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Border state lawmaker blasts Biden’s immigration ‘lies’ after four-time deported migrant arrested for murder

EXCLUSIVE: One border state lawmaker is taking the Biden administration to task over what he says are its ‘lies’ about illegal immigration into the United States.

In a Thursday letter to the White House, Rep. Lance Gooden, R-Texas, ripped Biden’s ‘egregious border policies’ that have led to a record number of migrant encounters with U.S. Customs and Border Patrol agents, and accused Democrats, including press secretary Karine Jean-Pierre, of ‘continuously spreading misinformation’ about the border.

‘Under your tenure as president, our nation has witnessed a disastrous increase in illegal crossings at the southwest border, with more than 6 million encounters since the day you took office,’ Gooden wrote. ‘Instead of providing effective solutions, you refuse to even acknowledge the full extent of this crisis while favoring political agendas and capitulating to the radical left.’

Gooden specifically pointed to an instance earlier this week in which Jean-Pierre claimed during a daily White House press briefing that illegal immigration had fallen 90% under the Biden administration despite fiscal year 2022 ending with the highest number of migrant encounters ever recorded.

‘The American people do not believe the White House’s lies when surging crime at the border continues to destroy our communities and harm innocent families,’ Gooden wrote, before mentioning the capture of accused murderer Francisco Oropesa earlier this week.

Oropesa, a Mexican national who CBP sources have said has been previously deported four times, allegedly entered his neighbor’s house last week and killed five people, including an eight-year-old child. He was apprehended Tuesday after a days-long manhunt.

Gooden went on to warn that the pending end of Title 42 would lead to masses of migrants attempting to enter the U.S., potentially overwhelming law enforcement and military personnel deployed in anticipation.

‘Meanwhile, no real solution or plan to deal with yet another migrant surge has been announced by your administration. Lives have been lost, and communities have been destroyed due to careless open border policies,’ he wrote. 

‘Drug and human trafficking have endangered the American people in all corners of the country. The border crisis should surpass partisan politics, but this cannot happen if Democratic leadership refuses to work with Republicans on this issue. I hope you will open your eyes to this ongoing crisis and take decisive action to secure our borders and safeguard the American people,’ he added.

The White House did not immediately return Fox News Digital’s request for comment.

Brandon Gillespie is an associate editor at Fox News. Follow him on Twitter at @brandon_cg.

This post appeared first on FOX NEWS
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Politics

Vermont launches impeachment investigations into Franklin County prosecutor, sheriff

The Vermont speaker of the House announced Thursday that she has initiated the first step in an investigatory process that could lead to the impeachment of a county prosecutor, accused of harassing and discriminating against employees, and a sheriff, facing an assault charge and a financial investigation.

A resolution was expected to be introduced in the Vermont House to create a bipartisan committee to investigate the allegations against Franklin County State’s Attorney John Lavoie and Franklin County Sheriff John Grismore.

‘The people of Franklin County deserve justice and elected officials who they can trust to uphold the rule of the law and to represent their community with integrity,’ House Speaker Jill Krowinski said at a Statehouse press conference. Despite calls from Franklin County residents for Lavoie and Grismore to resign, they have refused to do so, she said.

‘It is clear that the only constitutional remedy for a county official who has committed a crime, gross misconduct or maladministration of office is impeachment,’ said Rep. Michael McCarthy, a Democrat from Franklin County.

Grismore was elected sheriff even though he was fired from a job as a captain in the Franklin County sheriff’s department last August after video surfaced of him kicking a shackled prisoner. In October he pleaded not guilty to a simple assault charge. Just before he became sheriff in February, the state police said that they were investigating the finances of the sheriff’s department and Grismore.

In Lavoie’s case, Vermont prosecutors announced earlier this week that they have asked that the Legislature to consider impeachment proceedings against Lavoie after an investigation found that he harassed and discriminated against employees.

An independent investigation found credible evidence that Lavoie mistreated employees through repeated discriminatory comments and actions including derogatory references to national origin, religion, sexual orientation, disability, and body composition, the Vermont Department of State’s Attorneys and Sheriffs’ said. The investigation also substantiated at least two instances of unwanted physical contact, not of a sexual nature, the department said.

Phone messages were left for both Grismore and Lavoie.

Lavoie acknowledged to reporters on Tuesday some inappropriate humor but denied any unwanted physical contact or racist comments. He said he apologized to staff and others and doesn’t think his actions warrant him stepping down. Grismore has defended his actions as proper when dealing with the prisoner.

This post appeared first on FOX NEWS
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Stocks

The Next Leading Indicator

Today’s daily features two videos that Mish recorded in the studio at StockCharts.com HQ!

The first video is Mish’s appearance on today’s episode of Your Daily Five. In this video, Mish explains why Grandma Retail (XRT), may become our new leading indicator. In addition, Mish reviews how to trade the current conditions in not five, but six retail stocks.

The second video is Mish’s appearance on today’s The Final Bar with David Keller. In this interview, Mish and Dave discuss why Mish believes that yields will peak in May, what to expect next in gold, and more!

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

Mish covers strategy for SPY, QQQ, and IWM.

Mish and Nicole Petallides discuss cycles, stagflation, commodities and some stock picks in this appearance on TD Ameritrade.

Mish talks movies and streaming stocks with Angela Miles on Business First AM.

Mish and Charles discuss zooming out, stagflation and picks outperforming stocks in this appearance on Making Money with Charles Payne.

We all know at this point how difficult the market has been with all of the varying opinions regarding recession, inflation, stagflation, the market’s going to come back, the market’s going to collapse – ad nauseam. What about the people stuck in the middle of a range bound market? Mish presents her top choices for shorts and longs on the Friday, April 21 edition of StockCharts TV’s Your Daily Five.

Mish and Benzinga discuss the current trading ranges and what might break them.

Mish discusses what she’ll be talking about at The Money Show, from April 24-26!

Mish walks you through technical analysis of TSLA and market conditions and presents an action plan on CMC Markets.

Mish presents two stocks to look at in this appearance on Business First AM — one bullish, one bearish.

Mish joins David Keller on the Thursday, May 13 edition of StockCharts TV’s The Final Bar, where she shares her charts of high yield bonds, semiconductors, gold, and regional banks.

Mish joins Wolf Financial for this Twitter Spaces event, where she and others discuss their experiences as former pit traders.

Mish shares her views on natural gas, crude oil and a selection of ETFs in this appearance on CMC Markets.

Mish talks what’s next for the economy on Yahoo! Finance.

Mish joins Bob Lang of Explosive Options for a special webinar on what traders can expect in 2023!

Rosanna Prestia of The RO Show chats with Mish about commodities, macro and markets.

Coming Up:

May 2nd-5th: StockCharts TV Market Outlook

ETF Summary

S&P 500 (SPY): 23-month MA 420.Russell 2000 (IWM): 170 support-180 resistance.Dow (DIA): Over the 23-month MA-only index.Nasdaq (QQQ): 329 the 23-month MA.Regional Banks (KRE): 43 now pivotal resistance.Semiconductors (SMH): 246 the 23-month MA.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.

Geoff Bysshe

MarketGauge.com

President

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Stocks

Broken Pattern vs. Shakeout

On this week’s edition of Stock Talk with Joe Rabil, Joe explains the difference between a broken pattern vs a shakeout. Shakeouts are a good opportunity to buy after “weak” holders have been shaken out of the pattern. Joe shows how to monitor the price structure as well as trend support on the higher timeframe to determine the difference. He then covers the stock symbol requests that came through this week, including NKE, ABNB, and more.

This video was originally broadcast on May 4, 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 Stock Talk with Joe Rabil air on Thursdays at 2pm ET on StockCharts TV. Archived episodes of the show are available at this link. Send symbol requests to stocktalk@stockcharts.com; you can also submit a request in the comments section below the video on YouTube. Symbol Requests can be sent in throughout the week prior to the next show. (Please do not leave Symbol Requests on this page.)

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Stocks

GNG TV: Dangerous Environment for Passive Investment

The rangebound nature of equity indices is a dangerous environment for passive investment vehicles and closet indexers. In this edition of the GoNoGo Charts show, using a top-down approach to their analysis, Alex and Tyler show there are leaders and laggards in each and every sector group, including Financials (XLF), which continue to dominate headlines as more regional and community banks implode.

This video was originally recorded on May 4, 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.

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Stocks

Another Market Collapsing

The real reaction to today’s Fed meeting is likely to happen tomorrow.

All eyes and ears were on Chairman Powell today. Most notable was how he and the markets were clearly uncomfortable with the press conference, but it was not until it was finished that the markets all drifted in their respective directions. Gold higher, stocks lower, bonds bounced, and oil continued its collapse–quietly.

With the exception of crude oil, the moves in the above markets were muted, but clearly directional into the close. Oftentimes, the bigger reaction to the Fed comes the day after the news. Now, Thursday will begin with some very volatile-looking charts.

The regional banks will undoubtedly get most of the attention on Thursday as they continue to slide on after market news that PacWest Bancorp (PACW) is “looking at strategic options” and its stock is down over 50% in after hours trading. However, there are two other areas of the markets to pay close attention to.

First, there’s Crude Oil. The ETF, USO, has not only had its largest two-day decline since July 2022, but is also trading below a very important level. The red line on the chart above represents the January 2023 low.

At MarketGauge we treat the January low as an important psychological level in any market, and USO has a history of experiencing big drops when it trades below this level. If you’re interested in this concept, look at the price action in 2018, 2017, 2015, and 2014 around the January low price level for each respective year.

In addition to breaking the January low, USO has moved under the 23-month moving average. If you’ve been listening to Mish lately, you’ve undoubtedly heard her explain that breaking this moving average is very bearish.

A collapse in crude prices may help the consumer and inflation, but it will also project a lack of confidence in the strength of the economy and hurt company profits in the energy sector. On balance, a big move down will weigh on the general market in the short-term.

Second, I recently explained why SMH was in a precariously bearish condition on Mish’s Daily. As you can see in the chart below, and since that article, SMH has broken below its 50-day moving average and then rallied back up to it.

The ETF is again in the same very precarious position. The MG Leadership line is bearish (blue line under red) and Real Motion is also confirming the bearish break of the 50-day average.

Historically, the SPY and QQQ have a hard time rallying when SMH is bearish on the MG Leadership indicator. If SMH breaks lower, the price pattern and indicators suggest the breakdown will continue. This would weigh heavily on the general market. If SMH trades back over $250, this bearish warning will be negated.

Don’t take your eyes off SMH.

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

Mish covers strategy for SPY, QQQ, and IWM.

Mish and Nicole Petallides discuss cycles, stagflation, commodities and some stock picks in this appearance on TD Ameritrade.

Mish talks movies and streaming stocks with Angela Miles on Business First AM.

Mish and Charles discuss zooming out, stagflation and picks outperforming stocks in this appearance on Making Money with Charles Payne.

We all know at this point how difficult the market has been with all of the varying opinions regarding recession, inflation, stagflation, the market’s going to come back, the market’s going to collapse – ad nauseam. What about the people stuck in the middle of a range bound market? Mish presents her top choices for shorts and longs on the Friday, April 21 edition of StockCharts TV’s Your Daily Five.

Mish and Benzinga discuss the current trading ranges and what might break them.

Mish discusses what she’ll be talking about at The Money Show, from April 24-26!

Mish walks you through technical analysis of TSLA and market conditions and presents an action plan on CMC Markets.

Mish presents two stocks to look at in this appearance on Business First AM — one bullish, one bearish.

Mish joins David Keller on the Thursday, May 13 edition of StockCharts TV’s The Final Bar, where she shares her charts of high yield bonds, semiconductors, gold, and regional banks.

Mish joins Wolf Financial for this Twitter Spaces event, where she and others discuss their experiences as former pit traders.

Mish shares her views on natural gas, crude oil and a selection of ETFs in this appearance on CMC Markets.

Mish talks what’s next for the economy on Yahoo! Finance.

Mish joins Bob Lang of Explosive Options for a special webinar on what traders can expect in 2023!

Rosanna Prestia of The RO Show chats with Mish about commodities, macro and markets.

Coming Up:

May 2nd-5th: StockCharts TV Market Outlook

ETF Summary

S&P 500 (SPY): 23-month MA 420.Russell 2000 (IWM): 170 support, 180 resistance.Dow (DIA): Over the 23-month MA-only index.Nasdaq (QQQ): 329 the 23-month MA.Regional Banks (KRE): 43 now pivotal resistance.Semiconductors (SMH): 246 the 23-month MA.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.

Geoff Bysshe

MarketGauge.com

President

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Stocks

The Wisdom of Jesse Livermore, Part 3

In this week’s edition of Trading Simplified, Dave continues his series on “The Wisdom of Jesse Livermore”, starting by discussing the fact that one of Livermore’s blow-ups stemmed from not realizing how the game had changed. Dave also covered many other lessons such as don’t use limit orders (sans a few exceptions), the importance of trading YOUR system/waiting for setups, learning from your mistakes, being open to the markets action vs. trying to figure out a mathematical formula, life influencing trading (and vice versa), where the REAL money is, and much more.

This video was originally broadcast on May 3, 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.

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Business

PacWest falls more than 20% as regional bank stocks slide to new lows

Regional bank stocks fell sharply Tuesday as the fallout from the third major bank failure this year continued to put pressure on the sector.

Shares of PacWest fell 24% on Tuesday and was on track for its fourth-straight negative session. The stock was halted for volatility multiple times.

The California-based bank was not the only regional lender under pressure. Shares of Western Alliance dropped 20%. The SPDR S&P Regional Banking ETF (KRE) sank 7.6%.

The steep declines deepened losses in the sector from Monday. Over the weekend, regulators seized troubled regional bank First Republic and sold it to JPMorgan Chase.

First Republic is the third failure of a large regional bank this year, following Silicon Valley Bank and Signature Bank in March.

The reasons for Tuesday’s declines were not immediately clear. JPMorgan Chase CEO Jamie Dimon said Monday that the initial phase of the regional bank crisis was “over,” and there was cautious optimism among Wall Street analysts that the deposit flight issues had been contained.

First Republic reported a decline in deposits of about 40% during the first quarter, raising questions about how the bank could survive on its own.

Most other regional banks reported smaller deposits declines, however, and some like PacWest reported that deposits began rebounding in late March.The recent bank failures and expected regulatory changes in response to them have also raised questions about the long-term profit outlooks for mid-sized regional banks.

“We believe that banks with assets >$500B and <$60B are the clearest winners in the new world order, while there is likely to be a no-man’s land between $80-120B, as banks in this range may need to shrink to avoid new regulations or more actively engage in M&A to increase scale and absorb regulatory costs,” KBW analyst David Konrad said in a note to clients on Sunday.

Another issue for the regional banks is the possibility of more Fed rate hikes. Higher rates will make it more costly for the banks to hold on to their deposits while also lowering the market value of the long-dated bonds and loans on their books.

Concern about the market value of those assets was one of the sparks for initial run on Silicon Valley Bank in March.

The central bank is expected to raise its benchmark rate by 0.25 percentage points on Wednesday. The California-based bank was not the only regional lender under pressure. Shares of Western Alliance dropped 16%. The SPDR S&P Regional Banking ETF (KRE) sank 6.9%.

The steep declines deepened losses in the sector from Monday. Over the weekend, regulators seized troubled regional bank First Republic and sold it to JPMorgan Chase.

This post appeared first on NBC NEWS
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Business

Federal Reserve says it may stop interest rate hikes as banking concerns linger

The Federal Reserve on Wednesday raised interest rates for the 10th consecutive meeting, but signaled those hikes might be done — thanks in part to jitters in the banking system.

Federal Reserve Chairman Jerome Powell said that a pullback in bank lending will have the effect of slowing an economy that the central bank was already trying to cool, as part of a broader effort to slow high inflation.

The central bank expects banks to be more conservative in lending to households and businesses after the failures of three of the nation’s 30 largest banks (Silicon Valley Bank, Signature Bank, and First Republic Bank) in just the last two months. 

“In principle, we won’t have to raise rates quite as high as we would have had this not happened,” Powell told reporters Wednesday after raising interest rates by 0.25%, to a target range between 5.00% and 5.25%.

Powell added that the Fed ‘may not be far off, or possibility even at’ the level where it may not have to raise rates further.

First Republic Bank, which fell into the hands of the government and JPMorgan Chase early Monday morning, underscored the ongoing concerns in the banking industry over more firm failures. 

On Wednesday afternoon, Bloomberg reported that Los Angeles-based PacWest Bancorp is weighing “strategic options,” including a sale. 

What this means for consumers and businesses

Powell said there is no quantifiable measure of the impact of the banking sector concerns. But Wall Street firms say a substantial pullback in bank lending could be equivalent to another few rate hikes.

Deutsche Bank Research noted prior to Wednesday that a sizable contraction in commercial and industrial bank lending could be the same as a 0.50% or 0.75% increase in the Fed’s target rate.

Since March 2022, the Fed has been raising interest rates to tame high inflation. Those actions led to substantial spikes in mortgage rates, auto loan rates, and small business loan rates as part of a broader Fed effort to slow lending and, by extension, spending. 

The process has yielded some success; the yearly pace of inflation peaked at 9% in June 2022, but clocked in at 5% in March of this year. But the Fed, with a 2% inflation target, says it needs to keep rates at least elevated to finish the job.

Although helpful to the Fed’s mission on lowering inflation, the tremors in the banking system add the risk of financial instability to an already uncertain economic outlook.

“Credit conditions risks will naturally raise questions about recession,” Deutsche Bank wrote April 28.

For his part, Powell said the U.S. banking sector looks “sound and resilient.” Asked about the odds of a recession, Powell said he was optimistic.

“The case of avoiding a recession is in my view more likely than that of having a recession,” Powell told reporters Wednesday.

This post appeared first on NBC NEWS
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Sports

Packers coach faces steep climb to match predecessors’ standard

GREEN BAY, Wis. – Mike Holmgren was coming off an 11-5 season in which his team lost to the Dallas Cowboys in the NFC championship game as he headed into his fifth year as Green Bay Packers coach. His record at the time was 38-26 in the regular season and 4-3 in the playoffs.

Mike McCarthy was coming off an 11-5 season in which his team lost in overtime to the Arizona Cardinals in an NFC wildcard game as he headed into his fifth year as Packers coach. His record at the time was 38-26 in the regular season and 1-2 in the playoffs.

NFL Draft Hub: Latest NFL Draft mock drafts, news, live picks, grades and analysis

This post appeared first on USA TODAY
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