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Alabama Attorney General Steve Marshall is taking control of prison litigation away from the Department of Corrections and moving it to his office in their latest public disagreement.

Marshall informed the department that the attorney general intends to remove the assistant attorney general status of the department’s six attorneys, the Alabama Department of Corrections said Thursday in an emailed statement.

‘We will not speculate about the impact the AG’s decision will have on the ADOC, but I am confident in the ability of our Legal Division to protect the interests of this department throughout this transition. We will continue to focus on the critical mission of the ADOC — to provide public safety through the secure confinement, rehabilitation, and reentry of offenders,’ Alabama Corrections Commissioner John Hamm said in a statement Thursday.

A spokesperson for Marshall did not immediately return an email seeking comment about the reasons for the change. The governor’s office directed questions to the prison system.

The prison system is in the midst of high-stakes litigation that is pricey and carries potential long-term ramifications for the direction of the state’s prison system. The Department of Justice has sued the state, alleging that male prisoners are housed in violent prisons that violate the constitutional prohibition on cruel and unusual punishment. A federal judge has also ordered the state to increase prison staff in an ongoing lawsuit over prison health care.

Marshall has had prior disagreements with the prison system. Earlier this year, he sued the ADOC and the Board of Pardons and Paroles to try to block the release of inmates to supervised release, arguing that victims’ families had not been properly notified.

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The San Diego City Council will soon vote on whether to ban homeless encampments in many public locations, but some activists aren’t happy about it.

‘You are failing at your job and you’re blaming the unhoused population for your failure,’ one woman said during a heated public comment period. ‘You suck,’ she added, walking away from the microphone to applause and cheers.

More than 100 people attended the city’s Land Use and Housing Committee meeting Thursday to offer their opinions. Even more called in or emailed the committee about the proposal.

After more than two hours of public comment, the committee passed the ordinance 3-1, sending it to the full council for a vote.

The proposed ordinance would ban people from erecting tents within two blocks of schools or homeless shelters, in parks, along trolley tracks or near waterways. City workers regularly find items like electronics, drugs, human waste, fuel and more in these areas, which pose a risk to the environment and public health, according to a staff report on the proposal.

‘We want a city that feels and looks safe and healthy, and we can’t do that with the encampments on the street right now,’ said Councilmember Stephen Whitburn, according to local news station CBS 8.

Many business owners and residents testified in favor of the ordinance, saying they witness almost daily public drug use, litter and other illicit behavior. Some said walking around the city with their families has become unsafe with tents blocking sidewalks and aggressive behavior from people suffering mental health issues.

‘Now I am as liberal as they come,’ one man said, adding, ‘For those who want help, we have to have a heart for them. For those who don’t want help, we have to have a hard line that says it’s not okay to block [sidewalks].’

But homeless advocates said the ordinance will only hurt people who are already suffering.

‘The ordinance basically just criminalizes homelessness,’ Felipe Cervantes, a volunteer with a student-run group The Mustard Seed Project told CBS 8. ‘It doesn’t solve a problem and it punishes people.’

Whitburn, who proposed the ordinance, said it would only be enforced if there is shelter space available for homeless people.

‘But there are also plenty of unsheltered folks who don’t welcome assistance,’ Whitburn said during Thursday’s hearing. ‘Individuals who for whatever reason have just decided they’re just going to live in an encampment on the sidewalk or a park or a canyon or riverbed. This ordinance addresses those individuals.’

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A bill that would channel public money to scholarships for private school tuition in Nebraska is headed to a final step needed for passage this year.

The bill, introduced by Omaha Sen. Lou Ann Linehan, does not appropriate taxpayer dollars directly toward private school vouchers. Instead, it would allow businesses, individuals, estates and trusts to donate a portion of owed state income tax to be used for scholarships covering private school tuition.

Businesses and individuals could donate up to $100,000 per year; estates and trusts could offer up to $1 million a year. The bill would allocate $25 million a year over the next two years and up to $100 million annually thereafter to cover such donations — money that otherwise would have gone into the state’s general revenue fund.

The money would be overseen and allocated by nonprofit groups. On Thursday, lawmakers voted to include an amendment that would cap the amount those groups could take from donations for administrative costs at no more than 10%. The amendment also included reporting requirements to track the scholarship allocations.

The bill includes a tier system for scholarships that prioritizes low-income students and those being bullied in their current school.

Public school advocates have blasted the measure as a ‘school voucher scheme’ that will hurt the state’s K-12 public school system.

‘Proponent’s game plan to force passage of their private school tax scheme is to threaten to hold hostage state funding of public schools –- public schools that educate 90% of all the kids in Nebraska,’ Nebraska State Education Association President Jenni Benson said in a statement. ‘If lawmakers cut promised state funding for public schools, it puts more pressure on our already-high property taxes.’

A group representing Roman Catholic-run schools in the state — which would be the recipients of the most of the scholarship funds — celebrated the bill’s advancement, echoing Linehan’s stance that the move is geared to help families in need.

But the Nebraska Catholic Conference did not address opponents’ concerns that its schools might discriminate against students and families — particularly those within the LGBTQ+ community — on the basis of religious tenets.

Omaha Sen. Megan Hunt, who opposes the bill, introduced an amendment earlier in the session that would have banned private schools benefiting from the vouchers from discriminating against families — including those within the LGBTQ+ community. It failed on a largely party-line vote.

If passed, Nebraska would become one of the last states to offer some form of public money for private school tuition.

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The Supreme Court is allowing challenges to the structure of two federal agencies to go forward in federal court.

The high court ruled unanimously Friday to allow challenges to the structures of the Federal Trade Commission and the Securities and Exchange Commission to go forward in federal court. Lower courts had split on whether those challenges could proceed.

In one case, the FTC had brought an enforcement action against Axon Enterprise, the Arizona-based company best known for developing the Taser, arguing that its purchase of its competitor Vievu for approximately $13 million was improper. The other case involved an SEC enforcement action against Michelle Cochran, a certified public accountant. Axon and Cochran responded by suing in federal court and arguing that the structure of the FTC and SEC respectively are unconstitutional. Each said that the administrative law judges that oversee enforcement actions are insufficiently accountable to the president, in violation of separation-of-powers principles in the Constitution.

Both lawsuits were initially dismissed. Axon and Cochran appealed and while a federal appeals court in California said Axon’s lawsuit could not go forward, a federal appeals court based in New Orleans said Cochran’s case could move ahead.

Justice Elena Kagan wrote in an opinion that the question for the court was whether federal courts can ‘resolve the parties’ constitutional challenges to the Commissions’ structure.’ ‘The answer is yes,’ she wrote, saying federal courts are not barred from ‘entertaining these extraordinary claims.’

The cases the court ruled in are Axon Enterprise v. Federal Trade Commission, 21-86, and Securities and Exchange Commission et. al. v. Cochran, 21-1239.

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The U.S. Supreme Court on Friday temporarily allowed access to the abortion pill mifepristone after a Texas ruling last week set limits to the use of the drug. 

Justice Samuel Alito halted the lower court rulings that seek to limit access to mifepristone Friday, which in turn freezes the litigation being pursued by anti-abortion groups and maintains availability. 

The conservative justice asked for challenges to the lower court ruling to be filed by Tuesday at noon.

Judge Matthew Kacsmaryk of the U.S. District Court for the Northern District of Texas ruled last week that the Food and Drug Administration’s (FDA) improperly approved mifepristone.

The Department of Justice (DOJ) filed emergency requests Friday to freeze Kacsmaryk’s injunction, along with Danco Laboratories. 

The halt on the ruling gives the Biden administration more time to issue challenges.

Kacsmaryk’s ruling would limit the drug’s distribution and jeopardize mifepristone’s FDA approval.

The Biden administration is planning to defend mifepristone’s availability in light of the landmark Dobbs decision to overturn Roe v. Wade in June 2022. 

Anti-abortion groups and Republican legislators across the country are advocating for abortion bans and restrictions. 

The Supreme Court will keep the Texas ruling on hold until 11:59 p.m. Wednesday. The court is expected to issue another order by that time.

The Food and Drug Administration (FDA) approved mifepristone in 2000. It has been used to terminate more than 5 million pregnancies.

Reuters contributed to this report.

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FIRST ON FOX: The super PAC backing Florida Gov. Ron DeSantis for president in 2024 dropped a new ad going after former President Trump with the two prominent Republicans slated to speak at the National Rifle Association (NRA) leadership forum in Indianapolis.

DeSantis and Trump are both set to speak at the NRA-ILA Leadership Forum Friday in a potential showcase of 2024 GOP candidates. DeSantis has not officially announced a bid for president yet.

Ahead of the forum, Never Back Down, the super PAC backing DeSantis as a potential 2024 GOP candidate, dropped an ad around the forum and will be handing out flyers with similar messaging.

‘Trump promised NRA members he’d have their back,’ the video ad exclusively obtained by Fox News Digital says. ‘But when Second Amendment rights came under attack, Trump abandoned us and stood with liberal Democrats.’

‘Half of you are so afraid of the NRA,’ Trump says in a clip included in the ad. ‘We have to fight them every once in a while, that’s OK.

‘Some of you people are petrified of the NRA,’ Trump continued. ‘You can’t be petrified. They have great power over you people. They have less power over me. I don’t need them. What do I need?’

The ad highlighted Trump’s call ‘for red flag laws,’ raising the age to buy assault weapons and clips of him backing ‘taking the guns early.’

‘Take the guns first, go through due process second,’ Trump said.

The ad highlights Trump endorsing Democrat-backed gun control measures, including raising the age to buy an assault rifle to 21 as well as red flag laws.

The ad also links Trump to several prominent Democrats, saying he ‘agreed with’ former House Speaker Nancy Pelosi of California, Senate Majority Leader Chuck Schumer of New York and his rival President Biden, as well as several others.

The flyers that will be handed out by Never Back Down say Trump agreed ‘with Joe Biden on Red Flag Laws,’ attacked ‘the NRA and sided with Michael Bloomberg,’ agreed with ‘Kamala Harris on banning bump stocks’ and sided ‘with Liberals on their gun control wish list.’

 

Never Back Down NRA flyer by Houston Keene

‘Trump the gun grabber doesn’t deserve a second chance,’ the flyer states.

When asked for comment on the ad and flyers, Trump campaign spokesperson Steven Cheung said, ‘Where’s Ron?’

Trump is slated to give a speech at the NRA forum alongside other prominent Republican leaders this weekend.

The event will be held in Indianapolis Friday with a ‘stacked lineup’ of leaders such as Trump, former Vice President Mike Pence, Indiana Gov. Eric Holcomb, Indiana Sen. Mike Braun, Ohio Rep. Jim Jordan, South Dakota Gov. Kristi Noem and others. 

This will also mark the first time DeSantis has spoken at the annual event. He will be brought in via a ‘special video appearance,’ according to the NRA. Florida made history recently when DeSantis signed a permitless carry bill into law, making the U.S. a constitutional carry-majority nation.

Fox News Digital’s Emma Colton contributed reporting.

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MANCHESTER, N.H. – Gov. Ron DeSantis of Florida’s address to the New Hampshire GOP’s annual fundraising dinner on Friday was momentarily interrupted a couple of minutes into his speech by a handful of female protesters.

The demonstrators, who appeared to chant ‘Jews Against DeSantis’ made their way all the way to the podium at the sold-out event at a hotel ballroom in downtown Manchester, New Hampshire’s largest city, before they were quickly removed by security.

DeSantis, remaking on the incident, told the audience to cheers and applause that ‘you’ve got to have a little spice in the speech. Right,’ before quickly returning to his prepared remarks.

All guests attending the event, which is the state party’s top annual fundraiser, had to pass through a security sweep before entering the ballroom.

New Hampshire state party chairman Chris Ager told Fox News earlier on Friday that the fundraising dinner would bring in over $250,000, which Ager said is a ‘record.’ And he noted that over 500 people would be in the audience, adding that ‘we had to close ticket sales earlier this week at 520 people.’

The trip is DeSantis’ first this cycle to New Hampshire, the state that holds the first primary and second contest overall in the GOP presidential nominating calendar. The popular conservative governor from Florida has already stopped this year in Iowa (which holds caucuses kicking off the Republican schedule) and Nevada (which holds the fourth contest) and next week visits South Carolina (which votes third).

While DeSantis remains on the 2024 sidelines, he’s expected to launch a presidential campaign sometime after the end of Florida’s legislative session, which concludes next month. But behind the scenes, he’s already made plenty of moves toward launching a campaign, including beefing up staff in Tallahassee.

The New Hampshire fundraising dinner is named after Amos Tuck, who is considered by many to have founded the Republican Party in the 1850s in Exeter, New Hampshire. Exeter, along with Ripon, Wisconsin, and Jackson, Michigan, claim to be the birthplace of the GOP.

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In this episode of StockCharts TV‘s The MEM Edge, Mary Ellen reviews the market’s price action and which sectors are outperforming as inflation fades and the economy weakens. She also shares the sharp impact that earnings are having on select stocks.

This video was originally broadcast on April 14, 2023. Click on the above image to watch on our dedicated MEM Edge 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 The MEM Edge air Fridays at 5:30pm PT on StockCharts TV. You can view all previously recorded episodes at this link. You can also receive a 4-week free trial of her MEM Edge Report by clicking the image below.

Admittedly, numbers are sexy.

Think about how much focus all the economic stats that came out this past week got on all media. Each one was the defining one for the markets and economy, according to the talking heads.

CPI and PPI softer? That’s it, inflation is over.

Retail Sales softer? That’s it, here comes recession.

FOMC hawkish (sort of, a bit unclear)? That’s it, FED will hike again, then pause.

Meanwhile, here are the weekly charts of the Economic Modern Family. Bitcoin is our newest member, so let’s look at that too.

What do you see? Anything stand out as defining?

Each weekly chart has a 50-week moving average in blue. And a 200-week moving average in green. I have written a lot about the 23-month MA. I do also like the weekly MAs. They are widely looked at by institutional investors and give us a bit of a quicker time frame than a 2- or 6-year business cycle.

To begin with Granny Retail XRT, she ended the week near the lows of the week before and well above the March lows. Under 58, I’d get nervous about the consumer end. At this point though, all we did was test the price support pre-inflation and retail numbers. Defining? Nah–jury out.

Next is Granddad Russell 2000 (IWM). We can say the same about Gramps as we did about Granny. Is that why they are the Patriarch and Matriarch of the U.S. Economy?

Next is Big Brother Biotechnology (IBB). Not only did IBB close higher on the week, but he is right in the middle of the 2 moving averages. Defining? Nah–jury out.

Looking at our Prodigal Son Regional Banks (KRE), I even thought the bank earnings would give us some inkling of the next move. But no. Instead, KRE closed with an inverted doji candle, meaning anything can happen next as price takes a giant pause above last week’s lows.

Moving over to Transportation (IYT), that closed over the 50-week moving average and in a bullish phase. We like that. When demand picks up, we take note.

Sister Semiconductors (SMH), look strong. Like her grandparents, she is closing near the lows of this past week and the week prior. However, unlike her Granny and Gramps, she remains the leader of the Family and in a bull phase.

Finally, Bitcoin (BTC), defies all the talking heads. While Sister Semiconductors is our Wonder Woman, Bitcoin is our Rebel with a Cause. BTC closed the week at new yearly highs!

What we love about the Family is how their interrelationships, as well as their relationships to the overall macro, tell a story. The story right now goes back to last weekend’s commentary. A Picasso cubist painting: or a market with multiple perspectives that have distorted realities and perceptions. And most importantly, a really good time to know how to read charts.

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 this appearance 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.

Follow Mish as she breaks down current market conditions for her friends across the pond on CMC Markets.

Mish talks about Dominion Energy with Angela Miles in this appearance on Business First AM.

Coming Up:

April 13th: The Final Bar with David Keller on StockCharts TV and Twitter Spaces with Wolf Financial and Twitter Spaces with Mario Nawfal

April 19th: Closing Bell on Cheddar TV

April 20th: Benzinga Pre-Market Prep

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 — 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

It might not be kitchen sink time–you know, when everything has been thrown in–but the market has been tossed a lot of curveballs lately; non-stop increase in rates, bank jitters, recession fears, and earnings fears. And yet here we are, with the bears unable to bring prices lower and keep them there.

There could be a few reasons for this. First, look at the chart on the VIX below, which is back in the 17’s. Yes it’s been lower in the past, but if it can move below the February low of 17.06, it could move even lower, which should bolster the bull case.

Now look at the chart below on the Ten-Year Treasury Note, which has fallen sharply since the most recent peak in early March, If the market was worried about the Fed raising rates much higher than they have, do you think the Ten Year would be as low as it is today? The answer is no. In fact, there’s a growing consensus that the Fed will be lowering rates by year end. Some worry this will be because of a sluggish economy, but did you see the most recent jobs report? Yes, jobs created came in at 236,000 (still a very healthy clip) compared to the past six-month average of 334,000, but the unemployment rate fell from 3.6 to 3.5%. Americans are working and earning.

Finally, many analysts are talking about the upcoming earnings season, saying that, overall, numbers will be weak. Try telling that to JP Morgan (JPM), which rose by over 7% today after surprising nicely to the upside. In fact, given the prevailing negativity, if anything, we could see more positive surprises to the upside, which could lift the market higher.

Finally, look at the chart below on the S&P. Many analysts keep talking about revisiting last October’s lows. I’m on the flip side, thinking we’ll be testing last August’s highs. Why? For the reasons laid out above, as well as the inability of the bears to register a knockout punch. Instead, for the past month traders, have been more than willing to buy on any dips.

I know our Chief Market Strategist Tom Bowley feels strongly that the market is setting up for a nice move to the upside. In fact, he will be laying out his case during our “Bull’s Eye Forecast” webinar this Saturday, April 15, that will begin at 10:00 am eastern. This is a FREE event that you don’t want to miss. Just click on this link to register and save a seat.

It’s easy to get pessimistic when the market seems to be going nowhere fast. However, the fact that the market is holding, rather than sinking, is a sign that we could be in store for a decent rally soon.

At your service,

John Hopkins

EarningsBeats.com