While the radical left burns American flags in the streets, we will wave Old Glory with patriotism and pride.
While the radical left attacks our National Guard tasked with protecting America’s cities, we choose to celebrate the 250th Anniversary of our great U.S. Army and honor all men and women who serve.
While the radical left calls President Donald Trump a dictator and a threat to democracy, we celebrate all that he has done to bring our great Republic back from the brink of destruction.
NBC News polling has shown that only 27 percent of registered voters view the Democratic Party positively, marking its lowest rating since the 1990s. Former Vice President Kamala Harris’s campaign manager Rob Flaherty has acknowledged the party’s declining voter support and loss of public trust.
Though I have little regard for Ukrianian President Zelensky and feel we need to hold new elections in Ukraine to determine if he really speaks for his country, he has stated that Iran is “actively working” against his country by supplying weapons and technology to Russia, stating the Islamic Republic poses a “serious threat” to Ukraine.
Host and pundit Tucker Carlson has publicly criticized President Donald Trump and other conservatives for their support of Israel’s recent military strikes on Iran. U.S. Ambassador to Israel Mike Huckabee also weighed in, saying Israel’s security remains in America’s national interest. “Seven hundred thousand Americans live in Israel,” Huckabee wrote to supporters. “That is a full Congressional district but Tucker doesn’t care.” Huckabee continued, with sarcasm, “He knows more about the Middle East than anyone. “I learned long ago that the most dangerous man in the room is the guy who doesn’t know what he doesn’t know. He will get you killed. That’s Tucker.”
Meanwhile, stocks are in trouble!
After moving modestly higher over the course of the previous session, stocks pulled back sharply during trading on Friday. The major averages all moved significantly lower, with the Dow and the S&P 500 pulling back well off yesterday’s three-month closing highs.
The major averages staged a recovery attempt in late morning trading after an early slump but moved back to the downside as the day progressed.
The Dow plummeted 769.83 points or 1.8 percent to 42,197.79, the Nasdaq plunged 255.66 points or 1.3 percent to 19,406.83 and the S&P 500 tumbled 68.29 points or 1.1 percent to 5,976.97.
With the steep drop on the day, the major averages also moved lower for the week. The Dow slumped by 1.3 percent, the Nasdaq slid by 0.6 percent and the S&P 500 fell by 0.4 percent.
The sell-off on Wall Street came amid geopolitical concerns after Israel launched a series of airstrikes against Iran earlier this morning.
The Israeli airstrikes targeting nuclear facilities and ballistic missile factories killed at least three of Iran’s senior military leaders.
Iran retaliated by launching more than 100 drones toward Israeli territory, which the Israel Defense Forces said they are working to intercept.
The attacks have led the worries about a wider conflict, and the price of crude oil spiked amid concerns about supply disruptions.
Responding to the news in a post on Truth Social, President Donald Trump urged Iran to reach a nuclear agreement before an escalation of the attacks.
“There has already been great death and destruction, but there is still time to make this slaughter, with the next already planned attacks being even more brutal, come to an end,” Trump said.
“Iran must make a deal, before there is nothing left, and save what was once known as the Iranian Empire,” he added. “No more death, no more destruction, JUST DO IT, BEFORE IT IS TOO LATE.”
Meanwhile, traders largely shrugged off a report from the University of Michigan showing a substantial improvement by consumer sentiment in the month of June.
The University of Michigan said its consumer sentiment index surged to 60.5 in June after holding at 52.2 in May. Economists had expected the index to rise to 53.5.
Sector News
Airline stocks turned in some of the market’s worst performances on the day, dragging the NYSE Arca Airline Index down by 4.3 percent to its lowest closing level in over a month.
Substantial weakness was also visible among computer hardware and semiconductor stocks, with the NYSE Arca Computer Hardware and Philadelphia Semiconductor Index plunging by 2.7 percent and 2.6 percent, respectively.
Housing, networking and financial stocks also saw considerable weakness on the day, while energy and gold stocks bucked the downtrend.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Thursday. Japan’s Nikkei 225 Index slid by 0.9 percent, while China’s Shanghai Composite Index fell by 0.8 percent.
The major European markets also moved to the downside on the day. While the U.K.’s FTSE 100 Index decreased by 0.4 percent, the French CAC 40 Index and the German DAX Index slumped by 1.0 percent and 1.1 percent, respectively.
In the bond market, treasuries gave back ground after moving notably higher over the two previous sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, jumped 6.7 basis points to 4.424 percent.
Looking Ahead
Developments in the Middle East may impact trading next week, while traders are also likely to keep a close eye on the Federal Reserve’s monetary policy announcement. Several key U.S. economic reports may also attract attention.
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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