Archive

2024

Browsing

Florida Sen. Marco Rubio, a finalist in former President Donald Trump’s search for a vice presidential running mate, arrived at the Republican National Convention on Tuesday with praise for the GOP nominee despite him ultimately picking Ohio Sen. JD Vance to join him on the ticket.

Fox News Digital caught up with Rubio outside the Fiserv Forum in Milwaukee where he reacted to Trump’s triumphant first public appearance in the convention hall since surviving an assassination attempt on Saturday.

‘I’ve never seen so much energy and enthusiasm behind any candidate in American history, in my time alive,’ Rubio said, predicting we would see more of that high energy and enthusiasm in the remaining days of the convention.

Rubio predicted Trump’s highly anticipated Thursday speech would unify Americans around his ‘core message’ that’s ‘always been the same.’

‘There’s nothing scandalous about it. He wants to put America, and Americans, above anything else. And, if our president is not going to do that, then who is?’ he said. ‘I think that is the one thing that we actually should be unified over, and I hope, and I believe, that is the one thing we’ll take away from Thursday night.’

Trump announced Vance as his running mate in a Monday post on Truth Social while the convention was in the process of officially nominating him as the Republican candidate.

‘After lengthy deliberation and thought, and considering the tremendous talents of many others, I have decided that the person best suited to assume the position of Vice President of the United States is Senator J.D. Vance of the Great State of Ohio,’ Trump wrote.

Vance was warmly welcomed while appearing on the convention floor during his nomination process later in the day, where he stood alongside members of the Ohio delegation.

Ahead of his selection announcement, Rubio and North Dakota Gov. Doug Burgum were both informed they would not be picked, according to multiple sources.

‘JD Vance is a fantastic choice. Americans will soon see this is an incredibly intelligent and talented man who is completely committed to making America great again. Vote for #TrumpVance2024 so we can unite our people and save our country!’ Rubio wrote in a post on X following Trump’s announcement.

This post appeared first on FOX NEWS

Republican Vice Presidential nominee Sen. JD Vance spoke with Vice President Kamala Harris on Tuesday afternoon in what was the pair’s first conversation since Vance was named former President Donald Trump’s running mate, Fox News Digital has learned. 

Vance and Harris had a ‘brief and respectful’ conversation, a source with knowledge of the call said.

Vance and Harris both said they look forward to debating, the source said, adding that no specifics were discussed. 

Harris left a voicemail for Vance after Trump announced him as his VP pick on Monday afternoon. 

Vance called Harris back on Tuesday afternoon. 

Harris previously had committed to a debate hosted by CBS News against Trump’s running mate – who at that point had not been named – for either July 23 or Aug. 13. It is unclear when Vance and Harris will debate. 

Trump announced that Vance was his pick for the ticket on Monday afternoon, just before Trump was formally nominated as the 2024 Republican presidential nominee at the RNC Convention in Milwaukee. 

‘After lengthy deliberation and thought, and considering the tremendous talents of many others, I have decided that the person best suited to assume the position of Vice President of the United States is Senator J.D. Vance of the Great State of Ohio,’ Trump announced on his Truth Social platform.

Trump emphasized that Vance will be on the campaign trail and ‘will be strongly focused on the people he fought so brilliantly for, the American Workers and Farmers in Pennsylvania, Michigan, Wisconsin, Ohio, Minnesota, and far beyond….’

‘As Vice President, JD will continue to fight for our Constitution, stand with our troops, and will do everything he can to help me Make America Great Again,’ Trump said. 

Vance grew up in a working-class family in a small city in southwestern Ohio. His parents divorced when he was young, and as his mother struggled for years with drug and alcohol abuse, Vance was raised in part by his maternal grandparents.

After his high school graduation, Vance enlisted in the Marine Corps and served in the Iraq War. He later graduated from Ohio State University and earned a law degree at Yale University.

Vance, who lives in Cincinnati, moved to San Francisco after law school and worked as a principal in a venture capital firm owned by billionaire venture capitalist Peter Thiel, who later became a major financial supporter of Vance’s successful 2022 campaign for the Senate.

Before running for Senate, Vance grabbed national attention after ‘Hillbilly Elegy,’ which tells his story of growing up in a struggling steel mill city and his roots in Appalachian Kentucky, became a New York Times bestseller and was made into a Netflix film. The story spotlighted the values of many working-class Americans who became supporters of Trump’s policies.

Vance was a vocal critic of Trump when the former president first ran for the White House during the 2016 cycle. 

However, Vance eventually supported Trump, praising the former president’s tenure in the White House, and in a Fox News interview in 2021, he apologized for his earlier criticism of Trump.

Trump’s endorsement of Vance days before the 2022 GOP Senate primary boosted him to victory in a crowded, competitive and combustible nomination race.

‘Look, I was wrong about Donald Trump. I didn’t think he was going to be a good president,’ Vance told Fox News’ Bret Baier in an interview last month. ‘He was a great president, and it’s one of the reasons why I’m working so hard to make sure he gets a second term.’

In the Senate, Vance has been one of the most vocal supporters of Trump’s America First agenda and has been a vocal opponent of U.S. aid to Ukraine.

Fox News’ Paul Steinhauser contributed to this report. 

This post appeared first on FOX NEWS

MILWAUKEE — House Majority Leader Steve Scalise plans to use his Republican National Convention speech Tuesday night to talk about the ‘warm and compassionate person Donald Trump is’ while reflecting on his own near-death experience at the hands of a would-be assassin in 2017, Fox News Digital has learned.

The Louisiana Republican sat down for an interview with Fox News Digital on the sidelines of the Republican National Convention on Tuesday, just hours before he is set to address the convention.

Scalise recalled his immediate reaction to learning of the assassination attempt on former President Trump on Saturday night at his rally in Butler, Pennsylvania.

‘I didn’t know how badly President Trump was hit, you know, and you saw him go down, and even when he got up, you just don’t know,’ Scalise said. ‘I know what I went through, and when you’re hit, your body just kind of shuts down, so you don’t even know how bad you are, and your body kind of tricks you to hold you together, so you can be in a lot worse shape.’

‘I was really worried about him until I heard later that he actually went to the hospital and got checked out and was OK,’ Scalise said. 

But the assassination attempt brought back a lot of ’emotions’ for Scalise, who was shot at a congressional baseball practice in 2017. 

‘You saw the raw video footage with the audio of the ‘pop, pop’ of the shots, and they sounded eerily similar to what I experienced, and the term ‘shooter down’ was the same thing they said on the ball field that day, so, you know, a lot of similarities,’ Scalise told Fox News Digital.

‘But luckily for both of us, I think God was on the ball field – God had divine providence, Scalise said. ‘That tilt of the head is all it took to save President Trump’s life. But we all know how close he came.’ 

Scalise added, ‘Thank God he is still with us because our country needs him and our country did not need something devastating like that.’

Scalise said the shooting ‘reminds us how fragile life can be and how important it is that protections are in place.’

‘You can never let your guard down,’ he said.

After Scalise was shot by a gunman in 2017 at the congressional baseball practice, he spent three and a half months in the hospital. Scalise went into a coma and was ‘fighting for his life.’

‘That was a lot of introspection for me of what is important in life, and I think you’re already seeing that from President Trump,’ Scalise said. ‘You’ve seen a different tone from him in the last couple of days. I think he realizes that he was within an inch of his life and realizes how precious life can be.’

Scalise said he thinks Americans who ‘may have written him off look at him completely different now.’ 

‘And I hope they do, because I know President Trump personally. He came to the hospital the night I was shot and for weeks would call my wife just to check in on her and see how the kids were doing,’ he said. ‘He is a caring, caring person, and the media does not portray him that way, yet he has so much compassion. He was wonderful to me and wonderful to my family at our lowest point.’

Scalise said his story about Trump’s compassion is one that ‘is repeated.’

‘You hear that kind of story from other people who know President Trump and know the kind of person he is,’ Scalise said. ‘I hope more people get to see that side of him, because too often the caricature that is played by the folks that hate him, it is just sad to see how evil some of the hatred against him is, and I’ve called for that to stop.’

Scalise said comparisons to ‘Hitler’ and dark rhetoric about the president is ‘foolishness and lies.’ 

‘It’s not just elected officials – late-night talk show hosts spend their whole monologue just trashing Donald Trump, and it just takes one unhinged person to act on it,’ Scalise said. ‘Everybody who has said those kinds of things needs to look in the mirror. The personal attacks on him have been so relentless for years, unlike anything any other elected official has seen.’

Scalise added, ‘And it needs to stop.’

Scalise is set to address that in his RNC Convention speech Tuesday night.

‘You know, when I wrote the speech a few weeks ago, I wanted to focus on the contrast of policy – talk about border policy, energy security, the economic health of our country and how to get our country moving again and back on track; I’m still going to do that,’ Scalise said. ‘But we are blessed that President Trump is OK, and I want to talk about the kind of person he is. I just want to add a little bit of color in there to give people the reminder of the kind of warm and compassionate person that Donald Trump is.’

He added, ‘That story doesn’t get told enough.’

Meanwhile, Scalise said President Biden’s words about the attempt on Trump’s life ‘ring hollow when they’re not followed by actions.’

‘If you want to be a leader, you know, and President Trump’s a leader. President Biden’s the leader of the free world, but you’ve got to lead by example,’ Scalise said. ‘You can’t say you want to be a unifier and then go and say you want to put your opponent in the crosshairs.’

Scalise said Biden should ‘own up to it,’ referring to those comments and to rhetoric about Trump.

‘At some point, just look in the mirror and say, ‘You know what, I shouldn’t have said that, and I’m going to stop saying it, even more importantly,” Scalise said. ‘And I still haven’t heard that from President Biden.’ 

Scalise said it seems like Biden wants to ‘have the opportunity to take the cheap shots’ when he instead should focus on policy differences.

‘It starts at the top. You want to be a unifier? Start unifying and disavow the things that not just other people did, disavow the things you’ve done and stop doing those things,’ Scalise said. ‘And I still don’t see that tone change yet. We’re going to be watching closely, but President Biden needs to start at the top with himself.’

Scalise also said the House of Representatives will investigate the security failures at Trump’s rally that led to the assassination attempt. 

‘We need to start getting answers, and I’ve been incredibly disappointed from the lack of candor I’ve seen from the head of the Secret Service,’ Scalise said, adding that Secret Service Director Kimberly Cheatle has been ‘avoiding any communication with the public for days.’

‘When you even heard local law enforcement giving press conferences, you heard nothing from the head of the Secret Service. Lately, she’s been trying to blame other people. She recently said that it was the slope of the building that created too many challenges to put people up there. Well, a 20-year-old kid was able to climb up there and maneuver it just fine,’ Scalise said. ‘Those are excuses that ring hollow.’

Scalise said House lawmakers are questioning Cheatle’s ability to do her job and suggesting that there is someone ‘more fit to be the head of the Secret Service.’

‘They’ve got an incredibly important job. I don’t care what their party affiliation is. I want somebody competent to do the job,’ Scalise said. ‘And if they’re not, you need to hold people accountable and move on and get somebody who’s capable of doing it.’

Scalise said the House will hold hearings focused on ‘getting serious answers about what really happened.’ 

‘How could a 20-year-old kid get 140 feet (sic) away from the president of the United States, the former president of the United States, who’s a leading candidate for president, by the way, for this November? I mean, this is inexcusable, and it happened on her watch,’ he said.

This post appeared first on FOX NEWS

Seasonality is like a second opinion from a wise friend who knows something about the market’s historical tendencies. While you’re weighing current price action against the fundamental dynamics of the environment, seasonality tells you what things have typically gone on, by how much, where they’ve happened, and when they tend to happen. It’s a secondary context.

So, relative to the S&P 500 ($SPX), what might history reveal about seasonal sector performance from September to the end of the year?

Top Four Outperforming Sectors Relative to the S&P

Looking at all 11 S&P sectors’ performance against the S&P 500 over the last 10 years, four stand out for September through December—Financial, Industrial, Energy, and Materials. Let’s dive into the S&P Sector ETFs that represent these sectors.

Financial Select Sector SPDR Fund (XLF)

73% average higher-close rate4.7% cumulative seasonal returnDividend 1.52%

Seasonality-wise, XLF is the strongest performer, with average returns and higher-close rates rising from September through November (see chart below).

CHART 1. 10-YEAR SEASONALITY CHART OF XLF VS S&P. Note the positive months of September through November.

Looking at XLF’s daily chart below, it broke above $42.50, catapulting into all-time high territory. Buying momentum, based on the Chaikin Money Flow (CMF) reading, appears to be increasing. Currently, XLF is outperforming the S&P 500 by over 29%. If the seasonality projections remain consistent, XLF may be headed for a breather before ending the year with a strong rally.

CHART 2. DAILY CHART OF XLF. The ETF launched into all-time highs!

Industrial Select Sector SPDR Fund (XLI)

56% average higher-close rate2.2% cumulative seasonal returnDividend 1.47%

The Industrial sector has two months of seasonal strength and weakness. The strongest month, November, sees a 78% higher close rate relative to the S&P 500 and a 1.8% average return (see chart below).

CHART 3. 10-YEAR SEASONALITY CHART OF XLI VS S&P 500.  Note the two strong months and December’s negative average.

Looking at XLI’s daily chart below, we can see it broke above $126 into all-time high territory. Like XLF, it’s outperforming the S&P 500 by over 29%. However, the buying pressure appears to be dwindling, so maybe the August seasonal weakness will materialize this year. If it does, that might present a buying opportunity for investors looking to get into a position. Additionally, watch for instances where decreasing momentum foreshadowed pullbacks.

CHART 4. DAILY CHART OF XLI. Most of the time, buying/selling pressure was an indicator of pullbacks and rallies.

Energy Select Sector SPDR Fund (XLE)

42% average higher-close rate2.1% cumulative seasonal returnDividend 3.18%

September is the Energy sector’s strongest month against the S&P 500 for the second half of the year (see chart below). From that point on, the seasonal returns become increasingly negative, and the higher-close rate falls under 50%.

CHART 5. 10-YEAR SEASONALITY CHART OF XLE vs. S&P 500. Most positive returns in the latter half tend to be made in September and October.

Looking at XLE’s daily chart, it’s clear that momentum (see blue rectangle) has decreased and shows no sign of directionality. XLE is outperforming the S&P 500 by over 29%, but what’s fueling the rally? If XLE surpasses the resistance level of $92.50, it will be important to monitor the subsequent three resistance levels (all swing highs). Keep in mind the seasonal pattern, where September has historically provided the highest returns, but a negative trend emerges toward the end of the year.

CHART 6. DAILY CHART OF XLE. Is the momentum sputtering?

Materials Select Sector SPDR Fund (XLB)

62% average higher-close rate1.9% cumulative seasonal returnDividend 1.93%

Materials’ higher-close rates from September to December are high, but the returns (again, relative to the S&P 500) are generally low. November shows the most favorable month, seasonality-wise (see chart below).

CHART 7. 10-YEAR SEASONALITY CHART OF XLB vs. S&P. Regarding the higher-close rates, the last four months of the year tend to be steady, though the average returns fluctuate.

Looking at the XLB chart below, the ETF has two levels of resistance before launching into an all-time high. XLB is challenging the first level, $92. To establish a record high, XLB needs to surpass the second level, $93.

CHART 8. DAILY CHART OF XLB. Two levels of resistance ahead before entering record-high territory.

Buying pressure appears to be slowing, but, seasonality-wise, you might expect weakness in August and September (despite the latter’s higher closing rates) before anticipating steady performance until the end of the year.

At the Close

Seasonality can feel like a historical cheat sheet. The most favorable picks for September to December? XLF, XLI, XLE, and XLB have all outperformed the S&P 500 during this period over the last decade. But hold up—before diving in, check the technicals and fundamentals. Seasonality is a great guide, but a complete picture is key for making smarter investing decisions.

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.

In this edition of StockCharts TV‘s The Final Bar, Dave comments on the Newer Dow Theory signal, improving market breadth conditions, impact of lower interest rates, and key levels to watch for GLD, UNH, CAT, and BAC. He also breaks down today’s rally driven by small caps and value stocks as the technology sector registered a rare down day.

This video originally premiered on July 16, 2024. Watch on our dedicated Final Bar page on StockCharts TV!

New episodes of The Final Bar premiere every weekday afternoon. You can view all previously recorded episodes at this link.

In this video from StockCharts TV, Julius looks at the markets from an asset allocation perspective using various RRGs. Stocks are (still) beating bonds, while commodities are rotating out of favor and the USD is losing steam. BTC is jumping higher off support, and the Yield Curve is steepening against the longer-term flattening trend.

This video was originally broadcast on July 16, 2024. Click anywhere on the icon above to view on our dedicated page for Julius.

Past episodes of Julius’ shows can be found here.

#StayAlert, -Julius

In this edition of StockCharts TV‘s The Final Bar, Dave recaps a strong Monday for value stocks, with the Financial and Energy sectors leading the S&P 500 and Nasdaq to new highs. He shares an update on the Hindenburg Omen, how Bitcoin has regained its 200-day moving average, and key levels to watch for XLE, FANG, APA, XLF, GS, KEY, and AMZN.

See Dave’s chart on new 52-week highs and lows here!

This video originally premiered on July 15, 2024. Watch on our dedicated Final Bar page on StockCharts TV!

New episodes of The Final Bar premiere every weekday afternoon. You can view all previously recorded episodes at this link.

Carvana (CVNA) stock has recently appeared in the StockChartsTechnical Rank (SCTR) Top 10 list, which makes it a stock worth analyzing. If you look at Carvana’s stock chart (discussed in detail below), you’ll see that besides hitting new 52-week highs, it has shown some interesting price movement in the last year. The stock price gapped up on the last two earnings reports, leading to stock upgrades from analysts.

Going back to early 2023, you’ll notice that Carvana’s SCTR score crossed above the 70 level in May 2023 (see upper panel). Even though the SCTR score crossed above 80 and 90, albeit briefly, it fell below the 70 level relatively fast.

Another attempt to cross above the 70 level was made, but that was very choppy. At the end of May 2023, Carvana’s SCTR score crossed above 90 and stayed there until January 9, 2024. Since February 2024, the SCTR score has sustained its position above 90. Will Carvana stock see a follow-through to the upside?

A Deep Dive Into Carvana Stock

The daily stock chart of Carvana below shows the stock is trading above its 21-day exponential moving average (EMA), and a pattern of higher highs and higher lows is in play. The relative strength index (RSI) is just above 70, which means there’s potential for further upside in Carvana’s stock price.

CHART 1. DAILY CHART OF CARVANA STOCK. The stock is moving higher, trading above its 21-day EMA, and its RSI has just crossed into overbought territory. Chart source: StockCharts.com. For educational purposes.

The weekly chart of CVNA (see below) looks even more promising. The overall trend this year is up, and the RSI has crossed the 70 level. What’s interesting is that if you look at the RSI in the past couple of times it’s been above 70, you’ll notice that, each time it subsequently dipped below 70, it was a “buy the dip” opportunity.

CHART 2. WEEKLY CHART OF CARVANA’S STOCK PRICE. Carvana has plenty of upside room before it reaches its all-time high. With this year’s uptrend and an RSI that helps identify price dips, there is the likelihood of buying on a dip.Chart source: StockCharts.com. For educational purposes.

The RSI remained above 50, and the upward-sloping trendline remained intact. Both are indications the uptrend in Carvana’s stock price is solid. What’s even more positive on the weekly chart is that there’s a lot of room for upside movement. Carvana’s all-time high is over $350. 

Carvana’s stock price today is around $142. The stock has caught Wall Street’s attention ahead of earnings. Carvana reports Q2 earnings on July 31 after the close. Carvana stock has been in the news lately; it’s made strides in electric vehicle sales, allowing buyers to get tax credits at the point of sale. Analysts are also making buy recommendations for Carvana. Carvana’s stock price has a lot going for it, and the technicals look great. 

The bottom line: Add Carvana’s stock chart to your ChartList and look to take advantage of a dip in the stock’s price. According to a Barron’s report, Carvana’s stock price is volatile, mainly due to short selling, so dips are highly likely.

Earnings are coming into focus and today Erin looks at the big earnings stocks to find out which look the best going into earnings. She took the list of stocks and sorted them by the Price Momentum Oscillator (PMO) which put the strongest stocks at the top of the list. Find out which stocks are set up best going into earnings!

Carl talks about finding high dividend payers using the list of stocks in dividend paying ETFs. Find the aristocrats using the Symbol Summary on StockCharts to find the links to the ETF websites for more information. Some ETFs to consider: TBG, NOBL and KNGS.

Carl opens with the market reaction to the Trump assassination attempt. He also gives us his market outlook that covers Bitcoin, Gold, the Dollar, Gold Miners, Crude Oil, Yields and more! Finally he covers the movement of the Magnificent Seven.

Erin shares her thoughts on current sector rotation with a review of the sector CandleGlance followed by her earnings discussion and symbol requests.

01:24 Market Overview

16:16 Dividend Aristocrat Discussion

22:41 Questions (UNG, AMZN)

28:48 Sector Rotation

33:09 DP Signal Tables

34:36 Earnings PMO Sort

42:18 Symbol Requests

JOIN US LIVE! Register on the DecisionPoint.com homepage!

Watch the latest episode of the DecisionPointTrading Room on DP’s YouTube channel here!

Try us out for two weeks with a trial subscription!

Use coupon code: DPTRIAL2 at checkout!

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

(c) Copyright 2024 DecisionPoint.com

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. 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.

DecisionPoint is not a registered investment advisor. Investment and trading decisions are solely your responsibility. DecisionPoint newsletters, blogs or website materials should NOT be interpreted as a recommendation or solicitation to buy or sell any security or to take any specific action.

Helpful DecisionPoint Links:

Trend Models

Price Momentum Oscillator (PMO)

On Balance Volume

Swenlin Trading Oscillators (STO-B and STO-V)

ITBM and ITVM

SCTR Ranking

Bear Market Rules

Good morning and welcome to this week’s Flight Path. It was another strong week for U.S. equities as we saw S&P hit new highs on a week of strong blue “Go” bars. Treasury bond prices had a good weeks as well with a string of blue “Go” bars and the U.S. commodity index was able to remain in a “Go” trend although we did see some weakness with aqua bars as the week came to a close. The dollar was the only asset this week that fell out of its “Go” trend. We saw some uncertainty as price dropped and GoNoGo Trend painted a couple of amber “Go Fish” bars.

$SPY Paints Countertrend Correction Icon at New Highs

Equity prices continued higher this week and GoNoGo Trend painted uninterrupted strong blue “Go” bars. Late in the week we saw a Go Countertrend Correction Icon (red arrow) at the high indicating that price may struggle to go higher in the short term. When we look at the oscillator panel we can see that it fell out of overbought levels but has quickly returned showing sustained market enthusiasm. We will watch to see if momentum wanes this week and will look for price to consolidate at these new higher levels.

Strong “Go” trend. That is the reading from the weekly chart. Another higher weekly close on a strong blue “Go” bar is what we are seeing here. If we look at the oscillator panel we see that we are staying in overbought territory and so we do not see momentum falling off enough to trigger a countertrend correction icon (red arrow) on the price chart.

Treasury Rates in Strong “NoGo” Trend

This week confirmed the “NoGo” picture that had emerged.  GoNoGo Trend painted a whole week of strong purple “NoGo” bars and price made a new lower low. When we look to the oscillator panel we can see that GoNoGo Oscillator fell back through the zero line after a few bars in a GoNoGo Squeeze and is now in negative territory at a value of -2. This tells us that momentum is resurgent in the direction of the “NoGo” trend and so we see a NoGo Trend Continuation Icon (red circle) on the price chart.

Dollar Displays Uncertainty

Last week GoNoGo Trend informed us that the “Go” trend was weak after it fell away from its most recent high and painted a number of weaker aqua “Go” bars. This week we saw price fall further, gapping lower mid week. This led to GoNoGo Trend painting a couple of amber “Go Fish” bars telling us that not enough of the GoNoGo criteria are being met to determine a trend in either direction. If we look to the GoNoGo Oscillator for clues, we can see that it has failed at zero, and is dropping fast toward oversold territory. There is negative momentum here.

The weekly chart still tells us that we are hanging on to the longer term “Go” trend. After a destructive week, we are trading close to levels that could well suggest support. As GoNoGo Oscillator falls toward the zero line, we will watch to see if it finds support at that level. If it does, we will expect the “Go” trend to continue.