“Disney struggles as it continues to move away from family entertainment to tales of woke.” - Michael Ramirez. Political commentary at...
https://michaelramirez.substack.com/p/michael-ramirez-snow-woke-07-25-23?r=ntzh3&utm_campaign=post&utm_medium=web
https://www.youtube.com/watch?v=uSHguukaDJQ
“Chicago-area business activity contracted at a slightly slower rate in the month of July, according to a report released by MNI Indicators on Monday. MNI Indicators said its Chicago business barometer inched up to 42.8 in July from 41.5 in June, although a reading below 50 still indicates a contraction.” Story at...
https://www.rttnews.com/amp/3380019/chicago-business-barometer-indicates-slightly-slower-contraction-in-july.aspx
“A year ago, I noted that the inverted yield curve was saying that a bottom for stock prices could be expected in 2024. But the important caveat to that expectation was that it depended upon the yield curve finishing its inversion then...We do not know yet when the most extreme point will be reached for the 10y-1y yield spread. But if it was today, then that would mean a stock market bottom in roughly May 2025. If the Fed keeps pushing up the short end of the maturity spectrum, as they did with the July 26, 2023 additional quarter point hike from the FOMC, then that postpones that bottom date for the stock market even further.” Commentary at...
https://www.mcoscillator.com/learning_center/weekly_chart/further_inversion_of_yield_curve_pushes_out_end_date_for_bear_market/
My cmt: Interesting thought...Tom McClellan thinks the bear market hasn’t bottomed yet. I don’t know about that. The S&P 500 is only 4.3% below its all-time high. If the S&P 500 breaks that, and I think the market will, then the bear is officially over.
“Scientists who signed a paper claiming a natural origin turn out not to have believed it themselves... It was natural to doubt it was a coincidence that an outbreak caused by a SARS-like coronavirus from bats began in Wuhan, China, the only city where risky experiments were being done on diverse and novel SARS-like coronaviruses from bats... On March 17, 2020, the journal Nature Medicine published a paper by five scientists, “The Proximal Origin of SARS-CoV-2,” that dismissed “any type of laboratory based scenario” for the origin of the pandemic... But Slack messages and emails subpoenaed and released by the House Oversight Select Subcommittee on the Coronavirus Pandemic suggest that some of the authors didn’t believe their own conclusions. Before, during and even after the publication of their paper, they worried privately that Covid-19 was caused by a laboratory escape, perhaps even of a genetically engineered virus.” Commentary at...
https://www.wsj.com/articles/the-covid-lab-leak-deception-andersen-nih-research-paper-private-message-52fc0c16
My cmt: The story goes into the why. Why did these scientists come out with such a strong conclusion based on limited evidence? It turns out that they were pressured into writing the paper by Dr. Fauci, director of the National Institute of Allergy and Infectious Disease, Dr. Collins, director of the National Institutes of Health, and Jeremy Farrar of the Wellcome Trust. These guys controlled research funding and were in a position to hurt the careers of the paper’s authors. I always considered right-wing criticism of Fauci to be over the top. But Fauci’s organization was funding research at the Chinese lab in Wuhan, so he, and others, had a motive to deflect criticism that would come their way. What is particularly galling, is Fauci’s frequent statements that he was just following the science. Now it appears that he rigged the science.
DEVIL COMET HEADED STRAIGHT TOWARD EARTH
‘Devil Comet’ Heading Straight Toward Earth (msn.com)
My cmt: Of course, it’s Click bait. The comet’s closest pass to the earth will be 144 million miles away.
-Monday the S&P 500 was up about 0.2% to 4589.
-VIX rose about 2% to 13.63.
-The yield on the 10-year Treasury was 3.959%.
-Drop from Top: 4.3%. 25.4% max (on a closing basis).
-Trading Days since Top: 394-days.
The S&P 500 is 12.5% ABOVE its 200-dMA (overbought) and 4.8% ABOVE its 50-dMA.
*I won’t call the correction over until the S&P 500 makes a new-high; however, evidence suggests the bottom was in the 3600 area and we called a buy on 4 October 2022.
I am not trading as much as in the past. You may wish to use the momentum charts and/or the Monday, 40-day gain charts for trading the Dow stocks and ETFs.
XLK – Technology ETF.
XLY - Consumer Discretionary ETF.
Not long ago I was seeing some significant topping signs, even though it wasn’t clear that a top was occurring at the time. Now, while the chart still looks over extended, indicators are not giving an overbought signal. Today, another Buy signal popped up. The short-term, 10-day EMA, Fosback Hi-Low Logic Index is now bullish. That is based on the number of new-52-week lows which is now very low.
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.
*For additional background on the ETF ranking system see NTSM Page at…
http://navigatethestockmarket.blogspot.com/p/exchange-traded-funds-etf-ranking.html
DOW STOCKS - TODAY’S MOMENTUM RANKING OF THE DOW 30 STOCKS (Ranked Daily)
DOW 30 momentum ranking follows:
The top ranked Stock receives 100%. The rest are then ranked based on their momentum relative to the leading Stock.
For more details, see NTSM Page at…
https://navigatethestockmarket.blogspot.com/p/a-system-for-trading-dow-30-stocks-my_8.html
MONDAY MARKET INTERNALS (NYSE DATA)
