Breaking
Wealth World News
Archive

2024

Browsing
Stocks

Will Breadth Divergences Signal the End of the Bull?

As we near the end of October 2024, it’s important to note that the market trends remain quite strong.  Despite plenty of short-term breakdowns in key stocks this week, our Market Trend Model remains bullish on all time frames.  This tells me to consider this market “innocent until proven guilty” but to always be looking for signs of a potential market reversal.

A quick review of key market breadth indicators this week shows that we are indeed seeing some of the warning signs often associated with major market tops.  Does that mean the top is in, and that we’ll observe a major selloff in November?  Not necessarily.  But it does tell me to remain vigilant and observant for signs of distribution.

Negative McClellan Oscillator Suggests Short-Term Weakness

Let’s start with a short-term measure of market breadth, the McClellan Oscillator.  Think of this indicator as a sort of a momentum reading for breadth conditions.  And while other charts we’ll review address more of a long-term reversal in breadth, this indicator in particular is helpful for identifying short-term distribution patterns.

While the McClellan Oscillator did turn briefly positive a couple weeks ago, the indicator has spent most of the month of October in a bearish range.  So even though the S&P 500 and Nasdaq have made higher highs in recent weeks, this tells us that the pace of the advance is slowing, at least as measured by market breadth.

Have you taken our FREE behavioral investing course?  During volatile market periods, all of your bad habits can become pretty expensive for your portfolio!  Our free course is designed to challenge how you think about the markets, encourage you to upgrade your routines, and empower you to make better investment decisions.  Check out our free behavioral investing course today!

Another way to think about this negative reading is that some of the smaller and more speculative stocks on the NYSE have already broken down, but the largest names with the biggest weights in the indexes remain strong.  And if you look at previous bull market cycles, this is often how those long-term uptrends end.

Many S&P 500 Members Have Already Broken Down

I often use the 50 and 200-day moving averages to measure short-term and long-term trend conditions for individual stocks.  Next we’ll look at the percent of stocks trading above their 50-day moving average, showing how many of the S&P 500 members remain above their 50-day moving average.

At the end of September, the reading was around 85%.  As of this week, the number is closer to 55%.  That suggests that about 30% of the S&P 500 members were above their 50-day moving average about a month ago, but have since broken below this short-term trend gauge.  So even though the S&P 500 and Nasdaq remain above their own 50-day moving averages, plenty of individual stocks have already broken down.

Also notice the bearish divergence, with the S&P 500 making higher highs in October while the breadth indicator is making lower highs.  This often occurs toward the end of a bull market phase, where the largest names are still driving higher but more speculative and risky stocks have already begun the process of downside rotation.

Bullish Percent Index Speaks Downside Risks

Finally, let’s check out the Bullish Percent Index, a breadth indicator derived from point & figure charts.  We can see that over 80% of the S&P 500 members were in a bullish point & figure pattern in late September, but that number is now down to below 70%.

Look over the last two years when this indicator has dipped back below 70%, and you’ll see why the recent breakdown suggests a pullback phase may be imminent.  The lone exception was in January 2024, when the S&P 500 continued to pound higher even though the breadth readings were weakening.  This was the “golden age” of Magnificent 7 stocks in 2024, where the strength in the largest names was enough to overcome the breadth deterioration readings.

Could the market move higher through Q4 despite these concerning breadth signals?  Possibly.  But since major market tops usually feature breadth readings just like these, I’m pretty happy taking a more cautious approach to the equity markets as we move into November.

RR#6,

Dave

PS- Ready to upgrade your investment process?  Check out my free behavioral investing course!

David Keller, CMT

President and Chief Strategist

Sierra Alpha Research LLC

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.

Keep Reading
By
Business

Dropbox slashes 20% of global workforce, eliminating more than 500 roles

Dropbox is laying off 20% of its global workforce, the equivalent of 528 roles, CEO Drew Houston announced Wednesday in a note to staff.

The company is in a “transitional period” as its file sync and share business and its Dash artificial-intelligence search feature mature, Houston wrote.

“Navigating this transition while maintaining our current structure and investment levels is no longer sustainable,” he said in his note.

The move follows a 16% cut to Dropbox’s workforce in April 2023, which affected 500 staffers. At the time, Houston wrote that the cuts were due to slowing growth, economic headwinds and the need to invest more resources and head count into the increasingly competitive AI race.

Dropbox will be making cuts to the parts of its business where the company is “over-invested or underperforming” while working toward a “flatter, more efficient” team structure, Houston wrote.

“We continue to see softening demand and macro headwinds in our core business,” Houston wrote. “But external factors are only part of the story. We’ve heard from many of you that our organizational structure has become overly complex, with excess layers of management slowing us down.”

Affected employees will receive 16 weeks of pay, starting Wednesday, with one additional week of pay for each completed tenure year at the company.

This post appeared first on NBC NEWS
Keep Reading
By
Sports

Here’s where UGA football vs Florida will be played in 2026, 2027

Georgia football’s annual rivalry game with Florida has a new home for the two years while the series is displaced from Jacksonville due to major stadium renovations.

Actually, it’s two new homes.

The Bulldogs and Gators will play in 2026 in Mercedes-Benz Stadium in Atlanta and the game moves to Raymond James Stadium in Tampa, Fla, for the 2027 game, a source confirmed. The news was first reported by Brett McMurphy of the Action Network.

“We’re excited about the opportunity to play in both Atlanta and Tampa, both great venues” Florida coach Billy Napier said on the SEC teleconference Wednesday. “Both will be well-run operations. I think we all understand the revenue that this game generates for both athletic departments. I think it’s going to be unique and certainly we’re excited about that opportunity.”

An announcement also could be coming before Saturday’s game in Jacksonville on the game returning to Jacksonville starting in 2028. Jacksonville mayor Donna Deegan indicated that to the Florida Times-Union on Tuesday.

‘It’s been talked about and debated for a long time, for a while, since we’ve known the Jacksonville renovation was going to to occur,’ Georgia coach Kirby Smart said when asked Wednesday about Atlanta and Tampa. ‘You know, I think the parties involved did a great job managing it. I think Jacksonville did a great job stepping up and making it worthwhile for both universities and excited about the opportunity to play it, you know, two different locations, so that’ll be unique and maybe we learn from those two experiences.’

For 2026 and 2027, the schools chose to play at neutral sites in both states rather than go home-and-home because they take away much more financially.

‘Kirby and I probably both agree that it would be awesome to play home-and-home, but we also know there’s a tremendous amount of revenue created by having this game at a neutral site,’ Napier said. ‘Money makes the world go round and certainly the amount of revenue, there’s a significant difference in the revenue that’s generated.’

Raymond James Stadium is the home of the Tampa Bay Buccaneers and hosted the Super Bowl in February 2021. Its record capacity crowd was 69,305 against the Bengals on Dec. 18, 2022.

Georgia last played in Tampa in the same stadium in the Outback Bowl on Jan. 2, 2012 and has played in five bowl games in all in Tampa.

The stadium opened in 1998 and has undergone several renovations since 2014 including a redesign of the main concourse, HD end zone video boards and HD towers in the lower bowl corner, new sound system and concessions and renovated luxury suites.

Other upgrades include a redsigned West Stadium Club, expanded Hall of Fame Club, new home team locker room and renovated East Stadium Club and the addition of Bar 76 sports bar and restaurant.

The Bulldogs have played 11 games at Mercedes-Benz Stadium since it opened in 2017 including each of the last seven seasons. Georgia is scheduled to play in 2025 there against Georgia Tech after the Yellow Jackets moved their home game against the Bulldogs.

Georgia and Florida have played in Jacksonville each year since 1993 except for 1994 and 1995 when the stadium also was renovated and the games were played on campus.

Georgia athletic director Josh Brooks in May indicated the schools were eyeing returning to Jacksonville once the stadium renovations are complete in time for the 2028 game.

Deegan Tuesday said she was “extraordinarily optimistic” that the city will sign a new contract with the schools for the game.

Brooks has said ‘we’re excited to go back there and see the potential and opportunities to make it a really special game with what they’re talking about doing. It looks like it’s going to be an amazing project.’

Camping World Stadium in Orlando was another neutral site option for the game in Florida.

Georgia currently makes about $6 million more over a two-year period playing in Jacksonville rather than home-and-home.

‘I think the neutral site will present those same revenue opportunities,’ Napier said, ‘and that’s ultimately why the decision was made.’

(This story was updated to add new information.)

This post appeared first on USA TODAY
Keep Reading
By
Sports

Florida coach Billy Napier may save his job after embracing player-led change

Earlier this month, a handful of players showed up in Billy Napier’s office and told the Florida coach something had to change. 

The losses were piling up, the coach was careening toward unemployment and players wanted change. 

They told Napier the defense had to be simplified if the team had any hope of success moving forward, according to two people close to the process who requested anonymity because of the sensitivity of the situation.

The defense was historically bad the previous two seasons under Napier, and was headed to those depths again after the first month of this season. Misfits in run defense, a constant loss of gap control, too many combination coverages in the secondary — and all of it was leading to multiple blown assignments and explosion plays.

To Napier’s credit, he bought in to what his players were selling.  

Now here we are, three games later, and the change has been remarkable heading into Saturday’s World’s Largest Cocktail Party in Jacksonville against bitter rival and No. 2 Georgia. And maybe, just maybe, might have been the first big step toward saving Napier’s job.

“When” Napier will be fired has quietly become “if” with this recent surge of better football.  

“We need to continue to take great pride in how we compete,” Napier said during his weekly press conference earlier this week. And then almost on cue, he hinted at the change of the last three weeks. 

“Spending our time and energy on the things that actually can produce results, and not wasting time on anything that can’t.”

NOW OR NEVER: Why Ohio State coach Ryan Day needs win at Penn State

BOWL PROJECTIONS: Oregon now No. 1, two SEC teams join playoff

In the three games since the players asked for change, the defense has given up a combined 56 points to Central Florida, Tennessee and Kentucky (23.6 ppg.), and an average of 298 yards a game. 

Prior to the changes, Florida was giving up an average of 34 points and 500 yards a game in three Power Four games against Miami, Texas A&M and Mississippi State. 

In fact, had Florida (4-3) not had yet another operational mess in special teams against Tennessee that negated a field goal at the end of the first half (that’s coaching, everyone), the Gators would have three consecutive wins since the changes on defense.

That’s the backdrop heading into a rivalry game Florida hasn’t won since 2020, a game that season after season, has clearly defined just how far the Gators have fallen behind Georgia and the rest of college football’s elite. 

But there’s hope on the field, even if the future still is cloudy with a group of deep pocket boosters that want to move on, and an administration preaching patience. For this season, at least. 

This mini-surge in October has left Florida with the hope of more in the final month of the regular season, despite a stretch of difficult games that could also lead to Napier’s demise.

How many wins saves his job? One booster who spoke to USA TODAY Sports on the condition on anonymity due to the sensitive nature of the topic, said six wins won’t do it — but seven will. Because, if for no other reason, seven victories means Florida wins three in a brutal stretch games: No. 2 Georgia, at No. 6 Texas, No. 16 LSU, No. 18 Ole Miss, at Florida State.

Winning three of the final five games would mean winning at least twice as an underdog (Florida likely will be the underdog in every game but Florida State), and give the program momentum heading into the 2025 offseason.

But getting there must begin with avoiding another blowout to Georgia, which has won the last three games by a combined score of 119-47. That’s unacceptable for a program with everything to win big, from a wildly advantageous recruiting footprint, to financial backing among the best in the game. 

Florida boosters already have pooled the money needed to pay Napier’s $26 million buyout. But interim Florida president Kent Fuchs — who hired Napier three years ago before retiring — is digging in and demanding more time to let the season play out.

He didn’t come back to right the university ship through another presidential search (after former Nebraska Senator Ben Sasse retired), just to be the guy who fires Napier. In fact, he has been publicly supportive of Napier, stopping him on the field after each home game – win or lose – and giving him words of encouragement. 

But all of that may not mean a thing if the Gators can’t get to seven wins.

“The mindset has shifted a little bit, I think,” Napier said. “There is a noticeable difference in the effort, the intensity, and the execution of the football.”

Months from now, we may be looking back at the players meeting with Napier as the turning point of a season and a coaching tenure. Unless, of course, Georgia does what it has done to Florida for the last three seasons. 

Then “if” quickly becomes “when” once again. 

Matt Hayes is the senior national college football writer for USA TODAY Sports Network. Follow him on X at @MattHayesCFB.

This post appeared first on USA TODAY
Keep Reading
By
Sports

NHL superstar will miss time with ankle injury

Edmonton Oilers superstar Connor McDavid, who left Monday’s game after his first shift, suffered an ankle injury on the play and will be out two to three weeks, the team said Wednesday.

McDavid was tripped on a uncalled penalty during the first period as he entered the Columbus Blue Jackets’ zone in a 6-1 loss and slid into the boards. McDavid got up and skated slowly to the Oilers’ bench, holding up his left leg.

Coach Kris Knoblauch said after the game that McDavid was returning to Edmonton to be further evaluated.

The Oilers will play five to eight games during the timeframe that McDavid will be out.

McDavid is a three-time league MVP and won the Conn Smythe Trophy as playoff MVP after the Oilers lost to the Florida Panthers in Game 7 of the Stanley Cup Final.

He has 10 points in 10 games this season. The Oilers, who had bounced back to .500 after a slow start, fell to 4-5-1 with Monday’s loss.

The team recalled forwards Noah Philp and Drake Caggiula after the McDavid injury.

Colorado Avalanche injuries

Colorado Avalanche coach Jared Bednar said Ross Colton (broken foot) will miss six to eight weeks. He had been playing on the top line and scored eight goals.

Forward Miles Wood (upper body) will be out seven to 10 days.

This story has been updated with new information.

This post appeared first on USA TODAY
Keep Reading
By
Sports

Sharks, Maple Leafs swap defensemen

Among the biggest moves in the leadup was the Boston Bruins and No. 1 goalie Jeremy Swayman reaching an eight-year, $66 million contract agreement a day earlier and ending an impasse that looked like it could stretch into the season.

Transactions are continuing during the regular season as teams build toward a Stanley Cup or make moves for their long-term future. There are key dates to watch: the holiday roster freeze in December, the league’s break for the 4 Nations Face-Off in February and the trade deadline in early March.

Follow along here this season for signings, trades, transactions and other news from the NHL:

Oct. 30: Sharks acquire Timothy Liljegren from Maple Leafs

The Toronto Maple Leafs get defenseman Matt Benning, a 2025 third-round pick and a 2026 sixth-rounder. Liljegren, 25, had been limited to one game in Toronto this season, and the Maple Leafs recently committed to blue-liner Jake McCabe with a five-year extension. But Liljegren should fit in well in San Jose, which is building around younger players. Benning, 30, and Liljegren are signed through 2025-26.

This is the second day with an NHL trade after none previously since the season opened in North America.

OILERS: Connor McDavid out with ankle injury

Oct. 29: Utah acquires defenseman Olli Maatta from Red Wings

The Utah Hockey Club gives up a third-round pick as it addresses a desperate need for a veteran defenseman. Sean Durzi and John Marino are out long-term after surgery. Utah has been leaking goals during a four-game losing streak, including blowing a 4-1 lead late in the third period against the previously winless San Jose Sharks. Maatta is solid defensively and has nearly 700 games of NHL experience.

Oct. 28: Maple Leafs sign Jake McCabe to five-year extension

The Toronto Maple Leafs signed defenseman Jake McCabe to a five-year extension with an annual average value of $4.51 million. Sportsnet’s Elliotte Friedman reports there is some deferred money in the deal. McCabe, 31, had been acquired from the Chicago Blackhawks in a February 2023 trade and ranks fourth on the team in average ice time this season. He has three assists in nine games and a team-best plus-6 rating.

Also: The New York Rangers recalled rugged forward Matt Rempe from the American Hockey League after he played two games there. The Rangers play the Washington Capitals on Tuesday in what has become a feisty rivalry.

Oct. 26: Penguins send goalie Tristan Jarry to minors

The Pittsburgh Penguins sent two-time All-Star goaltender Tristan Jarry to their American Hockey League affiliate on a conditioning loan after his early season struggles. He had been sent home from the Penguins’ road trip to work on his game after recording a 5.47 goals-against average and .836 save percentage in three games. He was pulled from his last start on Oct. 16 and gave up six goals in the opener.

Jarry is in the second season of a five-year contract that carries a $5.375 million cap hit. Rookie Joel Blomqvist has had the most starts in the Penguins net this season and Alex Nedeljkovic recently returned from an injury.

Also: The New York Islanders signed rugged forward Matt Martin for the rest of the season. He had been to camp on a tryout agreement after spending 13 of his 15 seasons with the Islanders. … The Calgary Flames activated forward Yegor Sharangovich from the injured list. The team’s top goal scorer last season had yet to play this season.

Oct. 25: Rangers’ Alexis Lafreniere gets seven-year extension

The New York Rangers and Alexis Lafreniere have agreed to a seven-year extension as he builds on last season’s breakthrough. The 2020 No. 1 overall pick will average $7.45 million in the deal, according to lohud.com, part of the USA TODAY Network. That’s up from this year’s $2.325 million cap hit. Lafreniere, 23, broke through with 28 goals and 57 points last season and added eight goals and 14 points in the playoffs. He is averaging a point a game this season through seven games and scored his fourth goal of the season on Thursday. He is signed through 2031-32.

Also: The Rangers have sent fan favorite Matt Rempe to the American Hockey League to get him more playing time. The 6-7 forward made a name for himself last season with his epic fights and big hits, one that led to a four-game suspension. But he has played only two games this season.

Oct. 24: Golden Knights’ Shea Theodore signs for seven years

Vegas Golden Knights defenseman Shea Theodore will average $7.425 million in the extension, which kicks in next season and runs through 2031-32. Getting him signed now is important after the Golden Knights lost Jonathan Marchessault, Chandler Stephenson and others from their 2023 Stanley Cup team to free agency during the summer.

Theodore, 29, is the franchise’s top-scoring defenseman with 296 points and has opened this season with seven points in six games. Vegas’ top three defensemen (also Alex Pietrangelo and Noah Hanifin) are signed through at least 2026-27.

Oct. 24: Devils’ Brett Pesce, Luke Hughes returning from injury

The New Jersey Devils will get two players back on their defense when Brett Pesce and Luke Hughes make their season debuts Thursday at the Detroit Red Wings.

Pesce, signed as a free agent, has recovered from surgery for a broken leg. Hughes hurt his shoulder in September. He was a finalist for the Calder Trophy last season, leading all rookies with 21 power-play assists and 25 power-play points.

Their return comes at a good time because the Devils have yielded 14 goals over their last two games.

Also: New York Islanders forward Anthony Duclair (lower body) will miss four to six weeks, a blow to the 2023-24 playoff team that ranks 30th in scoring this season. … The Los Angeles activated goalie Darcy Kuemper from the injured list. Pheonix Copley was loaned to the AHL’s Ontario Reign. … The Colorado Avalanche loaned goalie Kaapo Kahkonen to the AHL’s Colorado Eagles on a conditioning assignment. He was claimed off waivers from the Winnipeg Jets earlier this season.

Oct. 23: Utah’s Sean Durzi, John Marino out long-term after surgery

The Utah Hockey Club, who beefed up their defense in the offseason, will be without two key blueliners long-term after they had surgery.

Sean Durzi, who was injured in an Oct. 15 game, will miss four to six months after shoulder surgery. John Marino, who has yet to play this season, is out three to four months after back surgery.

Utah added defensemen Mikhail Sergachev, Marino and Ian Cole in the offseason. Durzi, acquired last season when the team was in Arizona, signed a four-year, $24 million contract during the summer.

In other injury news, St. Louis Blues forward Robert Thomas has a fractured ankle and will be evaluated in six weeks.

Oct. 22: Panthers give coach Paul Maurice contract extension

Maurice, who joined the Panthers in 2022-23, went to the Stanley Cup Final in his first season and won it last year. His 29 playoff wins are a franchise record.

He has 98 regular-season wins with Florida and his 873 career wins rank fourth all time in NHL history.

Also: The Blues signed forward Jake Neighbours to a two-year, $7.5 million contract extension.

Oct. 17: Stars’ Jake Oettinger signs eight-year contract extension

The Dallas Stars signed goalie Jake Oettinger to an eight-year, $66 million contract extension that kicks in next season. The $8.25 million cap hit matches the deals recently signed by the Bruins’ Jeremy Swayman and Senators’ Linus Ullmark.

Oettinger has led the Stars to the Western Conference final the past two seasons.

Oct. 14: Matthew Tkachuk’s illness to keep him out a week

Already down one star, the Panthers will be without another one.

Coach Paul Maurice said Matthew Tkachuk’s illness will keep him out more than a week. The team is targeting an Oct. 22 return.

Tkachuk missed Saturday’s game. So did captain Aleksander Barkov, who injured his leg in the second game of the season and is expected to miss two to three weeks.

Oct. 12: Aleksander Barkov, Macklin Celebrini are injured

The NHL season is young, but two prominent players are already out with injuries.

Florida Panthers captain Aleksander Barkov will miss two to three weeks after crashing leg first into the boards while trying to prevent an empty net goal on Thursday. His stick had broken but he couldn’t stop Ottawa’s Tim Stutzle from scoring. The time frame should allow Barkov to participate in the two Global Series games against the Dallas Stars in Tampere, Finland, on Nov. 1-2. Barkov is the first Finnish NHL captain to win the Stanley Cup. He won the Selke Trophy last season for the second time as top defensive forward.

Meanwhile, the San Jose Sharks placed No. 1 overall pick Macklin Celebrini on injured reserve with a lower-body injury. Coach Ryan Warsofsky said Celebrini is week-to-week. He had been dealing with an injury in training camp but played in this week’s season opener, scoring a goal and an assist.

Oct. 11: Avalanche claim goalie Kaapo Kahkonen off waivers

In a busy day for goalie transactions, the Colorado Avalanche claimed Kaapo Kahkonen off waivers from the Winnipeg Jets. Colorado lost 8-4 in the opener, with Alexandar Georgiev giving up five goals and backup Justus Annunen giving up two goals on four shots. The Avalanche are Kahkonen’s fourth team in a year. He split time last season between the San Jose Sharks and New Jersey Devils.

In other moves, the Minnesota Wild called up Jesper Wallstedt, their goalie of future, who will join Game 1 winner Filip Gustavsson and Marc-Andre Fleury. The Nashville Predators sent down Matt Murray, who backed up Scott Wedgewood on Thursday with injured No. 1 goalie Juuse Saros unable to play.

Oct. 10: Hurricanes-Lightning game postponed because of Milton

Saturday’s game between the Carolina Hurricanes and Tampa Bay Lightning has been postponed as the Tampa Bay area recovers from Hurricane Milton. The league said a makeup date would be announced as soon as it can be confirmed.

The Lightning are playing their season opener in Carolina on Friday. Saturday’s game was to be the start of a three-game homestand (also Tuesday and Thursday).

Amalie Arena got through the storm fine, though Tropicana Field, home of MLB’s Tampa Bay Rays in St. Petersburg, Florida, suffered major damage to its roof.

Oct. 10: Blue Jackets captain Boone Jenner has surgery

Jenner had shoulder surgery to repair an injury he suffered during training camp and could miss up to six months.

‘Our hope is he can return before the end of the season,’ said Columbus Blue Jackets general manager Waddell. ‘His loss will be felt by our club, but we have a strong leadership group in place and players will be given an opportunity to take on greater roles on and off the ice.’

Boone, who finished second on the Blue Jackets last season with 22 goals and is the franchise leader in games played, has been the team’s captain since 2021-22.

Oct. 9: Linus Ullmark, Joey Daccord get contract extensions

Ullmark, who won the Vezina Trophy with the Bruins in 2022-03, was traded to the Ottawa Senators this offseason so Boston had the room to re-sign Swayman. Ullmark will get four years, $33 million from the Senators and have the same $8.25 million cap as Swayman.

Meanwhile, Seattle Kraken goaltender Joey Daccord received a five-year, $25 million extension. He filled in for Philipp Grubauer after that goalie’s injury last season and got the NHL’s first shutout in the Winter Classic. Both contracts will take effect next season.

Oct. 8: Rangers’ Igor Shesterkin turns down extension offer

ESPN’s Kevin Weekes posted on social media Tuesday that the New York Rangers offered Shesterkin an eight-year, $88 million contract, with an $11 million average annual value that would have eclipsed Carey Price’s high-water mark of $10.5 million. A person with knowledge of the situation confirmed those numbers to lohud.com, part of the USA TODAY Network.

It’s not a huge surprise that the 28-year-old Russian would reject it on the eve of New York’s season-opener in Pittsburgh. Another person familiar with the situation recently indicated the two sides have been far apart in negotiations, and that the chances of striking a deal before the start of the new season weren’t looking very promising. That could always change if Rangers team president Chris Drury decides to up the ante, but Shesterkin seems content to bet on himself and wait it out. – Vincent Z. Mercogliano, lohud.com

Also: The defending champion Florida Panthers announced after their opening victory that forward Carter Verhaeghe had agreed to an eight-year extension. It’s worth a reported $56 million.

This post appeared first on USA TODAY
Keep Reading
By
Politics

Biden’s past comments about MAGA Republicans come back to haunt him as White House spins ‘garbage’ remarks

As White House press secretary Karine Jean-Pierre attempted to spin President Biden’s remark calling Trump supporters ‘garbage,’ saying the ‘president for all’ would never speak badly about people that support Trump, Biden’s former comments about MAGA Republicans are coming back to haunt him.

During a press briefing on Wednesday, Jean-Pierre insisted that Biden was not calling Trump supporters garbage, but instead was calling comedian Tony Hinchcliffe’s joke about Puerto Rico ‘garbage.’

‘He does not view Trump supporters or anybody who supports Trump as garbage. That is not what he views,’ the press secretary said of Biden. 

‘He has said multiple times that he is a president for all. It doesn’t matter if you live in a red state, it doesn’t matter if you live in a blue state. He has said it himself. I have said it on his behalf. He believes that he’s a president for all. And it doesn’t matter who you voted for, doesn’t matter if you voted for him or not. He’s a president for all. But hateful rhetoric, hateful rhetoric that he hears. And this is something that we’ve done many times from here. We will call that out. We will call that out.’

During a virtual call with Voto Latino, Biden was asked about Trump’s rally in Madison Square Garden, which made headlines after Hinchcliffe told a joke, referring to Puerto Rico as a ‘floating island of garbage.’

He responded by saying, ‘Donald Trump has no character. He doesn’t give a damn about the Latino community. He’s a failed businessman. He only cares about the billionaire friends that he has and accumulating wealth for those at the top. He says immigrants are poisoning the blood of our country – give me a break. He wants to do away with the birthright citizenship. Who the hell has said that in the last hundred years? And just the other day, a speaker at his rally called Puerto Rico a ‘floating island of garbage.’ Well, let me tell you something. I don’t — I — I don’t know the Puerto Rican that — that I know — or a Puerto Rico, where I’m fr- — in my home state of Delaware, they’re good, decent, honorable people. The only garbage I see floating out there is his supporters — his — his demonization of Latinos is unconscionable, and it’s un-American.  It’s totally contrary to everything we’ve done, everything we’ve been.’

Now the White House is insisting that Biden would not speak badly about people that support Trump, but his past comments about MAGA Republicans seem to say otherwise.

Sept. 5, 2022 – Laborfest, Milwaukee, Wisconsin

On Sept. 5, 2022, Biden gave a Labor Day speech to workers in Milwaukee, where he went after MAGA Republicans and Trump supporters.

‘Look, extreme MAGA Republicans don’t just threaten our personal rights and our economic security, they embrace political violence,’ Biden said before attempting to clear up that he was only talking about MAGA Republicans and not all Republicans. ‘The definition of democracy is you accept the will of the people when votes are honestly counted. These guys don’t do it.’

He continued, referring to the Jan. 6, 2021 riot at the U.S. Capitol building in Washington, D.C., and saying MAGA Republicans in Congress continue to defend the ‘mob’ that stormed the building that day.

‘This was an attack on American democracy,’ he said. ‘We have to be stronger and more determined and more committed to saving American democracy than the MAGA Republicans and that guy… who are destroying democracy, because democracy is at stake.’

Sept. 9, 2022 – Democratic National Committee, Forest Heights, Maryland

While speaking at the Gaylord National Resort and Convention Center in Forest Heights, Maryland, on Sept. 9, 2022, Biden sharpened his attacks against Trump and MAGA Republicans for posing a threat to democracy.

‘Extreme MAGA Republicans just don’t threaten our personal and economic rights; they embrace political violence,’ the president said. ‘Think about it. They refuse to accept the will of the people. They threaten our very democracy. They – and that’s not hyperbole – to this day, they defend the mob that stormed the Capitol on Jan. 6.’

Oct. 23, 2022 – Interview with MSNBC 

During an interview on Oct. 23, 2022, with MSNBC’s Jonathan Capehart, Biden called out ‘mega MAGA’ Republicans who ‘think it’s alright to threaten violence.’

‘I think we’re at one of those inflection points in history, where we’ve reached a point where there has been such a division that you have what I call the mega MAGA republicans, who think that it’s all right to threaten violence… think that’s not inappropriate, talk about how they are concerned about security but yet you saw what happened on Jan. 6, the whole world saw it.’

He said the country had a leader who concluded the truth didn’t matter, then used the old modern version of ‘the old racist kind of baiting,’ seen 40 to 50 years ago, that Biden said, did not take it seriously.

Sept. 28, 2023 – Campaign Reception in Tempe, Arizona

Biden attended a campaign reception in Tempe, Arizona on Sept. 28, 2023, where again, he singled out MAGA supporters and accused them of posing a threat to democracy.

‘Their extreme agenda, if carried out, would fundamentally alter the institutions of American democracy as we know it,’ Biden said of MAGA republicans. ‘My friends, they’re not hiding their attacks; they’re openly promoting them. Attacking the free press as the enemy of the people. Attacking the rule of law as an impediment. Fomenting voter suppression and election subversion.

‘This MAGA threat is a threat to the brick and mortar of our democratic institutions,’ he later told attendees. ‘It’s also a threat to the character of our nation that gives our Constitution life, that binds us together as Americans, a common cause. None of this is surprising, though. They’ve tried to govern that way before. Thank God they failed. But they haven’t given up.’

When asked about the contradictions between Jean-Pierre’s statements on Wednesday and remarks made by Biden in the past against MAGA Republicans, the White House referred Fox News Digital to a speech given by the president on Sept. 1, 2022.

‘Donald Trump and the MAGA Republicans represent an extremism that threatens the very foundations of our republic,’ Biden said at the time.

‘Now, I want to be very clear…very clear up front: Not every Republican, not even the majority of Republicans, are MAGA Republicans. Not every Republican embraces their extreme ideology.I know because I’ve been able to work with these mainstream Republicans,’ the president continued. ‘But there is no question that the Republican Party today is dominated, driven, and intimidated by Donald Trump and the MAGA Republicans, and that is a threat to this country.’

This post appeared first on FOX NEWS
Keep Reading
By
Politics

Trump super PAC launches $50m battleground state ad blitz to make ‘final pitch’ to voters

One of former President Trump’s largest super PACs on Wednesday launched a $50 million ad campaign across major cable networks and streaming service providers in all seven battleground states, making a ‘final pitch’ to key voters in the final sprint to Election Day. 

The ads, slated to air beginning Wednesday night, were funded by Make America Great Again, Inc., (or MAGA, Inc.) and previewed exclusively to Fox News before their release.

Each seeks to hit Vice President Kamala Harris by going after what the campaign views as her biggest weaknesses in the final stretch before the election.

One ad, titled ‘Are You Okay?’ features a clip from Harris’ remarks during the presidential debate against Trump this summer, when she spoke about her desire to put country over party.

‘As a prosecutor, I never asked, ‘are you a Republican or a Democrat,’ she said then. ‘The only thing I ever asked is, ’are you okay?”

The clip shows voters watching the footage of Harris, and responding bluntly with their biggest complaints about the job market, inflation and immigration — areas the campaign views as Harris’ biggest weaknesses heading into Election Day.

‘I’m working three jobs to get by,’ one person says in the ad. ‘Crime is out of control,’ says another.

The other ad, called ‘Broken Oath,’ appears to blame Harris directly for a litany of national security and foreign policy crises that unfolded over the last four years under the Biden administration, before urging voters to support Trump.

‘Our troops, murdered. An open border. Crime in our streets. Skyrocketing costs. Assassination attempts,’ a narrator says, adding, ‘We’re on the brink of World War III.’ 

The Trump campaign has repeatedly sought to blame Harris for what it sees as the biggest failures of the Biden administration. Trump has frequently used this to hit his opponent on the campaign trail, telling voters at recent rallies, ‘Kamala broke it. I will fix it.’ 

It is unclear how many of these policies — either at home or abroad — Harris could have exerted influence on in her role as vice president.

Since April, MAGA, Inc. has spent roughly $325 million in support of Trump’s re-election campaign. 

The super PAC has focused its resources primarily on boosting Trump’s standing in swing states — especially among voters in Arizona, Pennsylvania, Georgia and Nevada — four states where Trump narrowly lost to Biden in 2020.

Earlier this month, it announced $10 million in additional spending on ads aimed at winning over Black and Hispanic voters in these competitive districts — targeting voters living in the city centers of Detroit, Philadelphia and Atlanta. 

A spokesperson for the PAC told Fox News in a statement that the ads seek to drive home the message to voters that Trump will fix policy failings from the last four years. 

‘Put simply: The American people are not okay,’ Kaelan Dorr, a spokesperson for the PAC, told Fox News in a statement. Trump, he added, will ‘unite our country through success.’

This post appeared first on FOX NEWS
Keep Reading
By
Politics

Biden’s ‘garbage’ comment sends Dem senators scrambling in key swing state races: ‘Strongly disagrees’

President Biden sparked a political firestorm Tuesday after calling supporters of former President Trump ‘garbage,’ which could spell trouble for several incumbent Democratic senators running for re-election in key swing states where Trump is popular.

Fox News Digital reached out to five Democratic senators — Wisconsin Sen. Tammy Baldwin, Montana Sen. Jon Tester, Ohio Sen. Sherrod Brown, Nevada Sen. Jacky Rosen, Pennsylvania Sen. Bob Casey and Arizona Senate candidate Ruben Gallego — for comment on Biden’s remarks.

‘Tammy Baldwin does not agree with President Biden,’ Andrew Mamo, Tammy Baldwin’s campaign spokesman, told Fox News Digital.

‘Tammy is fighting for all Wisconsinites no matter who they are or who they vote for.’

A Rosen spokesperson told Fox News Digital, ‘Sen. Rosen strongly disagrees with disparaging anyone based on who they vote for. As one of the most bipartisan and independent senators, she works hard to find common ground across party lines and represent all Nevadans.’

‘Jon Tester doesn’t agree with those comments and is proud to have the support of Montanans of all political stripes, including those who are voting for Donald Trump,’ said Monica Robinson, spokesperson for Montanans for Tester.

‘Sherrod doesn’t agree with that and fights for all Ohioans, regardless of who they vote for,’ Brown campaign spokesperson Matt Keyes told Fox News Digital.

‘I am running to represent all Arizonans, regardless of who they vote for,’ Gallego told Fox News Digital in a statement.

‘Sen. Casey respects all Pennsylvanians regardless of how they vote,’ Casey campaign spokesperson Maddy McDaniel told Fox News Digital.

Democratic Rep. Elissa Slotkin, running for Senate in the swing state of Michigan, spoke in opposition of Biden’s comment too. 

‘He shouldn’t have said it. It’s inappropriate,’ Slotkin said during an appearance on local radio Wednesday morning. ‘For me, I just think that kind of talk is the last thing we need in our politics.’

While all the Democrats Fox News Digital reached out to condemned Biden’s ‘garbage’ comment, some have disparaged Trump supporters, including Gallego and Brown. Gallego previously called Trump supporters ‘dumb’ and the ‘worst people in the world.’ Brown accused Trump’s supporters of ‘racism’ and said it ‘works for them.’

During a virtual Kamla Harris campaign call with Voto Latino, Biden took a swipe at former President Trump’s rally at Madison Square Garden, which made headlines after insult comedian Tony Hinchiffe made jokes mocking different ethnic groups. In one joke, he referred to Puerto Rico as a ‘floating island of garbage.’

‘The only garbage I see floating out there is his supporters,’ Biden said. ‘[Trump’s] demonization of Latinos is unconscionable, and it is un-American.’

His remarks were quickly likened to Hillary Clinton’s labeling of half of Trump supporters as belonging in ‘a basket of deplorables’ in 2016, a comment that was widely seen as undermining her campaign.

The White House attempted to clean up Biden’s remark.

White House spokesperson Andrew Bates told Fox News’ Jacqui Heinrich President Biden ‘referred to the hateful rhetoric at the Madison Square Garden rally as ‘garbage.’’

‘The president was referencing a joke by comedian Tony Hinchcliffe in which he likened Puerto Rico to an island of floating ‘garbage’ in the middle of the ocean,’ he said.

‘So just to clarify, he was not calling Trump supporters garbage, which is why he put this out and is why he wanted to make sure that we put out a statement that clarified what he meant and what he was trying to say. And, so, just want to make that very clear for folks who are watching,’ White House Press Secretary Karine Jean-Pierre told reporters Wednesday.

VP Kamala Harris distanced herself from Biden’s remarks Tuesday.

‘I think that, first of all, he clarified his comments, but let me be clear. I strongly disagree with any criticism of people based on who they vote for,’ Harris said.

Fox News Digital’s Sarah Rumpf-Whitten contributed to this report

This post appeared first on FOX NEWS
Keep Reading
By
Stocks

Homebuilding Rebound: How to Catch the Trend Early On

Homebuyers are still on the sidelines, waiting for better mortgage rates, while homebuilders are gearing up for a potentially strong 2025. Despite mortgage rates hitting two-year lows, buyers are holding back, expecting rates and prices to drop further.

Here’s the big question: Are we seeing the bottom of a downward cycle about to turn up? In other words, are we seeing the early stages of an uptrend in homebuilders? And if so, which homebuilding stock might you want to add to your ChartLists?

Let’s start by analyzing the homebuilders using SPDR S&P Homebuilders ETF (XHB) as a proxy. Take a look at the weekly chart.

FIGURE 1. WEEKLY CHART OF XHB. Note how XHB has been reacting to the 50-week exponential moving average envelope.Chart source: StockCharts.com. For educational purposes.

Since XHB crossed above the 50-week exponential moving average envelope (EMA envelope) in early 2023, note the ETF’s bullish reaction, bouncing within range of the channel’s uptrend. You can also use the EMA envelope channel to gauge the strength of the uptrend (the further away it is toward the upside, the stronger the trend).

The big question: Can XHB keep riding its current uptrend? The ETF has bounced off the 50-week EMA envelope three times in the past two years, hinting at a possible trend continuation.

But not all of XHB’s holdings are pure homebuilders—companies like Home Depot and Lowe’s are in the mix too. That means you’ll need to pick your stocks wisely. So, let’s pick the most liquid and recognizable homebuilder stocks and check their technical strength by looking at their StockChartsTechnicalRank (SCTR) scores.

Homebuilding Stocks Ranked by SCTR

The following table lists the six most well-known stocks in the XHB fund and their corresponding SCTR score.

What might this look like on a year-to-date basis in terms of market performance? To get a perspective on this, take a look at each stock using PerfCharts:

FIGURE 2. PERFCHARTS YEAR-TO-DATE VIEW OF ALL STOX STOCKS’ MARKET PERFORMANCE. Note that TOL, KBH, and PHM outperformed XHB.Chart source: StockCharts.com. For educational purposes.

Year-to-date, TOL, XBH, and PHM were the top performers, but, since TOL’s SCTR score was significantly higher, perhaps it’s best to zero in on TOL, letting the other ones go for the moment. Still, add all six to your ChartLists in anticipation of a broad homebuilder recovery. Once the industry turns upward, their SCTRs will likely show changes that might make some of them more suitable for a “long” opportunity.

We’ll begin with a long-term view of TOL’s weekly chart.

TOL: Three Year Look-Back

Similar to XHB, but perhaps even more so, TOL is exhibiting a clear uptrend that is gaining strong traction. Note the pin bar this last week, signaling strong rejection from the weekly session lows.

FIGURE 3. WEEKLY CHART OF TOL. There’s a clear uptrend in the weekly price action and the stock is outperforming XHB.Chart source: StockCharts.com. For educational purposes.

Above the chart, you can see TOL’s relative performance against XHB. Looking at how far the line has risen above the zero level, you can see that TOL is outperforming its homebuilding peers by over 68%. Let’s shift to a daily chart.

TOL’s Daily Price Action

FIGURE 4. DAILY CHART OF TOL. The Raff Regression Line best captures TOL’s cyclical movement within an uptrend.Chart source: StockCharts.com. For educational purposes.

For TOL, you might consider plotting a Raff Regression Line for the following reasons:

It identifies the trend direction.It captures TOL’s wide cyclical movement while projecting a wide range of potential support and resistance.It plots a clear channel to identify breaks and reversals.

With the regression line providing a clear picture of TOL’s trend, it’s best to use the On Balance Volume (OBV) to see the extent to which momentum supports (or diverges from) the price movement. In the example above, buying pressure aligns with TOL’s continued uptrend (see magenta line).

If you plan to go long, the best buying opportunity within the Raff Regression Channel typically occurs near the lower boundary (which attests to its recent bounce), as this area often serves as dynamic support and reflects potential price bounces. For risk management, placing a stop loss just below the lower boundary or beneath the most recent swing low is probably your best bet. This ensures protection in case the price closes below the channel, which could indicate a break in support and a potential trend reversal.

At the Close

Homebuilders are gearing up for a rebound despite homebuyers standing on the sidelines. If the industry begins showing green shoots of capital inflows (keep an eye on XHB to monitor this), it might present an opportunity to get in early on a potentially strong uptrend. But, until then, keep several homebuilding stocks on your ChartLists and monitor them regularly. For now, TOL is showing considerable strength, but, once the industry’s tide rises, it’ll take the strongest stocks up with it, so be ready.

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.

Keep Reading
By