https://michaelpramirez.com/index.html
“If the EPA’s new power plant rule survives court challenge, it will force the retirements of nearly all remaining coal generation plants and will prevent the construction of vitally needed new combined-cycle baseload gas generation,” Christie wrote in his letter. “This loss of vitally needed dispatchable generation resources will be catastrophic. There is very little FERC can do to reverse the effects of the EPA’s power plant regulation. FERC, as well as state regulators, who are responsible for resource adequacy in their states, will have to attempt to mitigate the negative consequences of the rule on reliability and consumer costs. I emphasize, however, that once critically needed power plants retire, they are gone.” - Mark Christie Letter, Commissioner Federal Energy Regulatory Commission....
My cmt: Once again we note that Politicians are just passing laws without a plan and without properly considering consequences. The President should first develop a plan to transition from fossil fuels. But as previously seen, there will be no transition until non-fossil fuel alternatives are less costly than existing....
When politicians tell you the green transition is here and we need to get on board, they are really just asking voters to support them throwing more good money after bad. We need to be much smarter.” - Bjorn Lomborg, President of the Copenhagen Consensus, Visiting Fellow at Stanford University’s Hoover Institution, and author of “False Alarm.” Story at...
We are wasting $2 trillion a year chasing ‘green’ fantasies (msn.com)
“Until the global financial crisis, there used to be a near one-to-one relation between the total amount of U.S. currency in circulation and the size of the Fed’s portfolio. This stopped when the Fed adopted quantitative easing, and its securities holdings began to exceed the amount of U.S. currency.
Before the global financial crisis, the amount of currency outstanding and the Fed’s balance sheet were each in the $800 billion to $900 billion range. By 2016, the number of dollar bills used by the global economy had gradually increased to $1.5 trillion, but quantitative easing meant that the Fed’s balance sheet had ballooned to $4.5 trillion. Thus, the government had been printing money to the tune of $3 trillion...Even today, the difference between the size of the Fed’s balance sheet and the amount of dollar bills in circulation remains at $4.9 trillion.
Milton Friedman warned against the perils of good intentions. Quantitative easing was well intended. But we’ll be stuck with its inflationary effects for years to come.” - Jerry H. Tempelman, C.F.A., WSJ Letters. Opinions at...
https://www.wsj.com/opinion/were-stuck-with-quantitative-easing-effects-inflation-6d7bb334
“A recent study confirms that universal basic income—no-strings-attached benefit checks offered to recipients regardless of need or contribution to the program—discourages work. That’s relevant to the presidential race. Kamala Harris has called more than once for paying UBI-like benefits.” – Matt Weidinger, Senior fellow at the American Enterprise Institute. Opinion at...
https://www.wsj.com/opinion/kamala-harris-will-pay-you-not-to-work-7e8d4f02
“Consumer sentiment was essentially unchanged for the fourth consecutive month, inching up 1.4 index points. With election developments dominating headlines this month, sentiment for Democrats climbed 6% in the wake of Harris replacing Biden as the Democratic nominee for president. For Republicans, sentiment moved in the opposite direction, falling 5% this month. Sentiment of Independents, who remain in the middle, rose 3%.” Report at...
http://www.sca.isr.umich.edu/
“U.S. single-family homebuilding dropped to near a 1-1/2-year low in July due in part to Hurricane Beryl's disruption of activity...
Single-family housing starts, which account for the bulk of homebuilding, tumbled 14.1%...Permits for future construction of single-family homes slipped 0.1% [in July]...” Story at...
https://finance.yahoo.com/news/us-single-family-housing-starts-124608549.html
-Friday the S&P 500 rose about 0.2% to 5554.
-VIX slipped about 2% to 14.93.
-The yield on the 10-year Treasury declined to 3.883% (compared to this time, prior trading day).
XLK – Holding since the October 2022 lows.
XLK – added more 7/26. This reestablishes the position I had before this recent weakness.
UWM – added 7/15.
QLD – added 7/24.
The Bull/Bear Spread count moved more to super-bull side at zero Bear-signs and 20-Bull. (The rest are neutral. It is normal to have a lot of neutral indicators since many of those are top or bottom indicators that will signal only at extremes.)
Today there were Zero Bear-signs in the 50-indicators. Needless to say, that’s very bullish. It’s almost scary bullish since the only way to go from here may be down. But really, it should not be a problem. We expect very bullish signs at the end of a correction and we just finished an 8.5% correction. There is still plenty of upside before the index get’s to its upper trend line.
I’m bullish. What’s not to like.
TODAY’S RANKING OF 15 ETFs (Ranked Daily) ETF ranking follows:
The top ranked ETF receives 100%. The rest are then ranked based on their momentum relative to the leading ETF. Utilities are leading momentum due to the flight-to-safety trade. I think Technology (XLK) is probably the best ETF to own now based on recent price action.
http://navigatethestockmarket.blogspot.com/p/exchange-traded-funds-etf-ranking.html
For more details, see NTSM Page at…
https://navigatethestockmarket.blogspot.com/p/a-system-for-trading-dow-30-stocks-my_8.html
My basket of Market Internals improved to BUY. (My basket of Market Internals is a decent trend-following analysis of current market action, but should not be used alone for short term trading. They are most useful when they diverge from the Index.)
