Mish in the Media

President Joe Biden said on Thursday that he will visit East Palestine, Ohio ‘at some point’ after growing pressure to do so from both sides of the aisle.

A freight train carrying toxic chemicals derailed in the small town on Feb. 3, spurring environmental and health concerns among residents there.

Standing alongside Senate Majority Leader Chuck Schumer after a closed-door meeting with Democrats on Capitol Hill Thursday, Biden was asked by reporters whether he will visit Ohio.

‘I’ve spoken with every official in Ohio, Democrat and Republican, on a continuous basis, as in Pennsylvania,’ the president replied first.

He said he ‘laid out’ during his meeting with senators what he thinks ‘the answers are’ to handling the train wreck and ‘we will be implementing an awful lot to the legislation here.’

That came in reference to a bipartisan bill introduced last month by Ohio’s two senators aimed at improving rail safety protocols.

‘And I will be out there at some point,’ Biden said without elaborating on a timeframe.

Fox News reached out to the White House for further details but did not immediately hear back.

Press Secretary Karine Jean-Pierre was asked about Biden’s promise to visit during her regular news briefing on Thursday.

‘I don’t have any trips to preview for you at this time,’ Jean-Pierre said.

Schumer told reporters that during the meeting, Biden also expressed support for the bipartisan Railway Safety Act brought by Senators Sherrod Brown and JD Vance of Ohio.

Residents of East Palestine and the surrounding area, including part of Pennsylvania, have been voicing concerns about the health risks after hazardous chemicals that the Norfolk Southern freight train was carrying were burned at the site, sending a plume of thick black smoke into the sky.

Officials including Republican Ohio Governor Mike DeWine have insisted the water and air there are safe.

But multiple reports show that people living there have listed an array of worrying symptoms including headaches, dizziness and nausea in the weeks since the derailment.

DeWine called on Biden to visit the area in an interview with Fox News earlier on Thursday.

‘The president needs to come. The people want to see the president. He should be there,’ the governor said.

Transportation Secretary Pete Buttigieg visited East Palestine last week, though he was criticized for not addressing the incident sooner.

Biden officials have rebuffed such attacks by blaming the derailment on the Trump administration’s scaling back of rail regulations.

Elizabeth Elkind is a politics reporter for Fox News Digital.

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Politics

California Sen. Dianne Feinstein hospitalized in San Francisco

Sen. Dianne Feinstein, D-Calif., is receiving treatment for shingles in a California hospital, Fox News Digital has confirmed.

‘I was diagnosed over the February recess with a case of shingles. I have been hospitalized and am receiving treatment in San Francisco.’ Feinstein’s office shared. ‘I hope to return to the Senate later this month.’

Feinstein, 89, said she expects to make a ‘full recovery.’

Shingles typically develops in older adults who had chicken pox, or the varicella-zoster virus, when younger. Its hallmark is a painful rash that clears up within a month in most cases, but can sometimes lead to nerve pain that can linger for longer.

On Feb. 14, Feinstein’s office announced that she will not seek re-election in 2024.

‘I am announcing today I will not run for re-election in 2024 but intend to accomplish as much for California as I can through the end of next year when my term ends,’ Feinstein said in a statement.

Feinstein has represented the Golden State since 1992 and is the longest-serving female senator ever, as well as the oldest sitting senator at age 89.

Sarah Rumpf is a writer on the breaking news team for Fox News Digital. You can reach her on Twitter at @rumpfsarahc

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Politics

Cindy McCain to head UN’s World Food Program

U.S. Ambassador Cindy McCain was appointed head Thursday of the U.N. World Food Program, the world’s largest humanitarian organization which aims to help nearly 150 million people confronting conflicts, disasters and impacts of climate change this year.

The appointment of McCain, widow of Arizona senator and 2008 Republican presidential candidate John McCain. was jointly announced by U.N. Secretary-General Antonio Guterres and U.N. Food and Agriculture Organization Director-General Qu Dongyu.

McCain has been the U.S. envoy to Rome-based WFP and FAO since November 2021, and the U.N. and FAO chiefs called her ‘a champion for human rights’ with ‘a long history of giving a voice to the voiceless.’

McCain will succeed David Beasley, a former South Carolina governor who has led WFP over the last six years including through the COVID-19 pandemic and the global food crisis sparked by Russia’s invasion of Ukraine.

Beasley was at the helm when the World Food Program was awarded the Nobel Peace Prize in 2020 in part for being ‘a driving force in efforts to prevent the use of hunger as a weapon of war and conflict.’

Guterres and Qu praised Beasley for his ‘deep compassion.’

‘He has humanized for the world the women and children most affected by hunger and has used his powerful voice to bring awareness and substantial resources to one crisis after another,’ they said in the joint announcement.

Beasley’s term ends April 4 and McCain then takes over as executive director. Her appointment was made after consultation with WFP’s executive board.

The board’s president, Poland’s Ambassador Andrej Pollok, welcomed her selection., saying she takes over ”at a moment when the world confronts the most serious food security crisis in modern history.’

An advocate for children, McCain has served on the board of directors for Operation Smile, a nonprofit organization dedicated to addressing facial deformities for children around the world, visiting India, Morocco and Vietnam, the joint announcement said.

McCain also founded the American Voluntary Medical Team which provides emergency medical and surgical care to impoverished children throughout the world, the UN and FAO chiefs said. And she traveled extensively in her personal capacity on behalf of WFP, visiting mother and child feeding programs in Cambodia, Sierra Leone, Chad and the Democratic Republic of the Congo.

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Politics

Republican Indiana legislator launches campaign to fill Rep. Banks’ seat

A Republican state senator entered the race Thursday to replace Rep. Jim Banks in the northeastern Indiana congressional seat that Banks is giving up for his bid to join the U.S. Senate.

Sen. Andy Zay of Huntington announced his campaign for heavily Republican 3rd District’s seat that will be decided next year. Zay said in his announcement that President Joe Biden’s administration has ‘failed,’ blaming it for high inflation and economic troubles.

Zay is the first elected official to enter the congressional race, although the field of candidates could grow. Banks first won the seat in 2016 after narrowly winning a six-candidate Republican primary.

Zay, who owns a vehicle leasing business, replaced Banks in the state Senate in 2017 by winning a vote among Republican precinct committee members. He easily won reelection in 2018 and 2022.

Zay has been among the state Senate’s conservative votes, including supporting the statewide abortion ban law adopted last summer and voting last week in favor of a bill that would ban all gender-affirming care for those younger than 18.

Zay faced criticism in 2018 after a resident made public a 2015 Facebook direct-message exchange in which Zay wrote ‘racism is not real’ and lamented the plight of white men. Zay said he should have been ‘more careful with my words’ and that he did believe racism existed.

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Politics

White House says Biden’s laugh while discussing fentanyl crisis taken out of context: ‘his heart goes out’

White House press secretary Karine Jean-Pierre on Thursday said President Biden’s laugh while discussing a mother who lost her two children to fentanyl overdoses was being taken out of context and that his heart goes out to all victims.

The laugh came during Biden’s speech at the House Democratic Caucus Issues Conference in Baltimore on Wednesday night. The president was reacting to comments from Rep. Marjorie Taylor Greene, R-Ga., who had suggested that his administration was to blame for the fentanyl overdose of a woman’s two sons in 2020.

‘Listen to this mother, who lost two children to fentanyl poisoning, tell the truth about both of her son’s murders because of the Biden administration’s refusal to secure our border and stop the Cartel’s from murdering Americans everyday by Chinese fentanyl,’ Greene tweeted after a House hearing on the southern border crisis.

While discussing Greene’s comments and the loss of the woman’s two sons, Biden laughed.

‘Isn’t [Marjorie Taylor Greene] amazing?’ he said.

‘[S]he was very specific recently, saying that a mom, a poor mother who lost two kids to fentanyl, that, that I killed her sons. Well, the interesting thing is that fentanyl they took came during the last administration,’ Biden said while laughing.

Asked Thursday if Biden regretted the way it came out, Jean-Pierre said the president has himself dealt with tragedy and sympathized with the mother.

‘I believe the American people know who he is fundamentally because he’s been around for some time and they have watched him go through grief. They have watched him deal with personal loss,’ Jean-Pierre said, adding that ‘his heart goes out to any person who has to go through that type of trauma, that type of hurt.’

Jean-Pierre said the president’s words were regularly being ‘mischaracterized’ by Greene, ‘who is regularly discredited for things that she says that are really conspiracy theories and those lies are being parroted by a certain network.’

Fox News Digital has reached out to Greene’s office for a response.

Fox News’ Adam Sabes contributed to this report.

Bradford Betz is a Fox News Digital breaking reporter covering crime, political issues, and much more.

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Stocks

Bullish Reversals

“I grew my money tree and so can you!” – Mish Schneider

Those of you who read our Daily are by now, learning about the value of our scanning tools, quants and the Complete Trader. What we are trying to accomplish is to show not only how best to use the product, but how to focus on key patterns, especially those that are in line with megatrends.

For example, on February 21st, Classic Short Setup in Tech featured Akami (AKAM). At the time, the stock closed at $76.40. The stock fell to a low of $72.14 in 6 trading days. Now, you see it on the Bullish Reversal Scan. However, buying it does not interest us. The stock is in a major downtrend. So, I would take the information to either take some profit, if short, or lower the stop, to cover to ensure a profit regardless of what happens from here.

What does interest us though, is the Bullish Reversal in CORN.

Incidentally, Amgen Inc.’s (AMGN) a bit more interesting, as it also reversed right after it touched down on the 200-week moving average. But that’s not the focus for now.

The CORN ETF is of interest, as agricultural commodities have fallen a lot lately.

As far as we can tell, food supply and shortages remain a concern going into the spring and summer growing seasons.

The Complete Trader Scan checks off 2 boxes — Brick and Glass Bottoms.

The Brickwall pattern is a 2-day pattern where the stock puts in a new 60-day low on wide-range move and then reverses and closes the next day in the upper portion of its trading range. The price phase is bearish. Momentum as illustrated by Real Motion, indicates a bearish trend. Although as you can see from the chart of CORN, it has the potential for a mean reversion.

The monthly chart is also interesting.

Note how the price holds the 23-month moving average or the 2-year business cycle-still intact. That is positive. And a good risk point.

Going back to the daily chart, we would want to see the price clear over Tuesday’s high or the reversal day high. Moreover, watch for a mean reversion on Real Motion. It is a bit of a trip back to the overhead 50 and 200-DMAs. But REMEMBER: We never know the future, yet we can ascertain the past by seeing where to place a good stop loss to control risk.

Last note — the topic of March 1st Daily was Steel Dynamics (STLD), which, we commented, “may be on the verge of another breakout after a month of price consolidation.” The stock closed up nearly 3% today.

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Follow Mish on Twitter @marketminute for stock picks and more. Follow Mish on Instagram (mishschneider) for daily morning videos. To see updated media clips, click here.

Mish in the Media

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): MA support around 184. 190 has to clear.Dow (DIA): 326 support, 335 resistance.Nasdaq (QQQ): 300 the pivotal area, 290 major support; 284 big support, 300 resistance.Regional banks (KRE): Back to weak link under 60–could be a warning.Semiconductors (SMH): 228 support, 240 pivotal, 248 key resistance; 248 resistance, 237 then 229 support.Transportation (IYT): 240 resistance as best Mod Fam performer and 230 support.Biotechnology (IBB): 125-130 new range.Retail (XRT): Comeback a little, but has to clear 66.40 or warning like KRE.

Mish Schneider

MarketGauge.com

Director of Trading Research and Education

Stocks

#1 Rule in Multiple Timeframes

On this week’s edition of Stock Talk with Joe Rabil, Joe discusses the first rule in multiple timeframe trading and analysis. He explains why the trend can be different on different timeframes and why the turning points on each timeframe are so important. He then covers the stock symbol requests that came through this week, including SHOP, FCX, and more.

This video was originally broadcast on March 2, 2023. Click this link to watch on YouTube. You can also view new episodes – and be notified as soon as they’re published – using the StockCharts on demand website, StockChartsTV.com, or its corresponding apps on Roku, Fire TV, Chromecast, iOS, Android and more!

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

Stocks

GNG TV: Equities Turn “NoGo” as Weight of Macro Factors Takes Toll

In this week’s edition of the GoNoGo Charts show, Alex takes a look at the major assets, noting that Equities have surrendered to a NoGo trend this week. Treasury rates rising, along with the dollar, could be acting as a headwind for stocks. Within the S&P 500, we see growth sectors trying to hang on to outperformance, with defense continuing to perform badly. Taking a look at the discretionary sector, though, shows that there are signs of trouble ahead even here. Finally, a look at TSLA shows a crack in the auto manufacturer’s armor.

This video was originally recorded on March 2, 2023. Click this link to watch on YouTube. You can also view new episodes – and be notified as soon as they’re published – using the StockCharts on demand website, StockChartsTV.com, or its corresponding apps on Roku, Fire TV, Chromecast, iOS, Android, and more!

New episodes of GoNoGo Charts air on Thursdays at 3:30pm ET on StockCharts TV. Learn more about the GoNoGo ACP plug-in with the FREE starter plug-in or the full featured plug-in pack.

Stocks

Target: Poised for an Explosive Breakout?

Target’s stock has been bouncing back and forth within a wide eight-month trading range. This happened right after its -44% plunge between April and May last year. Since then, it’s been stuck in a $45 range, forming an extremely long rectangle pattern.

Why’s it a big deal? A rectangle is a consolidation zone, a temporary pause in the market. These things don’t last forever, however prolonged they may be. Often, traders and investors wait for new information to take a position, either continuing the current trend or reversing it. Target’s latest earnings results and guidance may shift the balance.

Will it break toward the downside? Rectangles are considered continuation patterns, and so far, the trend has been pointing downward. Target’s most recent quarterly earnings released last Tuesday beat analyst estimates, though guidance for the 2023 fiscal year falls below Wall Street estimates. This supports the bearish continuation thesis.

But here’s the tricky thing: rectangles have been known to buck historical consistency. Given the right fundamental circumstances, Target can break toward the upside as well, so it’s best to look at the stats.

What the stats say. Here are a couple of actionable tips to keep in mind.

Generally, rectangles tend to break out toward the upside 59% of the time, whether it’s a bearish or bullish continuation pattern. But…A partial rise before falling below support predicts a downward breakout 75% of the time.And a partial decline before heading toward the upside predicts an upward breakout 77% of the time.

What do some key indicators say? Doesn’t look too great. The StockCharts SCTR ranking gives it a bearish 44.3 score.

If you look at it comparatively in PerfCharts, you’ll see that Target is underperforming its own sector (Consumer Discretionary).

And from a technical analysis perspective, indicators suggest Target’s stock price could go either way. Note: Click on chart below for live version.

CHART 1: TARGET STOCK PRICE FORECAST. The rectangle pattern, On Balance Volume, and Accumulation Distribution Line suggest that Target could break out from the rectangle pattern to the upside or downside. Chart source: StockCharts.com. For illustrative purposes only.

Note the shift in slope of the On Balance Volume (OBV), from a downsloping line amid a ranging market to a slight upslope starting in December. Institutional buying pressure, or a fakeout?

Meanwhile, the Accumulation Distribution Line shows a steady increase in buying pressure since around June of last year. So, are we looking at a bearish continuation pattern or is there a little institutional subterfuge going on that smacks of bullishness?

So, how do you trade it? Intra pattern-wise, you could buy at the bottom and sell at the top of the trading range (that is, if you think the back-and-forth action will continue). But the range is pretty wide, so it’s best to place trailing stops to catch the trend. Otherwise, a traditional approach would be to calculate the height of the rectangle formation and add it to the top or subtract it from the bottom to get a profit target. This would apply only after Target’s stock price breaks out of the rectangle pattern.

What are the chances of reaching its target either way? If you wait for a breakout and a close beyond support and resistance, according to Tom Bulkowski of ThePatternSite.com, a rectangle pattern historically has reached its upside target 79% of the time and its downside target 55% of the time.

Whichever way you decide to play this, be sure to place your stops near or at the opposite side of the rectangle (support or resistance) as that would, of course, invalidate the trade.

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.

Business

Mortgage demand from homebuyers drops to lowest levels in nearly three decades

Mortgage rates moved higher again last week, pushing buyers back to the sidelines just as the spring housing market is supposed to be heating up.

Mortgage applications to purchase a home dropped 6% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 44% lower than the same week one year ago, and is now sitting at a 28-year low.

This as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.71% from 6.62%, with points increasing to 0.77 from 0.75 (including the origination fee) for loans with a 20% down payment. That is the highest rate since November of last year.

Mortgage rates have moved 50 basis points higher in just the past month. Last February, rates were in the 4% range.

“Data on inflation, employment, and economic activity have signaled that inflation may not be cooling as quickly as anticipated, which continues to put upward pressure on rates,” said Joel Kan, an MBA economist.

Applications to refinance a home loan dropped 6% for the week and were 74% lower year over year.

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“Refinance applications account for less than a third of all applications and remained more than 70% behind last year’s pace, as a majority of homeowners are already locked into lower rates,” added Kan.

Mortgage rates haven’t done much to start this week, but the trajectory now appears to be higher, after a brief respite in January. Lower rates to start the year caused a brief surge in homebuying, but mortgage demand from homebuyers this month would seem to indicate a very slow spring is ahead.

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