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2023

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Recently, we’ve focused on the overextended nature of the small group of mega-cap leadership names in 2023, and even identified three key charts to watch for a pullback in the technology sector. This week, we observed further deterioration in breadth indicators, with the cumulative advance-decline lines for all cap tiers closing Friday in a position of weakness.

At the end of the day, our growth-oriented, cap-weighted benchmarks will follow the direction of the FAANG stocks. And that will remain the case until there is some dramatic upheaval in the calculation of our widely-followed equity benchmarks.

With that in mind, charts like AAPL are still working. Higher highs and higher lows are an uptrend by definition, and Apple is displaying plenty of both in 2023.

So if AAPL looks so bullish right now, then why are we talking about downside targets for the S&P 500? Well, that has to do with two key market breadth charts that flashed big-time sell signals this week.

First, let’s check the McClellan Oscillator, which is based on cumulative advance-decline data.

I’ve shaded this chart green when the indicator is above the zero level, and red when it flips back below the zero line. Think of it as an oscillator that tracks the rate-of-change of the cumulative advance-decline line, showing us the trend in breadth over time.

The most recent sell signal in late April did not lead to much of a decline, with the SPX drifting slowly higher until the next buy signal about a month later. Previous sell signals over the last 18 months have been incredibly valuable, highlighting the most important drawdowns in both bullish and bearish cyclical markets. So I’m inclined to follow the lessons of history and assume that this week’s signal is a good reason to think more defensively and focus on capital preservation instead of capital growth.

Here’s another breadth indicator that just turned bearish, and it’s based on point & figure charts of the Nasdaq 100 members.

I’ve highlighted in red when the indicator moved above the 70 level and then back below. To rephrase, we’re looking for when the breadth became overwhelmingly positive, and then turned much less positive. If you know point & figure charting, you know that it takes quite a bit to rotate from a bullish signal to a bearish signal, so I’ve found these rotations to be a great indicator of potential market tops. Almost all of these bearish signals over the last 18 months have preceded healthy pullbacks, and in some cases have come at the beginning of meaningful declines in price.

So let’s assume for a moment that the market continues lower next week. What are some downside objectives to keep in mind?

The first level to watch is the recent breakout level. You’ll often see stocks break above a key resistance level, then soon after revisit that level from above. This can serve as a springboard to further price gains once resistance becomes support. So that means 4300 is the initial level and, as long as we remain 4300, then this would be a brief pullback indeed!

If we break 4300, then I’d be looking toward the 50-day moving average, currently sitting right around the February 2023 high at 4200. Strong charts often pull back to an ascending 50-day moving average, and one could argue that a similar move for the S&P 500 in June-July could set the stage for a resumption of the long-term uptrend. If both of those levels fail, then I’d be focused in on the 4060-4080 range. 4083 represents a 38.2% retracement of the October 2022 to June 2023 rally, so a key Fibonacci level to expect price support. A trendline connecting the major lows in 2022 and 2023 currently lines up around 4050 so we have what’s considered a “confluence of support“.

Now given all of the evidence above, here’s what we should we really be asking ourselves as investors in June 2023.

How comfortable would I be with a 5% drop in the S&P 500? 10%? 20%?

How could I protect myself now from the downside risk we discussed?

At what “line in the sand” should I get more defensive? And where would I consider adding to existing positions?

By thinking through downside possibilities now, you can be better equipped to handle any challenging market environment!

Our latest YouTube video digs into the Nasdaq 100 Bullish Percent Index, including potential impacts to the Technology and growth stocks more broadly speaking.

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.

Once a month, I do a coaching session for our members of the Complete Trader, a MarketGauge comprehensive product for the discretionary trader.

During the 45-minute session, I cover EVERYTHING!

The Economic Modern FamilyThe IndicesThe Big View Risk GaugesThe BondsThe MetalsThe DollarThe Agriculturals Oil and EnergyEmerging Markets

And I end with a few stock picks plus review stocks that our attendees wish to review.

This is an opportunity to spend time with me and see what I see, how I see it and why…. check it out here!

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

“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

On the Friday, June 23 edition of StockCharts TV’s Your Daily Five, Mish covers a variety of stocks and ETFs, with eyes on the retail sector for best clues in market direction.

Read Mish’s interview with CMC Markets for “Tricks of the Trade: Interviews with World-Class Traders” here!

Mish delves into the potential next market moves for several key markets, including USD/JPY, Gold and West Texas crude oil in this appearance on CMC Markets.

Mish and Dale Pinkert cover the macro, the geopolitical backdrop, commodities, and stocks to watch on FACE Live Market Analysis and Interviews.

Mish and Ashley discuss buying raw materials and keeping an eye on Biotech on Fox Business’s Making Money with Charles Payne.

Mish joins Ash Bennington to discuss the market’s response to today’s inflation data, the AI-powered tech rally, whether we’re seeing signs of exhaustion in equities ahead of the Fed announcement on Real Vision.

Mish explains how the Russell 2000 is the canary in a coal mine on Business First AM.

Mish and Nicole Petallides go over rates, key sectors and the economy in this video from TD Ameritrade. They also discuss what raw materials are coming into vogue.

Mish and Charles talk inflation fears, the “wall of worry” and trading large-caps on Fox Business’ Making Money with Charles Payne.

Where is the US economy actually heading? Rajeev Suri of Orios discusses this question and what trends suggest with Mish in this video.

Coming Up:

June 23: Your Daily Five on StockCharts TV

June 26: Podcast FreeFX

June 27: The Final Bar with Dave Keller on StockCharts TV

July 6: Yahoo Finance

July 7: TD Ameritrade

ETF Summary

When Senate Majority Leader Chuck Schumer, D-N.Y., announced a ‘major effort’ in April to put the Senate’s imprint on artificial intelligence policy, he talked about having an ‘urgency to act’ and said a legislative plan would start taking shape in a matter of weeks.

‘In the coming weeks, Leader Schumer plans to refine the proposal in conjunction with stakeholders from academia, advocacy organizations, industry, and the government,’ he said in an April 13 statement.

But on Thursday, more than two months later, Schumer indicated that legislation may not be ready until 2024. In Wednesday remarks to the Center for Strategic and International Studies, Schumer said the process of getting input for the plan is still months away.

‘Later this fall, I will convene the top minds in artificial intelligence here in Congress for a series of AI Insight Forums to lay down a new foundation for AI policy,’ he said. Schumer said developers, scientists, CEOs, national security experts and others must do ‘years of work in a matter of months,’ a sign the effort could go well into next year.

He said once this input is collected, it will be up to legislators to listen and translate their ideas into legislation. He outlined a broad range of issues to cover, including how to protect innovation, intellectual property rights, risk management, national security, guarding against ‘doomsday scenarios,’ transparency, ‘explainability’ and privacy.

Making the job even more difficult, Schumer said bipartisan support is critical to the effort and said several committees will be expected to chip in.

Schumer this week announced what he called the SAFE Innovation Framework for AI, which is aimed at protecting U.S. innovation in this emerging field but ensuring there are guardrails to ensure security, promote accountability, support human liberty, civil rights and justice, and guarantee that AI outputs can be explained to users.

But Schumer laid out similar goals in April when he talked about the need to inform users, reduce the potential harm caused by AI outputs and make sure AI systems line up with ‘American values.’

Jake Denton, a technology policy research associate at the Heritage Foundation, said he sees Schumer’s recent announcement mostly as a sign that the process hasn’t gotten very far yet.

‘The goalpost seems to keep moving,’ Denton told Fox News Digital. ‘We never really get the bill text. We never get the details.’

Schumer’s office declined to comment for this story.

Denton said the basic principles that Schumer has outlined twice now are broadly accepted ideas, but he said the trick will be turning them into legislation. Several ideas have bounced around Capitol Hill – including a commission to guide AI policy or even a new agency that could license AI technology and ensure it produces outputs that are free of bias or discrimination.

Denton said it’s possible that Congress is still months or even years away from passing significant legislation to regulate AI based on its current pace. He said the precedent is there, as Congress has allowed other technology to flourish before stepping in.

‘Our lawmakers are still in the process of trying to figure out how to handle social media,’ he noted.

While the effort could easily drift into next year, Schumer said this proposal is the most efficient path forward to get a congressional regulatory plan in place.

‘If we take the typical path – holding congressional hearings with opening statements and each member asking questions five minutes at a time on different issues – we simply won’t be able to come up with the right policies,’ he said.

‘By the time we act, AI will have evolved into something new,’ he added. ‘This will not do. A new approach is required.’

This post appeared first on FOX NEWS

Legal and ethics ‘experts’ quoted in recent articles targeting conservative justices on the Supreme Court for alleged ethics violations have strong connections to prominent Democrats like President Biden and former President Bill Clinton, but those details were not made apparent in the recent stories.

In a Tuesday story titled ‘Justice Samuel Alito Took Luxury Fishing Vacation With GOP Billionaire Who Later Had Cases Before the Court,’ which was published by ProPublica, an individual named Kathleen Clark was quoted in a portion of the piece pertaining to disclosure matters and cited as an ‘ethics law expert at Washington University in St. Louis.’

But the publication failed to disclose that Clark – who has lent quotes to other ProPublica articles in the past – formerly worked for the Senate Judiciary Committee as a counsel while then-Senator Biden was chairman, according to Clark’s resume, which was obtained from the Washington University in St. Louis’ School of Law website.

Additionally, Clark worked under now-President Biden the same year he led what several Republicans consider to be a smear campaign against Justice Clarence Thomas during his confirmation process in 1991. That information was not disclosed by Clark or ProPublica.

Mike Davis of the Article III Project, a former high-level counsel on the Senate Judiciary Committee, told Fox News Digital that Clark should come clean about her past and insisted that she should not be cited as an objective ethics expert before disclosing her ties to prominent Democrats in the past.

‘Kathleen Clark was a partisan Democrat lawyer for then-Senate Judiciary Chairman Joe Biden when they viciously smeared Justice Clarence Thomas during his confirmation hearing,’ Davis said. ‘To consider Kathleen Clark any sort of objective ethics expert is like calling the head of ISIS an ‘austere religious scholar.”

Other legal minds quoted in the Tuesday story about disclosure matters, including Virginia Canter and Amanda Frost, also have ties to Democrats. Those details were not included in the story.

Canter, cited by ProPublica as ‘a former government ethics lawyer now at the watchdog group CREW,’ formerly served as a counsel in the Clinton White House, according to records from the State Department.

‘Ms. Canter served as Associate Counsel to President Clinton at the White House where she provided advice to Presidential and political appointees on ethics compliance and financial conflicts of interest,’ the biographical record noted.

Canter’s LinkedIn profile also notes that she served as associate counsel to former President Obama from January 2009 to February 2010. She also donated hundreds of dollars to the campaigns of Hillary Clinton, Barack Obama, and the Democratic National Committee.

Cited by the publication as a ‘judicial ethics expert at the University of Virginia School of Law,’ Frost also boasts strong connections to Democrats. She formerly served as a legislative fellow to former U.S. Sen. Ted Kennedy in the summer of 2006, according to her resume, which was obtained from the University of Virginia’s School of Law website.

Frost noted in her resume that she advised the late senator ‘on legal and policy issues concerning immigration, voting rights, courts and judicial nominations.’

Described earlier this year by Davis as a ‘far-left immigration professor’ and a ‘longtime leftwing activist and litigator at Public Citizen,’ Frost has given at least $10,000 to Democratic candidates or Democratic causes since 2008, according to Federal Election Commission records.

Asked by Fox News Digital whether she believes lending her comments on the issue were appropriate, given her donations to Democrats and former work for Kennedy, frost said, ‘Yes, my comments to the press are appropriate, as is my testimony and scholarship on this issue.’

Stressing that she had worked on both sides of the aisle in the past, Frost said that she ‘clerked for a Republican-appointed judge and that I have criticized the ethical conduct of justices appointed by Democrats in my public testimony before Congress and in my published academic scholarship.’

Further defending her point, Frost said she ‘spent the last twenty years promoting the enactment of ethics legislation that would (of course) apply to all the Justices, whoever appointed them.’

Earlier this year, Frost took part in a Senate Judiciary Hearing titled ‘Supreme Court Ethics Reform,’ where she used prior reports from ProPublica to strengthen her claim that certain justices, like Thomas, have ‘repeatedly violated laws regulating judicial ethics.’

In a statement to Fox News Digital, ProPublica said: ‘These are professionals with deep expertise and reputations for independence, who regularly criticize Democrats and Republicans alike. Several have served in Republican administrations.’

‘To our knowledge, no one with government ethics expertise has disputed the premise of the stories: When justices accept gifts from people with ideological or business interests before the court and do not disclose them, they are departing from the norms of behavior followed by the vast majority of federal judges,’ the outlet added.

Following the Tuesday story from ProPublica, Alito took a preemptive strike against the left-wing nonprofit over what he asserts is ‘misleading’ reporting.

Clark and Canter did not respond to Fox News Digital’s request for comment.

This post appeared first on FOX NEWS

EXCLUSIVE: Eric Schmidt, the billionaire former Google CEO and longtime Democratic donor, flew President Biden’s former top science adviser Eric Lander to a ritzy retreat in Montana during his tenure at the White House, emails reviewed by Fox News Digital reveal.

The internal White House emails — obtained by government watchdog group Protect the Public’s Trust (PPT) and shared exclusively with Fox News Digital — show that, in July 2021, Lander, his wife Lori and his daughter Jessica flew on a private jet managed by Schmidt Futures, a philanthropic venture Schmidt founded in 2017, to the private Yellowstone Weekend summit hosted every year by Schmidt in Montana.

A spokesperson for Lander told Fox News Digital that the former official reimbursed Schmidt Futures for his travel expenses and that the White House counsel’s office approved the trip. However, PPT Director Michael Chamberlain expressed concern about Lander’s decision to go on the trip.

‘Inappropriately taking private or charter flights for travel has been the undoing of more than one high-ranking official in the Executive Branch,’ Chamberlain told Fox News Digital. ‘The personnel and resources that have flowed into OSTP from a handful of wealthy, powerful individuals and organizations should give the American public pause to consider whether the factors driving that generosity may not be altogether altruistic.’ 

‘The Biden administration has made a very public commitment to putting science above politics and has talked a lot about adherence to its scientific integrity policies,’ Chamberlain continued. ‘The public remains skeptical, and this incident does nothing to quell that skepticism.’

At the time of the trip, Lander served as the director of the White House Office of Science and Technology Policy (OSTP), giving him a lead role crafting policy in the Biden administration. He eventually resigned from the position last year after allegations of treating staff in a ‘disrespectful and demeaning way.’

In an email dated July 11, 2021, Schmidt Futures office assistant Adam Topper emailed Lander, his wife Lori and OSTP Deputy Chief of Staff Kevin Lo, on behalf of Schmidt and Jared Cohen, an associate of Schmidt and the president of global affairs at Goldman Sachs, with the Yellowstone Weekend itinerary and travel arrangements. 

According to the email, Lander, his wife and his daughter traveled on a ‘Schmidt Futures Charter’ from Washington, D.C., to Montana on July 15, 2021, and back days later. Schmidt and Cohen also provided accommodations for Lander and his family near the exclusive Yellowstone Club, the sprawling members-only ski and golf resort in Big Sky, Montana, where Yellowstone Weekend is held every summer.

‘On behalf of your hosts, Eric Schmidt and Jared Cohen, we are so looking forward to welcoming you next week to the 10th Annual Yellowstone Weekend!’ Topper wrote to Lander in the July 2021 email days before the trip.

In addition to listing his flight and accomodation details, the email noted the Landers would be housed with fellow Yellowstone Weekend attendees Matteo Renzi, the former prime minister of Italy, and Mathias Cormann, the secretary-general of the Organization for Economic Cooperation and Development. And an attached schedule of events showed the summit included various ‘sessions,’ receptions and activities. 

‘Dr. Lander received approval from the White House counsel’s office for this travel and reimbursed all applicable expenses,’ the spokesperson for Lander told Fox News Digital in a statement.

A source close to the conference confirmed Lander requested an invoice for the trip in August 2021 and that his payment has since been received.

According to a 2020 report from the non-profit Tech Transparency Project, little is known about Schmidt’s secretive retreat except that it routinely attracts high-profile politicians, policy analysts, celebrities and executives. Sen. Cory Booker, D-N.J., musicians Lady Gaga and Leon Bridges, actors Mila Kunis and Ashton Kutcher, journalist Ronan Farrow, and various D.C. insiders are all counted among the known past attendees.

The White House emails reviewed by Fox News Digital additionally showed that, one month prior to the retreat, Lander exchanged multiple emails with Cohen and Topper about the ethics implications of attending the event. The communications, though, didn’t address the potential implications of the private jet travel and accommodations provided to Lander.

In an email to Cohen on June 19, 2021, Lander said he talked to White House legal advisers who informed him of a series of conditions for the trip which he listed.

For example, Lander said he was advised he couldn’t speak in an official capacity on behalf of the federal government at the retreat and that he would have to take vacation time to attend the retreat. 

Lander was also advised that he wasn’t authorized to share non-public information and that any remarks he delivered should have a disclaimer that the views shared didn’t represent those of the Biden administration.

‘Please ensure that the organizer of this event is aware that you are participating solely in your personal capacity and does not advertise the event in a way that suggests otherwise,’ one of the conditions Lander included in his email to Cohen stated. 

‘Importantly, please inform the organizer not to identify you by your official title or position in any promotional materials, or on any website or invitation, except that your official title or position can be used as part of a bio, which also contains at least three additional biographical details about yourself, and which does not give any greater prominence to your official title/position over your other biographical details.’

Over the next days, Lander and event organizers discussed in multiple emails how he would be referred to in their retreat packet. At one point, Topper, Schmidt’s assistant, informed Lander the packets were not promotional and ‘exclusively for attendees to use while they are at the Yellowstone Weekend.’ Topper has since joined the White House to work for Vice President Kamala Harris.

‘He was not approved to attend this event in his official capacity,’ a White House OSTP spokesperson told Fox News Digital in a statement. ‘He attended this event in his personal capacity, was not there on behalf of the federal government, and was advised about his ethics obligations.’

Meanwhile, Schmidt is a prolific contributor to Democratic Party political campaigns and spearheaded an effort to boost Democratic candidates’ technological capabilities. Schmidt — who has an estimated net worth north of $24 billion, according to Bloomberg — has sent more than $12 million to Democrats in recent years, according to Federal Election Commission filings.

Schmidt also wired $227,000 in in-kind contributions to STAC Labs, a tech start-up launched in 2019, which he has bankrolled through Schmidt Futures, for its work boosting tech and voter data analysis services on behalf of 18 state Democratic parties, additional election data showed.

And Schmidt has quietly developed an intricate network enabling him to have significant influence over White House artificial intelligence and public policy, Fox News Digital reported last week.

Schmidt worked as Google’s CEO from 2001 to 2011 and then as the tech giant’s chairman until 2015. He subsequently worked as the executive chairman of Alphabet, the parent company of Google, until 2018, and as its technical adviser until 2020.

Fox News Digital reporter Aaron Kliegman contributed to this report.

This post appeared first on FOX NEWS

President Biden picked up endorsements from three major abortion rights groups Friday, a day before the anniversary of the Supreme Court overturning Roe v. Wade.

Planned Parenthood Action Fund, NARAL Pro-Choice America and EMILY’S List will join Biden and Vice President Kamala Harris at a rally with the Democratic National Committee in Washington, D.C., on Friday to announce their joint endorsement. The groups are throwing their support behind Biden as Democrats nationally have claimed several victories for abortion rights on ballot referendums or in courts and will press forward on the issue into the 2024 election. 

‘There is so much at stake,’ Alexis McGill Johnson, president and CEO of the Planned Parenthood Action Fund, said in a statement to media outlets. ‘We know, clear as day, that if anti-abortion politicians gain control of the White House, they will exploit their power toward their ultimate goal: a national abortion ban.’

Biden’s campaign manager, Julie Chavez Rodriguez, told the Associated Press the president and vice president were proud to have earned the support of the groups. Since the decision last year by the Supreme Court overturning Roe v. Wade, ‘we have seen the horrifying impact that the extreme MAGA agenda has on women’s health,’ she said, referring to former President Donald Trump’s ‘Make America Great Again’ slogan.

Since the Supreme Court ended federal protections for abortion rights, 22 Republican-controlled state legislatures have advanced laws restricting abortion, such as Florida’s ban on most elective abortions after six weeks of pregnancy. That law — and similar legislation in other states — faces legal challenges from abortion rights groups and providers. Republicans campaigning for president including Trump and Florida Gov. Ron DeSantis supported the Supreme Court’s decision and have opposed actions by Democratic-controlled legislatures to expand abortion access. 

In contrast, Biden has called on Congress to pass legislation that would codify federal protections for abortion rights. The president also signed executive orders intended to safeguard access to abortion and make abortion pills more available. And the Biden administration has brought together leaders from all 50 states to talk strategy on how to expand access and work together to help people in more restrictive states.

‘President Joe Biden and Vice President Kamala Harris are the strongest advocates for reproductive freedom ever to occupy the White House, and NARAL Pro-Choice America proudly endorses their reelection,’ said NARAL Pro-Choice America president Mini Timmaraju. ‘It’s as simple as this: Abortion matters to Americans. In elections since the Supreme Court took away our right to abortion, voters have mobilized in massive numbers to elect Democrats who will fight to restore it. Americans know the extremist GOP stacked the courts to take away our freedoms, and they won’t forget it.’ 

EMILY’s List, a group that backs female candidates who support abortion rights, praised Vice President Kamala Harris as a powerful symbol for women. 

‘She is the highest serving woman who has broken the hard glass ceiling of representing women in the White House,’ EMILY’S List president Laphonza Butler said. ‘This is the administration using every bully pulpit it can to advance reproductive health and freedom across the country.’

The Associated Press contributed to this report. 

This post appeared first on FOX NEWS

It does not always happen, but sometimes the indicator and chart signals align to send a powerful message. Datadog (DDOG) sports a confirmed bullish reversal on the price chart and a trend signal from the Trend Composite. Today’s article will review these signals and highlight a developing short-term pattern.

The chart below shows Datadog with a confirmed bullish reversal pattern. First, DDOG formed two lows in the low 60s for a Double Bottom (green lines). These lows represent an area of demand (support) in the low 60s. The peak between these two lows marks overhead supply (resistance). Demand prevailed over supply as the stock surged above the red resistance line.  

The indicator window shows the Trend Composite turning positive just before the Double Bottom breakout. The Trend Composite aggregates signals in five trend-following indicators. It surged to +5 and this means all five indicators are bullish. This signal reverses the bearish signal from March 7th, 2022.  

With the long-term trend up, it is now time to look for tradable pullbacks or short-term oversold conditions. The next chart shows broken resistance at 90 (red line) turning into support (green line). This is a classic tenet of technical analysis. One price breaks resistance and demand overpowers supply, the previous supply overhang becomes an area of demand (support).

DDOG pulled back to the breakout with a pennant in June. This is a short-term bullish continuation pattern that is dependent on the prior move for a directional bias. The prior move was up (early May to early June) so this is a bullish continuation pattern. A breakout here would be bullish. Barring a breakout, chartists can watch the Momentum Composite for a move to -3 or lower to signal a short-term oversold condition.

A rotation strategy trading S&P 500 and Nasdaq 100 stocks was just released at TrendInvestorPro. This strategy trades weekly using two trend indicators, two volatility filters and a ranking indicator. Strategy and performance metrics are detailed in a comprehensive article. We will complete this series and introduce a signal table next week. Click here to learn more.

The Trend Composite, Momentum Composite, ATR Trailing Stop and eight other indicators are part of the TrendInvestorPro Indicator Edge Plugin for StockCharts ACP. Click here to take your analysis process to the next level.

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It was a great day to sit down and talk to Dale Pinkert of FACE Live Market Analysis & Interviews.And we covered a lot of ground.

BoE interest rate cut.Inflation, Recession, or Stagflation?Commodities — grains, metals, industrial metals.The “inside” sector of the US economy.Retail a very big tell.Long Bonds, risk on or off — now more neutral.Emerging Markets.Stock picks.

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

“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

Mish delves into the potential next market moves for several key markets, including USD/JPY, Gold and West Texas crude oil in this appearance on CMC Markets.

Mish and Dale Pinkert cover the macro, the geopolitical backdrop, commodities, and stocks to watch on FACE Live Market Analysis and Interviews.

Mish and Ashley discuss buying raw materials and keeping an eye on Biotech on Fox Business’s Making Money with Charles Payne.

Mish joins Ash Bennington to discuss the market’s response to today’s inflation data, the AI-powered tech rally, whether we’re seeing signs of exhaustion in equities ahead of the Fed announcement on Real Vision.

Mish explains how the Russell 2000 is the canary in a coal mine on Business First AM.

Mish and Nicole Petallides go over rates, key sectors and the economy in this video from TD Ameritrade. They also discuss what raw materials are coming into vogue.

Mish and Charles talk inflation fears, the “wall of worry” and trading large-caps on Fox Business’ Making Money with Charles Payne.

Where is the US economy actually heading? Rajeev Suri of Orios discusses this question and what trends suggest with Mish in this video.

Coming Up:

June 23: Your Daily Five on StockCharts TV

June 26: Podcast FreeFX

June 27: The Final Bar with Dave Keller on StockCharts TV

July 6: Yahoo Finance

July 7: TD Ameritrade

ETF Summary

S&P 500 (SPY): 440 pivotal with potential reversal-has to break under 434.Russell 2000 (IWM): 180-190 stuck.Dow (DIA): 34,000 in the Dow now pivotal.Nasdaq (QQQ): 360 support.Regional Banks (KRE): Becoming more or a concern if this breaks under 40.Semiconductors (SMH): 150 pivotal.Transportation (IYT): 238 area the 23-month moving average.Biotechnology (IBB): 121-135 range.Retail (XRT): 62 support and, if clears back over 63, optimism returns.

Mish Schneider

MarketGauge.com

Director of Trading Research and Education

President Biden doubled down on his accusation that China is being ruled by a dictatorship.

Biden was asked about his use of the term ‘dictator’ on Thursday during a question period with Indian Prime Minister Narendra Modi.

Asked whether referring to Chinese President Xi Jinping as a dictator complicates the U.S. relationship with the People’s Republic of China, Biden said, ‘The answer to your [question] is ‘no.’’

‘When we’re talking to our allies and partners around the world, including India, we let the idea of my choosing and avoiding saying what I think is the facts with regard to the relationship with India, with China, is just not something I’m going to change very much,’ Biden said. 

The president went on to claim that the U.S. and China continue to maintain a good relationship, citing U.S. Secretary of State Antony Blinken’s visit to the country last week.

‘I believe that and I’ve said this for some time, that the hysteria about the relationship with China is collapsing and moving, etc., etc. We had an incident that caused some confusion, you might say,’ Biden said. ‘But Secretary Blinken had a great trip to China. I expect to be meeting with President Xi sometime in the future, in the near term. And I don’t think it’s had any real consequence.’

During a fundraiser in California on Tuesday night, Biden said Xi was embarrassed after the U.S. Air Force shot down the Chinese spy balloon.

‘The reason why Xi Jinping got very upset in terms of when I shot that balloon down with two box cars full of spy equipment in it was he didn’t know it was there,’ the president said. ‘That’s a great embarrassment for dictators when they didn’t know what happened.’

China responded Wednesday to Biden’s comments, criticizing the remark as ‘extremely absurd and irresponsible.’

‘The U.S. remarks are extremely absurd and irresponsible. It is a blatant political provocation,’ Foreign Ministry spokesperson Mao Ning responded at a daily briefing on Wednesday. ‘China expresses strong dissatisfaction and opposition.’

Fox News’ Lawrence Richard contributed to this report.

This post appeared first on FOX NEWS

Democratic Rep. Adam Schiff’s Republican opponent in his California Senate bid slammed the congressman’s claim that being censured by Congress is a ‘badge of honor.’

‘Every time Schiff opens his mouth, he lies,’ attorney and Republican Senate candidate Eric Early told Fox News Digital on Thursday. ‘At this point, he’s like a cornered animal who is just flailing around and saying one ridiculous thing after another.’

After becoming only the 25th member of Congress in American history to be censured, Schiff told Fox News that he takes it as a ‘badge of honor because this says that I’m effective.’

‘They go after people that they think are effective, I exposed the corruption of a former president,’ Schiff said. ‘I led the first impeachment trial of the former president to the first bipartisan vote to remove a president in U.S. history.’

Censure is the second-most serious form of discipline a representative can face in Congress, topped only by expulsion.

Wear your badge of honor well, Schiff, because this is obviously no badge of honor and frankly, once the lights go out, and once Schiff is finally out of our government, he’s going to be forever remembered as one of the worst to ever grace the halls of Congress,’ Early told Fox News Digital.

The censure vote against Schiff, which ultimately passed by a party line vote of 213-209 with six Republicans voting present, was launched by Republican Florida Rep. Anna Paulina Luna. The censure bill said that Schiff’s peddling of the debunked collusion narrative between Russia and former President Donald Trump was unbecoming of a member.

‘As chair of the House Intelligence Committee, Adam Schiff launched an all-out political campaign built on baseless distortions against a sitting U.S. president, at the expense of every single citizen in this country and the honor of the House of Representatives,’ Luna said before the vote.

‘With access to sensitive information unavailable to most members of Congress and certainly not accessible to the American people, Schiff abused his privileges, claiming to know the truth while leaving Americans in the dark about his web of lies… lies so severe that they altered the course of the country forever,’ she said.

Early, who a recent Berkeley IGS Poll shows leads a crowded field in the race to replace retiring Democratic Sen. Dianne Feinstein with 31% of California voters still undecided, told Fox News Digital that he agrees with Luna that Schiff did tremendous damage to the country.

‘The damage he did is incalculable,’ Early, who unsuccessfully ran against Schiff for his seat in Congress in 2020, said. ‘For years, he went on TV and in the press virtually every day lying to Americans, and what made it so much worse was that he was the head of the House Intelligence Committee, and so he made all Americans believe he had seen classified information that supported all of his lies about Russia collusion of the Trump campaign.’

‘He really was one of the leaders of a soft coup of a president, and he damaged the presidency tremendously,’ Early continued. ‘He divided the nation tremendously, and he continues to do all of that to this very day. He is a national disgrace of the highest magnitude, and yesterday, censure was so well-deserved.’

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