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Gov. J.B. Pritzker on Wednesday signed a law providing full disability benefits to Chicago police officers and firefighters struck by COVID-19 before vaccines were available, presiding over an emotional statehouse ceremony which marked the end of a financial struggle for responders including the brother of Comptroller Susana Mendoza.

The Act-of-Duty law, HB3162, ensures disability benefits of 75% of salary plus health insurance for anyone unable to work after contracting the coronavirus from March 9, 2020, when the flare-up intensified in Illinois, until June 30, 2021. The law grants them the presumption that they picked up the illness on the job.

Pritzker said after COVID-19’s arrival in early 2020, police, fire and medical personnel were both a line of defense and a lifeline.

‘Our first responders were key to our national response, transporting infected patients to hospitals, disbursing masks and testing kits or providing care to those in distress…,’ Pritzker said. ‘But even with social distancing, masks and mitigations in place, many of our first responders became infected with COVID-19.’

Mendoza’s brother, 58-year-old police Det. Joaquin Mendoza, was a veteran officer who worked the midnight shift. With no spouse or children, the comptroller said work was his only focus. In November 2020, when the city canceled days off, he worked 17 straight days, woke up one morning with a cough and two days later was rushed to the hospital with COVID-19.

He moved in with his sister and her family and since then, he’s had five strokes and lost both kidneys, requiring thrice-weekly dialysis. But the Policeman’s Annuity and Benefit Fund of Chicago denied his claim for full disability because there was no proof that he contracted the virus on the job. The board also denied Officer Diana Cordova-Nestad.

‘This has been the most hellacious experience…,’ Mendoza said. ‘I don’t want any police officers to feel that their only recourse is to recognize that they’re worth more dead than alive and decide to eat a bullet because they don’t want to deal with this. … I know it sounds dramatic, but it’s real.’

Mendoza said she know of about 20 others who will benefit from the law — after her brother and Cordova-Nestad were denied, no one else sought benefits.

‘It’s a small universe… so you’re not talking about opening up the floodgates,’ she said.

Joaquin Mendoza had planned to attend the bill signing but underwent surgery again on Tuesday and remains hospitalized.

‘He told me that maybe it had to happen… because he’s the only one with a sister who knows how to navigate this crazy system and can right the wrong for brothers and sisters on the force,’ the comptroller said.

This post appeared first on FOX NEWS

Rare momentum in the Texas Capitol for a tougher gun law flickered out Wednesday after Republicans stalled a bill that would raise the purchase age for AR-style rifles, virtually assuring the GOP-controlled Legislature will in no major way restrict gun access after more mass shootings.

The legislation — always a longshot at best — now has little chance of coming back after unexpectedly coming within reach of a full vote in the state House with the help of two Republicans, which sent Texas’ powerful gun lobby scrambling into action.

The unusual forward progress in Texas of a proposed gun restriction jolted the Capitol on Monday, two days after a gunman near Dallas opened fire at an outdoor shopping mall with an AR-style rifle, killing eight people.

But late Tuesday night, House Republicans let a deadline lapse that stops the bill from going any further.

‘Uvalde families didn’t fail. Texas politicians did,’ tweeted Kimberly Mata Rubio, whose 10-year-old daughter Lexi was among the 19 children and two teachers killed by a gunman at Robb Elementary School nearly a year ago in Uvalde, Texas.

The deadline to move the bill toward a full House vote came and went as protesters chanted outside the chamber, including Brett Cross, who had been raising his 10-year-old nephew Uziyah Garcia in Uvalde before the fourth-grader was killed in the shooting. Video on social media showed four Texas Department of Public Safety troopers escorting Cross out of the Capitol during the protest.

Cross said troopers removed him from the Capitol for being too loud. DPS officials did not immediately respond to a request for comment about the incident Wednesday. State Rep. James Talarico, a Democrat, said he was concerned by the removal and planned to seek more information.

The failure of the bill was not unexpected: Republican Gov. Greg Abbott has long rejected calls for tighter gun laws after mass shootings in Texas. He did so again this week after another shooting Saturday in Allen, Texas.

Two Republicans had unexpectedly helped advance the legislation that would raise the purchase age of semiautomatic weapons from 18 to 21. For gun control advocates in Texas, it was nothing short of a milestone.

But that was followed by gun rights groups — which are rarely forced to play defense in the Texas Capitol — mobilizing pushback in an effort to swiftly stamp out even a glimpse of momentum for gun control supporters.

Texas Gun Rights, one of the most outspoken groups, was joined by Kyle Rittenhouse, who shot three people during a Wisconsin protest in 2020 and was later acquitted of murder.

‘This is a perfect example of a knee jerk ‘just do something’ mentality,’ said Chris McNutt, president of Texas Gun Rights.

It underlined how almost any attempt to tighten gun laws in Texas is off the table in the state’s GOP-controlled Legislature, which in recent years has made gun access easier following other mass shootings and shows no appetite for reversing course. That includes Abbott, who after the shooting in Allen, called mental health the root of the problem.

One of the Republicans who voted to advance the bill was state Rep. Sam Harless, who represents a solidly GOP-leaning suburb near Houston. He said he received no pushback form his House colleagues over his decision.

‘I just voted my heart and my constituents are likely not the gun groups,’ Harless said.

Another Republican, state Rep. Justin Holland, also joined Democrats on the House Select Committee on Community Safety in voting 8-5 to advance the measure that would raise the purchase age of certain semiautomatic weapons from 18 to 21.

In a statement defending his vote, Holland said, ‘I do not believe in gun control.’ He noted that he previously voted in support of Texas removing training and background checks to carry a handgun. He also said he had earned three consecutive ‘A’ ratings from the National Rifle Association — but acknowledged he now has ‘no idea’ if they will rate him so highly going forward.

He said testimony given to the committee convinced him that a law raising the purchase age might serve as a ‘significant roadblock’ to a young person acquiring certain semiautomatic weapons and causing harm.

This post appeared first on FOX NEWS

The Justice Department has reached a settlement with a New Jersey county over language barriers for Spanish-speaking voters, emphasizing a growing challenge for certain minority communities nationwide.

The agreement with Union County comes after federal prosecutors filed a lawsuit alleging it failed to make registration and voting notices, forms, instructions and ballots available in Spanish, violating sections of the federal Voting Rights Act.

‘We know firsthand how language barriers hurt our community,’ said Hector Sanchez Barba, chief executive of Mi Familia Vota, a national group seeking to boost Latino political influence. ‘Eliminating language barriers is not only legally sound but also the right thing to do to strengthen our democracy.’

The county, which has nearly 28,000 Spanish-speaking citizens of voting age, will be required to print all election materials in English and Spanish, and ensure that someone is available to assist Spanish-speaking voters in person. It also will have to assist voters with disabilities, who have long been overlooked in the fight for access to the polls.

The consent decree, announced Tuesday, will need approval from a federal judge.

New Jersey is one of several places across the U.S. where language barriers hamper access to the ballot for minority communities, according to voter advocacy groups. Some Asian American and Asian immigrant communities are particularly affected, said Susana Lorenzo-Giguere, the associate director of the Asian American Legal Defense and Education Fund’s Democracy Program.

‘Despite a long history in the U.S., Asian Americans still face bias that views them as perpetual foreigners who aren’t ‘real Americans’ and don’t deserve to be a part of the fabric of our democracy,’ she said.

Under the federal Voting Rights Act, communities must provide language assistance for voting if more than 5% of the voting-age citizens — or over 10,000 — have limited English proficiency.

It can be harder for Asian-speaking communities to be covered under federal law because there are so many languages to consider, said Bob Sakaniwa, director of policy and advocacy of Asian and Pacific Islander American Vote. Bangladeshi, Cambodian, Chinese, Filipino, Hmong and Vietnamese are just some, he said.

For example, Asian communities make up a significant portion of Mercer, Hudson and Somerset counties in New Jersey, but the populations don’t meet the federal threshold for providing assistance. Arabic-speaking communities also are not reflected in New Jersey’s voting rights legislation, which state advocacy groups are still fighting to change.

Union County did not immediately respond when asked how it intended to implement the consent decree.

The New Jersey agreement underscores the importance of the federal Voting Rights Act, despite the landmark law being undermined by Supreme Court decisions and voting restrictions in Republican-led states. Henal Patel, law and policy director at the New Jersey Institute for Social Justice, said it’s important for local officials to comply with the act and for the federal government to enforce it.

‘This is necessary for voters in these areas so that they can cast their ballots with a full understanding of what they’re voting for,’ Patel said.

This post appeared first on FOX NEWS

I was honored to spend time on Making Money with Charles Payne, which airs on Fox Business, and give a brief glimpse into why I am not as bearish right now based on the macro. (link below)

My macro take based on business cycles and zooming out on the charts? The economic contraction based on longer business cycle timeframe or 6-8 years, might be done. The 80-month moving average (green line) held in small caps (IWM) retail (XRT) and transportation (IYT). That doesn’t mean we start expanding, though; it just means the market looking forward, might trade to the upper regions of the trading range. That is the Stagnate part of stagflation.

On the other hand, the business cycle within the longer cycle or 2 years as measured by the 23-month moving average (blue-line) has yet to pierce to the upside, except in a couple of sectors like semiconductors (SMH). Thus, growth stocks could expand further while the “inside” parts of the US economy remain sideways for longer. Hence, we have bad news and good news.

The bad news is the indices, and many sectors, are rangebound and may remain so for a long time.

The good news is the indices, and many sectors, are rangebound and may remain so for a long time.

We still believe that the SPY could clear over the 23-month moving average. Ultimately though, the small-caps (IWM) must follow. Two scenarios can spoil the party:

If IWM fails the 80-month moving average going into more of a recessionary cycle-worst influence are the Regional Banks. That would force SPY to reconsider the rally.IWM holds yet cannot get above 190-200. In that case the SPY could be at 240 and still reverse course.

Clearly, you can see the difference between the small caps and the S&P 500 on the daily timeframe as well.

A first step would be for IWM to rally above the 50-DMA or blue line. Then, maybe, we are on the way to more upside. Shorter-time frame of course, but a good start if it can happen.

Real Motion Momentum is meh in the SPY and about to enter a bear phase in the IWM. Momentum needs to clear back over both moving averages in IWM to get even more interesting.

More macro:

High grade corporate bonds (LQD) and high yield high debt junk bonds are both in trading ranges. However, seasonally, and historically, yields tend to peak in May. Considering the CPI numbers, that is possible.

The US Dollar is holding major support, testing the lows of its 2 year business cycle expansion. That is a good line in the sand. Furthermore, gold and silver are also now range bound- albeit at higher levels. Copper and Platinum are strong. Soft commodities, especially sugar and cocoa, are strong. Food prices remain the stickiest part of inflation.

That is the Flation part of stagflation.

The CPI numbers exclude food and energy. Plus, global inflation still high.

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

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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

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 11th: Mario Nawfal, Twitter Spaces at 8am ET & Jim Pupluva, Financial Sense Podcast

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 420Russell 2000 (IWM): 170 support – 180 resistanceDow (DIA): Dancing on the 23-month MANasdaq (QQQ): 329 the 23-month MARegional banks (KRE): 42 now pivotal resistance-holding last Thurs lowSemiconductors (SMH): 23-month MA at 124Transportation (IYT): 202-240 biggest range to watch Biotechnology (IBB): 121-135 range to watch from monthly chartsRetail (XRT): 56-75 trading range to break one way or another

Mish Schneider

MarketGauge.com

Director of Trading Research and Education

When we talk about “participation,” we are referring to the number of stocks actually taking part in a given market move. Presently, we are looking at the rally from the October lows and the indicators we use to assess it. First, we have our Silver Cross Index (SCI), which shows the percentage of stocks in the S&P 500 that have their 20-day EMA above their 50-day EMA. This configuration is an intermediate-term BUY Signal, and we can see that the SCI currently reads 47 percent. Note that the SCI reading at the February price top was about 80 percent, so we have a double price top with a severe SCI negative divergence.

We have a similar situation with the Golden Cross Index (GCI), which shows the percent of stocks with the 50-day EMA above the 200-day EMA, a long-term BUY Signal. At 52 percent, it reads a bit higher than the SCI, but it is a slower moving indicator. Nevertheless, it too has negative divergence against the two price tops.

The remaining three panels show the percent of stocks in the index with price above their 20-, 50-, and 200-day EMAs. They are all reading in the 40 percent range, and are all displaying negative divergences. All this evidence tells us that participation is narrowing with fewer stocks supporting the price advance.

Conclusion: Last Friday’s rally fueled hopes that the rally from the October lows would be continuing, but fading participation shows severe erosion of the technical foundation, and a rally continuation seems highly unlikely.

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In this week’s edition of Trading Simplified, Dave shows his methodology in action by showing a recent stock pick that he believes has tremendous potential. He then continues his series on the wisdom of Jesse Livermore. This week, he focuses on the fact that you must be patient (which isn’t easy!), the importance of the “big swing” vs. trying to catch every zig and zag, avoiding top/bottom picking, listening to (but not trying to force) intuition, plus much more.

This video was originally broadcast on May 10, 2023. Click anywhere on the Trading Simplified logo above to watch on our dedicated show page, or at this link to watch on YouTube. You can also watch this and past episodes on the StockCharts on-demand video service StockChartsTV.com — registration is free!

New episodes of Trading Simplified air on Wednesdays at 12:00pm ET on StockCharts TV. You can view all recorded episodes of the show at this link. Go to davelandry.com/stockcharts to access the slides for this episode and more. Dave can be contacted at davelandry.com/contact for any comments and questions.

SPX Monitoring Purposes: Long SPX on 2/6/23 at 4110.98.

Monitoring Purposes GOLD: Long GDX on 10/9/20 at 40.78.

Long-Term SPX Monitor Purposes: Neutral.

What we said yesterday still stands. “We noted the bullish TICK and TRIN closes (noted in blue) on April 25 and 26 and May 2 and 3 which come at the 405 to 410 SPY range. TICK closing readings below -200 and TRIN closes above 1.20 suggests there is panic in the market, and panic forms near lows. There is an open gap from last Friday near 405 SPY, which is also the previous high of early March and a support area (shaded area in pink). We have panic in the TICK and TRIN on the previous and current pullback, and panic forms near lows in the market. Panic is present near the 405 SPY area, which in turns suggests support. The SPY again may attempt to test the gap near the 405 level before heading higher. The intermediate-term trend appears up, and the short-term trend could attempt to fill gap near 405 before heading higher.”

Above is an indicator that helps to find the larger trend. The bottom window is the 5-week average of the SPX/VIX ratio. This ratio rises and falls with the SPX. Tops in SPX can occur when the SPX makes higher highs and the SPX/VIX ratio makes lower highs. We pointed out past tops in the SPX when this condition arises. The 5-period SPX/VIX ratio has made a higher high while SPX is testing its previous high, which we take as a bullish divergence and that SPX will made a higher high soon. The market appears to be building a base for a rally higher. Possible upside target is the January 2022 high near 4700 SPX.

We have been looking at the 50-day average of the Up Down Volume percent for GDX and the 50-day average of the Advance/Decline percent for GDX over the last several days; both of which are above 0 and bullish. The bottom window in the chart above is the 18-day average of the Advance/Decline percent for GDX and the next window higher is the 18-day average of the Up Down Volume percent for GDX.  We have shown these charts in the past; these two indictors help find surges patterns in GDX. When both indicators reach +40 and higher, GDX enters into what we call a “surge pattern” where GDX strongly rallies, and the rally lasts from 3 to 6 months (mostly in the 4 to 5 months). Both indicators reached above +40 on April 4. Add four to five months to April 4 and the rally could extend into August to September of this year. We have another indicator, which we will show in a future report, that a 100% rise from the October low is possible, which would give a target on GDX near 44.00.

Tim Ord,

Editor

www.ord-oracle.com. Book release “The Secret Science of Price and Volume” by Timothy Ord, buy at www.Amazon.com.

Signals are provided as general information only and are not investment recommendations. You are responsible for your own investment decisions. Past performance does not guarantee future performance. Opinions are based on historical research and data believed reliable; there is no guarantee results will be profitable. Not responsible for errors or omissions. I may invest in the vehicles mentioned above.

Worries about money are taking a toll on Americans, leading to some negative impacts on their mental health.

That’s according to a new survey from the financial information group Bankrate.

The survey found 52% of respondents listed money as the thing that takes the biggest toll on their mental health, compared with 42% who blamed worries about their own health and 41% who listed current events as their top concern.

The latest finding compares with 42% of U.S. adults who said money was their top concern last year.

Mental health distress can manifest in many ways. For the Bankrate survey, that definition includes feelings of anxiety, stress, worried thoughts, difficulty sleeping and depression.

The results come ahead of Wednesday’s inflation report, which is predicted to show year-on-year price increases stayed at 5% for the second consecutive month through April. Still, some analysts say the inflation rate is likely to come in ahead of that figure given recent increases in used car prices and ongoing wage hikes.

That money-induced stress is also unfolding at a time when more American adults are confronting financial disaster, including upticks in car repossessions and home foreclosures.

Within the ‘money’ category in Bankrate’s survey, concerns about inflation ranked the most stress-inducing, with 68% naming high prices as their biggest worry. As many as 60% of the people who responded said they were concerned about paying for everyday expenses, while 56% said lacking emergency funds has them on edge.

‘There are several sobering statistics in this report … with inflation at the center of many of these money worries,’ Ted Rossman, Bankrate senior industry analyst, said in the write-up of the survey. ‘Despite a strong job market, wage growth has not kept pace with the rising cost of living. Debt has been rising and savings have been dwindling.’

The frequency of concerns about money has also increased, with 56% of people with money concerns saying the worries happen at least once a week — up from 52% last year who said the same. And 29% of those who say money has a negative impact on their mental health say they worry about money daily, Bankrate said.

The survey also found important demographic differences in the rates of concern, namely that 61% of women said inflation and rising prices had the biggest negative impact on their mental health, compared with 51% of men saying so. Overall, 73% of women named ‘economic factors’ as the top driver affecting their own mental health, compared with 66% of men.

And among generations, the survey found 60% of Gen Xers (ages 43 to 58) said money was negatively impacting their mental health, compared with 55% of millennials (ages 27 to 42), 52% of Gen Z (ages 18 to 26), and 45% of baby boomers (ages 59 to 77).

Lindsay Bryan-Podvin, a financial therapist interviewed by Bankrate, said Gen X finds itself as the ‘sandwich’ generation where they may be supporting multiple dependents.

“They’re at this double whammy disadvantage of not just caring for themselves, but also often caring for children and their aging parents, and getting toward the later half of their earning years,” Bryan-Podvin said. “So of course, they’re experiencing higher rates of financial anxiety.”

This post appeared first on NBC NEWS

Tempur Sealy International said on Tuesday it would buy retailer Mattress Firm in a cash-and-stock deal valued at about $4 billion, as the leading U.S. bedding maker looks to stem a post-pandemic decline in sales.

Mattress companies have struggled in recent quarters from an easing in demand following the explosive growth seen during the early months of the pandemic when consumers upgraded their home furnishings.

Mattress Firm, part-owned by Steinhoff International Holdings NV, is among the biggest bedding retailers in the U.S., with more than 2,300 brick-and-mortar store locations. The deal would give the combined company a footprint of about 3,000 stores globally

Earlier this year, Mattress Firm said it was continuing to explore all options for the business after withdrawing plans to go public.

Regulatory speed bump?

The companies, however, expect to close the deal only by the second half of 2024, with analysts anticipating a lengthy review by regulators.

Tempur Sealy said it had received a request for additional information and documentary material from the Federal Trade Commission (FTC). Negotiations with the FTC are in the “early innings”, Tempur Sealy executives said in an earnings call.

The firms also submitted a Hart-Scott-Rodino filing, or a pre-merger notification, with regulators back in October, given the uncertain regulatory environment.

“In the current environment … it has become difficult when you try to negotiate a deal as to understand how much FTC risk you have, because it’s different than what it has been historically,” Tempur Sealy CEO Scott Thompson told Reuters.

“(The early filing helps) get a flavor of the initial reaction and make sure you understand where there might be issues.”

The companies believe they can ultimately clear the process either traditionally or through litigation and said they were considering all options to ensure closing, including store divestitures.

The merger agreement includes a $50 million break-up fee for FTC issues and a maximum store divestiture limit, Thompson said.

This post appeared first on NBC NEWS

DENVER – Colorado Avalanche captain Gabriel Landeskog is set to undergo cartilage transplant surgery on his right knee and expected to miss the entire 2023-24 NHL season.

The team on Tuesday announced that Landeskog will have the operation Wednesday in Chicago. Dr. Brian Cole at the Rush University Medical Center is scheduled to perform it.

Landeskog has not played since hoisting the Stanley Cup in Tampa, Florida, in late June 2022 after helping the Avalanche win their third title in franchise history. He was instrumental in that run, recording 22 points in 20 games.

The 30-year-old Swede also missed all this past season following knee surgery – his second of 2022. He was initially projected to miss 12 weeks after the operation in October; before the playoffs started he was ruled out entirely.

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Landeskog recently explained that his knee injury stems back to the 2020 bubble season when he was sliced by a skate in a playoff game against Dallas. He said he suffered a cartilage injury on the bottom of his patella.

The injury wasn’t so much an issue when he walked, but as he skated it was “just a different beast,” he acknowledged. “In the NHL, I mean, you’ve got to be able to do everything at top speed.”

Last month in a news conference, Landeskog said he remained confident he would play again.

“When? I don’t know,” he said. “It’s been a long road up to this point, but I’m hopeful and I’m optimistic and confident that eventually we’ll come out on the other side of this. But we haven’t quite gotten past it yet obviously.”

The top priority of the Avalanche has been to assist Landeskog “in any way possible in terms of getting solutions to help him get everything right,” general manager Chris MacFarland recently said.

“He’s a massive piece for us, obviously on the ice and players like him don’t grow on trees,” MacFarland added. “He’s a massive piece for our organization in so many ways. We want to help him to get the situation right so that he can resume playing.”

The 30-year-old forward from Sweden had surgery in March 2022, but was able to make it back in time for the playoffs, where he had 22 points in 20 playoff games on the Avalanche’s Cup run last year.

Landeskog and the organization hope this more extreme approach allows him to get past the knee injury that has sidelined him. Named Colorado’s captain in 2012 at age 19, he has played 807 regular-season and playoff games for the team and is signed through the 2028-29 season.

This post appeared first on USA TODAY