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As the week ends, let’s use GoNoGo Charts to get sense of market moves.

The chart below shows the $SPY with daily prices and the full suite of single security GoNoGo Indicators applied. Price moved higher into midweek before tumbling on Wednesday. The last bar of the week saw prices climb from this new low. We saw an aqua “Go” bar that quickly reverted to more amber “Go Fish” bars. Remember, the “Go Fish” bar represents uncertainty, and so the market is not yet convinced that we are ready for a new “Go” trend. Having said that, GoNoGo Oscillator broke above the zero line over a week ago and has stayed positive since. We will need to see the oscillator find support here at the zero line to prevent a return to a “NoGo”.

As we zoom out and look at the weekly chart below, we see a second bar of uncertainty reflecting the market’s indecision. A second successive “Go Fish” bar highlights the fact that the “NoGo” has lost its hold on the market, but we are not in a “Go” yet until we see blue or aqua bars. If we turn our attention to the GoNoGo Oscillator in the lower panel, we can see that it continues to struggle with the zero line. Technically, we are finding support at this level, but we have been unable to move significantly into positive territory. We will want to see momentum rally here to give price the push it needs to paint “Go” bars on the weekly chart.

Let’s turn to some GoNoGo RelMaps to understand where the performance is coming from, as we see the signs of a market moving towards a more risk-on environment. Below, we have a GoNoGo RelMap showing the Morningstar 9 style boxes. These tickers can be easily found on StockCharts. In an interesting move this week, we can see large cap value has started to underperform relative to the S&P 500. Mid-cap and small-cap value are still in relative “Go” trends, but it is the bottom of the map that is changing fast. Small- and mid-cap growth have entered relative “Go” trends, which is a sign of a more risk-on environment.

Finally, the GoNoGo Sector RelMap confirms that change is afoot also. We can see that the growth sectors, technology ($XLK) and discretionary ($XLY), have painted amber “Go Fish” bars to end the week, moving out of relative “NoGo” trends. More traditionally, the defensive sectors, i.e. healthcare ($XLV), staples ($XLP), and utilities ($XLU), have all rolled over into “NoGo” trends relative to the S&P 500. It will be important to monitor this week ahead to see if the trend continues, with the more beaten-down growth stocks starting to rally.

Better Charts. Better Decisions.

Alex Cole

In this episode of StockCharts TV‘s The MEM Edge, Mary Ellen reviews the bullish bias in the broader markets while highlighting which areas are in a position to trade higher. She also discusses what’s driving stocks higher and what to be on the lookout for going into next week.

This video was originally broadcast on January 20, 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 5pm 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.

At Osprey Strategic, we have been focusing on the energy crisis that has already arrived for much of the world. I’ll cover off five planet saving stocks here but we need to add some barbell context.

Saving the planet has been a theme for investing since Queen Elizabeth was dealing with smog in London back in the 1950’s. As a 1000 private jet planes converged on Davos this week, they met to discuss how to force the lower class of people to behave better. From the 1950’s to today, the buzz to urgently save the planet never gets old. Fossil fuel spent for politics is worthy. Home heating, cooking, agriculture and lower class transportation; unworthy.

As North America gets drawn into the reality that cancel culture is closing existing sources of energy for the masses before the replacements are built, the energy trade looks set to resume the upward move.

Uranium, copper, crude oil, gasoline and diesel(heating oil) all had an up week, while the $SPX closed lower. It is this relative strength that we like to pay attention to as we want to outperform the $SPX. I have specific chartlists for fossil fuels, as well as a list to trade the energy crisis outside of fossil fuels. Both had a strong week.

Renewable Energy

Elon Musk hinted at nuclear power, but until the fossils of Davos get their heads around more nuclear power, we are probably using wind, solar and tidal. For renewable energy, we need a method to store the power and allow people to ‘download’ the electricity into their application.

As an example, Tesla’s new semi truck needs a 1 Megawatt charge, equal to a 15 acre solar field daily. If 10 trucks use the power from a 1/4 section of land, we need some method of storing that electricity for the download the following day. Batteries are a key theme in this discussion and Lithium is a key component.

Lithium

A major component of these batteries is lithium and Elon said “refining Lithium is a license to print money“.

With that in mind, I am noticing the lithium names seem to be setting up after a multi-month correction. The cleanliness of mining lithium isn’t part of this article, so don’t shoot the messenger. We are here to talk stocks! Let’s roll through 5 stocks to save the planet and warm the hearts of Davos.

Albemarle

Albemarle has been a go to name in Lithium, and the stock is starting to turn up from the recent downtrend. The SCTR is moving back above 50. Relative strength in purple has started to improve since 2023 began. The stock closed back above the 200 DMA again. The PPO is still in a weak place, but it is improving.

Sociedad Quimica Y Minera

SQM has oscillated back and forth for the last 6 months, frustrating the buy and hold crowd. The difference this time is the overall market is trying to thrust higher, and this can support these energy related growth stocks. The stock broke the downtrend, and looks set to start moving higher. A continued move higher here would be at least a trade to get back to the top of the range, if not further.

Lithium Americas

Lithium Americas looks like the base is in and perhaps it can break out above the down-sloping trend line. This is a dual listing in Canada and the USA, and this is the Canadian version of the listing. LAC in both countries. I do like that the PPO trend is breaking as well as the relative strength trend in purple.

Piedmont Lithium

Piedmont already has an SCTR pushing above 75, making it more interesting. I like trading commodity related trades near the lows as they break out, but this one also looks nice setting up to break out to new highs. The PPO downtrend is broken. I placed the trend line on price at the highest closes on the chart along that trend line. Friday gives a glimpse of the stock breaking out.

Sigma Lithium

Sigma has an SCTR ranking pinned to the top after the huge thrust on the left side of the chart. With a wide ranging consolidation over the last three months, the stock is trying to break out from the consolidation range. It would not take much to break the relative strength downtrend. Volume is trending lower for the last few weeks, so that is curious.

There we have it. Five stocks to save the planet and play the renewable energy trade while all those jets from Davos get home safely! Pardon my Canadian sarcasm!

If you would like more information on what we do at Osprey Strategic, this link provides an overview of how we review the market. Check to see if it is a fit to help you keep more profits in 2023! We have plans starting from $7 for the first month and those are available on OspreyStrategic.org.

Best wishes for a profitable 2023!

The Justice Department on Friday told House Judiciary Committee Chairman Jim Jordan, R-Ohio, it would not provide certain information related to its ongoing investigations that Jordan has been seeking for months. But it said it would otherwise negotiate in ‘good faith’ with House Republicans as they push for tougher oversight of the department.

In a letter Friday, Assistant Attorney General for the Office of Legislative Affairs Carlos Felipe Uriarte outlined the process by which the department said it is prepared to negotiate in ‘good faith’ with Congress, which includes staff-level meetings and at least two weeks notice for congressional testimony requests. 

Uriatre also said that, according to ‘longstanding department policy,’ certain details about ongoing DOJ investigations would be withheld.

‘Consistent with longstanding policy and practice, any oversight requests must be weighed against the Department’s interests in protecting the integrity of its work,’ Uriarte wrote.

‘Longstanding Department policy prevents us from confirming or denying the existence of pending investigations in response to congressional requests or providing non-public information about our investigations,’ Uriarte added.

‘The Department’s obligation to ‘protect the government’s ability to prosecute fully and fairly’ is vital to the Executive Branch’s core constitutional function to investigate and prosecute criminal matters.’

Jordan had sent a letter to Attorney General Garland Jan. 17 outlining previous requests he made prior to becoming chairman of the Judiciary Committee in the 118th Congress and accused the agencies of ‘stonewalling’ those requests.

Some of the requests included information on the FBI’s raid of former President Trump’s Mar-a-Lago home, alleged FISA abuse, information on domestic violent extremism cases and the Justice Department’s efforts to monitor parents at school board meetings and label them as domestic terrorists, among other issues.

‘Your January 17 requests — made now in your position as Chairman — initiate the constitutionally mandated accommodation process,’ Uriarte wrote Friday.  ‘Under this process, the Legislative and Executive Branches have a constitutional obligation to negotiate in good faith to meet the informational needs of Congress while protecting the institutional interests of the Executive Branch.’

‘We believe that good-faith negotiations will enable us to meet the Committee’s needs while protecting the Department’s institutional interests,’ he said.

In the first of what is anticipated to be many contentious communications between Biden’s DOJ and House Republicans, Uriarte invoked former Republican president Ronald Reagan.

‘As President Reagan explained in his 1982 directive on responding to congressional requests for information, the ‘tradition of accommodation’ should be ‘the primary means of resolving conflicts between the branches,’’ Uriarte said. 

Fox News Digital’s Kelly Laco and Brooke Singman contributed to this report.

This post appeared first on FOX NEWS

Supreme Court Marshal Gail Curley said that justices were part of the investigation into who leaked a draft opinion to Politico last year.

‘During the course of the investigation, I spoke with each of the Justices, several on multiple occasions. The Justices actively cooperated in this iterative process, asking questions and answering mine. I followed up on all credible leads, none of which implicated the Justices or their spouses. On this basis, I did not believe that it was necessary to ask the Justices to sign sworn affidavits,’ Curley said in a statement on Friday.

Curley’s statement comes one day after the Supreme Court Marshal released a report stating that an investigative team hasn’t been able to ‘identify a person responsible by a preponderance of the evidence’ who leaked the Dobbs v. Jackson Women’s Health Organization draft opinion.

The report didn’t mention whether investigators spoke with the justices.

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A top Border Patrol union official this week told Fox News that agents could support a potential impeachment of Homeland Security Secretary Alejandro Mayorkas, if it was accompanied by a change in the situation at the border that agents say has left them overwhelmed.

Republicans in Congress last year raised the specter of a potential impeachment over the ongoing crisis at the southern border, which saw 2.3 million migrant in encounters in FY 2022 and is not slowing down — with nine consecutive months of encounters above 200,000.

‘How else are we going to drive the message home to Mayorkas and the White House that this is truly a disaster down here and we need help?’ National Border Patrol Council VP Jon Anfinsen told Fox News at the border.

Now-House Speaker Kevin McCarthy in November called on Mayorkas to resign or potentially face impeachment in the new Congress.

‘He cannot and must not remain in that position,’ he said. ‘If Secretary Mayorkas does not resign, House Republicans will investigate every order, every action and every failure to determine whether we can begin an impeachment inquiry.’

A spokesman for DHS responded at that time by saying Mayorkas ‘is proud to advance the noble mission of this Department, support its extraordinary workforce, and serve the American people.’ 

‘The Department will continue our work to enforce our laws and secure our border, while building a safe, orderly, and humane immigration system.’ 

DHS and the administration have since tried to put the ball in Congress’ court, calling on lawmakers to pass a sweeping immigration bill to solve what they say is a ‘broken’ system that has needed repair for years. But the impeachment push has remained hot, with Rep. Pat Fallon introducing articles of impeachment against Mayorkas this month.

The Border Patrol Union, which has backed calls to impeach the DHS chief before, say they are keen for change.

‘If at the very least it puts a bigger spotlight on what’s happening down here, hopefully get some of the resources and maybe gets Border Patrol agents out of the asylum business and putting us back in the field then we’re all for it,’ Anfinsen said. ‘It’s just a matter of what is going to be the result of it in the end. That’s the question.’

Anfinsen also echoed a common complaint from agents that they are being taken off the front line to help with processing, instead of patrolling the border itself.

‘Agents can help with [processing]. But they need to also be out there to be able to deal with the patrolling the border piece of it, the part that’s in our job title, Border Patrol agent. We’re supposed to be out there patrolling the border.’

This post appeared first on FOX NEWS

On this week’s edition of StockCharts TV‘s StockCharts in Focus, we’re talking process! Grayson digs into some of the tools that he personally uses on StockCharts to manage his watchlist. We’ve got a lot happening right now in the markets, including talk of a recovery and a possible failure at the 200-day moving average at that down trend. How are you managing your watchlist? Think about how you’re taking advantage of all the setups and opportunities that might be emerging!

This video was originally broadcast on January 20, 2023. Click on the above image to watch on our dedicated StockCharts in Focus 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 StockCharts in Focus air Fridays at 3pm ET on StockCharts TV. You can view all previously recorded episodes at this link.

North Carolina Republican legislative leaders announced Friday that they’re asking the state’s highest court to reconsider decisions on redistricting and voter identification.

North Carolina House Speaker Tim Moore noted in a news release that GOP lawyers are asking justices to revisit decisions made under a previous Democratic majority. Republican jurists regained a majority of seats on the state Supreme Court in the 2022 elections.

In a new legal filing, lawyers for the Republican lawmakers argued the court’s decision in a redistricting case known as Harper v. Hall wrongfully infringed on state lawmakers’ ability to determine boundaries of legislative and congressional districts.

The Supreme Court, under its previous makeup, ruled in December that state Senate boundaries already once redrawn by Republican legislators were tainted by partisan bias and must be redrawn. And it upheld a congressional map drawn by trial judges but opposed by Republicans.

A separate filing by the Republicans argues the proper legal standard was not applied in a decision upheld by the state Supreme Court regarding voter ID.

The state Supreme Court ruled in December that a 2018 law requiring photo identification to vote in North Carolina remains invalidated, upholding the lower court decision that found that the law violated voters’ constitutional rights and was designed to help the GOP.

This post appeared first on FOX NEWS

Actress Ashley Bratcher, who starred in the movie ‘Unplanned,’ said Friday that there is a ‘false narrative’ that the pro-life movement only supports babies before they are born.

‘This is proof right here,’ Bratcher told Fox News Digital at the March for Life in Washington, D.C. ‘We’re fighting for more than just abortion bans. There’s evidence that we’re standing with moms at their pregnancy and beyond. It’s a false narrative.’

Friday marked the 50th annual March for Life in Washington, D.C., that takes place on the anniversary of the Supreme Court ruling Roe v. Wade, which was overturned last year.  

Bratcher played Abby Johnson in the pro-life movie ‘Unplanned.’ Her character went from a director at Planned Parenthood to a leading pro-life leader. Bratcher said the fight to end abortion has only begun in post-Roe America.

‘I think it’s a celebratory year,’ Bratcher told Fox News Digital. ‘This is an opportunity to celebrate all we’ve been working for throughout the years. And I still think there’s a big fight to be had.’

Republican states have moved to restrict abortion after the Supreme Court ruled in its Dobbs v. Jackson Women’s Health Organization decision that they can have the right to regulate the procedure. Complete bans were passed in 13 states, one state limited abortion through the first six weeks of pregnancy, and four others limited the procedure to the first 15 to 18 weeks.

Attendees and speakers at the March for Life emphasized the need to focus on care for mothers in need as abortion access is restricted. Gina Tomes is the family life director for Bethlehem Home, which gives mothers in need overnight shelter, food and day-to-day care before and after they deliver their children.

‘Through the intervention in a woman’s life by just surrounding her with the proper care and love and services — it changes their life,’ Tomes told Fox News Digital. ‘Every little bit helps in strategic planning for their future and foundation. We have seen miracles happen on a daily basis. We work with women that overcome addiction, we end homelessness, we are poverty fighters. By choosing life that is all possible.’

Bratcher attended the March for Life with Save the Storks, an organization that sets up buses outside of abortion clinics where women can receive pregnancy tests, ultrasounds and other care. Volunteers encourage women to get an ultrasound so they can hear the heartbeat of their child and opt to deliver their children. Bratcher said she hopes to see more organizations like this provide outreach to pregnant women in need.

‘Now there’s a greater need to be able to get out there and serve in a capacity that solves a new problem,’ Bratcher told Fox News Digital. ‘I’d like to see more legislation that provides for adoption. Or mental health aspects that support that. Or foster care reform.’

This post appeared first on FOX NEWS

Republicans on the House Oversight Committee are looking for answers from DHS over allegations that President Biden’s recent visit to El Paso, Texas, was ‘sanitized,’ with migrants cleared away before the president’s first visit to the besieged southern border this month.

‘For weeks, large encampments of homeless illegal border crossers—released by the Biden Administration—have encamped on the streets of El Paso,’ the letter to DHS Secretary Alejandro Mayorkas from House Oversight Committee Chairman James Comer said. ‘These encampments were cleared immediately prior to President Biden’s visit to the city on January 8, 2023. We write to understand the circumstances surrounding the role DHS played in clearing homeless illegal border crossers for President Biden’s visit to El Paso.’

Biden visited El Paso earlier this month, meeting with elected officials, and community leaders and taking a walk along parts of the border barrier, days after announcing a number of border measures to deal with the ongoing crisis. But Customs and Border Protection (CBP) sources told Fox News that the Central Processing Center, which was previously overwhelmed with immigrants, was no longer at capacity and the camps of migrants vanished.

‘El Paso is being cleared up as if nothing unusual ever happened there,’ the National Border Patrol Council tweeted ahead of the visit. ‘Just in time for Biden’s ‘visit to the border.’’

CBP sources said that migrant camps in El Paso began a week earlier, but were in response to community complaints, including from the El Paso Police Department.

Sources had told Fox that the clearing was primarily to address large groups of mostly Venezuelan migrants who crossed into the U.S. without turning themselves into the Border Patrol out of fear that Title 42 rules would get them expelled. 

Since the migrants could not get into shelters, they set up camps and the crime rate increased, with many Venezuelans getting arrested for breaking into cars. Community members complained, according to CBP sources, and Border Patrol agents started making arrests.

Biden’s visit also combined with a sharp drop in migrant encounters. The El Paso sector saw an average of 2,150 daily migrant encounters in mid-December, but by the beginning of January dropped below 1,000 per day.

It’s something the White House noted when responding to claims that Biden had seen a sanitized version of the border.

‘El Paso [border encounters] did go down significantly prior to the President’s visit by about 70%,’ White House Press Secretary Karine Jean-Pierre said on Jan. 11. ‘That’s a good thing that we’ve seen the numbers go down.’

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‘It has helped ease pressure all across the community. But the President’s visit had nothing to do with it.’

But Comer is not yet convinced and are asking for documents and communications between DHS and other agencies, as well as the city of El Paso.

‘Before the President’s visit, El Paso’s migrant camps were so overwhelmed and unsanitary that local officials were concerned that the camps would become hotbeds for infectious disease,’ Comer writes. ‘The President apparently did not see a single released illegal alien in a border town overwhelmed with illegal border crossers released by his Administration.’

The letter comes as Republicans are ramping up their efforts to scrutinize the Biden administration over the raging crisis at the southern border, with has seen nine consecutive months of over 200,000 encounters. 

Comer on Thursday announced that the committee will hold a hearing on the border in early February, and has called on a handful of Biden administration career officials to testify, including Border Patrol Chief Patrol Agents Jason Owens, Gregory Bovino and Gloria Chavez and Acting Chief Border Patrol Agent Patricia McGurk-Daniel.

Fox News’ Greg Wehner, Jessica Chasmar, Bill Melugin and Kelly Laco contributed to this report.
 

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