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On this week’s edition of Stock Talk with Joe Rabil, Joe shows how he puts it all together by looking at Price structure, MACD, and ADX, in conjunction with the Moving Averages, to identify a short-term trading opportunity in NVDA. He starts with Monthly and works down to hourly for timing. He then covers the stock symbol requests that came through this week.

This video was originally broadcast on January 26, 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.)

In this week’s edition of the GoNoGo Charts show, as the S&P 500 continues to show constructive evidence of trend reversal on longer timeframes, Alex and Tyler look to GoNoGo Charts to better understand the sector leadership and individual names that are leading equity markets. Importantly, Industrials (XLI), Materials (XLB), and Energy (XLE) have proven relative outperformance through the bear market cycle, which historically indicates their role as leaders in the next phase of the market cycle. The message of the market this week also revealed leaders in luxury goods, travel and entertainment subgroups. Alex and Tyler examine many individual equities in the casino, airline, and cruise industries.

This video was originally recorded on January 26, 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.

Last month in our DecisionPoint Trading Room I gave our viewers a pop quiz. I presented two similar charts without names or price scales, and challenged them to identify them by the shape of the price indexes alone. The point I was trying to make was that, while they were different, they were driven by similar waves of psychology. They began at a 2020 low, moved to a 2021 high, formed great rounded tops, then crashed in 2022.

The point I was making was that the psychology behind each was virtually identical — buyers in a buying panic driving prices to irrational levels, then selling when the fantasy faded. Let’s see who they are and how similar their journeys were.

Watch the latest episode of DecisionPoint on StockCharts TV’s YouTube channel here!

The top chart panel is Tesla (TSLA), an electric car company, and the bottom panel is Bitcoin ($BTCUSD), a crypto currency. They are essentially different investment products, but they have moved with amazing similarity. Frankly, I didn’t know how amazing until I started writing this article and began refining the annotations. Both launched from a March 2020 bottom, advanced about +1750% into a November 2021 top, then crashed about -75% into 2022 bottoms. They are now both rallying off those bottoms, and amazingly, they have both rallied about +60%.

We have to wonder what would drive such an amazing advance. In my opinion, it comes from magical, Tulip Bulb, bubble thinking. For Tesla, the underlying belief seemed to be that everyone was going to own an electric vehicle, and it was going to be a Tesla.

For Bitcoin, the belief was that the sky was the limit for an “asset” that has no intrinsic value. It was grand for a while, but there was never anything there except fantasy, and the truth that a Bitcoin has no claim on anything finally won out. It is only worth what someone is willing to pay for it. As an aside, there was also belief that a crypto investment was an investment in Blockchain technology. While the investments were maintained within a Blockchain system, there was never any direct ownership of that technology.

Conclusion: These are unrelated investment products, yet they moved with astounding similarity. I will assert that there is no fundamental basis for this, other than the human tendency to lose track of reality from time to time, and to follow emotions to unreasonable lengths.

Technical Analysis is a windsock, not a crystal ball. –Carl Swenlin

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Southwest Airlines reported a $220 million loss for the fourth quarter after the carrier’s holiday meltdown drove up expenses and cost it millions in revenue during what was expected to be the busiest travel period since the pandemic began.

It forecast a first-quarter loss, citing current “revenue and cost trends,” while analysts have been anticipating a per-share profit of 19 cents for the current quarter, based on estimates compiled by Refinitiv.

Southwest earlier this month said it canceled around 16,700 flights between Dec. 21 through Dec. 31 after severe winter weather swept through the U.S.

The airline on Thursday said the mass cancellations hit its pretax results by $800 million, in line with its estimate earlier this month of a hit between $725 million and $825 million.

Southwest shares were down about 3% in premarket trading after reporting results.

Here’s how Southwest performed in the fourth quarter, compared with Wall Street expectations according to Refinitiv consensus estimates:

Adjusted loss per share: 38 cents vs an expected loss of 12 cents.

Total revenue: $6.17 billion vs an expected $6.16 billion.

Rival airlines had largely recovered around Christmas after the winter weather, but Southwest’s technology was unable to process all the flight changes and crews had to call the carrier to get rescheduled. The carrier decided to scrap most of its flights in the following days to reset its operation, CEO Bob Jordan said earlier this month.

The carrier has been processing tens of thousands of refunds and complex reimbursements for travelers who booked flights on other airlines to get to their destinations.

More from CNBC

Tesla reports record revenue and beats on earningsSmartphone shipments plunge to a low not seen since 2013 — their largest ever declineGDP report could show solid fourth-quarter growth but still signal a recession is coming

Southwest’s executives will hold a call with analysts and media at 12:30 ET.

They are likely to face questions about any additional costs and political fallout from its missteps as well as an update on technology updates that aim to prevent another meltdown.

This post appeared first on NBC NEWS

As Americans enter the third year of the pandemic, most workers just aren’t into their jobs, with nearly three-fourths saying they’re either not engaged or are actively disengaged at work, according to new Gallup data released Wednesday.

The findings, which classify 50% of respondents as not engaged and another 18% as actively disengaged, come as employees increasingly feel their workplaces are abandoning the flexibility and empathy that characterized many pandemic-era workplaces.

‘When the pandemic first hit, engagement peaked, people feeling their organization cares about their well-being peaked, so there was a really nice response from organizations early on — and since then, its dropped off significantly,’ said Jim Harter, chief scientist for workplace management practice at Gallup and the author of the new report.

Only 32% of American workers said they were engaged at work last year, down from an all-time high of 36% in 2020 and 34% in 2021, the data shows. (Gallup has been formally tracking employee engagement since 2000, Harter said.)

And as engagement decreased, the percentage of workers who are actively disengaged increased — from 14% in 2020, to 16% in 2021 and to 18% last year.

Workers who are actively disengaged ‘are disgruntled and disloyal because most of their workplace needs are unmet,’ according to Gallup.

The rate of people who classify themselves as not engaged — more recently known as ‘quiet quitters’ — has stayed stable, at 50%, since 2020, down from 52% in 2019. These workers ‘are getting some of their workplace needs met, but not very many, and they’re more likely to show up to work to do the minimum required and not much else,’ Harter said.

The research firm measures engagement by asking questions about productivity, well-being, workplace environment and values and opportunities for growth, among others. The new report is based on the average results of random quarterly surveys completed last year by about 15,000 adults employed full-time and part-time.

The categories in which workers saw the largest decreases in engagement last year compared to 2019 were in connection to the mission or purpose of the company, opportunities to learn and grow, clarity of expectations and feeling cared about at work.

Health care workers were the hardest hit among the four types of job included in the survey — which also included production/front-line workers, white collar workers, and administrative/clerical workers — facing a 7% decrease in engagement and a 6% increase in ‘quiet quitting’ last year compared to 2019.

Women saw a 4% drop in engagement last year compared to 2019 and a 3% increase in active disengagement over the same period, compared to only 1% differences in both categories for men.

Younger workers also saw particular drop-offs in engagement compared to older workers, with 4% negative changes in both engagement and active disengagement last year compared to 2019, while workers over 35 only saw 1 – 2% differences in those categories between those two years.

Both women and younger workers value freedom and autonomy in the workplace, Harter said. In the case with women, it’s because they’re often saddled with more caretaking responsibilities than men. With younger workers, it’s because they see ‘more of a separation between worker and workplace.’

Research also shows that both groups benefit from mentorship: women due to the pay gap and other biases in the workplace, and younger people because they’re just starting out in their careers. But both women and young workers reported steeper declines in feeling cared about at work and having someone who encourages their development compared to their male and older counterparts, respectively.

To combat this disengagement among workers, Harter said, the ‘leadership needs to define what kind of culture they want going forward and how where people work fits into that culture.’

That culture should include regular weekly check-ins between managers and employees to discuss goals, successes, priorities and teamwork, he said: ‘Organizations need to think of managers more like coaches right now than delegators.’

The data suggests that culture should also include some element of a flexible workplace. Workers who were forced to work in-person but could work remotely saw the biggest decreases in engagement, with a 7% increase in active disengagement last year compared to 2019 and a 5% decrease in engagement.

Workers who were fully remote, on the other hand, saw a small increase in engagement and a decrease in disengagement, but a 4% increase in ‘quiet quitting,’ with 50% characterizing themselves as not engaged compared to 46% in 2019. Hybrid workers saw 2% increases in both active disengagement and ‘quiet quitting,’ and a 4% drop in engagement.

Hybrid workplaces can be especially important for young workers, who need mentorship, Harter said, and it can add ‘a nice blend of autonomy and in-person time if it’s coordinated the right way.’

‘There are things that happen informally [in the office] that just can’t happen in these boxes on video,’ he added.

This post appeared first on NBC NEWS

If you’ve ever been confused by miniature bottles branded as Fireball Cinnamon, the popular cinnamon-flavored drink found in gas stations and supermarkets, you’re not alone — and now there’s a lawsuit over the matter.

Citing two news articles pointing out that the bottles, while displaying the Fireball label, do not actually contain whisky, lawyers representing Chicago plaintiff Anna Marquez are seeking unspecified damages against Fireball-maker the Sazerac Company.

In the suit, Marquez and her attorneys say the mini bottles, which advertise ‘Fireball Cinnamon,’ falsely give consumers the impression that the drinks are merely smaller versions of regular Fireball whisky. The fine print on the bottles, which states that the shots are a ‘malt beverage with natural whisky & other flavors and caramel color,’ is deceptive because it includes the word ‘whisky,’ they wrote.

‘When viewed together with the Fireball distilled spirit brand name, the label misleads consumers into believing it is or contains distilled spirits,’ the suit states.

According to the lawsuit, the Sazerac Company has successfully marked up the price to a ‘premium’ of $0.99 for the 50 milliliter bottles, ‘as a result of the false and misleading representations.’

A representative for Sazerac said the company does not comment on pending litigation and referred an inquiry to the company’s Fireball Cinnamon FAQ page.

This post appeared first on NBC NEWS

The Biden administration on Thursday announced that it would complete a 20-year withdrawal of 225,504 acres in a northern Minnesota forest area that is home to some of the largest domestic critical mineral reserves.

The action announced by the Department of the Interior (DOI) effectively prohibits mining activity from taking place in the Boundary Waters Canoe Area Wilderness in Duluth, Minnesota, and surrounding area for the next two decades. The agency said it took the action in an effort to protect the local environment and watershed, which environmentalists worried would be contaminated by mining activity.

‘The Department of the Interior takes seriously our obligations to steward public lands and waters on behalf of all Americans. Protecting a place like Boundary Waters is key to supporting the health of the watershed and its surrounding wildlife, upholding our Tribal trust and treaty responsibilities, and boosting the local recreation economy,’ DOI Secretary Deb Haaland said in a statement.

‘With an eye toward protecting this special place for future generations, I have made this decision using the best-available science and extensive public input,’ she continued.

Last year, the DOI canceled two mineral leases held by the firm Twin Metals Minnesota, which had been located in the Superior National Forest located outside the Boundary Waters Canoe Area Wilderness. As a result of that decision and the action Thursday, domestic mining companies will effectively be banned from operating in the region for the foreseeable future and the forest’s vast critical mineral resources will be left untapped.

However, Twin Metals’ mining project contained about 88% of the nation’s cobalt reserves in addition to vast copper, nickel and platinum-group elements. Such critical minerals are vital for various green energy technologies like electric vehicle batteries, battery storage facilities, solar panels and wind turbines, which the Biden administration has aggressively pushed.

For example, an electric vehicle requires 500% more mineral resources than a traditional gas-powered car, while a single onshore wind turbine plant requires 800% more minerals than a typical fossil fuel plant, according to the International Energy Agency.

However, China, other hostile nations and countries with severe human rights concerns dominate the global mineral supply chain.

The State Department recently signed an agreement that opens the door to financing mining projects in the Democratic Republic of the Congo (DRC), which mined more than 70% of the global supply of cobalt in 2021 and is home to 3.5 million metric tons of cobalt reserves. But independent investigations conducted in recent years have found that cobalt mines in the DRC employ child laborers.

‘If Democrats were serious about developing renewable energy sources and breaking China’s stranglehold on the global market, they would be flinging open the doors to responsible mineral development here in the U.S.,’ House Natural Resources Committee Chairman Rep. Bruce Westerman, R-Ark., said Thursday in a statement. ‘We cannot have a future of renewable energy without minerals, period — not to mention their necessity to our defense systems, satellites, cellphones and virtually every other advanced technology.’

‘While Democrats play political ping pong with American industries, China and Russia are laughing straight to the bank,’ he continued. ‘The administration’s decision to withdraw this mineral-rich area — blatantly targeting one of our country’s most promising mines — is short-sighted, foolish and completely unscientific.

‘Unfortunately, President Biden doesn’t seem to mind if Minnesota mining communities and the entire American economy pay the price.’

In addition, the mining projects in the Superior National Forest had a project labor agreement in place for the site to be unionized.

‘It’s difficult to square the announcement of this significant land withdrawal with the Biden administration’s stated goals on electrification, the energy transition and supply chain security,’ said National Mining Association President and CEO Rich Nolan in a statement. ‘At a time when demand for minerals such as copper, nickel and cobalt are skyrocketing for use in electric vehicles and solar and wind infrastructure, the administration is withdrawing hundreds of thousands of acres of land that could provide U.S. manufacturers with plentiful sources of these same minerals.’

‘In the end, by closing off more and more U.S. land to responsible domestic mining instead of producing minerals here at home, creating high-paying American jobs and mining operations that will be conducted in accordance with the world’s most stringent environmental, labor and safety regulations, the administration is looking to stand up operations in the Congo and Zambia,’ he added.

‘It’s nonsensical when you look at where the U.S. wants to be globally as a leader in manufacturing, innovation and climate.’

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Rep. Adam Schiff, D-Calif., was excoriated by some of the colleagues he hopes to join in the Senate after announcing he would be entering the California Senate race scheduled for next year.

Speaking with Fox News Digital, multiple Republican senators made it clear that Schiff, the former chair of the House Intelligence Committee who announced a run for Sen. Diane Feinstein’s Senate seat Thursday, wouldn’t be welcome in the chamber following his years of ‘pushing lies’ and allegedly misleading the American public concerning the investigation into whether former President Donald Trump’s 2016 presidential campaign colluded with Russia.

‘Adam Schiff is one of the most extreme Democrats in the House. He’s responsible for covering up Hunter Biden’s scandals and has spent his time on the Intel Committee pushing lies,’ said Sen. Marsha Blackburn, R-Tenn, said in a statement.

‘As Chair of House Intel, he released the phone records of the top Republican on the committee and leaked classified data while pushing the Russia hoax. We cannot let Adam Schiff gain more power over the American people,’ she added.

Schiff has been accused of lying about details of the alleged ties between Trump and Russia, and he was mocked after the dossier compiled by former British intelligence officer Christopher Steele detailing the alleged ties, which Schiff heavily promoted at the time, was found to contain false information.

Schiff was also accused of exaggerating the details of the call between Trump and Ukrainian President Volodymyr Zelenskyy, which was at the center of the former president’s first impeachment trial.

Additionally, Schiff has been criticized for dismissing a 2020 report by Senate Republicans concerning Hunter Biden’s potential conflicts of interest in Ukraine as based on ‘Russian disinformation’ to undermine then-presidential candidate Joe Biden’s chances at winning the presidential election.

Federal prosecutors are in their fourth year investigating the younger Biden for possible tax and foreign lobbying violations, including over his work in Ukraine, as well as for making false statements.

Sen. Katie Britt, R-Ala., echoed Blackburn’s sentiment and didn’t parse words when telling Fox her reaction to Schiff’s announcement.

‘Any former chairman of the Intelligence Committee who uses TikTok has no business serving in the United States Senate,’ she said.

Sen. Ted Cruz, R-Texas, reacted to Schiff’s announcement by posting photos on Twitter of a question he submitted but never asked during Trump’s first impeachment trial, during which Schiff served as one of the House impeachment managers.

‘In Trump’s impeachment trials, senators submitted written Qs. I submitted a ton of them & chose to ask the most important ones. Here’s one of Qs that I didn’t ask. Given that Schiff’s partisan dishonesty has landed him so much in the news lately, I kinda wish I had asked it!’ Cruz tweeted.

His question asked whether ‘any part’ of Schiff’s ‘motive’ in the trial was ‘partisan or political.’

Schiff is now the second Democrat to enter the race, joining Rep. Katie Porter, D-Calif., although Democratic Sen. Dianne Feinstein, who currently holds the seat, has yet to announce her intention to retire once her term ends.

Republican House Speaker Kevin McCarthy rejected Schiff’s assignment to the House Intelligence Committee earlier this week, citing the accusations surrounding Schiff’s actions while on the committee.

Fox News’ Brooke Singman contributed to this report.

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President Biden released a statement on Thursday reacting to the death of Tyre Nichols, stating that the incident is a ‘painful reminder’ of work that needs to be done within the criminal justice system.

Memphis police said that officers pulled Nichols over on Jan. 7 around 8:30 p.m. for ‘reckless driving’ and a ‘confrontation occurred’ during the stop, which led to Nichols running away from the officers.

When the police officers eventually caught up with Nichols, officials said that another confrontation occurred.

‘While attempting to take the suspect into custody, another confrontation occurred; however, the suspect was ultimately apprehended,’ MPD said. ‘Afterward the suspect complained of having shortness of breath, at which point an ambulance was called to the scene.’ 

Nichols was then transported to St. Francis Hospital in critical condition, where he died on Jan. 10, the Tennessee Bureau of Investigation said.

Memphis police are expected to release body camera video of the incident on Friday.

Five former Memphis police officers have been fired and are being charged with second-degree murder, aggravated assault as well as other charges.

‘Public trust is the foundation of public safety and there are still too many places in America today where the bonds of trust are frayed or broken. Tyre’s death is a painful reminder that we must do more to ensure that our criminal justice system lives up to the promise of fair and impartial justice, equal treatment, and dignity for all,’ Biden said in the statement. 

Biden also said that ‘We also cannot ignore the fact that fatal encounters with law enforcement have disparately impacted Black and Brown people.’

‘To deliver real change, we must have accountability when law enforcement officers violate their oaths, and we need to build lasting trust between law enforcement, the vast majority of whom wear the badge honorably, and the communities they are sworn to serve and protect,’ Biden added.

Amid expected protests, Biden is also calling for peaceful protests.

‘As Americans grieve, the Department of Justice conducts its investigation, and state authorities continue their work, I join Tyre’s family in calling for peaceful protest. Outrage is understandable, but violence is never acceptable. Violence is destructive and against the law.  It has no place in peaceful protests seeking justice,’ Biden said.

Fox News’ Greg Norman contributed to this report.

This post appeared first on FOX NEWS

President Biden boasted to union workers in Virginia on Thursday that during his first two years in office, 750,000 manufacturing jobs were created in the U.S., slamming anyone who says America cannot lead the world in manufacturing again.

The president traveled to Springfield, Virginia, to speak at the Steamfitters Union Hall, taking shots at Republicans and boasting about the economy.

As Biden touted his accomplishments as president, he said unemployment is the lowest it has been in over 50 years.

He also said during the first two years in office, the U.S. saw the ‘strongest year’ of job growth, creating 11 million jobs, 750,000 of which were in manufacturing.

‘Where in the hell is it written that says America can’t lead the world in manufacturing again? Where is that written?’ Biden asked, raising his voice. ‘I don’t know where it’s written and it’s not going to be written on my watch.

‘You see, I’m getting criticized internationally for focusing too much on America. The hell with that,’ he added.

Job growth was a major point of Biden’s speech on Thursday, despite thousands of job losses because of the Keystone XL project getting shut down.

Earlier this month, four labor unions representing workers on the Keystone XL pipeline project were silent when asked about a federal report showing the significant economic consequences of shutting the project down.

Those labor unions – the Laborers International Union of North America, the International Brotherhood of Teamsters, The International Union of Operating Engineers and the United Association of Union Plumbers and Pipefitters – had an agreement with the pipeline’s operator TC Energy in August 2020 to represent thousands of project workers.

Months later, in January 2021, Biden nixed the pipeline’s federal permits as part of his climate agenda, and in June 2021, TC Energy withdrew from the project.

The cancelation of the pipeline project resulted in the loss of between 16,149 and 59,468 construction jobs that would have lasted about two years and would have had a positive economic impact of between $3.4-$9.6 billion, according to a report from the Department of Energy that was released in December 2022.

Keystone XL had been slated to be completed early this year and transport an additionall 830,000 barrels of crude oil from Canada to the U.S. through an existing pipeline network, according to TC Energy.

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