ETF Summary

Republican Vermont Gov. Phil Scott on Tuesday vetoed a $150 million expansion of state child care subsidies.The proposal, which would have tapped into payroll tax revenue for funding, would allow subsidies for households earning up to 575% of federal poverty guidelines.‘Vermont already has one of the highest tax burdens in the nation. The last thing we should be doing is making it worse,’ Scott wrote to lawmakers. ‘Raising new revenue from taxes and fees should be a last resort, not a first step.’

Vermont Republican Gov. Phil Scott on Tuesday vetoed a bill that would have expanded child care subsidies for some families, saying he objects to the payroll tax to partially pay for it.

Scott wrote in his veto message to lawmakers that increasing the availability and affordability of child care has been a priority during his time as governor but said he can’t support a new tax.

‘Vermont already has one of the highest tax burdens in the nation. The last thing we should be doing is making it worse,’ he wrote. ‘Raising new revenue from taxes and fees should be a last resort, not a first step.’

The Legislature’s $150 million child care plan would have expanded child care subsidies to families with incomes up to 575% of the federal poverty guidelines. It would have also increased pay for child care workers and would be paid for with help from a 0.44% payroll tax split between employers and employees.

Democratic Senate President Pro Tempore Philip Baruth said the governor’s veto came as no surprise and will be the top priority during the Legislature’s veto override session later this month.

‘During his years in office, the Governor has talked about the need to expand and enrich our childcare offerings, but he has never been willing to address the problem at the scale it demands,’ Baruth said in a written statement. ‘H.217 represents an authentic, long-term solution to our childcare crisis by helping parents afford care and helping caregivers afford to stay in their profession.’

<!–>

This post appeared first on FOX NEWS

–>

Politics

Bill requiring electronic campaign finance report submission clears Pennsylvania House

Pennsylvania’s House of Representatives approved legislation Tuesday to require candidates for a state office to file their campaign finance reports electronically, instead of on paper.

The bill passed on party lines, 102-101, with Democrats in favor and Republicans against. The bill goes to the state Senate, which is considering its own version of similar legislation.

Many candidates and PACs already file reports electronically, sponsors said.

Paper filing is costly and inefficient, and moving to an entirely electronic model would reduce costs, sponsors said.

Critics of paper campaign finance filings say the documents must undergo a data-entry process to put the information online, creating the potential for inserting errors into the information and delays in making the information available to the public.

The measure removes the requirement of filing with the county board of elections. It would also allow for remaining campaign funds to be donated to nonprofits.

The state Department of State, which oversees election administration in Pennsylvania, would be responsible for maintaining a searchable site for filing, and any training associated with using the database for campaigns.

The measure would increase the late filing fees for missing deadlines to $20 per day for the first six days late and $100 per day for day seven and each day after. There would be a maximum penalty of $500.

<!–>

This post appeared first on FOX NEWS

–>

Politics

George Soros’ son boasts of meeting with Kamala Harris; Twitter reacts: ‘NOTHING TO SEE HERE FOLKS!’

Alex Soros, son of liberal billionaire George Soros, boasted of meeting with Vice President Kamala Harris on social media, drawing sarcastic reactions and questions from several social media users, including at least one Republican senator.

The younger Soros, who chairs the board of directors for his father’s Open Society Foundations network, has maintained access to Biden’s White House and top Democratic lawmakers.

The meeting with Harris further exemplifies his intimate connection to powerful left-wing politicians in the United States.

‘Great to catch up with Madame Vice President, @KamalaHarris!’ Alex said on Twitter Tuesday afternoon.

Soros’ tweet led to a flurry of reactions from primarily right-leaning social media users.

‘NOTHING TO SEE HERE FOLKS!’ said Capital Research Center investigative researcher Parker Thayer.

‘It’s laughable that the Left wants you to believe that the Soros family has no influence in politics,’ said Republican Tennessee Sen. Marsha Blackburn.

‘Is it still offensive to say the Soros family has an outsize influence on Democratic politics,’ added political operative Logan Dobson.

Alex Soros has maintained access to the upper ranks of President Biden’s White House and has frequently taken advantage of the connections. Last week, Fox News Digital reported that he had visited the White House at least 17 times since 2021, according to a review of visitor logs, which still haven’t been fully released

Alex’s most recent visits include three meetings in early February. The visitor logs list Jon Finer, the principal deputy national security adviser; Jordan Finkelstein, special assistant to the president and the chief of staff for senior Biden adviser Anita Dunn; and Mariana Adame, the adviser to the counselor of the president, as the individuals who greeted Alex.

But it remains unclear precisely who Alex may have met with for the sessions, as the records can contain White House staff who book appointments, meet the guests and take them to other personnel.

For instance, a White House official confirmed to Fox News Digital in January that two of Alex’s past visits were with Ron Klain, Biden’s former chief of staff, who was not listed in the records. OSF did not answer previous questions on the nature of his most recent meetings, and the White House did not respond to an inquiry.

The younger Soros also maintains close contact with Democratic lawmakers, which he often brags about and posts about on social media. His Instagram shows dozens of pictures with top Democrats in the House and Senate between 2018 and 2022.

Two of the Democrats who appeared the most with him were Senate Majority Leader Chuck Schumer of New York, with at least nine meetings, and former House Speaker Nancy Pelosi of California, with at least eight visits, Fox News Digital previously reported.

Joe Schoffstall is a politics producer/reporter for Fox News Digital. Story tips can be sent to Joe.Schoffstall@Fox.com and on Twitter: @joeschoffstall

This post appeared first on FOX NEWS

Politics

North Dakota urges residents to return Medicaid renewal forms amid registration purge

Officials are urging North Dakotans who receive Medicaid renewal forms to complete and return them within 30 days, given that thousands of people who were still eligible were removed from the program last month.

State Health and Human Services says about 13,000 Medicaid recipients in North Dakota were due for renewal at the end of May, but thousands failed to return their forms, so many lost coverage even though they may still qualify, KFGO reported.

‘Our goal is to maintain coverage for all people who remain eligible with a particular emphasis on children and people with disabilities,’ Interim Medical Services Division Director Krista Fremming said in a statement.

Medicaid provides health coverage to eligible low-income adults, children, pregnant women, elderly adults and people with disabilities.

Agency data shows that most people who return their renewal forms qualify for coverage. Individuals who lost coverage have 90 days to return their renewal forms. For those who qualify, their coverage will be retroactive. The department has created a webpage with information about Medicaid renewals.

Before the pandemic, people would regularly lose their Medicaid coverage if they started making too much money, gained health care coverage through their employer or moved to a new state. But the federal government prohibited states from kicking people off Medicaid during the pandemic, even if they were no longer eligible. Now dozens of states have begun reviews that will remove as many as 14 million people from the program.

<!–>

This post appeared first on FOX NEWS

–>

Politics

Justice Department special counsel has been convening second grand jury in Trump probe, sources say

A Special Counsel that’s been investigating former President Trump’s handling of classified documents has been convening a second federal grand jury located in South Florida, two sources with knowledge of the ongoing probe confirm to Fox News.

The federal grand jury has been hearing testimony from witnesses, the sources said.

Most of the work conducted by Justice Department Special Counsel Jack Smith has been before a grand jury based in Washington, D.C., sources say, which has been meeting secretly for months.

While it’s unclear why the two grand juries have been convened, sources with knowledge have told Fox News that Smith might be close to wrapping up his investigation into the former president.

The news comes as lawyers for Trump met with federal law enforcement officials on Monday at the Department of Justice to discuss allegations of prosecutorial misconduct in the investigation by Smith.

Attorneys for Trump were present at the meeting, including James Trusty, Lindsey Halligan, and John Rowley.

Trump’s legal team wrote to the Department of Justice on Feb. 23 to request the meeting.

‘We represent Donald J. Trump, the 45′ President of the United States, in the investigation currently being conducted by the Special Counsel’s Office. Unlike President Biden, his son Hunter, and the Biden family, President Trump is being treated unfairly,’ the letter reads. ‘No President of the United States has ever, in the history of our country, been baselessly investigated in such an outrageous and unlawful fashion. We request a meeting at your earliest convenience to discuss the ongoing injustice that is being perpetrated by your Special Counsel and his prosecutors.’

Attorney General Merrick Garland and Deputy Attorney General Lisa Monaco weren’t present at the meeting.

Garland appointed Smith as special counsel in November 2022 after the FBI searched for missing classified documents in a raid at Trump’s Mar-a-Lago estate in Florida on Aug. 8, 2022.

Fox News’ Brooke Singman and Bret Baier contributed to this report.

<!–>

This post appeared first on FOX NEWS

–>

Stocks

These Areas Are Pushing The Equal Weighted S&P 500 Higher

The equal-weighted S&P 500 ($SPXEW) continues to advance above its key 50-day moving average which it broke above following last Friday’s broad based rally in the markets. Friday’s downtrend reversal took place after May’s employment data delivered a goldilocks report with job openings rising higher than expected while wage gains were modest. The report helped reduce fears of a recession amid signs of corporate job growth while low wage gains underscored the possibility of a more accommodative Fed.

Cyclical stocks gained on the news, as the hint of possible economic expansion pushed Materials, Industrials and Discretionary stocks higher while Small Caps gained the most amid a rally in Bank stocks. I highlighted this marked shift in my Sunday MEM Edge Report as a broadening out among participation is very constructive for the possibility of a more sustained uptrend in the markets.

DAILY CHART OF S&P 500 EQUAL WEIGHTED INDEX ($SPXEW)

Today we’ve seen a continuation of last week’s broadening out into areas beyond Technology and mega-cap FAANMG names. Most pronounced has been the continuation rally in Small Cap stocks. While a portion of the gains can be attributed to the recent rally in Bank stocks – Financial Service stocks account for 13% the Russell 2000 – other areas in small cap stocks are also on the move. The biggest gainers today were beaten down Retailers with other cyclical areas such as Industrials not far behind.

DAILY CHART OF RUSSELL 2000 ETF (IWM)

One characteristic of a move into Small Cap stocks is that it signals a risk-on appetite among investors which is a positive. While these smaller stocks can produce outsized returns when sparked, they’re more volatile than larger, more liquid names so tight stops are strongly recommended on any new positions.

My twice weekly MEM Edge Report will be adding several new stocks to our already broad Suggested Holdings List tomorrow. These fundamentally sound companies with attractive charts can be accessed by using this link here and trialling my report for a nominal fee. You’ll have immediate access to recent reports as well as my Watch List of stocks getting ready to move higher. I hope you’ll take advantage of my special offer so you can take advantage of the current rotation as it continues to take shape.

Warmly,

Mary Ellen McGonagle, MEM Investment Research

Stocks

Some Trading Pairs to Think About Right Now

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

It’s just like the entire month of May, when folks were saying “Sell in May and go away”– but not us. We were telling you that the Big View Risk Gauges were all pointing to risk on.

However, before that, on March 12, 2023, we also saw the now confirmed island bottom in the long bonds (TLT). The title of that Daily, “Long Bonds: Island Bottom and the Signal of Chaos“, represented the Regional Bank debacle, now well in our rearview mirror. Nonetheless, we imagined then that, should 20+ year bonds continue to go north, that too could be inflationary.

We started the year introducing our report How to Grow Your Wealth in 2023. In this Year of the Yin Water Rabbit, we began with:

You Can’t Run with the Hare and Hunt with the Hounds.

One thing we do know is that, while risk on prevails, anything this year can change and change quickly. That IS the nature of Stagflation.

The chart of both the long and junk bonds tells us that, currently, junk outperforms. So, bulls, we are okay. Our job is to keep you one step ahead to prepare your portfolio before it’s too late, which, we assume by now you have learned, needs to be active rather than passive.

We found it curious, though, that, with indices all up June 6th, the TLTs also went green. Maybe premature, maybe nothing–but at least now, you are paying attention. Should we get an up day in TLT and a down day in HYG, that can be a great alert.

The dollar has been strong. The UUP ETF shows price above the 200-DMA (green). Our Real Motion Indicator tells us the dollar remains in a mean reversion sell signal. Hence, watch for continuing weakness.

The gold chart (GLD ETF) is in a caution phase. Many are getting negative gold. Not us. We see a buy mean reversion signal on our Real Motion.

Gold has done a great job holding $1950 in futures. Now over $2000, which should correspond with 185 in GLD, things can get interesting. And speaking of commodities, the grains, softs and industrial metals are looking a lot better.

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

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 joins Rajeev Suri of Orios Venture partners to discuss the Fed, inflation, and buybacks in this video on LinkedIn.

In this episode of StockCharts TV’s ChartChats, Mish Schneider and TG Watkins (creator of the Moxie Indicator) sit down for a candid chat about working with other StockCharts contributors. Learn what TGs strategy for trading is, and how the the Moxie Indicator came to be. Mish shares her background and how she got started in the industry.

With Congress having reached a deal after months of debt ceiling talks, what direction could the US dollar move in, and what could this mean for the USD/JPY? Mish explores the market movements in this appearance on CMC Markets.

Mish joins Rajeev Suri of Orios Venture partners to discuss the trend toward a risk-on situation in this video on LinkedIn.

Mish weighs in on the overnight slump across the board on the benchmarks and where the momentum is heading on Singapore Breakfast, available on Spotify.

Mish explains how reversal patterns could come to the fore this week in this appearance on CMC Markets.

Mish joins Rajeev Suri of Orios Venture partners to discuss the possibility of economic stagflation in this video on LinkedIn.

Mish discusses how AI is being used to invest in this article for BNN Bloomberg.

Mish joins Rajeev Suri of Orios Venture Partners to discuss the implications of the debt ceiling deal in this video on LinkedIn.

Mish discusses the commodities to watch in this video from CMC Markets.

In this appearance on Business First AM, Mish covers business cycles, plus where to go for trades once the dust settles.

Mish and Caroline discuss profits and risks in a time where certain sectors are attractive investments on TD Ameritrade.

Powell eyes a pause, Yellen hints at the need for more rate hikes, and debt ceiling talks face challenges… what a way to end the week, as Mish discusses on Real Vision’s Daily Briefing for May 19th.

Mish walks you through the fundamentals and technical analysis legitimizing a meme stock on Business First AM.

Coming Up:

June 7-8: Mario Nawfal Twitter Spaces, 8am ET

June 8: Wolf Financial Spaces

June 9: BNN Bloomberg Opening Bell

June 22: Forex Premarket Show with Dale Pinkert

June 23:Your Daily Five on StockCharts TV

ETF Summary

S&P 500 (SPY): August 2022 high 431.73, and of course 420 now key.Russell 2000 (IWM): 180 now must hold while still miles from its 23-month MA 193.Dow (DIA): 23-month MA, 337 pivotal.Nasdaq (QQQ): 370 resistance, 350 now closest support.Regional banks (KRE): 42.00 pivotal.Semiconductors (SMH): 142.50 the 10-DMA held on this correction so far.Transportation (IYT): 230 level is key.Biotechnology (IBB): 121-135 range.Retail (XRT): Granny cleared 60; rotation to value and beat up discretionary is a good sign.

Mish Schneider

MarketGauge.com

Director of Trading Research and Education

Stocks

Zillow’s New Strategy Looks Like a Winner; Is the Stock a Buy?

Zillow Group, Inc. (ZG) has faced a lot of headwinds in 2021. It pulled the plug on its home flipping segment, Zillow Offers, a big revenue generator. That hurt the company’s bottom line, but, since then, Zillow Group has exhibited signs of turning around. It’s made technological strides by offering a cool app and is experimenting in the AI space to create a user experience that eases the home search process.

ZG and Zillow Group Class C Shares (Z) were two stocks that made it to the StockCharts Technical Ranking (SCTR) scan on June 6. The stock has been trending higher, bouncing off its 100-day moving average (MA), but it’s worth looking at its weekly chart to see how much upside potential the stock has.

CHART 1: WEEKLY CHART OF ZILLOW STOCK. As long as the trend is up, the stock price has a lot of upside potential.Chart source: StockCharts.com (click chart for live version). For illustrative purposes only.

After peaking in February 2021, Zillow’s stock price plunged, reaching a low in October 2022 that was close to its March 2020 low. Since October, the stock price has been rising and is trading above its 50-week MA. The 100-week MA is still trending lower, and the 200-week MA is relatively flat. These moving averages can act as support and resistance levels. Note that the 20-week MA is, at the moment, acting as a short-term support level.

Is the stock one to add to your portfolio? Let’s look at the daily chart.

Zeroing In: Daily Price Action in Zillow Stock

The 50- and 100-day MAs are trending upward, which is a positive sign for the stock. Looking at the one-year daily chart, the stock is approaching a short-term resistance level of around $48, its most recent high (see chart below).

CHART 2: DAILY CHART OF ZILLOW. Upward trending moving averages, SCTR > 70, and relative strength with respect to the S&P 500 index all indicate the stock has upside potential.Chart source: StockCharts.com (click on chart for live version). For illustrative purposes only.

The SCTR score has been above 70 since March 20, and its relative strength with respect to the S&P 500 index is in positive territory. Overall, ZG is showing strength. If the stock falls below its 100-day MA and stays below it, then the uptrend would no longer be in play.

How to Trade Zillow Stock

You may need to exercise some patience if you’re considering entering a long position in ZG or Z. If the stock trades above its most recent high of $48, it would validate the uptrend.If price pulls back after reaching a new high above $48, then continues moving higher on above average volume, that would make a good entry point signal. For your price target, you’d have to look at the weekly chart to determine the first resistance level. It would probably be the 100-week MA. As long as the pattern of higher highs and higher lows continues, you want to stay in the trade. In the case of ZG, if the stock moves to the 100-week MA, stalls, and drops below the 20-week MA, you may think about exiting the trade. If the stock moves above the 100-week MA, then your next target would be at the 200-week MA.Keep an eye on the SCTR and relative strength on the daily chart .As long as the SCTR remains above 70 and relative strength against the S&P 500 index continues trending higher, your long position can remain in play. Use trailing stops to determine when to exit the trade. And if you have a significant position size, you can take profits on some of your positions instead of the entire investment in the stock.

Other Stocks From the Scan

Here are some of the other stocks that showed up on the large-cap SCTR scan. Do you detect any industry trends?

American Express Co. (AXP)

Baidu (BIDU)

Discover Financial Services (DFS)

Expedia, Inc. (EXPE)

Hyatt Hotels Corp. (H)

InterContinental Hotels Group PLC (IHG)

Marriott International, Inc. (MAR)

Looking Back at DOCU

On June 1, Docusign, Inc. (DOCU) was the featured SCTR scan stock. Let’s look at how that stock is performing.

CHART 3: DAILY CHART OF DOCU. Conditions are valid from last week. If you opened a long position, be aware of market conditions so that you know when to exit your position.Chart source: StockCharts.com (click on chart for live version). For illustrative purposes only.

The SCTR is still moving higher, as is the relative strength with respect to the S&P 500 index ($SPX). The Cup with Handle (er, teapot) pattern is still in play. And the stock has broken above its $58.80 resistance level, although volume could be higher. So the conditions from last week are still valid.

SCTR Crossing Scan

[country is US] and [sma(20,volume) > 100000] and [[SCTR.large x 76] or [SCTR.large x 78] or [SCTR.large x80]]

Credit: Greg Schnell, CMT, MFTA.

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.

Stocks

Market Correction is Coming

“The farther backward you can look, the farther forward you can see.” – Winston Churchill

In this exclusive StockCharts TV special, Larry is back to talk about a stock market correction ahead. There have not been any long term selling opportunities recently. However, right here & now, Larry thinks there will be a market correction, despite some people predicting bad news that, in reality, has not come true.

This video was originally broadcast on June 6, 2023. Click anywhere on the Larry Williams photo above to view on our dedicated show page, or click this link to view the episode on the StockCharts YouTube channel. You can also check out this and past Larry videos on the StockCharts TV on-demand website, or on the associated app on mobile platforms like iOS and Android, or TV platforms like Roku, Apple TV, Amazon Fire TV and Chromecast.

New Larry specials will air periodically on StockCharts TV. All previously recorded episodes are available at this link. You can also visit Larry’s website at www.ireallytrade.com.

Stocks

Sector Spotlight: May Was NOT a Good Month for Stocks

In this episode of StockCharts TV’s Sector Spotlight, wrapping up the month of May, I look back at developments in May for Asset Classes and Sectors. Using Monthly Relative Rotation Graphs and monthly charts, I talk you through the good and the not-so-good parts of the markets, starting with the observation that, in May, only 3 out of 11 sectors recorded a positive return…. not much.

This video was originally broadcast on June 6, 2023. Click anywhere on the Sector Spotlight logo above to view on our dedicated Sector Spotlight page, or click this link to watch on YouTube. You can also check out the video on the StockCharts TV on-demand website StockChartsTV.com, or on the associated app on mobile platforms like iOS and Android, or TV platforms like Roku, Apple TV, Amazon Fire TV and Chromecast.

Sector Spotlight airs weekly on Tuesdays at 10:30-11:00am ET. Past episodes can be found here.

#StaySafe, -Julius