“Trade what you see; not what you think.” – The Old Fool, Richard McCranie, trader extraordinaire.
Fed Chair Powell is ignoring the greatest threat to our economy: climate risk (msn.com)
My cmt: The National Climate Assessment is a product of the Biden-Harris Administration and one suspects that it is grossly politicized.
“The IPCC scenarios assume an average global annual growth rate of about 2 percent through 2100; the climate impact would then be a 0.04 percent decrease in that 2 percent growth rate, for a resulting growth rate of 1.96 percent. In other words...contrary to popular belief, even the official assessment reports indicate that significant human-induced climate change would have negligible net economic impact on either the world or the US economies by the end of this century.” - Dr Steven Koonin, Former director of the Center for Urban Science and Progress at New York University. From 2009 to 2011, he was Under Secretary for Science, Department of Energy, in the Obama administration. From...
https://www.promarket.org/2021/08/11/unsettled-climate-change-economy-steve-koonin/
“A blistering exposé from The Washington Post is casting new aspersions on the oversight -- or lack thereof -- stemming from President Joe Biden's administration. "Forbidden Russian oil flows into the Pentagon supply chain," the ominous, exclusive report warned readers right off the bat. The Motor Oil Hellas refinery on the Aegean Sea in Greece is at the center of this Washington Post investigation...According to The Post, the refinery "obscured Russia’s imprint as ownership of the products changed hands multiple times before they reached Greece." Story at...
Bombshell: Biden Pentagon Exposed for Buying Russian Fuel Oil, Evading Wartime Sanctions - Report (msn.com)
America is now paying more in gross interest on its record $33 trillion debt than on national defense — here's who holds the IOUs (msn.com)
“As Judge Sarah Wallace puts it in her 102-page decision: “The court finds that . . .Trump engaged in an insurrection on January 6, 2021 through incitement, and that the First Amendment does not protect Trump’s speech.” ...after determining the correctness of the last premise, Judge Wallace veered off the course of sensible constitutional interpretation. She held that a president is not a federal “officer” and that the framers of Section 3 intended to allow an insurrectionist president to hold future office.” Story at...
A Colorado court makes it official: Trump is an insurrectionist (msn.com)
My cmt: Other cases in Minnesota and Michigan only ruled that Trump could appear on primary ballots. Those courts noted that it was still an open question whether Trump could be on the final Presidential ballot.
“The US LEI trajectory remained negative, and its six- and twelve-month growth rates also held in negative territory in October,” said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board. “Among the leading indicators, deteriorating consumers’ expectations for business conditions, lower ISM® Index of New Orders, falling equities, and tighter credit conditions drove the index’s most recent decline. After a pause in September, the LEI resumed signaling recession in the near term.” Press release at...
https://www.conference-board.org/topics/us-leading-indicators
-Monday the S&P 500 rose about 0.7% to 4547.
-VIX dipped about 3% to 13.44.
-The yield on the 10-year Treasury dipped to 4.422%.
-Drop from Top: 5.9%. 25.4% max (on a closing basis).
-Trading Days since All-Time Top: 473-days. (The top was 3 January 2022.)
The S&P 500 is 6.5% ABOVE its 200-dMA 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 major bear-market bottom (25% decline) was in the 3600 area and we called a buy on 4 October 2022.
XLK – Technology ETF (holding since the October 2022 lows).
XLY - Consumer Discretionary ETF. (Holding since the October 2022 lows - I bought more XLY Monday, 8/21.)
SPY – I bought a large position in the S&P 500 Friday, 8/14, in my 401k (it has limited choices).
XLE – Added Tuesday, 8/22.
SSO – 2x S&P 500 ETF. Added 8/24.
MSFT – added 11/16/2023.
Volumes were about 10% below the monthly average today. As we get closer to the Thanksgiving Holiday expect volumes to fall further. As a result, the signals we get from the markets this week will be less valuable. I noticed that a lot of Rydex investors in the S&P 500 leveraged funds established short positions Friday at the close. Those investors were betting that since the S&P 500 had been up 4 days in a row, a down-day was likely today. That trade didn’t work out for them. Usually, Holiday trading is bullish. We can also look in the rear-view mirror and see a 25% correction a year ago and a 10% correction that bottomed 3 weeks ago. My guess: Now is not the time to be bearish, even for short term trades.
I remain bullish.
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:
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)
