie held the highest office in the state from 2010 to 2018 and was the deep-blue state’s last Republican governor. 

He first ran for president in the 2016 cycle. At the time, Christie placed all his chips in New Hampshire, but his campaign crashed and burned after a disappointing and distant sixth-place finish in New Hampshire, far behind Trump, who crushed the competition in the primary en route to winning the nomination and eventually the White House.

Christie became the first among the other GOP 2016 contenders to endorse Trump, and for years he was a top outside adviser to the then-president and chaired Trump’s high-profile commission on opioids. However, the two had a falling out after Trump’s unsuccessful attempts to overturn his 2020 election loss to now-President Joe Biden. Over the past two years, Christie has become one of the most vocal Trump critics in the GOP.

Who is Mike Pence?

Former Vice President Mike Pence filed paperwork with the Federal Election Commission to launch his campaign for the 2024 Republican presidential nomination in early June.

Pence was serving as the governor of Indiana when then-presidential candidate Donald Trump named him his running mate in 2016. For four years, Pence served as the loyal vice president to Trump.

However, everything changed on Jan. 6, 2021, as demonstrators — including some chanting ‘hang Mike Pence’ — stormed the U.S. Capitol aiming to upend congressional certification of President Biden’s Electoral College victory that was overseen by Pence.

In the more than two years since the end of the Trump administration, the former president and vice president have drifted further apart. Pence has repeatedly rebuked his former boss, calling him out by name while discussing Trump’s claim that Pence could have overturned the results of the 2020 presidential election.

Pence has described the 2021 protest at the Capitol as ‘tragic,’ insisting that ‘it dishonored the millions of people who had supported our cause around the country.’ He has emphasized that he did ‘the right thing’ and performed his ‘duty under the Constitution.’ He has also noted a number of times that he and Trump may never ‘see eye to eye on that day.’

Trump loyalists will likely never forgive Pence, whom they view as a traitor for refusing to reject the 2020 election results.

In announcing his campaign, Pence became the first running mate in eight decades to run against his former boss, since Vice President John Nance Garner unsuccessfully challenged President Franklin Roosevelt in the 1940 election.

Born in Columbus, Indiana, Pence has touted the Trump-Pence administration’s policy successes in stump speeches but contrasts himself with the controversial former president in terms of tone and tenor.

‘People around the country want us to see us restore a threshold of civility in our political debate,’ Pence emphasized. ‘You can disagree without being disagreeable. People that know me know I take very strong stands. I’m conservative, but I’m not in a bad mood about it.’

He has stressed that ‘should we enter the fray in this campaign in the days ahead, we’re going to bring those principles, but we’re going to bring a commitment to civility that I think the American long to see.’

Pundits had long viewed Pence as a likely 2024 contender, as he spent the past two years crisscrossing the country to campaign and help raise money for Republicans running in the 2022 elections. Those travels took Pence multiple times to Iowa, New Hampshire, South Carolina and Nevada — the first four states to vote in the Republican presidential nominating calendar — as he strengthened relationships in the early voting presidential primary and caucus states that usually precede the launch of a White House campaign.

Who is Doug Burgum?

Before becoming the 33rd governor of North Dakota, Doug Burgum established himself as a successful businessman in the software industry. 

Burgum, 67, steered his one-time small business, Great Plains Software, into a $1 billion software company. His business — and its North Dakota-based workers — were eventually acquired by Microsoft, and Burgum stayed on board as a senior vice president.

In 2016, the then first-time candidate and long shot convincingly topped a favored GOP establishment contender to secure the Republican nomination in North Dakota before going on to a landslide victory in the gubernatorial general election in the solidly red state. Burgum was overwhelmingly re-elected in 2020 to a second term as governor.

‘Governor Burgum is looking forward to sharing his focus on the economy, energy and national security at the August debate,’ Burgum campaign spokesman Lance Trover said last month. ‘In less than 7 weeks, Governor Burgum has exceeded all the requirements for the debate. As a Governor and business leader Doug knows how to fix the economy, unleash American energy and win the Cold War with China.’ 

Fox News’ Paul Steinhauser, Adam Shaw, Andrew Miller, Brandon Gillespie and Kyle Morris contributed reporting.

This post appeared first on FOX NEWS