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Former President Trump blasted President Biden’s failed student loan forgiveness plan Friday, calling him ‘crooked’ while celebrating a favorable Supreme Court decision in Biden v. Arkansas.

Trump addressed an enthusiastic crowd at the Moms for Liberty Joyful Warriors National Summit in Philadelphia. During his speech, he vilified Biden’s student loan forgiveness plan, which would have forgiven upwards of $10,000 per federal loan borrower.

Earlier Friday, the Supreme Court ruled that Biden’s student loan forgiveness plan was unconstitutional.

The plan would have canceled debt for borrowers making less than $125,000 a year. Pell Grant recipients would have been granted up to $20,000 in forgiveness.

‘[It] would have been very unfair to the millions and millions of people who paid their debt through hard work and diligence,’ Trump said during his speech. ‘Very unfair.’

‘We have a corrupt president. Very corrupt,’ the former president added. ‘But this was a way of trying to buy votes.’

The Supreme Court’s majority opinion discredited the notion that the HEROES Act would authorize loan forgiveness, dealing a significant blow to the Biden administration.

‘The Secretary’s plan canceled roughly $430 billion of federal student loan balances, completely erasing the debts of 20 million borrowers and lowering the median amount owed by the other 23 million from $29,400 to $13,600,’ Chief Justice John Roberts wrote for the 6-3 majority. 

‘Six States sued, arguing that the HEROES Act does not authorize the loan cancelation plan. We agree,’ the justice added.

Trump also alluded to the 303 Creative LLC. v. Elenis decision, which gave a Christian web designer the right to deny services to same-sex couples.

‘They also gave religious liberty, as you know…a tremendous win. Religious liberty got a tremendous win today,’ the former president said.

Fox News Digital reached out to the White House for a statement, but did not receive a response.

This post appeared first on FOX NEWS

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In this episode of StockCharts TV‘s The MEM Edge, Mary Ellen highlights bullish characteristics exhibited during last week’s rally while also reviewing what drove price action. She also shares the anatomy of a downtrend reversal and how to buy stocks on a pullback.

This video was originally broadcast on June 30, 2023. Click on the above image to watch on our dedicated MEM Edge page on StockCharts TV, or click this link to watch on YouTube.

New episodes of The MEM Edge premiere weekly on Fridays. You can view all previously recorded episodes at this link. You can also receive a 4-week free trial of her MEM Edge Report by clicking the image below.

Exactly how long is this raging bull market driven by mega-cap growth stocks supposed to last? I was taught that, when price trends higher over time, there would often be brief countertrend pullbacks along the way. Apple (AAPL) has completely ignored that market truism and managed to ride this unrelenting ascent to above the definitely-not-frothy three trillion market cap.

At some point, I would expect that this persistent market incline will take a pause and allow some other sectors to take over in the leadership role. It’s worth noting that cyclical sectors, like Energy and Materials outperformed the growth sectors this week, which could be an early sign of a further rotation.

So what’s next for the Nasdaq 100? Further upside to all-new highs as the FAANG stocks continue their dominance, or a steep correction that forces us to have the “will we retest the October 2022 lows” conversation when we end the third quarter?

Did you miss our webcast this week, “The Market Top Checklist Revisited“? We shared our seven steps to watch for to confirm a potential market top and compared current conditions to previous bull market cycles. You can still access the replay through the end of next week!

Here’s a basic daily of the QQQ, including a simple Fibonacci framework using the November 2021 all-time high and the October 2022 low.

After pulling back from the 38.2% Fibonacci level in February, the QQQ pushed back above this resistance level and continued much higher. In the last six weeks, the Nasdaq 100 has now pushed above the 61.8% retracement level and is once again threatening to make another new high for 2023.

I feel these Fibonacci levels, along with the key support and resistance levels established over the last 18 months, provide a good structure with which to consider these four scenarios in the coming months.

Back in early June, we introduced the concept of probabilistic analysis and explained the benefits of considering four potential scenarios for the S&P 500 index. By thinking through four different future paths, it can help you to better anticipate what comes next and be way better prepared for the unexpected.

Today, we’ll focus on the tech-heavy Nasdaq 100 index and present four different pictures of how the next six to eight weeks will play out. And remember, the point of this exercise is threefold:

Consider all four potential future paths for the index, think about what would cause each scenario to unfold in terms of the macro drivers, and review what signals/patterns/indicators would confirm the scenario.Decide which scenario you feel is most likely, and why you think that’s the case. Don’t forget to drop me a comment and let me know your vote!Think about each of the four scenarios would impact your current portfolio. How would you manage risk in each case? How and when would you take action to adapt to this new reality?

Let’s start with the most optimistic scenario, where the Nasdaq would make a new all-time in the third quarter of 2023.

Scenario #1: The Super Bullish Scenario

The QQQ spent pretty much all of May and June in strong uptrend phase. This most bullish scenario would imply that the recent trend just continues on unabated. Given a similar trajectory, that would push the Nasdaq to a new all-time high by the end of August.

Leadership stocks like META and AAPL would have to push even higher, and we’d soon be talking about the next stock to hit the $3 trillion market cap threshold. Other sectors like Industrials and Materials would need to start participating as well, as the market presses the long side and the strongest names get even stronger.

Scenario #2: The Mildly Bullish Scenario

What if the uptrend continues, but just at a much slower pace? Or there’s a 5-10% correction as investors take profits and initiate a pullback down to that 61.8% retracement level around $346?

The second potential scenario would most likely involve leading growth stocks to take a big-time breather, as a rotation to other sectors is good for those sectors but not as good for our heavily-growth-tilted benchmarks. We’d still call this a bull market, but a much less exciting one.

Scenario #3: The Mildly Bearish Scenario

The next option is a decline, but not an overly painful one. What if a pullback starts to really take hold, and that Fibonacci level around $346 fails to stop the decline? If investors really get anxious, I could see deeper retracement, which brings the whole “bull market” thing into question.

This scenario would probably mean that the growth leadership pulls back, but also there’s a broader rotation to more risk-off positions. Defensive sectors like Consumer Staples and Utilities would thrive as the AI-driven growth trade is declared over and done.

Scenario #4: The Super Bearish Scenario

You always have to consider a really negative scenario, if only to provide a stark contrast to the most optimistic options. But it is theoretically possible that we’ve seen the top for 2023. What if that was it, and we have some five-standard deviation event that drops the market into a free fall?

If this AI-driven rally ends up being a massive bubble which pops colossally in the next few weeks, then we could be talking about a potential retest of the 2022 lows. Investors would flock to gold and treasury bonds as literally nothing else seems like a good option here.

Okay, so have you decided which of these four potential scenarios is most likely based on your analysis? Head over to my YouTube channel and drop a comment with your vote along with why you see that as the most likely outcome.

And don’t forget to think through all the other scenarios as well. The goal here is not just to “be right”, but to force yourself out of any preconceived biases and open your mind to different possibilities!

RR#6,

Dave

P.S. Ready to upgrade your investment process? Check out my free behavioral investing course!

David Keller, CMT

Chief Market Strategist

StockCharts.com

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

The author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.

On this week’s edition of StockCharts TV‘s StockCharts in Focus, Grayson presents an inside look at the next generation of StockCharts with this exclusive “Technology Preview”. We’re hard at work on new charting features, powerful trading tools and exciting enhancements across the entire site, and you deserve to see what we’re building. While we put the finishing touches on these updates, we’re pulling back the curtains now to give you an early sneak peek at what’s coming to StockCharts in the weeks and months ahead. Grayson takes you through the next version of our SharpCharts Workbench and shares all of the powerful new features coming to this key resource on the site. He then explains what you can see with our SharpCharts3.0 demos, before finally jumping over to the MarketCarpet preview to share the changes coming soon to our interactive market heat map tool.

This video was originally broadcast on June 30, 2023. Click on the above image to watch on our dedicated StockCharts in Focus page on StockCharts TV, or click this link to watch on YouTube.

You can view all previously recorded episodes of StockCharts in Focus at this link.

O say, can you Pepsi …

On Independence Day, the soft drink brand will unveil Pepsi Colachup, which is exactly what you’re thinking it is: ketchup infused with Pepsi.

Pepsi teamed up with the Culinary Institute of America (CIA) Consulting to create the condiment that the beverage company says is ideal to put on hot dogs.

“Pepsi has long been part of American culture and its cool crisp taste has been a favorite beverage choice for generations of Americans. We have always known that hot dogs taste better with Pepsi, and now the experts think so too,” Jenny Danzi, senior director, Pepsi TM, said in a press release.

“We invented Pepsi Colachup to reinforce just how well hot dogs and Pepsi go together — an unapologetically mouthwatering creation that seamlessly merges a condiment with the ultimate hot dog pairing beverage, delivering a unified taste experience,” she added.

“The concept is both simple and creative. The distinctive flavors and vibrant citrus blend of Pepsi enhances the bright and tangy characteristics of ketchup, offsetting the smokiness of the hot dog,” said David Kamen, director of client experience for CIA Consulting. “It’s a whole new way to enjoy two American classics!”

People on Twitter had some strong reactions to the new offering, with many giving the seal of approval.

“This is daring lol… but I love Pepsi. I love ketchup… I guess I’d give it a shot,” one person tweeted.

“Where can I buy a bottle? Root Beer BBQ sauce is amazing, and I love ketchup, so vicariously I have no reason not to think Pepsi and Ketchup wouldn’t go well together,” someone else wrote.

“mustard and colachup on a hot dog … count me in!” French’s, who once made mustard-flavored hot dog buns, enthusiastically chimed in.

But, of course, there are some naysayers who just don’t want any part of Pepsi Colachup.

“Barf,” tweeted one disgusted person.

“I love ya Pepsi, but this is a hard pass for me,” someone else wrote.

“This sort of thing is why people like Coke more,” lamented another person.

It’s unknown if the condiment will ever hit grocery store shelves, but people interested in trying this culinary curiosity can get their first taste of it on July 4 at four Major League Baseball stadiums. The Detroit Tigers, Minnesota Twins, Arizona Diamondbacks and New York Yankees will offer “exclusive in-stadium sampling” during their respective games that day.

You can find Pepsi Colachup at the following specific locations for each game on July 4:

Arizona Diamondbacks: Chase Field, Phoenix, AZ; Section 130/131New York Yankees: Yankee Stadium, Bronx, NY; Pepsi Lounge (Pepsi Lounge Ticket Required)Minnesota Twins: Target Field, Minneapolis, MN; Section 113Detroit Tigers: Comerica Park, Detroit, MI; Section 139

Customers can also get a free Pepsi when they buy a hot dog or hot dogs at any food outlet or retail location all weekend through July 4. People can text “FREEPEPSI” to 81234 and upload their receipt, indicating they bought a hot dog and a Pepsi, in order to be reimbursed the cost of a 20-ounce Pepsi product via PayPal, Venmo or digital retailer gift card. You can find more information on Pepsi’s website.

This isn’t the first time Pepsi has had some fun with flavor. In 2021, it teamed up with Peeps to create PEPSI x PEEPS, a limited-edition soda mixing Pepsi with Peeps marshmallow flavor. And in 2022, the soft-drink brand also introduced Pepsi-Roni Pizza, featuring a pizza with pepperoni infused with Pepsi.

This post appeared first on NBC NEWS

Here’s the good news for July Fourth travelers: There is a somewhat lower chance that storms will disrupt travel heading into the holiday weekend.

But the mishaps of the past week have shown that if severe storms do emerge again, the nation’s air travel system will have a hard time getting people to their destinations on time.

And this weekend, there would be a record number of summer travelers affected.

AAA is projecting roughly 51 million people will travel 50 miles or more from home in the coming days — up more than 4% from 2022 and setting a new milestone for the holiday.

Both car and air travel volumes are expected to set new highs: AAA projects 4.17 million people will fly to their destinations for Independence Day weekend, an increase of 11.2% over 2022 and 6.6% over 2019. The share of air travelers is 8.2% — the highest percentage in nearly 20 years, it said.

“We’ve never projected travel numbers this high for Independence Day weekend,” Paula Twidale, senior vice president of AAA Travel, said in a statement. Despite fewer overall flights and higher airfares, she said, “consumers are not cutting back on travel this summer.”

This post appeared first on NBC NEWS

President Biden said that the Supreme Court ‘misinterpreted the Constitution’ after it blocked his student loan handout plan, and also announced changes being made to student loans.

Biden made the comments on Friday afternoon from the White House after the Supreme Court struck down his administration’s student loan plan.

The 6-3 decision held that the secretary of education cannot cancel more than $430 billion in student loan debt under federal law.

During his speech, Biden hit Republicans, who he says blocked his student loan handout plan from being implemented.

‘They said, no, no, literally snatching from the hands of millions of Americans thousands of dollars in debt relief that was about to change their lives. You know, these Republican officials just couldn’t bear the thought of providing relief for working class, middle class Americans. Republican state officials sued my administration attempting to block relief, including millions of their own constituents,’ Biden said.

He also touched on actions that his administration is taking on student loans, such as the creation of a new income-driven repayment plan and the initiation of a rule that would be aimed at ‘opening an alternative path to debt relief for as many borrowers as possible.’

‘The Secretary’s plan canceled roughly $430 billion of federal student loan balances, completely erasing the debts of 20 million borrowers and lowering the median amount owed by the other 23 million from $29,400 to $13,600,’ Chief Justice John Roberts wrote for the majority opinion. ‘Six States sued, arguing that the HEROES Act does not authorize the loan cancelation plan. We agree.’

Biden’s plan aimed to cancel up to $20,000 in student loan debt for Pell Grant recipients in college and up to $10,000 for others who borrowed using federal student loans.

The Supreme Court on Friday also ruled in favor of web designer Lorie Smith, ruling in a 6-3 decision that she’s not legally required to make websites for gay marriages, with the majority opinion stating that doing so would violate her Christian beliefs and free speech rights.

‘Consistent with the First Amendment, the Nation’s answer is tolerance, not coercion,’ Justice Neil Gorsuch wrote in the majority opinion. ‘The First Amendment envisions the United States as a rich and complex place where all persons are free to think and speak as they wish, not as the government demands. Colorado cannot deny that promise consistent with the First Amendment.’

Fox News’ Anders Hagstrom, Chris Pandolfo, Bill Mears and Shannon Bream contributed to this report.

This post appeared first on FOX NEWS

The U.S. Department of State released a damning formal evaluation of the United States’ chaotic withdrawal from Afghanistan in 2021, placing blame on both the Trump and Biden administrations.

The State Department conducted more than 150 interviews over a 90-day period to compile the report, which was publicized Friday. Notably, 13 American service members died in a suicide bombing at Kabul’s airport during the controversial withdrawal, which concluded Aug. 30, 2021.

The report found that both President Trump and President Biden had ‘insufficient senior-level consideration’ of what could go wrong during a withdrawal.

‘The decisions of both President Trump and President Biden to end the U.S. military mission in Afghanistan had serious consequences for the viability of the Afghan government and its security,’ the report stated. ‘Those decisions are beyond the scope of this review, but the AAR team found that during both administrations there was insufficient senior-level consideration of worst-case scenarios and how quickly those might follow.’

The report found that there was no clear point of contact at the State Department regarding the NEO, or non-combatant evacuation operation. The U.S. military plans for operations, but the State Department leads them.

‘U.S. military planning for a possible NEO had been underway with post for some time, but the Department’s participation in the NEO planning process was hindered by the fact that it was unclear who in the Department had the lead.’ the report described.

‘Naming a 7th floor principal to oversee all elements of the crisis response would have improved coordination across different lines of effort,’ the findings added.

On Friday, a senior State Department official discussed how lessons learned from the Afghanistan invasion could impact American response to the war in Ukraine.

‘We’ve already internalized many of these painful lessons and applied them in subsequent crises, most notably in how we manage the Russian invasion in Ukraine …and in some of the aspects of our response to the crisis in Sudan a couple of months ago,’ the official explained.

‘We’ve strengthened and increased staffing of the Office of Crisis Management Strategy in the operations center…we’ve also increased the number of people who are identified within a range of bureaus as most likely to be a nexus for a crisis in the near future to make sure we’ve got good on-call rosters as things might develop or unfold.’

This post appeared first on FOX NEWS

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The elderly woman whom New York City Mayor Eric Adams compared to a plantation owner was born as her family fled the Holocaust.

A Thursday New York Times report revealed that housing activist Jeanie Dubnau, who was berated by Adams in a racial attack for questioning him about the Big Apple’s back-to-back rent increases, fled during the Holocaust to New York City with her family.

Dubnau, a molecular biologist, told reporters of her family’s journey fleeing Nazi Germany just before she was born and accused Adams of deflecting from her question because he did not have an answer.

‘It was a complete deflection from what I was saying, because he has no answer,’ she told the Times.

Dubnau said she was not trying to be disrespectful to Adams and that she had to shout her question because there was no microphone at the event.

‘I didn’t have a microphone,’ she said. ‘I had to speak loudly so that everyone could hear what I was saying.’

Fox News Digital asked Adams’ office for comment on the Times’ report and whether the mayor believed it was appropriate to make racial attacks on people asking questions about his policies.

Adams’ spokesperson Fabian Levy told Fox News Digital that the ‘community conversations were created as a space where we could discuss different issues.’

‘That’s why the mayor asked this individual to stand up, so she could speak her mind,’ Levy said. ‘To be clear, anyone who believes this mayor isn’t fighting for tenants hasn’t been paying attention.’

‘This administration has invested more money for housing than any in New York City history. We’re advancing comprehensive plans to build more homes, faster, and across the city, which is the only way to truly solve the affordability crisis,’ he continued. ‘And we’ve invested in efforts to protect tenants from eviction and expanded rental assistance.’

‘The Rent Guidelines Board is tasked with making difficult decisions based on hard data, and balancing the need to protect tenants with the need to provide small property owners — who have seen expenses go up by the most in two decades — with the revenue they need to make repairs and protect our housing stock,’ Levy added.

Adams’ attack on Dubnau came after the housing activist interjected during his comments at a community conversation town hall in Manhattan. Dubnau had interrupted his remarks and accused the mayor of raising New York City rent and supporting increases.

‘If you are going to ask a question, don’t point at me and don’t be disrespectful to me,’ Adams told the woman. ‘I’m the mayor of the city. Treat me with the respect I deserve to be treated. I’m speaking to you as an adult. Don’t stand in front like you treating someone that’s on the plantation that you own. Give me the respect I deserve and engage in the conversation up here in Washington Heights.’ 

‘Treat me with the same level of respect I treat you,’ Adams continued. ‘So, don’t be pointing at me, don’t be disrespectful to me. Speak with me as an adult because I’m a grown man. I walked into this room as a grown man, and I’ll walk out of this room as a grown man. I answered your question.’

Following his response to the woman, audience members and city officials briefly applauded Adams.

The mayor’s fierce comments came moments after his initial response to the woman. He noted that he owns a three-family home in Brooklyn but has never increased the rent on his tenants. Adams also sidestepped blame for rent increases, saying the New York City Rent Guidelines Board makes those decisions.

‘I think it was a three percent recommendation,’ he said. ‘I don’t control the board. I make appointments. They made the decision.’

On June 21, the Rent Guidelines Board announced recommendations paving the way for landlords to increase rents by 3% this year. The move impacts more than a million rent-stabilized apartments in the city.

Following the announcement, Adams commended the board’s decision.

‘Finding the right balance is never easy, but I believe the board has done so this year — as evidenced by affirmative votes from both tenant and public representatives,’ he said in a statement.

Fox News Digital’s Thomas Catenacci contributed reporting.

This post appeared first on FOX NEWS

Climate firebrand Greta Thunberg became the latest of several prominent world figures to meet with Ukrainian President Volodymyr Zelenskyy this week amid his nation’s ongoing war with Russia.

Thunberg traveled to Kyiv, Ukraine’s capital city, Thursday for the first meeting of the International Working Group on the Environmental Consequences of War. 

Thunberg was joined by other members of the working group, including co-chair Andriy Yermak and European Parliament Vice President Heidi Hautala in addition to a group of Ukrainian environmental activists.

‘Ecocide, the destruction of the environment, is a form of warfare,’ Thunberg remarked during the meeting. ‘Unfortunately, Ukrainians now understand this very well. Russia deliberately targets its actions against the environment, against the livelihood of people.’

‘I think we need to connect the dots: The danger, the threat of war, human suffering and ecocide are all connected,’ the Swedish activist added. ‘None of us should ignore the terrible things that are happening in Ukraine, the crimes that Russia is committing here.’ 

Following the meeting, Zelenskyy issued a video message saying the working group primarily discussed Russia’s suspected attack and ‘ecocide’ on the Kakhovka hydroelectric power plant. Earlier this month, Ukraine officials blamed Russia for the destruction of the dam, which displaced hundreds of thousands of Ukrainians and disrupted power supplies.

In addition, Zelenskyy said the working group will continue to address issues arising from the ‘destructive impact of Russian aggression on nature.’

A release from the president’s office Thursday highlighted the group will further develop recommendations ‘for finding mechanisms to bring the aggressor to justice for environmental crimes so that Russia pays in full for the destruction it has caused’ and focus on environmental restoration efforts.

‘I really hope that we will be able to collect assessments of what is happening from central and local authorities and environmental organizations to assess the environmental damage that Ukraine is experiencing,’ Thunberg added. 

‘We need to hold Russia accountable for its crimes, and the people who have suffered damage should be able to recover, just as Ukraine should be able to recover in a sustainable way.’

Yermak, the working group’s co-chair and head of the office of the president of Ukraine, said the group would also draft a Ukraine Environmental Treaty to create conditions for environmental protection.

The activists concluded by calling for ecocide to be a crime, for Russia to pay environmental reparations and for rapid governmental responses to eco crimes.

‘Ukraine is in the focus of attention, but we are also doing this to show the world that such environmental destruction and the terrible consequences of conflict and war should not go unpunished. There must be accountability,’ Hautala said.

This post appeared first on FOX NEWS