Archive

2023

Browsing

Officials in Lancaster County, Pennsylvania, were forced to replace over 18,000 mail-in ballots after a printing error incorrectly restricted the number of candidates voters were allowed to select.Postal officials helped the southern Pennsylvania county intercept about 15,000 of the affected ballots.The Lancaster County elections board plans to ‘set aside’ any erroneous ballots that are returned.

Elections officials in a central Pennsylvania county were scrambling on Monday to fix an error on more than 18,000 mail-in ballots for the spring primary, when voters will elect judges for the state Supreme Court and other positions.

Late last week someone noticed that the ballot for Superior Court instructed Republican and Democratic primary voters to pick only one judicial candidate to nominate from their party, when in fact voters could pick two, according to Lancaster County’s elections board. There are two vacancies to fill on the mid-level appeals court.

By early Monday afternoon, postal officials had helped Lancaster, which is about 71 miles west of Philadelphia, intercept and safely secure over 15,000 of the affected ballots, officials said.

The problem comes as voters are just receiving mail-in ballots for the primary, which also includes a vacancy on the state Supreme Court.

Voters will receive replacements with corrected wording and a sheet of instructions. Those who received an erroneous ballot were told to throw it out and wait for a replacement. Ballots from those who fill out and return erroneous versions will be ‘set aside’ by the elections board, the county said.

The deadline to return mail-in ballots is May 16.

Pennsylvania is a closely divided swing state that is expected to be a major battleground in next year’s presidential contest. Lancaster is a Republican-majority area with a large farm economy and a growing suburban population. More than 220,000 Lancaster residents voted in the November gubernatorial election.

Lancaster County also had a printing problem with primary ballots a year ago, when a vendor mailed ballots with the wrong ID code, preventing scanning machines from reading them. About one-third of the 21,000-plus ballots affected last year were able to be properly scanned. The votes had to be painstakingly transferred to fresh ballots.

Lancaster also faced a ballot printing error in 2021, when a large number of primary mail-in ballots had to be counted by hand, delaying final results. In that case, the Lancaster County Board of Elections said some 14,000 multi-sheet ballots had been printed in the wrong order.

This post appeared first on FOX NEWS

The Republican supermajority in West Virginia’s House of Delegates became more lopsided Monday after Del. Elliott Pritt switched from the Democratic Party, the state’s GOP leader said.

Pritt, a teacher, is in his first term after defeating a Republican incumbent in the 2022 election.

‘I want to welcome Delegate Elliott Pritt to the Republican Party,’ West Virginia Republican Party chairwoman Elgine McArdle said in a statement. ‘Like so many West Virginians, Delegate Pritt has recognized that the Democratic Party of today is not the Democratic Party that our parents grew up with.’

The move gives the GOP 89 members in the House, while the Democrats’ ranks dwindled to 11. Pritt’s decision was already accounted for by late morning on the West Virginia Legislature’s official House roster.

Pritt had been the last Democrat in the House in the state’s southern coalfields.

The 34-member state Senate also has a GOP supermajority with 31 Republicans and three Democrats.

The move continues a Republican wave in the state that started a decade ago. After the 2014 election, the GOP took control of the state Senate and House from Democrats for the first time in more than eight decades.

Buoyed by criticism of former two-term President Barack Obama’s energy policies in coal-rich West Virginia, registered Democrats in 2014 fell below 50% for the first time since 1932. There are now about 456,000 registered Republicans, or 39.6% of all registered voters in West Virginia, according to the secretary of state’s office. That compares with about 372,000 registered Democrats, or 32.3%.

U.S. Sen. Joe Manchin is the only Democrat to currently hold statewide office.

This post appeared first on FOX NEWS

The Biden administration is linking lower numbers of migrant encounters at the southern border in March compared to the same time last year to its ongoing efforts to discourage illegal entry by expanding legal pathways – as the Department of Homeland Security prepares for the end of Title 42 next month.

There were 191,899 encounters along the southern border in March, down 14% from 222,574 in March 2022, Customs and Border Protection (CBP) announced Monday. It marks a 23% increase from the 156,138 encounters seen in February, although increases in encounters are typical as the spring and summer months arrive. Over two-thirds (69%) of all encounters were of single adults. 

Specifically, Border Patrol encounters of migrants along the southwest border entering illegally between ports of entry – 162,317 in March 2023 – are down 23% from March 2022 (211,181) and 4% from March 2021 (169,216). An administration official also noted that the increase in Border Patrol encounters between February and March is lower (25%) than the prior two years (33% and 73% for 2022 and 2021.) 

The administration has pointed to measures introduced in January that expanded Title 42 expulsions to include Venezuelans, Nicaraguans, Cubans and Haitians – four nationalities whose encounters had spiked in the prior months. The measures, which were followed by a sharp drop in encounters from a record high in December, also included a humanitarian parole program that allows for up to 30,000 of those nationalities to fly into the U.S. each month if they have not entered illegally and meet certain other criteria including background checks and having a sponsor. In March, 27,783 migrants of those four nationalities were paroled into the U.S.

Numbers remained relatively low through January and February compared to recent years, and while they have increased in March overall, the administration believes those measures are having an impact.

‘The January border enforcement measures continue to hold strong even against the typical migration patterns seen as we enter the warmer months,’ the administration official told Fox News Digital. ‘This month’s encounters are down 23% from last year, and the month-over-month change is the lowest seasonal increase seen in two years.’

Additionally, average encounters of the four nationalities are down from a 7-day average of 1,231 in early January to 339 at the end of March. 

While numbers in 2023 have so far been approximately the same or lower than 2022, it is unclear if that will change once the Title 42 public health order ends on May 11. The order, instituted in 2020 due to the COVID-19 pandemic, has been used by both the Trump and Biden administrations to quickly expel hundreds of thousands of migrants at the border and has become a key tool in the ongoing migrant crisis now into its third year. In March, 87,662 (46%) of encounters ended in a Title 42 expulsion. 

The order will end along with the COVID-19 public health emergency and officials are concerned about a potentially massive surge at the border once the order drops as migrants believe they have a greater chance of being released into the U.S. Customs and Border Protection (CBP) have pushed back against what they say is misinformation being spread by smugglers.

‘CBP will continue to enforce our immigration laws and ramp up efforts to combat smuggler misinformation as we prepare to return to expedited removal proceedings under Title 8 authorities, which carry stricter consequences like a five-year ban on reentry and potential criminal prosecution for unlawful entry,’ acting CBP Commissioner Troy Miller said in a statement on Monday.

The administration has taken a number of actions to tackle any such surge, including a multi-faceted plan which includes cooperation with NGOs and international partners as well as a surge in resources to the border.

More recently, the administration announced a proposed rule that would make migrants ineligible for asylum if they have crossed into the U.S. illegally and have failed to claim asylum in a country through which they previously traveled.

In anticipation of the order dropping, the administration has also temporarily paused an asylum reform that would allow asylum officers to adjudicate asylum claims at the border within months. It has also launched a pilot program to have migrants hold their ‘credible fear’ interviews while still in CBP custody.

Those moves have seen pushback from immigration rights activists, who claim such measures interfere with the right of migrants to claim asylum in the U.S. Meanwhile, the administration is also facing pressure from Republicans – who have sought to tie the ongoing crisis to the reversal of Trump-era policies by the Biden administration. Homeland Security Secretary Alejandro Mayorkas has faced a number of grillings on the Hill from Republicans, and will appear before the Senate Homeland Security Committee on Tuesday.

The administration has taken aim at Republicans for failing to approve funding requests for border readiness, while also calling on Congress to fix what it says is a ‘broken’ immigration system.

This post appeared first on FOX NEWS

New York lawmakers passed a three-day budget extension Monday to ensure state operations continue undisrupted as negotiations over the spending plan continue.

The budget was originally due April 1. Democratic Gov. Kathy Hochul and lawmakers missed that deadline as they tried to reach agreement on changes to the state’s bail law, a housing plan and other policy issues the governor had included in her budget proposal.

A key sticking point has been Hochul’s proposed changes that would give judges more discretion on setting bail for violent felonies. Liberal lawmakers have resisted further changes to the state’s bail law.

This was the third temporary budget extension approved by state lawmakers. Some state lawmakers expressed frustration at the holdup on a final budget.

‘This is the third (extender), and it’s happening despite the fact that one party is controlling our state government,’ said Republican state Assemblymember Edward P. Ra during the floor vote.

He voted in favor of an extender.

Lawmakers must pass another extender Thursday if a state budget isn’t finalized by then, New York City lawmaker Helene Weinstein said during floor deliberations.

This post appeared first on FOX NEWS

Lawmakers in North Dakota’s House passed a bill Monday that would criminalize abortions after six weeks of gestation — even in cases of rape or incest, the Bismarck Tribune reported.

The bill still requires approval from the Senate and governor to become law.

Opponents of the bill said six weeks is too early to ban abortions because many women don’t know they are pregnant by that time. Supporters of the bill said passing it would further the state’s tradition of protecting all life, including the unborn.

Republican Rep. Dan Ruby, of Minot, said in support of the bill on the House floor, ‘We have a chance to clean up language in our law, make some improvements to it, adjust to it due to the nature of what we did before the overturning of Roe v. Wade to what is being done now.’

Democratic Rep. Gretchen Dobervich, of Fargo, opposed the bill. The House panel had rejected her amendment to change the six weeks to 12 weeks for ‘a woman who has been the victim of sexual violence in which a pregnancy results.’

Last month, the North Dakota Supreme Court ruled that a state abortion ban will remain blocked while a lawsuit over its constitutionality proceeds.

‘We’re going to send another message to the North Dakota Supreme Court. This is what this Legislature wants. We want pro-life in North Dakota,’ House Majority Leader Mike Lefor, a Republican of Dickinson, said Monday on the House floor in support of the bill.

The bill passed with a 76-14 vote, largely on party lines but with a few exceptions.

Democratic Rep. Alisa Mitskog, of Wahpeton, was the only person in her party to vote in favor of the bill. And three Republicans voted against it. They were Rep. Eric Murphy of Grand Forks, Rep. Shannon Roers Jones of Fargo and Rep. Steve Swiontek of Fargo.

This post appeared first on FOX NEWS

In this week’s edition of StockCharts TV‘s Halftime, Pete takes a look at the Chaikin system, along with StockCharts tools, to make sense of what’s happening in the markets this week. A lot of FED speak is on tap, and tumult abounds. The bond market is telling us one thing, while others are second-guessing what might be coming up after chairman Powell speaks.

This video was originally broadcast on April 17, 2023. Click on the above image to watch on our dedicated Halftime by Chaikin Analytics page on StockCharts TV, or click this link to watch on YouTube. You can also watch on our on-demand website, StockChartsTV.com, using this link.

New episodes of Halftime by Chaikin Analytics air Mondays at 1:15pm ET on StockCharts TV. You can view all previously recorded episodes at this link.

Over the weekend, we covered the weekly charts of the Economic Modern Family. And…

Given that yields begin this week higher.

Given that earnings season kicks into gear with banks, the weakest sector so far, surviving.

Given that the seasonality of April point bullish for the S&P 500.

Given all of that… we have a keen eye on our Transports.

The ETF (IYT) looks interesting on the Daily chart. Being above the 200-day moving average (green) yet below the 50-DMA 9Blue), IYT is compressing at a critical juncture. Furthermore, momentum according to our Real Motion Indicator shows no divergence, yet does have some upward movement along with price.

Given the importance of our demand sector of the Family, what else needs to happen?

If you thought to yourself that Mish will probably show the 23-month moving average for IYT, gold star!

Last week, Transportation (IYT), closed over the 50-week moving average and is in a bullish phase. The monthly chart though, is key. Should IYT breakdown below 223, I would take that to mean caution. However, should IYT clear 240 and hold, especially if the April positive seasonality factor kicks in? Then, our Transports, the trains, planes and automobiles sector, could defy, at least for a while, the Sell in May platitude crowd.

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 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 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.

Mish talks opportunites in the market in this appearance on Business First AM.

Mish and Charles Payne rip through lots of stock picks in this appearance on Fox Business’ Making Money with Charles Payne.

Mish talks Beyond Meat (BYND) in these appearances on Business First AM.

In this guest appearance on the Madam Trader podcast, recorded March 20, Mish shares her journey from special education teacher to commodoties trader and now trading educator. Hear her insights on the spring 2023 market conditions and how to harness the right skills to succeed.

Coming Up:

April 19th: Closing Bell on Cheddar TV

April 20th: Benzinga Pre-Market Prep and Live Coaching Complete Trader

April 24-26: Mish at The Money Show in Las Vegas

May 2-5: StockCharts TV Market Outlook

ETF Summary

S&P 500 (SPY): Tight range to watch this week from 412-415.Russell 2000 (IWM): 170 support, 180 resistance.Dow (DIA): Peeking over the 23-month MA 336–impressive if holds.Nasdaq (QQQ): 312 support, over 320 better.Regional Banks (KRE): 41.28 March 24 low held, now has to clear 44.Semiconductors (SMH): 258 resistance with support at 250.Transportation (IYT): 219-228 the wider range to watch.Biotechnology (IBB): 130 major pivotal area-135 resistance.Retail (XRT): 58-64 trading range to break one way or another.

Mish Schneider

MarketGauge.com

Director of Trading Research and Education

If you plan on running up that hill, a pair of Nikes (NKE) could be the right fit for the task. But now, Nike is tackling a similar scenario, running up a Three Rising Valleys pattern—three consecutive higher lows (more on that later). Does the company have enough momentum to get beyond the current technical hurdle and once again reach its November 2021 peak — $179.10 per share — from the prevailing $125 price range? (See chart of NKE below.)

What’s the Fundamental Story?

Nike has beaten analyst earnings expectations over the last 12 consecutive quarters. Its last drop, a negative earnings surprise, occurred in its fiscal Q4 2020 quarter—a massive 38% drop (loss of $790 million) during the global Covid-19 lockdown.

It’s been recovering since, though sales to its third largest market, China, remain soft. Its last reported earnings report on March 21 was pretty outstanding. Nike did really well in their third fiscal quarter of 2023 compared to what financial experts on Wall Street predicted. Earnings per share and revenue came in higher than analyst estimates.

How’s the Road Looking Ahead?

The road to recovery in China still has a few hurdles, but Nike CEO John Donahoe expects things to improve. As for global sales, Nike saw double-digit growth in the US, Latin America, Europe, Africa, Asia-Pacific, and the Middle East.

Also, Nike has really been putting a lot of work into growing their direct-to-consumer sales. They’ve been pouring money into cool experiential stores, working on their loyalty program, and increasing their e-commerce sales. It’s been costly, but sales have accelerated as a result.

Running With the Bulls 

On the technical side, Nike formed a Three Rising Valleys formation.

Popularized by technical analyst Thomas Bulkowski, Three Rising Valleys is a bullish chart pattern that signals a potential upward trend in the market. The pattern consists of three consecutive valleys (or troughs) that form within an existing uptrend. Each valley is slightly higher than the previous one, suggesting that buying interest is increasing, and the price is likely to continue rising.

CHART 1: NIKE STOCK’S THREE RISING VALLEYS PATTERN. The stock could move as high as the 100% measured move target, which is around $136 (red dashed line).Chart source: StockChartsACP. For educational purposes only.

How Do You Trade NKE Stock?

With this pattern, you’d take an altered measured approach (according to the description in Bulkowski’s book Encyclopedia of Chart Patterns).

Entry point

You would enter a long position at [A], a breakout above the top of the formation.For early entries, a breakout above the green line at [B] would also work.

Price targets

As far as price targets are concerned, here’s how you’d calculate it. Start by subtracting the top of the formation (126.06) from the bottom (115.79), then add the difference (10.27) to the top. The targets will thus vary based on the 100% measure of 136.33 (or just 136 to round off). You can see where that level is on the chart (see red dashed line). Stop losses are usually placed at the bottom of the formation.

Note: Traders’ target price preferences will vary anywhere from 60% to 100% of the target. 

Looking at other technical indicators to contextualize this formation, the 50-day simple moving average (SMA) crossed the 200-day SMA a few months back, forming a Golden Cross. We also see the Moving Average Convergence/Divergence (MACD) looking favorable, with the MACD line having crossed above the signal line, and both crossing above the zero line.

But there’s also a drop in volume. Price has pulled back, but volume has also dwindled. If price breaks above the formation, look at volume to assess Nike’s momentum.

This pattern generally has a low failure rate (instances where it doesn’t yield a rally of a specific magnitude, such as five or 10 percent). However, there are occasions when the pattern doesn’t generate the anticipated rally. So it may be worth incorporating other indicators to confirm the upward move before entering the trade.

The Bottom Line

So overall, Nike’s stock is showing some favorable prospects, beating earnings expectations as it continues to focus on growing its direct-to-consumer sales. While there are challenges in China, Nike’s global sales look promising. The Three Rising Valleys pattern suggests a potential upward trend, but keep an eye on volume and other indicators to confirm it. If it runs bullish, monitor its progress and momentum. Remember, trading is about engaging risk; so stay alert and manage your trade as needed.

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.

How is the overall stock market looking as of the end of last week? Let’s take a look at the GoNoGo Asset map below. Equities remain in the “Go” trend as we start the new week. Treasury bond prices are likewise in a strong “Go,” and commodities have entered a weak aqua “Go” trend. The dollar remains embroiled in a strong “NoGo.”

Equities Paint Strong Blue “Go” Bars

After breaking out of the Max GoNoGo Squeeze a week ago, there has been a string of “Go” bars painted by GoNoGo Trend. While price failed to end the week higher, it’s seeing brighter blue bars as price tries to climb to test prior highs from earlier this year.

The weekly chart shows the “Go” trend remains in place with another strong blue “Go” bar painted. Those astute candlestick chartists will notice last week’s candle represents a “doji” (uncertainty) with the open and close at similar levels. GoNoGo Oscillator shows that momentum is on the side of the “Go” trend as it breaks out of a small GoNoGo Squeeze into positive territory.

Treasury Rates Fall to New Lows

Treasury rates painted mostly strong purple “NoGo” bars this week as price tested and then fell below horizontal support. As this happened, GoNoGo Oscillator confirmed by testing the zero line from below and then being rejected, falling back into negative territory. This tells us that momentum is resurgent in the direction of the current “NoGo” trend.

The weekly chart now sees the trend line up with that of the daily periodicity. Last week saw a first pink “NoGo” bar as GoNoGo Trend cycled out of “Go Fish” into a “NoGo” color for the first time since late 2021. GoNoGo Oscillator is below zero and falling, confirming that momentum is on the side of this new “NoGo”.

Dollar Continues in “NoGo” Trend

GoNoGo Trend painted uninterrupted strong purple “NoGo” bars this week as prices continued to move lower. In striking range of the February lows, we will watch to see if these levels are tested.  GoNoGo Oscillator is in negative territory but not oversold.

The weekly chart shows little change from where we were last week. Prices have moved slightly lower. The GoNoGo Oscillator remains at zero and a Max GoNoGo Squeeze is in effect. Watch to see if prices test prior lows. This would be more likely should the GoNoGo Oscillator fail at the zero line and get turned away into negative territory again.

Oil’s Gap Higher Puts Price at Resistance

The United States Oil Fund (USO) saw a jump higher last week and a return to a pink “NoGo” bar. This price action is testing the downward sloping resistance line that has been in place since the summer of last year. As price runs up against resistance, so does GoNoGo Oscillator in the form of the zero line. Since it’s quickly returning to that level, it’s best to watch to see if it gets rejected and sent lower or if it can break through into positive territory. The second scenario needs to play out if you expect price to move above its own resistance.

Gold Sets New High

$GLD saw a new high this week as GoNoGo Trend painted consistent strong blue “Go” bars after the Go Trend Continuation Icon (green circle) that occurred midweek.The GoNoGo Oscillator fell to the zero line and found support immediately, bouncing back into positive territory.

NEW YORK – Domingo German had something on his pitching hand that wasn’t supposed to be there.

That much seemed clear after the New York Yankees starter was ordered by Saturday afternoon’s umpiring crew to wash off whatever it was, during a lengthy discussion just before the fourth inning at Yankee Stadium.

The substance was deemed to be rosin, but it still roiled Rocco Baldelli, who watched German take a perfect game into the sixth inning.

Only, the Twins manager witnessed it from the TV in his office, after being ejected from the game, a 6-1 Yankees win boosted by homers from Kyle Higashioka and Anthony Rizzo and a two-run double by Giancarlo Stanton.

“I don’t think we’ve had something like that before,’’ Higashioka said of a controversy that began after Minnesota’s half of the third inning.

Follow every game: Latest MLB Scores and Schedules

Essentially, in a routine check, crew chief James Hoye felt there was tack on German’s pitching hand, due to the rosin bag, and ordered him to clean it off before the fourth inning.

Checked again before the fourth, German still had some rosin on his right pinkie but was eventually allowed to continue because it wasn’t a foreign substance.

Anatomy of a Yankees-Twins controversy

German was coming off a dreadful start, five days ago.

On a cool night at Cleveland, the right-hander failed to get through four innings, and walked five batters without recording a strikeout.

Saturday? He was at his very best.

German mowed through the Twins’ lineup, retiring the first 16 batters he faced, 10 of them on strikeouts.

Christian Vazquez broke up the perfect game with a one-out single in the sixth, and German eventually exited after 6.1 innings, yielding one run on three hits, with no walks and career-high 11 strikeouts.

The spin rates on German’s pitches were increased over his first three innings, when he recorded six Ks.

At that point, the rosin controversy began.

“I just told you to clean this up,’’ Hoye said he told German, finding his right pinkie with tack before the fourth inning.

German said he uses a rosin bag between innings in plain sight, but seldom on the mound.

An ‘intense’ discussion

What followed was a conference between all four umpires, German, Spanish interpreter Marlon Abreu and Yankees manager Aaron Boone.

“The discussion, it was intense,’’ German said through Abreu. “There was a moment there that maybe things were going to get out of hand, but I was able to explain and tell them that I have a rosin bag (in the dugout) where I sit all the time.

“(Eventually), they said fine, go back out there and pitch.’’

German and the Yankees insisted the pitcher had cleaned his hands, “but he hits the rosin bag before he comes out,’’ said Boone. “It was enough to raise a flag.’’

Hoye then huddled his crew together, and they agreed “it wasn’t a foreign substance issue that affected the flight of the ball.’’

Sternly, Hoye informed German: “When I tell you to clean, I need you to clean it up.’’

And then Hoye explained it all to Baldelli, who wasn’t buying any of it.

Rocco Baldelli’s argument

“(German) was warned,’’ Baldelli said. “He didn’t fully comply with the warning from what I was told and was still allowed to keep pitching.

“That’s it. I don’t agree with that in principle.’’

Said Hoye: “(Baldelli) felt like this was a stand he needed to make, and so he was ejected from the game.

Hoye was fairly certain this wasn’t a Spider Tack issue, a banned substance (along with the rosin-and-sunscreen combo) that aided pitchers’ grips artificially.

“After doing these checks now for two years, you can get a sense of, ‘OK, that feels like rosin to me, that doesn’t feel like it.’ ’’

Of German’s performance, Baldelli said: “He had especially good command and especially good stuff through the first three innings of the game.

‘There was nothing especially noteworthy except that he was sharp.’’

After dropping the first two games of this four-game set to the Twins (10-5), the Yankees (9-6) will attempt a series split Sunday afternoon, with ace Gerrit Cole pitching against Minnesota’s Opening Day starter Pablo Lopez.

This post appeared first on USA TODAY