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Spiritual adviser and bestselling self-help author Marianne Williamson officially declared her candidacy for president on Saturday, launching a 2024 Democratic primary challenge against President Biden.

‘The status quo will not disrupt itself… that’s our job,’ Williamson said at her campaign kickoff event at Washington D.C.’s Union Station.

‘We know that this country is plagued by many challenges now, not the least of which is hatred and division, which is greater than any of us have experienced national life. It is our job to create a vision of justice and love that is so powerful that it will override the forces of hatred and injustice and fear,’ Williamson said in her speech.

Williamson, who called for reparations and a Department of Peace as part of her unsuccessful long-shot campaign for the 2020 Democratic presidential nomination, becomes the first Democrat with a national following to primary challenge the 80-year-old president. 

Most leaders in the Democratic Party from both the establishment and progressive wings say they will support Biden, who is expected in the coming weeks or months to announce his re-election campaign for a second term in the White House.

Williamson did not mention Biden in her speech Saturday, but said that not electing former President Donald Trump in 2020 meant that America didn’t go ‘over the cliff.’ She said ‘we’re still 6 inches away from it.’

She painted a dark vision of America with ‘broken windows,’ addiction, poverty and despair. ‘Half the people in this city don’t even notice [despair],’ she said, calling out leaders for lacking the ‘spine or moral courage’ to fix the issues. 

‘Ladies and gentlemen, let me in there, I will,’ she said.

Williamson announced her intentions to launch a White House campaign last month in an interview with the Medill News Service, saying ‘I wouldn’t be running for president if I didn’t believe I could contribute to harnessing the collective sensibility that I feel is our greatest hope at this time.’

A few days later, she declared in a Facebook posting and on her website that ‘I’m writing with some big news: on Saturday, March 4, I will formally announce my candidacy for the Democratic nomination for president.’

An adviser in the White House contender’s political circle told Fox News earlier this week that Williamson will travel to South Carolina on Monday and New Hampshire on Wednesday, with stops in Michigan and Nevada in the coming weeks. 

‘You can appreciate what the president has done — defeating the Republicans in 2020 — and still feel it is time to move on,’ Williamson said last week in an interview on a New Hampshire news-talk morning radio program.

Williamson told host Jack Heath on ‘Good Morning New Hampshire’ that ‘many of us, myself included, feel that in order for the Democrats to win in 2024, we’re going to have to be able to offer to the American people something much more than’ what she says Biden is offering.

During the 2020 cycle, Williamson was an unconventional candidate who preached the politics of love. She emphasized ‘six pillars for a season of moral repair,’ including economic justice. She proposed creating a Department of Children and Youths and a Department of Peace, and she pushed for reparations for the descendants of African-American slaves. Among her unorthodox acts was holding a meditation session while campaigning in New Hampshire.

But Williamson struggled with fundraising and failed to qualify for most of the Democrat presidential debates. Days after laying off most of her small staff, she dropped out of the race in January 2020, just ahead of the start of the nomination primaries and caucuses.

‘With caucuses and primaries now about to begin, however, we will not be able to garner enough votes in the election to elevate our conversation any more than it is now,’ she said at the time. And pointing to what at that moment was a very competitive race for the Democratic nomination, Williamson added that she didn’t want to ‘get in the way of a progressive candidate winning.’

Williamson traveled to New Hampshire last month ahead of her 2024 announcement, and it’s likely she’ll spend plenty of her time campaigning there going forward. That comes as no surprise as political strategists have said that if there’s going to be a primary challenge against Biden, New Hampshire appears to be the state where the action will take place.

‘Now you have everyone who wants to take a shot at Biden coming to New Hampshire to do it,’ a longtime Granite State-based progressive strategist recently told Fox News as he pointed toward the near certainty of the state holding an unsanctioned Democrat presidential primary next year. ‘New Hampshire is the place where it’s happening.’

New Hampshire, which prides itself on its well-informed electorate and its emphasis on small-scale and grassroots retail politics, has for a century held the first primary in the race for the White House. While Republicans are making no changes to their presidential nominating calendar in the 2024 election cycle, the Democratic National Committee (DNC) last month voted overwhelmingly to approve a new top of the calendar pushed by Biden that upends the traditional schedule.

New Hampshire will now vote second in the DNC’s calendar, along with Nevada, three days after South Carolina, under the new schedule. 

But Granite State Democrats warn that New Hampshire will still go first — courtesy of a long-standing state law that mandates the leadoff primary position — and that a primary not sanctioned by the DNC, where Biden doesn’t take part, could invite trouble for the president.

‘President Biden will not file for election in the New Hampshire primary, which will still go first,’ longtime New Hampshire Democratic Party Chair Ray Buckley emphasized on the eve of the DNC calendar vote. And he warned that ‘this will set him up, we believe, for an embarrassing situation where the first primary in the country will be won by someone other than the president. This will only fuel chatter of about Democrats divisions.’

Buckley’s prediction appears to be materializing with the arrival of Williamson.

Asked about the DNC’s nominating calendar move, she told Politico earlier this year ‘that is spitting in the face of democracy.’

And she’s not alone.

Environmental lawyer and anti-COVID vaccine crusader Robert F. Kennedy Jr. was in New Hampshire on Friday. Kennedy, the son of the late Sen. Robert F. Kennedy and the nephew of the late President John F. Kennedy, defended the primary at an event at the New Hampshire Institute of Politics, which for nearly a quarter-century has been a must-stop in the Granite State for potential or actual White House contenders.

This post appeared first on FOX NEWS

Sen. Ted Cruz, R-Texas, has taken aim at President Biden’s ‘incompetent’ cabinet picks and issued a warning to Democratic senators who are on the ballot in 2024 that their support of the Biden administration and those who he nominates to serve in certain roles will be kept in check by the voters.

‘It has been amazing, this cabinet, the combination of putting people in place who don’t have the experience to do the job, putting people in place who are incompetent and nominating people because they’re ideologues and the two are intertwined,’ Cruz told Fox News Digital of the Biden administration.

Cruz’s comments came Friday from Palm Beach, Florida, where he addressed dozens of major Republican contributors gathered at a donor retreat hosted by the fiscally conservative Club for Growth.

Discussing Biden’s nomination of Denver International Airport (DIA) CEO Phil Washington to lead the Federal Aviation Administration (FAA), Cruz said he wondered ‘what senator, particularly what Democrat senator on the ballot in 2024,’ would ‘risk’ support to vote in favor of Washington — whom he said ‘knows absolutely nothing about aviation safety.’

‘Phil Washington knows absolutely nothing about aviation safety, has no background in aviation safety,’ Cruz said. ‘Now this is the guy in charge of the FAA, in charge of all the air traffic controllers, in charge of making sure that that flying on an airplane is safe. He’s not a pilot. He wasn’t a military pilot. He wasn’t a commercial pilot. He’s never been an air traffic controller. He’s never worked at an airline. He’s never worked in an airline manufacturer. He’s never worked at any place repairing airplanes. It is truly stunning.’

Though Washington made a career in the armed forces, Cruz said Washington’s military service ‘had zero to do with aviation.’

‘He’s been a Democrat appointee running the L.A. Metro and now running for 20 months the Denver airport,’ Cruz added of Washington. ‘But look, the important thing in running the Denver airport, it’s essentially a giant shopping mall. He’s running the restaurants. He’s running the coffee shops and the newsstands and the parking spaces. He doesn’t run the air traffic controllers. He doesn’t run the pilots. He doesn’t run the airplanes. He runs the physical plant. And by law, the head of the FAA has to have expertise in aviation.’

Washington was first nominated by Biden last year, but he failed to advance amid concerns from Republicans about his experience. His confirmation has been further stalled by allegations of discriminatory and retaliatory practices by Washington at DIA and his involvement with a corruption investigation at LA Metro.

Washington was CEO at LA Metro, which is being investigated after it awarded a pricey contract for a sexual harassment hotline — the hotline was found to cost over $8,000 per call it received — that was awarded to a charity run by a close friend of an LA Metro board member. Washington has denied wrongdoing, but Cruz has called on the Senate to proceed slowly with his nomination in light of these allegations and other whistleblower claims of misconduct.

The Texas senator, who has represented the Lone Star state in the Senate since 2013, said it ‘is shocking that the Biden administration would treat this job, a very specialized position, as essentially a patronage position, a place to give political spoils to support the political bodies of their Democrat supporters.’

During his interview with Fox, Cruz also took direct aim at Transportation Sec. Pete Buttigieg, who he said is responsible for ‘crisis after crisis’ during Biden’s continuing tenure in the White House.

‘Pete Buttigieg was the mayor of a small town, and suddenly, this president put him in charge of the Department of Transportation, a massive cabinet agency,’ Cruz said. ‘In two years, we’ve had crisis after crisis after crisis all on his watch.’

Pointing to specific instances of what he considered to be failures under the transportation department, Cruz blasted Buttigieg for his handling of supply chain issues, a near nationwide rail strike, and the toxic train derailment in East Palestine, Ohio.

‘We had we came within inches of a nationwide rail strike, which would have had massive economic repercussions. We’ve got the price of gasoline skyrocketing,’ he said. ‘Under Buttigieg, we had the first aviation ground stop, all civil aviation grounded since September 11. Why? Because the FAA, on his watch, screwed up and messed up what’s called the NOTAM system and ended up grounding every plane in America. And then you’ve got the derailment in East Palestine, where for two weeks he wouldn’t show up.’

Cruz said he believes it was former President Donald Trump’s trip to the devastated Ohio region last week that pushed Buttigieg to finally make a trip to the town.

‘It took Donald Trump going there and guilting him into doing his job,’ Cruz said. ‘I asked at CPAC, ‘What the heck does this guy have to do to get fired?’ At some point competence matters.’

Fox News’ Chris Pandolfo contributed to this article.

This post appeared first on FOX NEWS

Could Illinois Democratic Gov. J.B. Pritzker serve as the deeply progressive candidate to provide some political relief and optimism for his party in the 2024 presidential election amid growing concern within the Democratic Party about President Biden’s age and ability to serve?

Pritzker brushed off speculation he might pose a political challenge to Biden, who for months has said that he intends to run for re-election in 2024. But Pritzker, who won re-election in November to serve an additional four-year term leading Illinois, is keeping his options open regarding future political endeavors.

Speaking to The New York Times, Pritzker, an heir to the fortune of Hyatt Hotels, declined to say whether he would make a run for the White House. But he insisted the idea of a last-ditch effort by the Democratic Party to replace Biden as its nominee for president in 2024 was ‘such an odd hypothetical if you ask me.’

Regarding Biden’s age, Pritzker told the outlet, ‘I think it assumes a lot of things about someone who’s 80 in this world today. No kidding, you know, 80 is a lot different today than it was in the ’80s.’

With an estimated net worth of $3.6 billion, according to Forbes’ most recent estimate, Pritzker could sufficiently fund a campaign for president on his own. And with the support of those within his state, as well as the connections he’s established with other prominent members of his party nationwide, Pritzker’s chances of winning the White House – should he decide to run – aren’t very bleak.

‘He would run for two good reasons,’ Ray LaHood, a Republican who served as secretary of transportation during former President Obama’s first term in the White House, told the outlet. ‘He’s a billionaire who’s not afraid to spend his own money, and he’s very progressive, which is where the Democratic Party is today.’

Stressing the importance of coming together as a party, Pritzker, as he looks ahead to 2024, told the Times that unity would be the sole driving force in preventing former President Trump or another Republican, like Florida Gov. Ron DeSantis, from winning the White House.

Most Democrats have voiced support for Biden’s 2024 re-election, but some have called for a change in party leadership. Michigan Democratic Rep. Elise Slotkin called for ‘new blood’ last fall

And while 37% of Democratic primary voters want to keep Biden as their party’s nominee, a majority of 53% says it would like someone else to run, according to a Fox News poll released last week.

Pritzker, who refers to himself as a ‘pragmatic progressive,’ told The New York Times he intends ‘to be impactful in the 2024 elections, helping Democrats run for Congress, helping Democrats run for United States Senate and helping Joe Biden win re-election.

‘But that doesn’t mean that you sit back and write a check to the DNC and say, ‘Hope you get it right. Good luck. Have fun storming the castle.”

With recent policy initiatives from Pritzker, including a plan to give children additional access to mental health treatment and his signing of a bill to expand paid leave for workers, some voters could be persuaded into tossing their support behind Pritzker for a higher office.

Pritzker’s tenure in the Illinois governor’s mansion, which has had its ups and downs with respect to the COVID-19 pandemic and forced lockdowns, still has areas for admiration among those who have studied his political abilities.

‘Look, we have only one president at a time,’ Bob Reiter, president of the Chicago Federation of Labor, told the Times. ‘But one of the things I watched when he became governor was the way he scooped up political and policy talent as he was taking office. His ability to put together a team and put them in the right spot was and still is really impressive.’

But not all Republicans are on board with the idea that Pritzker could clinch the Democratic nomination for president if he decided to run.

‘He will fail running for president as an out-of-touch billionaire who made Illinois less affordable and less safe,’ pro-Trump Rep. Mary Miller told the outlet.

A White House run from Pritzker would also face opposition from GOP mega donors, including Richard Uihlein, who spent more than $50 million in 2022 in an attempt to tarnish Pritzker’s re-election as governor.

This post appeared first on FOX NEWS

This past week, our Daily content proved itself invaluable. We directed our readers to look at buying Natural Gas, Crude Oil, Steel, Aluminum, Corn, Sugar, and NASDAQ. Now, we would like to turn our attention to the Economic Modern Family.

On Tuesday, March 7, there will be perfect alignment of the sun and the full moon. The “Worm Moon” is named for the worms that are due to appear in the soil as temperatures rise into spring. As we ended the trading week, there were a few other such “worms” that appeared in the market soil. They too seemed to awaken from hibernation as the indices’ prices rose.

Are the components of the Economic Modern Family ready to howl at the Worm Moon?

Before we examine the family and their weekly charts, let’s look at the S&P 500 monthly chart. The 23-month moving average or a 2-year business cycle–particularly important this year after a big up, then down, year–looms large.

The rally that began Thursday and continued Friday came as no surprise, considering the internals were pretty good. Yet as we examine the Mod Fam, we have to keep in mind the notion of a trading range.

SPY has yet to clear 420. Just as Grandpa Russell (IWM) gave us an impressive performance above the 50- and 200-week moving averages, IWM’s 23-month MA comes in higher at 200. The same is true with Granny Retail (XRT), testing and closing above the 50-WMA. Granny remains far from the top of her trading range.

Regional Banks (KRE) sits below the 50-WMA and noteworthy, below the 50-DMA. With folks not depositing money due to high credit card debt, and with mortgage rates so high, it is no wonder our Prodigal Son struggles? A key question of course, is whether that struggle will ultimately put pressure on the stronger members of the family and the SPY.

Biotechnology (IBB) is another weaker link. With a nice pop off of the 50-WMA support, that sector has hurdles as well.

Interestingly, Transportation (IYT) looks healthy. We would think this sector will tell us a lot this coming week–if IYT can maintain good health.

The same with Sister Semiconductors (SMH). With all things AI, SMH could clear the 2-year business cycle and help the growth stocks. Can she lead though if the rest of the Family does not follow? For a time, but not for long.

Interest rates are a factor, and the mad rush to guess the Fed’s next moves is on. However, we believe a potential misstep by the Fed can crush the family quickly while, at the same time, sparking more inflation.

The full worm moon, astrologically, is a time when we’re more sensitive to emotional undercurrents and the allure of fantasies and magic. We are all about magic, but the family should keep us steeped in reality.

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.

Coming Up:

March 6th: International Women’s Day — Mish on CNBC Asia with analysis and stock picks

March 7th: The Ladies are taking over Business First

March 8th: StockChartsTV-The Pitch-a panel with Mish and 5 stock picks

March 9th: Twitter Spaces with Wolf Financial

March 13th: Mish on TD Ameritrade with Nicole Petallides

And down on the road

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

Mish in the Media

Mish joins Maggie Lake on Real Vision to talk commodities and setups!

Read about Mish’s article about the implications of elevated sugar prices in this article from Kitco!

While the indices remain range bound, Mish shows you several emerging trends on the Wednesday, March 1 edition of StockCharts TV’s Your Daily Five!

Mish joins Business First AM for Stock Picking Time in this video!

See Mish sit down with Amber Kanwar of BNN Bloomberg to discuss the current market conditions and some picks.

Click here to watch Mish and StockCharts.com’s David Keller join Jared Blikre as they discuss trading, advice to new investors, crypto, and AI on Yahoo Finance.

In her latest video for CMC Markets, MarketGauge’s Mish Schneider shares insights on the gold, the S&P 500 and natural gas and what traders can expect as the markets remain mixed.

Mish and Charles talk food inflation and the Metaverse on Making Money with Charles Payne!

ETF Summary

S&P 500 (SPY): 390 support with 405 closest resistance.Russell 2000 (IWM): 190 now the pivotal point to hold 200 resistance.Dow (DIA): 326 support, 335 resistance.Nasdaq (QQQ): 300 the pivotal area, 290 major support; 284 big support, 300 resistance.Regional banks (KRE): 60 pivotal for this week.Semiconductors (SMH): 240 pivotal, 248 key resistance; 248 resistance, 237 then 229 support.Transportation (IYT): 240 resistance and 230 support.Biotechnology (IBB): 130 pivotal, 133 resistance.Retail (XRT): Clutch support held–watch 66-68 next.

Mish Schneider

MarketGauge.com

Director of Trading Research and Education

It was largely a troubled week for the Indian equities as the markets spent four out of five days struggling to keep their head above the crucial 200-DMA which currently stands at 17404. Had it not been for Friday which saw a sharp surge in the Indices, the week was very much on track for a negative close. Given the decline in overall volatility, the trading range of the markets remained narrow. As compared to the previous week where the NIFTY moved in the 582.55 points range, the index moved in a 389.55 points range. However, while it was able to keep its head above the important 200-DMA, the headline index ended with a net gain of 128.55 points (+0.74%) on a weekly basis.

The coming week will be a truncated one; Tuesday will be a trading holiday on account of Holi. The importance of VIX levels has resurfaced again; INDIAVIX is again at one of its lowest levels seen in the recent past. The previous week has seen INDIAVIX coming off by 14.13% again to 12.18. This is something that warrants caution again. While we approach the markets, one eye will have to be on the volatility as such low levels of volatility depict the complacency of the market participants and often ends up giving a rude shock to the indices.

Besides this, from a technical perspective, NIFTY has taken support on a falling trend line which also coincides with the 50-Week MA which is currently placed at 17345. This level marks an immediate for the NIFTY on a closing basis. The coming week is likely to see a quiet start to the week; the levels of 17650 and 17800 will act as likely resistance levels. The supports come in at 17350 and 17180 levels.

The weekly RSI is 47.68; it remains neutral and does not show any divergence against the price. The weekly MACD is bearish and trades below the signal line.

The pattern analysis of the weekly charts shows that the NIFTY has formed a minor falling channel on the charts. Besides that, the index has taken support on a falling trend line; this trend line begins from the high point of 18350 and joins the subsequent lower tops. This pattern support also coincides with the 50-Week MA which currently stands at 17345. This makes the zone of 17350-17400 an immediate support zone for the NIFTY.

Overall, the sharp decline in volatility over the previous week and with INDIAVIX at breaching the most immediate low point seen in early February is certainly a cause of concern. It may not cause any immediate harm but persistently low levels of volatility denote complacency of the market participants. Any spike in the VIX will adversely impact the markets in general. Even if there is no major decline, it is capable of injecting markets with some spikes in the near term. It is strongly recommended that one needs to keep leveraged exposure at very modest levels and stay invested in the low beta stocks and with the ones that have improving relative strength. A cautious approach is advised for the coming truncated week.

Sector Analysis for the coming week 

In our look at Relative Rotation Graphs®, we compared various sectors against CNX500 (NIFTY 500 Index), which represents over 95% of the free float market cap of all the stocks listed

The analysis of Relative Rotation Graphs (RRG) shows NIFTY PSE, Auto, FMCG, and IT indices firmly placed inside the leading quadrant. The MidCap 100 Index has also rolled inside the leading quadrant. These groups are likely to show resilience and may relatively outperform the broader NIFTY500 Index.

The NIFTY Infrastructure index has rolled inside the weakening quadrant. Besides this, Banknifty, Metal, Services Sector, Financial Services, Commodities, and PSU Bank Indices are inside the weakening quadrant.

NIFTY Energy Index is seen badly languishing inside the lagging quadrant along with the Media Index. It may continue to relatively underperform the broader markets. The Realty Index is also inside the lagging quadrant; it is seen improving its relative momentum against the broader markets.

NIFTY Consumption Index is inside the improving quadrant along with the Pharma Index. Both these indices are seen slightly giving up on their relative momentum against the broader NIFTY500 index.

Important Note: RRG™ charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.  

Milan Vaishnav, CMT, MSTA

Consulting Technical Analyst

www.EquityResearch.asia | www.ChartWizard.ae

The markets closed the week on a strong note, with a rally that pushed the S&P 500 back back above its 21-day moving average. With the RSI now back in positive territory as well, the S&P 500 is back in an uptrend. The Nasdaq posted even stronger upside gains, which produced similar uptrend signals.

While constructive, we’re not quite off to the races just yet, as next week will present several hurdles in the form of critical employment data, as well as 2 separate speeches from Federal Reserve Chair Powell. It’s certainly a good first step, however. Also notable last week was the fact that, yet again, some of the largest gainers were companies that reported strong earnings ahead of estimates.

DAILY CHART OF S&P 500 INDEX

This outperformance among companies that post positive earnings has been particularly noticeable among Cybersecurity Software stocks, with companies such as Fortinet (FTNT) and Palo Alto Networks (PANW) posting big gains after reporting their strongest quarterly earnings on record, amid strong demand for IT security solutions. The results came on the heels of an increase in global cybercriminal attacks that are expected to continue growing at a rate of 15% over the next 2 years.

Next week, Cybersecurity company Crowdstrike (CRWD) will be reporting their quarterly results after the market’s close on Wednesday. The stock has underperformed its peers despite the company’s ability to lead in AI-driven threat protection, which is a fast growing marketplace. This underperformance has the stock trading 48% below its 52 week high in price, which may have CRWD poised for a strong rally should they report earnings above the estimated .43/share that Wall Street is calling for.

DAILY CHART OF CROWDSTIKE (CRWD)

While Crowdstrike (CRWD) is in a compelling position to rally in the event they report earnings and sales ahead of estimates, historical precedent shows that leadership names in any given field will be the ones that are outperforming the markets after reporting consistently strong fundamentals. This would include both Fortinet (FTNT) and Palo Alto (PANW). Both are on my watchlist, and, if you’d like to see which name will join already top-performing stocks on my Suggested Holdings List this Sunday, use this link here for a 4-week trial of my MEM Edge Report. This twice-weekly report will also keep you alerted to market shifts as we navigate these difficult markets.

Warmly,

Mary Ellen McGonagle, MEM Investment Research

My conversations with Chris Verrone, Adrian Zduńczyk, and Mary Ellen McGonagle this week on The Final Bar left me striving to simplify my analysis of the S&P 500.

It’s been a confusing time for stocks and as a result, my main daily chart of the S&P 500 has become much busier. I have found that, the more I’m drawing lines on a chart, the less clear the direction of the trend.

I stand by the value of everything shown on that chart, but I definitely would say that it would be helpful to take a fresh look with much less complexity! So in an effort to simplify, I have started fresh with a close-only chart of the S&P, along with the 200-day moving averages.

First off, this is way less busy. And in many ways, it’s provides a much clearer illustration of the bull case for stocks. It also shows what would make that bull case no longer valid.

When we break down the S&P 500 chart to its simplest form, we see a clear transition from the bull phase of 2021 to the bear phase of 2022. And what tells us that the transition occurred? We had a clear lower high in March 2022 after the peak in January 2022. The SPX first broke the 200-day moving average in January, but then finally continued lower in April. And, by early May, we could clearly see the slope of the 200-day moving average had rotated from positive to negative.

Now focus on the last three months, when the SPX basically experienced the complete opposite set of conditions. We made a higher low in December after the new 52-week low in October. The S&P finally pushed above the 200-day moving average in January, and we can now see that the 200-day moving average has flattened out.

Here’s another chart which includes trendlines to better define the bullish and bearish phases.

What does the bull case for stocks look like from a technical perspective?

We would see higher highs and higher lows, along with an upward-sloping 200-day moving average. And as the market would move onward and ever upward, we’d look for a return of the bearish pattern we saw in early 2022. Just as the bearish trendline was so valuable in confirming of the 2022 bearish market phase, the trendline connecting recent lows could be the best way to determine when the upward move was exhausted.

Here’s the kicker. What would we need to see in the next week or two to suggest that the bull case was not engaged? I would say that a break below the 200-day moving average, along with a break below trendline support, would convince me to turn quite defensive. And that means that, for now, SPX 3940 is the level that needs to hold!

Before you go, check out my latest video, which shows why momentum investing tells you to search for strength in stocks!

RR#6,

Dave

P.S. Ready to upgrade your investment process? Check out my free behavioral investing course!

David Keller, CMT

Chief Market Strategist

StockCharts.com

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.

The author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.

After briefly spiking amid pandemic lockdowns, the rate of U.S. homeownership has stabilized at approximately 66%, a solid increase from the post-Great-Recession-low of 63% reached in 2016.

Yet over the past decade, the gap in homeownership between Black and white Americans widened to a 10-year high, according to a news release Thursday from the National Association of Realtors (NAR).

From 2011 to 2021, the most recent year cited by the association, the Black American homeownership rate increased less than half of one percentage point, from 43.6% to 44%. For white Americans, the rate climbed approximately 3 percentage points, from about 70% to 72.7%.

That 29% gap represents the largest racial homeownership disparity in 10 years — up from 26% in 2011.

“Unfortunately, the incredible affordability challenges of the last year have hit minority home buyers more than white buyers,” Jessica Lautz, NAR deputy chief economist and vice president of research, said in a statement. “Black buyers are more likely to be first-time buyers, who are more sensitive to changes in mortgage interest rates, while White buyers are more likely to have housing equity to rely on as they make a housing trade.”

Indeed, measures of affordability have reached their worst levels on record, the result of rising mortgage rates in recent months and surging home prices in the last few years. According to NAR, buyers now need to earn more than $100,000 per year if they want to purchase a median-priced home without going beyond their budget.

Black Americans also continued to have the highest denial rates for mortgage loans among all racial groups, according to Home Mortgage Disclosure Act data cited by NAR. Twenty percent of loan applicants who are Black get denied mortgages, compared with about 11% of white applicants. And 51% of loans for home improvement applied for by Black homeowners are denied.

When comparing the qualifying income to purchase the typical home with the median income of renter households, the National Association of Realtors estimates that while 17% of white renters can currently afford to buy a median-priced home — $467,700 at last measure — only 9% of Black renters nationwide can do the same.

Other racial groups have experienced more substantial gains over the past decade. The rate of homeownership for Asian American households rose nearly 5 percentage points, to an all-time high of 62.8% in 2021. And the rate for Hispanic-American households increased by more than 4 percentage points over the decade, to 50.6%.

A prevailing reason for the underperformance of Black households in terms of homeownership is lower incomes — though it is unlikely the sole explanation. The median Black home-buying household had a median annual income of $80,000, compared with $85,000 for white households.

Meanwhile, 8% of Black homebuyers said they had experienced discrimination in a real estate transaction — the highest rate among racial groups.

“Even among successful home buyers, Black Americans have lower household incomes, which narrows the available pool of inventory they may be able to afford and makes their journey into homeownership even more difficult in this limited housing inventory environment,” Lautz said.

This post appeared first on NBC NEWS

Ice cream lovers: If you like a little savory with your sweet, Baskin-Robbins has a new flavor coming your way.

The ice cream purveyor is debuting what it calls Chick’n & Waffles as its latest flavor of the month.

According to a news release, the flavor features ‘buttermilk waffle flavored ice cream with plenty of crispy chick’n* and waffle flavored bites drizzled in a decadent bourbon maple syrup flavored swirl.’

It doesn’t contain any actual chicken, the company said. But the inspiration is fowl-focused.

“At Baskin-Robbins, we pride ourselves on bringing innovative flavors to market, which is why when we saw the growing popularity of Chicken & Waffles on menus, we knew we had to create a bold flavor that would change the way our guests enjoy Chick’n & Waffles,” said Hannah Suits, director of brand marketing for Baskin-Robbins. “This flavor is a frozen twist on the iconic brunch dish, recreated in a deliciously deconstructed concept that is unique to our shops.”

To mark the occasion, Baskin-Robbins will give out free unlimited scoops of the flavor from 10 a.m. to 1 p.m. Tuesday, March 7 at its 1225 1st Ave. Upper East Side location in New York City.

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How are NFL teams handling their evaluations of top prospect Jalen Carter, who is being charged with two misdemeanor offenses in connection to a fatal accident that killed two members of the Georgia football team last month?

First, they’re going to do the most research they can on the situation between this week’s NFL combine and before the 2023 NFL draft, which begins April 27 in Kansas City.

“He may be the most talented player in this year’s draft,” former NFL general manager Rick Spielman told USA Today Sports on Thursday of Carter, a potential Top 5 draft pick. “But until you know the full story, do everything you need to do to make sure you understand the situation.”

Carter returned to the combine in Indianapolis Thursday morning to continue interviews with teams. He turned himself in and was released on $4,000 bond Wednesday night after the Athens-Clarke County Police Department issued an arrest warrant. Carter is being charged with reckless driving and racing.

“There is no question in my mind that when all of the facts are known that I will be fully exonerated of any criminal wrongdoing,” Carter said in a post from his Twitter account on Wednesday.

Spielman, who has spent more than 30 years working for NFL front offices including nine as Minnesota Vikings general manager, says he’s unsure whether teams have already moved Carter off their draft boards. But teams will exhaust their resources to learn more about Carter’s role in the accident.

“From a general manager’s perspective, it gives teams an opportunity to make sure that they do the research they need to do. And they have more than enough time to get that done,” Spielman said.

“So, you’re going to use NFL security resources. You’re going to use your own internal security resources. You’re going to do everything you can to make sure you understand what the situation is. What’s the potential of anything else – potential other charges coming forward? Will this get resolved before the draft? What if it goes on beyond the draft and there’s a trial, and there’s anything else that happens after that trial? So, those are a lot of things that you have to weigh.”

On top of evaluating Carter, Spielman said NFL personnel must also weigh the decision to draft Carter with team ownership, considering the unknowns with his involvement in the incident.  

“If this is not resolved, then you as an organization, you’re going have to make a determination – with the approval of your ownership – whether you take or not take the player because of this circumstance that’s presented in front of you right now,” Spielman said.

Carter, a standout defensive lineman who helped Georgia win two national titles, is regarded as one of the best defensive players in the 2023 NFL draft.

But NFL teams must conduct their due diligence when while evaluating his future.

This post appeared first on USA TODAY