REPUBLICANS VOTING FOR HARRIS (excerpted from The Cap Times)
“We need to think in longer terms that the fight against Trumpism and the extremism that he has mainstreamed and amplified is going to be with us for some time, but the beginning of the Republican Party moving away from the conspiracy theories, the lies, the raw bigotry that we are seeing in this extremely ugly campaign is to defeat Donald Trump... I understand that there are people who would like to keep their hands clean, who have that warm, fuzzy feeling of being above the fray by writing in George Washington or writing in Edmund Burke or writing in Ronald Reagan, but (those names) are not on the ballot. The only two candidates who have a chance to win this election are Kamala Harris and Donald Trump. And by voting for Kamala Harris, I think that we draw the line and say that Donald Trump should never be allowed anywhere near power again.” – Charlie Sykes, conservative Wisconsin political commentator and talk radio host. From...
https://captimes.com/news/elections/these-republicans-are-voting-for-kamala-harris-here-s-why/article_d9de36c0-8a75-11ef-8716-e3c65533326b.html
If Harris is elected, let’s look at the positive. It will be the end of Donald Trump. It is certain that Harris’ extreme agenda (nullifying the Supreme Court; ending private health insurance; ending right to work laws; etc.) will be an anathema to most Americans. This will guarantee a mid-term Republican landslide in the House and a more conservative Senate. Harris would be checked by congress (as she would be with the current Congress). What is likely to follow four years later would be a more moderate Republican President.
“The Federal Reserve Bank of Philadelphia released a report on Thursday showing regional manufacturing activity has expanded overall in the month of October. The Philly Fed said its diffusion index for current general activity jumped to 10.3 in October from 1.7 in September, with a positive reading indicating growth. Economists had expected the index to inch up to 3.0. The much bigger than expected increase by the headline index partly reflected turnarounds by new orders and shipments.” Story at...
https://www.rttnews.com/3482180/philly-fed-index-jumps-much-more-than-expected-in-october.aspx
“Consumer spending held up in September, underscoring a resilient economy... Retail sales increased a seasonally adjusted 0.4% on the month, up from the unrevised 0.1% gain in August and better than the 0.3% Dow Jones forecast...” Story at...
https://www.cnbc.com/2024/10/17/retail-sales-rose-0point4percent-in-september-better-than-expected-jobless-claims-dip.html
“The number of Americans filing new applications for unemployment unexpectedly fell last week, but could remain elevated in the near-term amid the effects of Hurricanes Helene and Milton, obscuring the labor market picture.
Initial claims for state unemployment benefits dropped 19,000 last week to a seasonally adjusted 241,000 for the week ended Oct. 12...” Story at...
https://www.reuters.com/markets/us/us-weekly-jobless-claims-unexpectedly-fall-2024-10-17/
“U.S. industrial production fell in September, weighed down by a strike at Boeing and two hurricanes, including Helene. Industrial output dropped 0.3% last month...” Story at...
https://finance.yahoo.com/news/boeing-strike-hurricane-helene-weigh-142835300.html
“U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.2 million barrels from the previous week. At 420.5 million barrels, U.S. crude oil inventories are about 5% below the five year average for this time of year.” Report at...
https://ir.eia.gov/wpsr/wpsrsummary.pdf
-Thursday the S&P 500 was little changed at 5841.
-VIX declined about 2% to 19.11.
-The yield on the 10-year Treasury rose (compared to about this time, prior trading day) to 4.096%.
XLK – Holding since the October 2022 lows. Added more 9/20.
UWM – added 7/15 & more 9/20.
QLD – added 7/24.
SSO – added 10/16.
SPY – added 9/19 & more 10/16
Today, of the 50-Indicators I track, 5 gave Bear-signs and 18 were Bullish. The rest are neutral. (It is normal to have a lot of neutral indicators since many of the indicators are top or bottom indicators that will signal only at extremes.)
The daily Bull/Bear, 50-Indicator spread (Bull Indicators minus Bear Indicators, red curve in the chart above) improved to +13 (13 more Bull indicators than Bear indicators).
Today’s Bull-Bear spread of +13 is bullish and the 10-dMA of the 50-Indicator Spread (purple line in the chart above) remains bullish. I follow the 10-dMA for trading buy-signals.
-Breadth vs the S&P 500 shows that the Index has gotten too far ahead of the rest of the market.
-My Money Trend indicator is also now suggesting a top.
I’m bullish.
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
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 that is most useful when it diverges from the Index.)
