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Title 42, the Trump-era policy  used to manage the border crisis by allowing the swift expulsion of illegal migrants from the U.S., reached its expiration date Thursday.

In anticipation of that expiration, tens of thousands of migrants began journeying through Mexico in hopes of finding asylum in the United States. 

The unfolding crisis is quickly turning into one of the largest migrant surges America’s southern border has ever seen.

On Tuesday, President Biden said he anticipated the crisis at the border will be ‘chaotic for a while.’

Customs and Border Protection (CBP) recorded about 10,000 migrant encounters daily in the days leading up to Title 42’s expiration, but this number is expected to increase. 

The chief of Border Patrol released a memo that revealed agents would begin releasing migrants into America without a court date if the border becomes overwhelmed.

Fox News’ Adam Shaw and Bill Melugin contributed to this report.

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The Biden administration touted conservation programs funded by bipartisan legislation passed in 2020, but it failed to mention that they are largely fueled by federal fossil fuel drilling revenues.

In a joint announcement Thursday, the Department of the Interior and Agriculture Department praised the Legacy Restoration Fund (LRF) and Land and Water Conservation Fund (LWCF), both of which were earmarked in the Great American Outdoors Act. The agencies said the programs would enable them to spend $2.8 billion on various conservation initiatives in fiscal year 2024.

‘The Great American Outdoors Act allows us to increase outdoor recreation opportunities, improve infrastructure on our public lands, invest in the U.S. economy, and honor our commitment to Tribal communities,’ Interior Secretary Deb Haaland said in a statement.

‘Funding made possible through the Great American Outdoors Act’s Legacy Restoration Fund allows us to enhance equitable access for recreators, create job opportunities, advance community well-being and improve rural and urban economies,’ Agriculture Secretary Tom Vilsack added.

The Great American Outdoors Act — which former President Donald Trump signed in August 2020 after it passed with veto-proof majorities in the Senate and House — earmarks $1.9 billion per year to the LRF for deferred public lands maintenance and another $900 million per year to the LWCF for various conservation and recreation programs.

Both programs, and others included in the law, are funded by various forms of energy development on federal lands and waters. And the vast majority of that funding is specifically derived from fossil fuels, mainly oil, natural gas and coal development.

According to Office of Natural Resources Revenue data, for example, about 90% of the $9.6 billion in federal energy revenue that has been generated during the current fiscal year has derived from fossil fuel royalties. The remainder has come from other commodities, such as geothermal, mineral resources and wind development, which have accounted for 0.05% of federal energy revenue.

‘All of the funding for the Great American Outdoors Act comes from energy development on federal lands and offshore waters,’ Hannah Downey, policy director at the Property and Environment Research Center, testified during a congressional hearing last year. ‘Indeed, federal energy revenues have long provided significant funding for conservation and recreation on public lands.’

However, the Biden administration’s announcement Thursday didn’t mention the source of the conservation programs it touted. And the administration, led by the Department of the Interior, has repeatedly attempted to decrease the amount of land and waters leased for fossil fuel production, potentially curbing the government’s future energy revenue.

The Department of the Interior has only held a handful of onshore fossil fuel lease sales since President Biden took office, and it only held those auctions after a federal judge issued an injunction that blocked the president’s moratorium on new drilling. The agency has also failed to hold any offshore lease sales that weren’t otherwise legally mandated, and it proposed a plan to block all such leasing through 2028.

LWCF funding could alone decline by up to $420 million a year if the Department of the Interior restricts future offshore oil and gas leasing, according to a 2022 report from the National Ocean Industries Association (NOIA) and the American Petroleum Institute.

‘America’s conservation and outdoor recreation legacy is one that is reinforced by a healthy offshore oil and gas industry, a predominant source of funding for conservation programs across all 50 states,’ NOIA President Erik Milito said after the Great American Outdoors Act was passed in 2020. 

‘The funding for the GAOA is earmarked from energy activities on federal lands, and it is now even more important to protect Gulf of Mexico energy production, as without it, billions of dollars of funding for beloved conservation and recreation programs, such as the Land and Water Conservation Fund, will disappear,’ he continued.

A spokesperson for the Department of the Interior said Thursday that the agency would continue to implement the law.

‘The department will continue to obey the law, including implementation of the Great American Outdoors Act and Inflation Reduction Act,’ Interior spokesperson Melissa Schwartz told Fox News Digital.

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New York City Mayor Eric Adams on Thursday slammed Rockland County Executive Ed Day as ‘racist’ and ‘antisemitic’ after the official issued a restraining order blocking the Democratic mayor from sending busloads of asylum seekers. 

Adams tried to distance himself from Texas Gov. Greg Abbott, telling reporters that New York City was footing the bill and only taking volunteers. He stressed that his office has been in communication with Rockland and Orange county officials — an assertion the counties have challenged.  

‘When you look at the County Exec [Ed] Day, I mean this guy has a record of being antisemitic, you know, his racist comments,’ Adams said, without providing examples. ‘You know, his thoughts and how he responded to this, it shows a lack of leadership.’

Adams’ office pointed Fox News Digital to past reports which portrayed Day’s remarks as pitting voters against a bloc of Hasidic and Ultra-Orthodox Jewish communities.

Day shot back at Adams, telling Fox News Digital, ‘the mayor can call me every name in the book to deflect the reality of this clear disregard for our laws. And maybe he can explain his own documented ‘racist comments.’ 

Day was referring to comments Adams, a former police officer, made before he became mayor, in which called White cops ‘crackers.’ Adams later apologized for those remarks. 

Adams’ Thursday comments came as his plan to move several hundred asylum seekers to hotels in New York’s Orange and Rockland counties moved forward.  

Leaders in Orange and Rockland counties have pushed back against Adams’ plan to send over 300 migrants to Rockland County’s Armoni Inn & Suites hotel in Orangeburg, and Orange County’s The Crossroads Hotel in Newburgh, the latter of which saw migrants arrive on Thursday.

Rockland County successfully obtained a temporary restraining order from a state Supreme Court judge on Tuesday, after arguing that the move violated local zoning regulations.

Adams said Thursday the city would not be deterred by legal challenges. 

‘You can’t use the court to deny people to move around the State of New York,’ Adams said. ‘We’re going to challenge all of the legal obstacles that are attempting to be placed in our way because it would set a bad precedent if someone was saying in the State of New York that you are not allowed to come here.’ 

Fox News’ Michael Lee contributed to this report. 

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Florida Governor Ron DeSantis signed legislation to prohibit vaccine and mask mandates on Thursday.

DeSantis’ announced his four new ‘Prescribe Freedom’ bills during an event in Destin. Senate Bill 252 prohibits workplaces, government agencies and schools from requiring COVID-19 vaccination or masks.

The governor began his speech by referencing the intense criticism that Florida faced during the COVID-19 pandemic.

‘Everything we were doing in Florida, we were getting attacked. We were getting attacked by bureaucrats like Fauci. We were being attacked by the political left. We were being attacked by corporate media. And we were even attacked by some Republicans,’ DeSantis said.

‘I mean, that’s just kind of the way it goes. But we stuck to our guns because we believe that we are doing the right thing for the state,’ he added.

The legislation also formally denounces World Health Organization (WHO) recommendations in Florida. It also protects alternative COVID-19 treatments. 

‘You should have the right to try these [alternative COVID-19 treatments] under the supervision of your physician, and that is protected in the state of Florida,’ DeSantis said.

Another component of the legislation is Senate Bill 1387, which bans gain-of-function research. DeSantis said gain-of-function research in Wuhan, China, was likely to blame for the pandemic.

‘What we know is there was gain-of-function research being conducted at Wuhan, and that very likely led to the emergence of COVID-19. And yet there really isn’t effective regulation,’ the governor said.

Senate Bill 1580 also ensures freedom of speech and whistleblower protections for physicians. 

‘We want our physicians practicing evidence based medicine. We don’t want it to just defer to authority or to just follow the herd,’ DeSantis explained. ‘So that is now law in the state of Florida.’

DeSantis’ remarks come nearly a week after the WHO announced that the COVID-19 pandemic was no longer a global emergency.

But despite the announcement, WHO officials still warn that the pandemic is technically not over. Countries in Southeast Asia and the Middle East have reported some spikes in COVID-19 cases.

This post appeared first on FOX NEWS

EXCLUSIVE: Former President Trump said CNN ‘did the right thing’ by hosting him for a town hall Wednesday night, saying he ‘got the word out to millions of people that would generally not hear’ his point of view on a number of campaign issues.

Trump, the frontrunner in the 2024 Republican presidential primary, participated in a CNN town hall Wednesday night, hosted by Kaitlan Collins. The network has been facing criticism for giving the former president a platform.

‘I was happy to do it,’ Trump told Fox News Digital. ‘I got the word out to millions of people that would generally not hear this point of view concerning things such as the border, inflation, the economy, energy independence, the Afghanistan catastrophe and more.’

‘CNN is taking a lot of heat,’ Trump said.

‘I think CNN did the right thing by putting me on—all you have to do is look at their fantastic ratings,’ Trump said.

He added: ‘It was an honor to do it.’ 

Fox News Digital reported Thursday that CNN was facing a ‘a fury of criticism’ from its own employees for airing the town hall. 

‘It’s hard to see how America was served by the spectacle of lies that aired on CNN,’ media reporter Oliver Darcy wrote in the network’s ‘Reliable Sources’ newsletter. ‘It felt like 2016 all over again.’ 

Not all of the network’s staffers were upset by the event. 

‘We live in a democratic republic and Trump is the frontrunner for the GOP nomination,’ a staffer told Fox News Digital. ‘It’s not the media’s job to silence a politician they don’t like. The format was messy, but voters need to hear from both of the frontrunners, Trump and Biden. And by the way, Trump did what his base wanted but his performance last night was radioactive to moderates and undecideds.’

CNN has defended the decision to air the town hall. 

‘Kaitlan Collins exemplified what it means to be a world-class journalist. She asked tough, fair and revealing questions,’ a network spokesperson said. 

‘She followed up and fact-checked President Trump in real time to arm voters with crucial information about his positions as he enters the 2024 election as the Republican frontrunner,’ the spokesperson continued. ‘That is CNN’s role and responsibility: to get answers and hold the powerful to account.’ 

CNN CEO Chris Licht also defended the decision on Thursday morning in a call with staffers, according to former CNN media reporter Brian Stelter. 

Stelter, who founded the ‘Reliable Sources’ newsletter and was fired by Licht last year, tweeted tidbits from the call. 

‘You do not have to like the former president’s answers, but you can’t say that we didn’t get them,’ Licht said, according to Stelter. ‘While we all may have been uncomfortable hearing people clapping, that was also an important part of the story… America was served very well by what we did last night.’

Fox News’ Brian Flood, David Rutz and Joseph A. Wulfsohn contributed to this report. 

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The New Hampshire Senate rejected a marijuana legalization bill Thursday, leaving it the only state in New England that makes smoking pot recreationally a crime.

Republicans, who control the Senate, led the effort to dismiss the bill on a 14-10 vote.

Though several bipartisan bills in support of legalization have cleared the House in recent years, the Senate has blocked them. Republican Gov. Chris Sununu said earlier this year that he didn’t expect new legislation to reach his desk with teen drug use and overdoses on the rise.

Republican Senate President Jeb Bradley said the time isn’t right to legalize marijuana, as the state combats a drug addiction and overdose crisis.

‘Recreationalizing marijuana at this critical juncture would send a confusing message, potentially exacerbating the already perilous drug landscape and placing more lives at risk,’ he said in a written statement.

House Democratic Leader Matt Wilhelm said the push to legalize marijuana has strong support in New Hampshire. He said regulating the drug could also help protect public health.

‘Every day that New Hampshire remains an island of prohibition, more voluntary tax revenue from our residents flows to surrounding states to fund programs and services benefitting their residents,’ Wilhelm said in a press release.

The bill, which had been approved by the House, would have put the state’s Liquor Commission in charge of regulating marijuana, with a 12.5% tax levied at the cultivation level.

Most of the tax revenue would have gone toward reducing the state’s pension liability and the state’s education trust fund, with some set aside for substance abuse prevention programs and police training.

Opponents have focused on the impact of the drug crisis on families, individuals and communities, and noted strong opposition from the law enforcement community.

Frank Knaack, policy director at the American Civil Liberties Union of New Hampshire, faulted those senators who opposed the initiative.

‘These lawmakers are willing to ignore the will of their own constituents and are okay with continuing to needlessly ensnare over a thousand people — disproportionately Black people — in New Hampshire’s criminal justice system every year,’ he said.

The Senate Judiciary Committee voted 3-2 along partisan lines on Tuesday to recommend that the full Senate reject the bill. The committee also made similar recommendations on bills that would allow homegrown cannabis for therapeutic purposes and would lower penalties on some drug violations.

This post appeared first on FOX NEWS

Today, I am including a clip that covers currency pairs and several commodities

The four-chart screen is a daily screenshot of gold (GLD), sugar (continuous contract), the US dollar to the Euro (USDEUR) and platinum continuous contract (PLAT). Gold is falling from its recent highs. Sugar has run into some resistance ,with momentum currently in mean reversion to the downside. The Dollar to the Euro shows the dollar strengthening while its momentum has a bullish divergence. Platinum, mirroring gold, also looks like some resistance is at hand.

Have a listen to the clip as I go through the chart (futures) and give actionable information.

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

IT’S NOT TOO LATE! Click here if you’d like a complimentary copy of Mish’s 2023 Market Outlook E-Book in your inbox.

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

In this appearance on Fox Business’s Making Money with Charles Payne, Mish and Charles discuss if economy has contracted enough with support in place, and present 3 stock picks.

Mish covers the trading range and a few of her recent stock picks on Business First AM.

In this appearance on Real Vision, Maggie Lake and Mish discuss current state of the market, from small caps to tech to gold.

In the Q2 edition of StockCharts TV’s Charting Forward 2023, hosted by David Keller, Mish joins RRG Research’s Julius de Kempenaer and Simpler Trading’s TG Watkins for an roundtable discussion about the things they are seeing in, and hearing about, the markets.

Mish and Dave Keller discuss why Mish believes that yields will peak in May, what to expect next in gold, and more in this in-studio appearance on StockCharts TV’s The Final Bar!

Mish explains why Grandma Retail (XRT) may become our new leading indicator on the May 4th edition of Your Daily Five.

Mish discusses the FOMC and which stock she’s buying, and when on Business First AM.

Mish covers strategy for SPY, QQQ, and IWM.

Coming Up:

May 18th: Presentation for Orios VC Fund, India

May 19th: Real Vision Analysis

May 22nd: TD Ameritrade

May 31st: Singapore Radio with Kai Ting 6:05pm ET MoneyFM 89.3.

ETF Summary

S&P 500 (SPY): 23-month MA 420.Russell 2000 (IWM): 170 support, 180 resistance.Dow (DIA): Now below the 23-month MA.Nasdaq (QQQ): 329 the 23-month MA.Regional Banks (KRE): 42 now pivotal resistance–holding last Thursday’s low.Semiconductors (SMH): 23-month MA at 124.Transportation (IYT): 202-240 biggest range to watch.Biotechnology (IBB): 121-135 range to watch from monthly charts.Retail (XRT): 56-75 trading range to break one way or another.

Mish Schneider

MarketGauge.com

Director of Trading Research and Education

When inflation is a huge concern, you’d think the stock market would celebrate in a big way when inflation shows signs of cooling. Not so much.

April consumer price index (CPI) and producer price index (PPI) data came close to estimates. Headline CPI rose 0.4% in April and 4.9% from a year ago. And core CPI, which excludes food and energy, was up 0.4% in April and up 5.5% year-over-year. Services inflation, a number the Fed has been watching closely, rose 0.3%, which is still high. April PPI numbers also showed a similar trend. Headline PPI was up 0.2% in April and up 2.3% from a year ago. And core PPI was up 0.2%, mostly due to the 0.8% decline in auto prices.

The Fed Can Chillax

Although some areas could see more cooling, the overall data shows that inflation continues to decline. And that could be good news for the Federal Reserve. After 10 interest rate raises, their efforts may be starting to impact the economy. The stock market may not be throwing a party, but maybe the Fed could have a more relaxed meeting in June—not a bad way to prepare for the summer months.

The stock market breathed a sigh of relief, or at least that was its initial reaction after the CPI news was released. But during the trading day and the following day, after the PPI was released, the market didn’t do much, except for growth stocks. And that could be because of the price action in the bond market.

Treasury yields dipped lower on the cooling inflation news, a scenario that tends to favor growth stocks. So it’s no surprise that investors flocked to stocks in the Technology and Communication Services sectors. Look at Alphabet, Inc. (GOOGL). The stock, after moving sideways for months, finally showed signs of breaking out above a trading range. A big catalyst behind the rise: Alphabet’s massive investment in AI at its annual I/O conference. Will it last? That remains to be seen.

Putting It All Together

A 4.9% headline inflation is still higher than the Fed’s 2% objective. But 4.9% is lower than the Fed Funds futures rate. This could mean that current interest rate levels may slow down the economy enough to get inflation closer to the Fed’s 2% target. This would be a best-case scenario. The labor market and shelter costs are still sticky points in the inflation data, but there seems to be enough data to support a pause in rate hikes.

Signs of a slowing economy, banking sector woes, Disney’s (DIS) weak earnings, and a decline in business loan demand suggest that things still need to be sorted out. So we’ll see how things unfold between now and June 13.

A stickier point is the looming debt ceiling, which could be playing its part in preventing the broader markets from busting through their critical resistance levels. The Nasdaq 100 index ($NDX) is probably the one index that’s shown strong performance because of the high representation of growth stocks—Meta (META), Apple (AAPL), Alphabet (GOOGL), Nvidia (NVDA), Microsoft (MSFT), and Netflix (NFLX). (See chart below.)

CHART 1: NASDAQ 100 INDEX COULD SEE A BULLISH RALLY. If the index continues higher and the percent price oscillator (PPO) rises and breaks above the downward-sloping dashed line, it could add momentum to the index.Chart source: StockCharts.com (click on chart for live version). For illustrative purposes only.

A couple of points to keep in mind when viewing the chart are as follows:

$NDX has crossed above its 13175 (green dashed horizontal line). If the upward trend continues, $NDX could rise to its August 2022 high of about 13721 (pink dashed horizontal line).If you look at the dashed blue lines in the price chart, you’ll see that $NDX has crossed above the top trendline. It has to stay above that trendline for the uptrend to continue. A breach below it could be trouble.Another indicator to watch is the percentage price oscillator (PPO) in the lower panel. There’s a divergence between price action and the PPO, which could be a bearish signal going forward. But if the shorter moving average crosses above the longer moving average and both lines move above the downtrending blue dashed line, it could be positive for $NDX. If the index trends higher in conjunction with the PPO, there could be a strong bullish path up ahead, at least up until the next resistance level.

The Bottom Line 

Even though growth stocks are performing better than other asset groups at the moment, we’re not out of the woods yet. If you’re trading heavily-weighted Nasdaq 100 stocks, you want to monitor some macro events, such as the debt ceiling and the banking crisis. These events, or something else you least expect, can change market direction on a dime.

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.

We have been seeing a lot of breadth divergences lately, and the granddaddy of them all is adding to that list right now. The Daily Advance-Decline (A-D) Line for the NYSE is making lower highs, which disagrees with the slightly higher highs seen recently in both the DJIA and the S&P 500. 

This latest divergence since mid-April is a small one, but small divergences can still be problematic. In fact, this is one of the problems with A-D Line divergences, in that we never know how long they may persist before they finally matter. One other problem is that a divergence can sometimes get rehabilitated, which in this case would happen if the A-D Line were to suddenly get stronger, moving to a higher high to take away the bearish messages of the current divergence. That could happen.

The origin of looking at A-D data dates back to 1926, when Leonard Ayres and James Hughes of the Cleveland Trust Company together worked on amassing data on the daily breadth numbers, i.e. the daily A-D difference.

Ayres was an interesting guy, a retired Army colonel who served as logistician for General John J. (Blackjack) Pershing, who led the American Expeditionary Forces deploying to Europe to fight in WWI. Getting men, horses, weapons, and supplies across an ocean to fight in a war was a new challenge for the U.S. Army. Ayres later went back on active duty briefly for WWII and promoted to brigadier general, before retiring again for health reasons.

Working as a portfolio manager at the Cleveland Trust Company in the 1920s, Ayres teamed with James Hughes and wondered what insights they might gain from looking at the data on Advances and Declines, but no one until that point had figured out that divergences from the price action could be so important. That is rather a shame, because by 1929, there was a huge divergence evident between the movements of the DJIA, which topped in September 1929, and the A-D Line, which had peaked more than a year earlier.

Even if anyone in 1929 had noted that divergence at the time, there was not the historical data then for anyone to evaluate what such a divergence could mean for prices. The A-D Line remained a relatively obscure indicator until 1962, when both Joe Granville and Richard Russell commented on it in their newsletters. They noted how it had shown a big bearish divergence ahead of the 1962 bear market, which saw a 27% drop in the DJIA.

Finding something which could give advance warning of a bad market event like that got a lot of people’s attention, and interest in the A-D Line really took off. Eventually that led to work by my parents, Sherman and Marian McClellan, who looked at exponential moving averages of the daily A-D data and developed what later came to be known as the McClellan Oscillator.

In 1962, one big criticism of the composite A-D data was that it was supposedly contaminated by the NYSE having a lot of insurance companies and utilities which were “interest-sensitive”, and not considered “real” stocks. But that supposed flaw may actually be a feature which makes the A-D Line work so well. Its purpose is to help identify liquidity problems ahead of when those problems come around to bite the large capitalization stocks which drive the major indices. 

Every listed issue on the NYSE gets an equal vote in the daily A-D statistics, including the oddball ones like preferred stocks, rights, warrants, structured products, and even bond-related closed end funds (CEFs). Together, these “uncommon” stocks make up about 40% of the listed issues on the NYSE, and, while some analysts assert that they contaminate the overall A-D data, I have found that they actually serve to help improve its message. Those uncommon issues tend to be more sensitive to liquidity, either good or bad, and so they can show problems before the illiquidity comes around to bite the “real” stocks.

Some analysts will tell you that you should really just pay attention to the A-D data for the stocks which make up a major index, since those are the “real” stocks. I debunked that here back in March 2023.

I used to believe as others do, that the Bond CEF A-D data was a contaminant. But then I looked at the data, and it changed my mind. I now put in the work each day to calculate these data myself, because they are so useful. Here is that Bond CEF A-D Line:

It is also showing a bearish divergence now, just like the composite A-D Line, and this comes after it was showing us some nice strength coming out of the price low back in October 2022. That change in behavior in the last few weeks says that liquidity has suddenly shifted into being a big problem for the stock market, one that should weigh on other stocks, including the big-cap stocks that are still holding up the S&P 500 and the Nasdaq 100.

Legendary investor Peter Lynch told the world to “own what you know” – meaning use the products and services of companies in the equity market. The Top-Down approach to market analysis yielded some interesting idea generation today. In this edition of the GoNoGo Charts show, using GoNoGo Charts on a relative strength basis, Alex and Tyler get under the hood of the benchmark equity index $SPY to see that only two sectors have held their leadership position – Communications, XLC and Consumer Staples, XLP. Within the consumer staples sector, they dig into the relative strength leaders and laggards. The Brewers Index $DJUSDB is in a strong relative “Go” trend against the sector, which is outperforming the S&P 500 index. Alex and Tyler pulled out three brewing companies with strong Go trend conditions: $CCU, $TAP, and $CABGY.

This video was originally recorded on May 11, 2023. Click this link to watch on YouTube. You can also view new episodes – and be notified as soon as they’re published – using the StockCharts on demand website, StockChartsTV.com, or its corresponding apps on Roku, Fire TV, Chromecast, iOS, Android, and more!

New episodes of GoNoGo Charts air on Thursdays at 3:30pm ET on StockCharts TV. Learn more about the GoNoGo ACP plug-in with the FREE starter plug-in or the full featured plug-in pack.