AS OF JULY 21, 2025 – BEGINNING OUR 46TH YEAR -ALL NEWSLETTERS WILL BE PUBLISHED WEEKLY SUPPLEMENTED WITH DAILY BULLETINS AND MODEL PORTFOLIO UPDATES AS NEEDED
U.S. Stocks Close Lower Ahead Of Nvidia Earning
After showing a lack of direction throughout much of the session, stocks moved to the downside in the latter part of the trading day on Wednesday.
The major averages all moved lower late in the day partly offsetting the strong gains posted in the previous session.
The Dow declined 244.95 points or 0.6 percent to 42,098.70, the Nasdaq fell 98.23 points or 0.5 percent to 19,100.94 and the S&P 500 slid 32.99 points or 0.6 percent to 5,888.55.
The choppy trading seen for most of the day came as traders seemed reluctant to make significant moves ahead of the release of earnings news from AI darling and market leader Nvidia (NVDA).
Shares of Nvidia, which is scheduled to release its fiscal first quarter results after the close of today’s trading, decreased by 0.5 percent on the day.
Lingering uncertainty about President Donald Trump’s trade policies may also have kept some traders on the sidelines following recent volatility.
Trump’s threat to impose 50 percent tariffs on imports from the European Union triggered a steep drop by stocks last Friday only for his decision to delay the proposed tariffs to spark the rally on Tuesday.
Housing stocks turned in some of the market’s worst performances on the day, dragging the Philadelphia Housing Sector Index down by 2.4 percent.
Considerable weakness also emerged among utilities stocks, as reflected by the 1.6 percent loss posted by the Dow Jones Utility Average.
Steel, oil producer and transportation stocks also moved to the downside, while gold stocks moved higher despite a modest decrease by the price of the precious metal.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Wednesday. Japan’s Nikkei 225 Index and China’s Shanghai Composite Index closed just below the unchanged line, while South Korea’s Kospi surged by 1.3 percent.
Meanwhile, the major European markets all moved to the downside on the day. While the German DAX Index slid by 0.8 percent, the U.K.’s FTSE 100 Index fell by 0.6 percent and the French CAC 40 Index decreased by 0.5 percent.
In the bond market, treasuries gave back ground after moving notably higher over the past few sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 4.3 basis points at 4.477 percent.
JD Vance says “crypto finally has a champion” in the White House during Bitcoin conference speech
Vice President JD Vance on Wednesday touted the Trump administration’s ties with the cryptocurrency industry — a once-fringe business that President Trump and his allies have embraced in recent months.
“I’m here today to say loud and clear, with President Trump, crypto finally has a champion and an ally in the White House,” Vance told the Bitcoin 2025 Conference in Las Vegas.
The Trump administration has leaned into cryptocurrency, looking to ease regulations, promote growth in the industry, and bring it into the mainstream. A longstanding backer of cryptocurrencies, Vance owned between $250,000 and $500,000 worth of Bitcoin, according to an August 2024 financial disclosure.
“We want our fellow Americans to know that crypto and digital assets and particularly Bitcoin, are part of the mainstream economy, and are here to stay,” Vance said Wednesday.
Vance said it’s been a while since he’s been to a conference with “this level of energy,” adding, “but I promise I’m not just saying that to juice my own memecoins.” Vance gave few policy specifics in his speech. But he insisted that, through decentralized finance, crypto has “transformed” how Americans make transactions and acts as a “hedge” against bad policy.
“Crypto is a hedge against bad policymaking from Washington, no matter what party’s in control,” he said. “It’s a hedge against skyrocketing inflation, which has eroded the real savings rates of Americans over the last four years. And as you all know well, it’s a hedge against a private sector that’s increasingly willing to discriminate against consumers on the basis of their basic beliefs, including their politics.”
Vance urged Congress to pass the GENIUS Act, which would create a regulatory framework for stablecoins. Stablecoins are a type of crypto tied to an underlying asset such as the U.S. dollar.
“In this administration, we do not think that stablecoin’s threatened the integrity of the United States dollar, quite the opposite,” Vance said Wednesday. “In fact, we view them as a force multiplier of our economic might.”
Vance said he knows a lot of people in 2024 chose to “speak up” and “get involved,” and he needs them to step up again.
“Unless you guys get involved in politics, politics is going to ignore this industry,” Vance said. “… While Bitcoin is digital, none of you are. None of us are. What happens in the world of politics, what happens in the world of bureaucracy, it will affect even the most transformational and valuable technologies if we don’t make the right decisions. So the first piece of advice, the first thing that I’d ask you, is to take the momentum of your political involvement in 2024 and carry it forward to 2026 and beyond.”
The Las Vegas event is also featuring a handful of other Trump backers: His two eldest sons Donald Trump Jr. and Eric Trump, who have invested in crypto ventures, are speaking Wednesday on a panel about “the rise of new bitcoin business models.” Chris LaCivita, who co-managed Mr. Trump’s 2024 campaign, and David Sacks, a venture capitalist who serves as the White House’s crypto czar, spoke on Tuesday.
Vance is the highest-ranking sitting politician to address the Bitcoin Conference, which describes itself as “the world’s largest gathering of bitcoiners” and often draws crypto-friendly lawmakers. Mr. Trump, then a presidential candidate, was the headline speaker last year.
Vance headlined a fundraiser hosted by MAGA Inc. on Tuesday night in Las Vegas, where tickets were priced at $1 million a head, CBS News has learned. The fundraiser was first reported by The Washington Post.
Vlad Tenev, CEO of Robinhood, the popular trading platform for stocks and crypto, told CBS News at the conference that the Trump administration’s approach to the crypto industry is welcome news.
“Under the previous administration, we have been subject to…it was basically a carpet bombing of the entire industry,” Tenev said.
“And now suddenly, you’re allowed to play some offense…And we have an administration that’s open to the technology,” he added.”
Bitcoin — and cryptocurrency more generally — has grown in prominence and drawn allies from both parties, despite skepticism about its volatility. The price of Bitcoin, the world’s most widely used cryptocurrency, has leaped nearly 60% in the last year.
Mr. Trump was once a crypto skeptic, calling Bitcoin a “scam” whose value is “based on thin air.” But in his second term, he has enthusiastically boosted crypto and promised to reverse strict Biden-era regulations.
Mr. Trump and his family also have financial interests in crypto, which makes up $2.9 billion of his net worth, according to one recent report. Trump Media and Technology Group, the parent company of Truth Social, announced Tuesday it is raising $2.5 billion to invest in Bitcoin.
Meanwhile, businesses linked to the president launched a Trump-branded “meme coin” earlier this year, and Mr. Trump hosted the digital currency’s top investors at his Virginia golf club last week. The president and his sons are linked to crypto exchange World Liberty Financial. And Eric Trump co-founded a Bitcoin mining venture that’s seeking to go public.
The moves have drawn criticism from Democrats and some ethics experts who argue Mr. Trump’s crypto ventures pose a conflict of interest, and investing in them could be a quick route to gaining access to the president.
Tenev weighed in on Trump’s personal investment in crypto.
“Of course, it is a potential conflict,” Tenev said, but added, “The idea that they’re motivated by personal gain…I don’t know if that has too much backing in fact.”
The GENIUS Act, the once-bipartisan Senate bill aimed at regulating stablecoins, bled support after Democratic lawmakers pushed for restrictions on elected officials buying or selling crypto — with some Democrats directly citing Mr. Trump’s crypto investments. Senators ultimately voted to advance the bill earlier this month.
The White House has strongly denied any conflict-of-interest issues, saying Mr. Trump’s assets are held in a trust managed by his children.
NEXT PODCAST THURSDAY NIGHT
https://www.howestreet.com/2025/05/wall-street-could-continue-sell-off-mark-leibovit/
Tags: Elon Musk Donald Trump big beautiful bill
Elon Musk Is Leaving the Trump Administration
Elon Musk is leaving his government role as a top adviser to President Donald Trump after spearheading efforts to reduce and overhaul the federal bureaucracy.
The billionaire entrepreneur posted Wednesday about his decision on X, his social media website.
“As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending,” he wrote. “The @DOGE mission will only strengthen over time as it becomes a way of life throughout the government.”
A White House official, who requested anonymity to talk about the change, confirmed that Musk was leaving.
Musk’s departure comes one day after he criticized the centerpiece of Trump’s legislative agenda, saying he was “disappointed” by what the president calls his “big beautiful bill.”
The legislation includes a mix of tax cuts and enhanced immigration enforcement. While speaking to CBS, Musk described it as a “massive spending bill” that increases the federal deficit and “undermines the work” of his Department of Government Efficiency, known as DOGE.
“I think a bill can be big or it could be beautiful,” Musk said. “But I don’t know if it could be both.”
His CBS interview came out Tuesday night. Trump, speaking in the Oval Office on Wednesday, defended his agenda by talking about the delicate politics involved with negotiating the legislation.
“I’m not happy about certain aspects of it, but I’m thrilled by other aspects of it,” he said.
Trump also suggested that more changes could be made.
“We’re going to see what happens,” he said. “It’s got a way to go.”
Republicans recently pushed the measure through the House and are debating it in the Senate.
Musk’s concerns are shared by some Republican lawmakers. “I sympathize with Elon being discouraged,” said Wisconsin Sen. Ron Johnson.
Speaking at a Milwaukee Press Club event on Wednesday, Johnson added that he was “pretty confident” there was enough opposition “to slow this process down until the president, our leadership, gets serious” about reducing spending. He said there was no amount of pressure Trump could put on him to change his position.
Speaker Mike Johnson has asked senators to make as few changes to the legislation as possible, saying that House Republicans reached a “very delicate balance” that could be upended with major changes. The narrowly divided House will have to vote again on final passage once the Senate alters the bill.
On Wednesday, Johnson thanked Musk for his work and promised to pursue more spending cuts in the future, saying “the House is eager and ready to act on DOGE’s findings.”
The White House is sending some proposed rescissions, a mechanism used to cancel previously authorized spending, to Capitol Hill to solidify some of DOGE’s cuts. A spokesperson for the Office of Management and Budget said the package will include $1.1 billion from the Corporation of Public Broadcasting, which funds NPR and PBS, and $8.3 billion in foreign assistance.
Musk’s criticism come as he steps back from his government work, rededicating himself to companies like the electric automaker Tesla and rocket manufacturer SpaceX. He’s also said he’ll reduce his political spending, because “I think I’ve done enough.”
At times, he’s seemed chastened by his experience working in government. Although he hoped that DOGE would generate $1 trillion in spending cuts, he’s thus far been short of that target.
“The federal bureaucracy situation is much worse than I realized,” he told The Washington Post. “I thought there were problems, but it sure is an uphill battle trying to improve things in D.C., to say the least.”
Musk had previously been energized by the opportunity to reshape Washington. He wore campaign hats in the White House, held his own campaign rallies, and talked about excessive spending as an existential crisis. He often tended to be effusive in his praise of Trump.
“The more I’ve gotten to know President Trump, the more I like the guy,” Musk said in February. “Frankly, I love him.”
Trump repaid the favor, describing Musk as “a truly great American.” When Tesla faced declining sales, he turned the White House driveway into a makeshift showroom to illustrate his support.
It’s unclear what, if any, impact that Musk’s comments about the bill would have on the legislative debate. During the transition period, he helped whip up opposition to a spending measure as the country stood on the brink of a federal government shutdown.
His latest criticism could embolden Republicans who want bigger spending cuts. Republican Utah Sen. Mike Lee reposted a Fox News story about Musk’s interview while also adding his own take on the measure, saying there was “still time to fix it.”
“The Senate version will be more aggressive,” Lee said. “It can, it must, and it will be. Or it won’t pass.”
Only two Republicans — Reps. Warren Davidson of Ohio and Thomas Massie of Kentucky — voted against the bill when the House took up the measure last week.
Davidson took note of Musk’s comments on social media.
“Hopefully, the Senate will succeed with the Big Beautiful Bill where the House missed the moment,” he wrote. “Don’t hope someone else will cut deficits someday, know it has been done this Congress.”
The Congressional Budget Office, in a preliminary estimate, said the tax provisions would increase federal deficits by $3.8 trillion over the decade, while the changes to Medicaid, food stamps and other services would reduce spending by slightly more than $1 trillion over the same period.
House Republican leaders say increased economic growth would allow the bill to be deficit-neutral or deficit-reducing, but outside watchdogs are skeptical. The Committee for a Responsible Federal Budget estimates the bill would add $3 trillion to the debt, including interest, over the next decade.
WHO IS MARK LEIBOVIT?
MARK LEIBOVIT is Chief Market Strategist for LEIBOVIT VR NEWSLETTERS a/k/a VRTrader.Com. His technical expertise is in overall market timing and stock selection based upon his proprietary VOLUME REVERSAL (TM) methodology and Annual Forecast Model.
Mark’s extensive media television profile includes seven years as a consultant ‘Elf’ on “Louis Rukeyser’s Wall Street Week” television program, and over thirty years as a Market Monitor guest for PBS “The Nightly Business Report”. He also has appeared on Fox Business News, CNBC, BNN (Canada), and Bloomberg, and has been interviewed in Barrons, Business Week, Forbes and The Wall Street Journal and Michael Campbell’s MoneyTalks.
In the January 2, 2020 edition of TIMER DIGEST MAGAZINE, Mark Leibovit was ranked the #1 U.S. Stock Market Timer and was previously ranked #1 Intermediate U.S. Market Timer for the ten year period December, 1997 to 2007.
He was a ‘Market Maker’ on the Chicago Board Options Exchange and the Midwest Options Exchange and then went on to work in the Research department of two Chicago based brokerage firms. Mr. Leibovit now publishes a series of newsletters at www.LeibovitVRNewsletters.
Mr. Leibovit’s specialty is Volume Analysis and his proprietary Leibovit Volume Reversal Indicator is well known for forecasting accurate signals of trend direction and reversals in the equity, metals and futures markets. He has historical experience recognizing, bull and bear markets and signaling alerts prior to market crashes. His indicator is currently available on the Metastock platform.
His comprehensive study on Volume Analysis, The Trader’s Book of Volume published by McGraw-Hill is a definitive guide to volume trading. It is now also published in Chinese. Mark has appeared in speaking engagements and seminars in the U.S. and Canada.
Yes, that’s a cartoon of me. Louis Rukeyser had us dressed up in ‘elf’ costumes on the screen broadcast each week. I’ve dated myself. That occurred for me between 1988-1996. Lou didn’t like any bearish comments, so myself and other elves got dumped in 1996.
I APPEARED AS A GUEST PANELIST WITH LOUIS RUKEYSER ONE MONTH BEFORE IN MID-SEPTEMBER 1987!
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DISNEY IS AS GUILTY AS ABC – ABC NEEDS TO BE SOLD – PERHAPS TO THE DEMOCRATS OR PERHAPS COMMUNIST CHINA
FCC chair Brendan Carr sent a letter to Disney CEO Robert Iger stating, “Numerous reports indicate that Disney’s leadership went all in on invidious forms of D.E.I. discrimination a few years ago and did so in a manner that infected many aspects of your company’s decisions.”
ABC News does not fall under the FCC’s purview, but ABC’s eight-owned and operated stations are, and it wants to review whether they have violated any FCC equal employment opportunity regulations.
In addition, the FCC will also look at ABC’s policy that at least 50 percent of characters in TV pilots be from underrepresented groups.
For its part, Disney, in a statement, said, “We are reviewing the Federal Communications Commission’s letter, and we look forward to engaging with the commission to answer its questions.”
This is familiar territory for ABC News, which has already come under scrutiny from President Donald Trump. Last December, the news division settled its lawsuit with the president for $15 million over comments that anchor George Stephanopoulos made on a March 10, 2024 edition of his Sunday show, This Week.
As part of the settlement, the network included an editor’s note in the online article accompanying the broadcast, which stated: “ABC News and George Stephanopoulos regret statements regarding President Donald J. Trump made during an interview by George Stephanopoulos with Rep. Nancy Mace.”
The Associated Press reports that Disney has altered some of its D.E.I. positions in recent months. For example, it has changed the language at the beginning of some of its movies from “negative depictions and/or mistreatment of peoples or culture” to “this program is presented as originally created and may contain stereotypes or negative depictions.”
It joins NBCUniversal and Paramount Global as media companies with ties to news operations receiving the FCC treatment since the beginning of the second term of the Donald Trump administration.
The FCC does not have direct jurisdiction over NBCUniversal properties. Still, the news division could be affected by the outcome of the investigation due to its parent company, Comcast, cable and high-speed internet business, as they fall under the regulatory oversight umbrella of the FCC.
NBCUniversal is also expected to finalize the spinning off of its cable units into a separate company in the next few months, which will require government approval.
Meanwhile, Paramount Global is in the final stages of its merger with Skydance Media and needs government approval, too. On top of that, CBS News’ Sunday night newsmagazine, 60 Minutes, is facing a $20 billion lawsuit brought on by the president, who alleges the news network engaged in “deceitful” editing of a 60 Minutes interview with former Vice President Kamala Harris.
Carr made an official request for the unedited interview transcript, leading the network to publicly release the transcript and video footage of the interview on its website.
WARNER DISCOVERY IS AS GUILTY AS CNN – CNN NEEDS TO BE SOLD – PERHAPS TO THE DEMOCRATS OR PERHAPS COMMUNIST CHINA
A YEAR OLD BUT STILL A GOOD ARTICLE
https://slate.com/business/2024/02/cnbc-investing-advice-bad-making-money.html
THE CASE FOR ABOLISHING THE FEDERAL RESERVE
https://www.youtube.com/@NewsmaxTV/featured
COME ON, DAD. IT’S TIME TO EAT
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