Archive

2023

Browsing

S&P Global followed Moody’s in cutting its credit ratings and outlook on multiple U.S. regional banks, saying higher funding costs and troubles in the commercial real estate sector will likely test the credit strength of lenders.

A relentless rate-hike campaign by the U.S. Federal Reserve has raised deposit costs at banks, which have been forced to pay out higher interest to keep depositors from fleeing to other high-yielding alternatives.

S&P on Monday cut ratings on Associated Banc-Corp and Valley National Bancorp on funding risks and higher reliance on brokered deposits.

It also downgraded UMB Financial Corp and Comerica Bank citing deposit outflows and higher interest rates. The rating agency also cut KeyCorp’s ratings on the back of constrained profitability.

KeyCorp shares fell 1% while Comerica, Valley National, UMB Financial and Associate Banc-Corp dipped between 0.3% and 0.8%.

S&P also lowered the outlook of S&T Bank and River City Bank to “negative” from “stable”, citing higher CRE exposure.

The agency’s action will make borrowing costlier for the ailing banking sector that is looking to shake off the effects of the crisis from earlier this year, when the collapse of Silicon Valley Bank and Signature Bank sparked a loss of confidence and led to a run on deposits at several regional lenders.

Borrowing costs globally have also surged, with the U.S. Treasury yields hitting their highest in 16 years as the bond market rout entered its sixth week on Tuesday.

S&P’s action came weeks after similar downgrades by its peer Moody’s, which lowered ratings on 10 U.S. banks and placed six, including Bank of New York Mellon, US Bancorp, State Street and Truist Financial, on review for potential downgrades.

An analyst at Fitch, the last of the three chief rating agencies, told CNBC last week that several U.S. banks, including JPMorgan Chase, could see downgrades if the sector’s “operating environment” were to deteriorate further.

This post appeared first on NBC NEWS

UPS workers ratified the Teamsters-negotiated labor deal reached nearly a month ago, allowing the next five-year contract covering 340,000 employees to take effect.

“This contract will improve the lives of hundreds of thousands of workers,” Teamsters President Sean O’Brien said in a statement Tuesday. “Teamsters have set a new standard and raised the bar for pay, benefits, and working conditions in the package delivery industry. This is the template for how workers should be paid and protected nationwide, and nonunion companies like Amazon better pay attention.”

The decision, which more than 86% of UPS union members who voted supported, officially removes the threat of a strike at UPS. Logistics experts had warned that a protracted work stoppage would have caused widespread disruptions across the U.S., halting many more deliveries than top rivals could have absorbed.

UPS confirmed the vote results, saying in a statement, “Our Teamsters-represented employees have voted to overwhelmingly ratify a new five-year National Master Agreement.”

The contract approval, following several weeks of voting, marks a labor movement victory that could add momentum to organizers in other major negotiations. The United Auto Workers union, for example, is pressing Detroit carmakers for substantial pay increases with just weeks left on the current contract, putting a potential strike on the table.

“It’s a very effective sales tool for the Teamsters and other unions organizing in the logistics industry and beyond,” said Seth Harris, a law and policy professor at Northeastern University who was President Joe Biden’s top labor policy adviser until last year.

“Truck drivers, warehouse workers and others are going to look at this contract and say: ‘I want my pay to go up. I want to be protected from heat hazards. I want to be treated fairly in the workplace.’ And this contract is a powerful indication that joining the union gets you those things,” Harris said.

The new agreement eliminates a widely criticized two-tiered wage system and institutes raises across UPS’ workforce.

Current full- and part-time union workers are guaranteed a $2.75 hourly pay increase this year, the Teamsters said, amounting to a $7.50 hourly increase through the duration of the contract. Pay for existing and starting part-time workers will be raised to at least $21 an hour immediately, advancing to $23 per hour.

Current part-timers also won longevity wage increases of up to $1.50 an hour. Wage increases for full-time drivers would bring their average top rate to $49 an hour, the union said.

UPS workers also secured hard-fought heat safety protections, including a plan to bring air conditioning to the company’s iconic brown delivery vehicles for the first time. The Teamsters have hailed the changes as a major breakthrough after years of complaints that working in hot weather has grown more dangerous as climate change fuels extended stretches of record high temperatures across the country.

This post appeared first on NBC NEWS

President Biden’s retelling of a 15-year-old story about a minor fire at his Delaware home is facing renewed backlash after he told victims of the deadly Hawaii wildfires Monday he shared ‘a little sense’ of what they were going through.

While visiting the fire-ravaged remains of Maui, Biden recalled the fire that started at his Wilmington home due to lightning.

‘I don’t want to compare difficulties, but we have a little sense, Jill and I, of what it was like to lose a home,’ Biden said. ‘Years ago, now 15 years, I was in Washington doing ‘Meet the Press’. … Lightning struck at home on a little lake outside the home. Not a lake. A big pond. It hit the wire and came up underneath our home, into the … air condition ducts.

‘To make a long story short, I almost lost my wife, my ’67 Corvette and my cat.’

Biden has recalled the story multiple times in recent years in an apparent attempt to connect with victims of natural disasters. 

A 2004 report from The Associated Press, archived by LexisNexis, said lightning struck the Bidens’ home and started a ‘small fire that was contained to the kitchen.’ 

The report said firefighters got the blaze under control in 20 minutes, and they were able to keep the flames from spreading beyond the kitchen.

The Republican National Committee posted videos Tuesday showing Biden telling multiple variations of the story.

In October of last year, Biden told Hurricane Ian victims in Florida that he lost ‘an awful lot’ of his home due to the fire. 

In January 2022, Biden told Colorado wildfire victims he ‘almost’ lost his home to the fire and that the fire destroyed about 25% of it. But when speaking to the Summit on Fire Prevention and Control in October 2022, he said the smoke from the fire destroyed ‘everything’ from the basement to the attic, and that ‘we almost lost a couple firefighters’ who responded to the blaze.

In November 2021, Biden said he ‘had a house burn down with my wife in it. She got out safely, God willing.’

Biden’s comments Monday to the victims in Maui drew comparisons to when the president was accused of showing a lack of empathy to the Gold Star families of the service members killed by a terrorist attack in Kabul during the Afghanistan military withdrawal in 2021.

Several Gold Star families recalled Biden repeatedly talking about the death of his son Beau, who served in Iraq with the Army but ultimately died of brain cancer in 2015.

‘It’s the same callousness Biden showed toward the Gold Star Families after his Afghanistan withdrawal,’ Sen. Tom Cotton, R-Ark., posted on X, formerly Twitter. ‘The cruelty and lack of empathy shows Biden’s real character.’

Several Gold Star families are still speaking out against Biden’s treatment toward them following the Kabul airport terrorist attack that killed 13 U.S. service members Aug. 26, 2021. 

Rep. Darrell Issa, R-Calif., said he’s still awaiting a response from the White House about a meeting he requested between Biden and the families, who will be in Washington, D.C., this month.

Following the death of her brother in Kabul, Cheyenne McCollum said the president would not look her family in the eye and spent their three-minute conversation talking about Beau.

‘I was able to stand about 15 seconds of his fake, scripted apology, and I had to walk away,’ Cheyenne told ‘Fox & Friends’ in 2021.

Shana Chappell, the mother of Lance Cpl. Nikoui, wrote a scathing Facebook post at the time saying Biden hijacked their conversation by talking about Beau and that he rolled his eyes when she challenged him.

The White House did not respond to Fox News Digital’s request for comment.

This post appeared first on FOX NEWS

The latest Fox News polling shows immigration and border security rate as the second most important issue facing Americans, but border residents are concerned their message won’t get to Middle Americans in time. 

‘America needs to wake up because this — it’s not happening just down here. It’s happening in all 50 states. This is not a border state issue or a border city issue anymore. That’s done and over with,’ warned Brownsville, Texas, resident Norman Esquivel. 

Ahead of the first GOP presidential debate, immigration lawyer Chris Richardson explained that the candidates need to do a better job at laying out their policy plans.

‘Everyone has a plan on their website, but we need immigration strategy, a consistent, comprehensive strategy of leadership,’ he stated.

Richardson spelled out how the chaos at the border is being caused by a breakdown in America’s legal immigration system, pointing to backlogs in work permits, approvals, and case reviews. ‘Essentially what’s happening is, is because these people can’t use the legal immigration system. They’re trying to use irregular migration to enter the country.’

According to a June PEW Research poll, 73% of U.S. adults think illegal immigration is a moderately or very big problem. 

Texas Gov. Greg Abbott has taken measures at the border into his own hands, erecting floating barriers and putting up razor wire to deter migrants from crossing. 

Esquivel teared up as he described the state of the land he used as his childhood playground. His neighbor Debra Bell detailed the impacts to the community. 

‘We’ve got trash galore. We’ve got people running in the streets, we’ve got bridges being rushed. I mean, this is an issue and you can bet that the American people are gonna remember this come election day,’ Bell said.

Bell worries that Americans who don’t live next to the border may not see the impact immigration policies have beyond what they see on TV. ‘They don’t see it day to day,’ she said. ‘They hear about it, here and there, to no fault of their own, but to see it everywhere you walk — the people on the streets, the trash that’s been left behind.’

Voters like Sandra Kerr-Porcara of Maryland expressed the disbelief that large migration would dramatically affect American life. ‘I don’t understand what all the hoopla is about,’ she said. ‘They’re not here to take our jobs. They’re not here to take our homes, just seriously.’

Sixty percent of Americans, however, disapprove of Biden’s handling of the border. Iowa voter Kim Schmett wants to see more done. ‘Your back door is open on your house. You really don’t own or control your house. The same thing is true for our country. We’ve got to control it,’ she said.

When asked why Middle America should pay more attention to the border, Esquivel points toward fentanyl. ‘What about the fentanyl deaths? What we’re doing down here is stopping the killing field,’ Esquivel said.

This post appeared first on FOX NEWS

A planned offshore wind farm moved a step closer to construction Tuesday with the Department of the Interior announcing it has approved the project, to be located in federal waters near Rhode Island south of Martha’s Vineyard, Massachusetts.

The Revolution Wind project will have an estimated capacity of more than 700 megawatts of renewable energy, capable of powering nearly 250,000 homes, and is expected to create about 1,200 jobs during construction, regulators said.

It’s the department’s fourth approval of a commercial-scale, offshore wind energy project, joining the Vineyard Wind project off Massachusetts, the South Fork Wind project off Rhode Island and New York, and the Ocean Wind 1 project off New Jersey.

The Revolution Wind project is another step toward the Biden administration’s goal of developing 30 gigawatts of offshore wind energy capacity by 2030, said U.S. Interior Secretary Deb Haaland.

‘Together with industry, labor and partners from coast to coast, we are building an entirely new industry off the east and west and Gulf coasts,’ Haaland said in a statement.

The final version of the plan approved by the department calls for installing fewer turbines than originally proposed by the developer. The goal is to help reduce impacts to visual resources, the ocean floor habitat, and other ocean activities.

The plan identifies possible locations for the installation of 65 wind turbines and two offshore substations.

Revolution Wind will create a fund to compensate for losses by recreational and commercial fisheries in Rhode Island and Massachusetts — as well as fisheries from other states — directly related to the construction of the turbines.

The project will also take steps to reduce potential harm to protected species like marine mammals, sea turtles, and Atlantic sturgeon.

The Department’s Bureau of Ocean Energy Management remains on track to complete reviews of at least 16 offshore wind project plans by 2025, representing more than 27 gigawatts of clean energy, the bureau said.

Vineyard Wind, a separate project, is under construction 15 miles south of Martha’s Vineyard and Nantucket. It includes 62 turbines and is expected to put out 800 megawatts, enough electricity to power more than 400,000 homes, beginning this year.

The first U.S. offshore wind farm opened off Rhode Island’s Block Island in late 2016. But with five turbines, it’s not commercial scale.

<!–>

This post appeared first on FOX NEWS

–>

Wisconsin Republicans grilled members of the state’s judicial ethics commission who are up for Senate confirmation, pressing them Tuesday to say how they would handle complaints that could come against the new liberal majority on the state Supreme Court.

The hearing foreshadows what could be a looming battle between Republicans who control the Legislature and the state Supreme Court, which liberal justices took control of this month for the first time in 15 years. The committee’s Republican chairman, Sen. Van Wanggaard, said after the hearing that he was impressed with all three nominees, but he conceded that he hadn’t discussed their status with his party’s leadership.

Republican legislative leaders have been calling on Justice Janet Protasiewicz, whose victory tipped the court to liberal control, to recuse herself from cases expected before the court on redistricting and abortion. Protasiewicz made abortion rights central to her campaign earlier this year and also called the Republican-drawn legislative maps ‘rigged.’

Her comments outraged conservatives but appeared to fall short of saying how she would rule on those issues. Judges may publicly express their beliefs and opinions but are prohibited from saying how they would rule on cases that could come before them.

Assembly Speaker Robin Vos, the state’s top Republican, threatened to impeach Protasiewicz if she doesn’t step back from a redistricting case filed with the court the day after she took office.

GOP senators on Tuesday quizzed the three judicial ethics commissioners up for reappointment about their past political contributions, when they would recuse themselves from a case and how they would weigh comments similar to those made by Protasiewicz.

The full Senate, which Republicans control 22-11, will ultimately vote on whether to confirm Janet Jenkins, Mary Beth Keppel and Judy Ziewacz. Senate rejection carries the effect of firing them.

The nine-member Judicial Commission is one of the few avenues through which people can challenge the actions of Supreme Court justices. It is tasked with investigating judges and court commissioners who are accused of violating the state’s judicial code of conduct and can prosecute officials before the Supreme Court. Its members include two lawyers and two judges appointed by the Supreme Court and five non-lawyers appointed by the governor to three-year terms.

Lawmakers honed in Tuesday on Ziewacz’s position on the board of Law Forward, one of the liberal groups behind the redistricting lawsuit before the Supreme Court. Ziewacz assured them that she would consider recusing herself from any complaints involving the group’s litigation, and other commissioners provided examples of cases in which they had recused themselves due to conflicts of interest.

Sens. Kelda Roys and Lena Taylor, the committee’s Democratic members, called Republicans’ line of questioning ‘disrespectful’ to the commissioners’ experience and professionalism.

After the hearing, Republican Sen. Van Wanggaard, the committee’s chair, noted his concerns about Ziewacz’s involvement with Law Forward but said he was impressed by each of the commissioners. Wanggaard also said he had not discussed the appointments with Senate leadership.

‘I liked the testimony from all three,’ he said. ‘From the answers that I got, and the demeanor that each one of these candidates brought to today’s interview, I think it was pretty positive.’a

<!–>

This post appeared first on FOX NEWS

–>

Candidates still have plenty of campaigning before the Republican Convention. Many in Wisconsin are still undecided on who they will vote for. 

Jessie Cannizzaro grew up visiting job sites alongside her father who ran his own plumbing business. 

‘I had helped him for years as growing up,’ Cannizzaro said. ‘I had a renewed interest as an adult doing the hands on, seeing what you accomplish at the end of the day. Working on paperwork doesn’t bring that same joy. And so I realized that the trades would be a better calling for me.’

At 80 years old, her father still takes up projects from time to time but didn’t exactly want his daughter following in his footsteps. 

‘He’s very old school, and I think part of it was he wanted to protect me. He didn’t think that the world was ready for women in nontraditional roles,’ Cannizzaro said. ‘Also, I think as every parent does, Dad had a vision of grandchildren and he thought that that would mean no grandkids. But you can do both. You don’t have to pick and choose.’

Thanks to the exposure she had at a young age, she started her own plumbing business. Next year she plans to take over as chair of the Associated Builders and Contractors of Wisconsin. She hopes to inspire more young people to pick up trade skills. 

‘I spend a lot of time advocating for two different associations. We go into schools. We used to just do high school and try to get to those kids and let them know that there were opportunities in the trades that existed. But a lot of times high schoolers have already decided they need to go to college,’ Cannizzaro said.

She notes that trade careers have high salaries and are in high demand. Most skilled jobs also aren’t under pressure from artificial intelligence. 

‘There are some advancements with different technology that’s come out, but you still need a service person to come to your door,’ Cannizzaro said. 

She’s undecided on who will get her vote in 2024 but wants to vote for someone who will address the need for more skilled workers. 

‘I think we have to start leading from the top to let people know that the trades deserve just as much respect that any college degree job also deserves,’ Cannizzaro said. ‘Right now that message isn’t being conveyed the way that we need it to. It’s something that often gets lost or forgotten about.’

Richard Gagliano is the director of apartment life at a student housing complex within the Milwaukee School of Engineering. He says he occasionally speaks with students about their political opinions. 

‘I was a history teacher and try to tell them is like, this is what it was like and this is this. It’s fun to challenge them,’ Gagliano said. 

One of his top issues is education at the high school and elementary school level. He thinks schools need to do more to help students graduate and advance to higher education or skilled learning. 

‘It’s not an issue of subject matter,’ Gagliano said. ‘I’m just more in favor of having the school board decide that with the teachers. They’re the professionals. And what should be done in those schools.’

Richard is undecided when it comes to who he will support for the presidency. He says candidates like Will Hurd, Mike Pence and Robert F Kennedy JR. have all peaked his interest, but he’s hoping a dark horse races forward to lead the pack. 

‘I love dark horses. I think that’s why none of my candidates ever won in the past,’ Gagliano said. 

Gagliano has supported candidates from both parties over the past four decades. Just a few include Bob Dole and Al Gore. In more recent elections he has backed Hillary Clinton and Donald Trump. 

‘What my friends constantly say is, ‘Why Donald Trump?’ I truthfully thought Donald Trump was the guy who was going to come in and shake things up,’ Gagliano said. ‘Then he surprised me every day with what could possibly go wrong… Maybe Biden would bring us together. It didn’t work. But Hillary, I thought the glass ceiling, I didn’t vote for her when she ran against Trump, but I voted for her in the primary because I felt at that particular moment she might have been the best Democratic candidate.’

Emilio De Torre never misses an election and is the executive director of a local civic group. He lives in Milwaukee with his wife and three kids. He often considers his family when deciding who to vote for. 

‘School is very expensive,’ De Torre said. ‘We discuss what we’re considering for issues together as a family. I’ve got my oldest who just started college. One’s middle school, one’s in high school. So life gets a little costly.’

De Torre says health care and minimum wage are other top issues for him. He wants to hear from candidates that address those. 

‘I think that’s a strong economy and quality of life for our interdependence, and I think they should be co-equal goals,’ De Torre said. ‘For families choosing how they’re going to ensure their loved ones in their family, what they have to knock off the table. That’s a very costly option to weigh in when you’re also taking a look at how much you’re making per hour.’

De Torre works for a nonprofit. He says his company offers a $16 per hour minimum wage.

‘When I first came on as executive director three years ago, it was considerably less. And we found with so many folks having difficulties hiring people, that we needed to make it something so that people that worked there felt comfortable working there and they could maybe begin to think that this is a job I’d like to stay in,’ De Torre said. 

Sarah Grooms is also focused on economic issues. She works in finance and chairs the policy committee for the Waukesha County Business Alliance. 

‘We can kind of see it just with semiconductor chips recently, right. And all of the chaos that was caused during COVID and how we it just brought the entire supply chain to a halt,’ Grooms said. ‘So that’s just one little instance of the way that a foreign economy could affect ours if they choose to say, ‘we’re not going to sell you those anymore.’’

Grooms says her background aligns closely with libertarian ideals. She plans to vote in the Republican primary for a candidate who could address her top issues. 

‘There’s never a perfect candidate. And so it really comes down to who can work with as many people as possible to get what America needs,’ Grooms said. 

She hopes the more she hears from the candidates, the better she can decide on who to vote for. She also believes a lot of Wisconsin voters feel the same way.

‘I think there’s a reason that it’s always a battleground state,’ Grooms said. ‘I think there’s a reason that everyone needs to come here and prove their chops.’

This post appeared first on FOX NEWS

An unnamed employee of former President Donald Trump has retracted ‘false testimony’ to a grand jury after changing lawyers, federal prosecutors said Tuesday. 

The employee, referred to as ‘Trump Employee 4’ in court documents from special counsel Jack Smith’s office, retracted statements from an earlier testimony and gave information implicating Trump and others over alleged efforts to delete security footage at the former president’s Mar-a-Lago estate in Florida. 

The court documents say Trump Employee 4 ‘repeatedly denied or claimed not to recall’ any contacts or conversations about security footage when they testified before a D.C. grand jury in March 2023. 

But in July, after being advised that he was a target of the investigation and that his lawyer might have a conflict of interest because of his representation of others in the probe, the witness received a new attorney from the federal defender’s office and provided the Justice Department with information that helped form the basis of the revised indictment against Trump, his valet Walt Nauta and a third defendant, Carlos De Oliveira, the court filing says.

The new information from the witness was presented to prosecutors weeks before Smith secured an updated indictment accusing Trump and two others in a plot to delete surveillance video at the Florida property.

Prosecutors described the witness interaction in a filing that seeks a hearing in Florida about potential conflicts of interest involving the defense lawyer, Stanley Woodward, who also represents Nauta. 

They said that encounter helps explain why they continued to use a grand jury in Washington to investigate potential false statements in that district even after they had secured an indictment in Florida. 

‘The target letter to Trump Employee 4 crystallized a conflict of interest arising from Mr. Woodward’s concurrent representation of Trump Employee 4 and Nauta,’ prosecutors wrote.

They added: ‘Advising Trump Employee 4 to correct his sworn testimony would result in testimony incriminating Mr. Woodward’s other client, Nauta; but permitting Trump Employee 4’s false testimony to stand uncorrected would leave Trump Employee 4 exposed to criminal charges for perjury.’

A trial has been set for May 20, 2024, in the classified documents case. Trump has pleaded not guilty and denied any wrongdoing.

Trump is facing another prosecution by Smith, over efforts to overturn the results of the 2020 presidential election, as well as a criminal case in Georgia over attempts to subvert that state’s vote and another in New York in connection with hush money payments to a porn actor.

The Associated Press contributed to this report. 

This post appeared first on FOX NEWS

With BRICS happening ahead of Jackson Hole, we thought it would be good to look at the technical charts on both the dollar and the long bonds.

The chart below shows that BRICS vs. G7 as a share of purchasing power has increased since 1995. With the number of countries looking to price goods in some other currency besides the US dollar, the dollar is holding up rather well.

And with “higher for longer” most likely the narrative out of Jackson Hole, the long bonds caught a bid. The lesson this entire year has been to follow price and the technical guidance the charts provide. With that in mind, we look at 3 indicators on both charts.

Price patternsMomentum patternsJuly 6-month calendar range patterns

The long bonds TLT could have made a genuine reversal off the lows, as our Real Motion indicator had a bona fide mean reversion signal. The price also indicates a glass bottom pattern with a reversal off a new low, followed by a strong up day on below-average volume.

TLT is so well below the July 6-month calendar range low that one has to wonder not only can it get back to 98.85, but what the implications are if it does so. The dollar, as far as price, has a lot of resistance between 103.50-103.70. In fact, that resistance lines up perfectly with the July 6-month calendar range high. Above that level, one would have to believe that the dollar will get even stronger. Nonetheless, as we have seen with the calendar ranges in the indices, since none cleared the July 6-month CRH, the selloff was palpable.

Momentum shows resistance at the Bollinger Band that is also working off of a mean reversion sell signal from a few days ago. However, the price is flat.

If you put both charts together, we see the potential for the dollar to drop from here while yields could soften and TLTs could rise. If this occurs, it is not good for equities or risk. But, perhaps, quite good for gold and silver.

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

Get your copy of Plant Your Money Tree: A Guide to Growing Your Wealth and a special bonus here.

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

Read Mish’s commentary on Gold in these two articles from Kitco.

Mish and Nicole discuss where to park your money, barring any watershed event, in this video from Schwab Network.

On the Friday, August 18 edition of StockCharts TV’s Your Daily Five, Mish covers bonds, the dollar, risk-off indications and several key commodities with actionable levels to consider.

Mish joins Maggie Lake of Real Vision to discuss what rising bond yields mean for investors across the market landscape, what comes next for stocks and commodities, and why she is taking profits here in the growth and AI stocks.

Mish shows why January and now the July reset worked in this appearance on Business First AM.

Mish discusses Alibaba’s stock price in this appearance on CNBC Asia.

In this guest appearance on David Keller’s The Final Bar on StockCharts TV, talks higher rates and why China may deserve a second look for investors.

Mish discusses inflation, bonds, calendar ranges and places to park your money on the Benzinga Morning Prep show.

Mish covers why August is a good time for caution in this appearance on Business First AM.

Mish and Jared go over oil and what might happen with small caps and regional banks in this appearance on Yahoo! Finance.

Coming Up:

August 24: Mario Nawfal Spaces hosted by Dr. Danish

August 24: Live Coaching with Mish

August 28: Chuck Jaffe, Money Show & Guest host on The Final Bar, StockCharts TV

September 7: Singapore Breakfast Radio, 89.3 FM

October 29-31: The Money Show

ETF Summary

S&P 500 (SPY): 437 is the July 6-month calendar range low–will look for a return above or a trip to 420.Russell 2000 (IWM): 181.94 the low of last week is key; 180.72 the 6-month calendar range low.Dow (DIA): 337 key support.Nasdaq (QQQ): 363 the July 6 month CRL, BUT held a key weekly MA at 357 with NVDA earnings on tap.Regional Banks (KRE): Failed 44.00 on bank downgrades–no bueno.Semiconductors (SMH): 145 a weekly MA support level, with 150 pivotal.Transportation (IYT): Getting heavy with next big support at 239 if this is to hold.Biotechnology (IBB): Compression between 124-130.Retail (XRT): 62.80 the July 6-month calendar range low, failed today–consumer is key, and this is also no bueno.

Mish Schneider

MarketGauge.com

Director of Trading Research and Education

In this edition of StockCharts TV‘s The Final Bar, guest Doug Ramsey, CFA CMT of The Leuthold Group, laments the chronic underperformance of small-cap stocks and reveals a market indicator based on the VIX that gave a bearish signal this week. Dave prepares for NVDA’s earnings this week, and shows how leading growth stocks like AAPL are still showing bearish momentum characteristics.

This video originally premiered on August 22, 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.