TRUMP INDICTED (CNBC)
“Trump was hit with four serious felonies in the new indictment, accusing him of fraudulently trying to undo his loss in the 2020 election.
-The first charge, conspiracy to defraud the United States, has a maximum possible sentence of five years in prison if convicted.
-Two other charges — conspiracy to obstruct an official proceeding, and obstruction of an official proceeding — carry much heavier maximums: 20 years in prison.
-The fourth charge against Trump, conspiracy against rights, has a maximum possible sentence of 10 years behind bars.” Story at...
https://www.cnbc.com/2023/08/01/trump-indictment-live-updates-former-president-predicts-charges.html
My cmt: Very strange. California was a “free state” whose Constitution outlawed slavery.
“One of the most common tropes in our increasingly alarmist climate debate is that global warming has set the world on fire. But it hasn’t. For more than two decades, satellites have recorded fires across the planet’s surface. The data are unequivocal: Since the early 2000s, when 3% of the world’s land caught fire, the area burned annually has trended downward.” - Bjorn Lomborg, president of the Copenhagen Consensus, visiting fellow at Stanford University’s Hoover Institution and author of “False Alarm: How Climate Change Panic Costs Us Trillions, Hurts the Poor, and Fails to Fix the Planet.”
“The July Manufacturing PMI® registered 46.4 percent, 0.4 percentage point higher than the 46 percent recorded in June. Regarding the overall economy, this figure indicates an eighth month of contraction after a 30-month period of expansion... “Of the six biggest manufacturing industries, only one — Petroleum & Coal Products — registered growth in July.
https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/pmi/july/
“The number of job openings on the last business day of June stood at 9.58 million, the US Bureau of Labor Statistics (BLS) reported in the Job Openings and Labor Turnover Survey (JOLTS) on Tuesday. This reading followed 9.82 million openings in May and came in slightly below the market expectation of 9.62 million.” Story at...
https://www.fxstreet.com/news/us-jolts-preview-fed-expects-job-openings-to-decline-202308010900
“U.S. construction spending increased solidly in June and the prior month's data was revised higher, boosted by outlays in both single and multifamily housing projects. The Commerce Department said on Tuesday that construction spending rose 0.5%.” Story at...
https://finance.yahoo.com/news/us-construction-spending-rises-strongly-143713112.html
“Evidence that COVID came from a Chinese lab mounted toward a conclusive level last week: “Multiple government sources” say the very first people infected by the bug were Wuhan Institute of Virology researchers, a new report reveals...More, they were allegedly modifying a close relative of the virus with a key feature unique to it.” Story at...
It's becoming undeniable: COVID came from a Chinese lab (nypost.com)
My cmt: The story also notes that GAO reported that the Wuhan Lab was partially funded by at least $2 million of US taxpayer funds in 2014-2021.
-Tuesday the S&P 500 was down about 0.3% to 4577.
-VIX rose about 2% to 13.93.
-The yield on the 10-year Treasury rose to 4.032.
-Drop from Top: 4.3%. 25.4% max (on a closing basis).
-Trading Days since Top: 395-days.
The S&P 500 is 12.1% ABOVE its 200-dMA (overbought) and 4.3% 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 much change today. The standard deviation of daily market moves still indicates a top within the month, although we don’t expect a major top. Bear signs remain: MACD of price is bearish; the S&P 50 remains too far ahead of breadth; Smart Money (late day action is headed down and maybe a few others.
TODAY’S RANKING OF 15 ETFs (Ranked Daily)
ETF ranking follows:
*For additional background on the ETF ranking system see NTSM Page at…
http://navigatethestockmarket.blogspot.com/p/exchange-traded-funds-etf-ranking.html
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
My basket of Market Internals slipped to HOLD. (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.)