https://www.howestreet.com/2024/06/ai-mania-still-driving-stocks-higher-mark-leibovit/
DANGER DANGER WILL ROBINSON
U.S. Stocks Finish Choppy Trading Session Modestly Higher
Following the strong upward move seen over the course of the previous session, stocks turned in a relatively lackluster performance during trading on Tuesday. Despite the choppy trading, the S&P 500 and the Nasdaq once again reached new record closing highs.
The major averages all finished the day modestly higher. The S&P 500 climbed 13.80 points or 0.2 percent to 5,487.03, the Dow rose 56.76 points or 0.2 percent to 38,834.86 and the Nasdaq inched up 5.21 points or less than a tenth of a percent to 17,862.23.
The choppy trading on Wall Street came following the release of a mixed batch of U.S. economic data, with reports on retail sales and industrial production telling two separate stories.
The Commerce Department released a report showing retail sales crept up by 0.1 percent in May after dipping by a revised 0.2 percent in April.
Economists had expected retail sales to rise by 0.2 percent compared to the unchanged reading originally reported for the previous month.
Excluding an increase in sales by motor vehicle and parts dealers, retail sales edged down by 0.1 percent in May after slipping by a revised 0.1 percent in April.
Economists had expected ex-auto sales to climb by 0.2 percent, matching the increase originally reported for the previous month.
“Retail sales came in really light this morning and while that may be good news for inflation hawks, it could be the beginning of a slowdown in growth, which would hurt a lot more than a couple of interest rate cuts would help,” said Chris Zaccarelli, Chief Investment Officer for Independent Advisor Alliance.
Meanwhile, the Federal Reserve released a separate report showing industrial production increased by much more than expected in the month of May.
The Fed said industrial production jumped by 0.9 percent in May after coming in unchanged in April. Economists had expected industrial production to rise by 0.3 percent.
Sector News
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While most of the major sectors showed only modest moves, gold stocks saw considerable strength amid an increase by the price of the precious metal, driving the NYSE Arca Gold Bugs Index up by 1.5 percent.
Significant strength was also visible among semiconductor stocks, with the Philadelphia Semiconductor Index climbing by 1.4 percent to a record closing high.
Banking and computer hardware stocks also saw some strength on the day, while housing stocks saw notable weakness, dragging the Philadelphia Housing Sector Index down by 1.6 percent.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan’s Nikkei 225 Index jumped by 1.0 percent, while China’s Shanghai Composite Index rose by 0.5 percent.
The major European markets also moved to the upside on the day. While the French CAC 40 Index advanced by 0.8 percent, the U.K.’s FTSE 100 Index climbed by 0.6 percent and the German DAX Index increased by 0.4 percent.
In the bond market, treasuries rebounded following the pullback seen in the previous session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, slid 6.2 basis points to 4.217 percent.
Looking Ahead
Following the Juneteenth holiday on Wednesday, trading on Thursday may be impacted by reaction to reports on weekly jobless claims and housing starts.
https://massie.house.gov/uploadedfiles/endthefed.pdf
The questions CFTC and Fed won’t answer expose gold price suppression policy
Gold market manipulation: Why, how, and how long? (2021 edition)
https://gata.org/node/20925
NO ONE IN THE FINANCIAL MEDIA HAS THE GUTS TO TALK ABOUT THESE GOVERNMENT ACTIVITIES. DON’T KNOW IF WE WOULD BE SUCCESSFUL ON THE FREEDOM OF INFORMATION ACT TO EXTRACT WHAT SHENANIGANS THEY HAVE BEEN UP TO. WORTH A SHOT.
The President’s Working Group on Financial Markets
known colloquially as the Plunge Protection Team, or “(PPT)” was created by Executive Order 12631,[1] signed on March 18, 1988, by United States President Ronald Reagan.
As established by the executive order, the Working Group has three purposes and functions:
“(a) Recognizing the goals of enhancing the integrity, efficiency, orderliness, and competitiveness of our Nation’s financial markets and maintaining investor confidence, the Working Group shall identify and consider:
(1) the major issues raised by the numerous studies on the events in the financial markets surrounding October 19, 1987, and any of those recommendations that have the potential to achieve the goals noted above; and
(2) the actions, including governmental actions under existing laws and regulations (such as policy coordination and contingency planning), that are appropriate to carry out these recommendations.
(b) The Working Group shall consult, as appropriate, with representatives of the various exchanges, clearinghouses, self-regulatory bodies, and with major market participants to determine private sector solutions wherever possible.
(c) The Working Group shall report to the President initially within 60 days (and periodically thereafter) on its progress and, if appropriate, its views on any recommended legislative changes.”
Plunge Protection Team
“Plunge Protection Team” was originally the headline for an article in The Washington Post on February 23, 1997, and has since been used by some as an informal term to refer to the Working Group. Initially, the term was used to express the opinion that the Working Group was being used to prop up the stock markets during downturns.[5 Financial writers for British newspapers The Observer and The Daily Telegraph, along with U.S. Congressman Ron Paul, writers Kevin Phillips (who claims “no personal firsthand knowledge” and John Crudele,[8] have charged the Working Group with going beyond their legal mandate.[failed verification] Charles Biderman, head of TrimTabs Investment Research, which tracks money flow in the equities market, suspected that following the 2008 financial crisis the Federal Reserve or U.S. government was supporting the stock market. He stated that “If the money to boost stock prices did not come from the traditional players, it had to have come from somewhere else” and “Why not support the stock market as well? Moreover, several officials have suggested the government should support stock prices.”
In August 2005, Sprott Asset Management released a report that argued that there is little doubt that the PPT intervened to protect the stock market.[10] However, these articles usually refer to the Working Group using moral suasion to attempt to convince banks to buy stock index futures.
Former Federal Reserve Board member Robert Heller, in the Wall Street Journal, opined that “Instead of flooding the entire economy with liquidity, and thereby increasing the danger of inflation, the Fed could support the stock market directly by buying market averages in the futures market, thereby stabilizing the market as a whole.” Author Kevin Phillips wrote in his 2008 book Bad Money that while he had no interest “in becoming a conspiracy investigator”, he nevertheless drew the conclusion that “some kind of high-level decision seems to have been reached in Washington to loosely institutionalize a rescue mechanism for the stock market akin to that pursued…to safeguard major U.S. banks from exposure to domestic and foreign loan and currency crises.” Phillips infers that the simplest way for the Working Group to intervene in market plunges would be through buying stock market index futures contracts, either in cooperation with major banks or through trading desks at the U.S. Treasury or Federal Reserve.
What is the Plunge Protection Team?
(PPT) is an informal term for the Working Group on Financial Markets. The working group was created in 1988 by then U.S President Ronald Reagan following the infamous October 1987 Black Monday crash. It was formed to re-establish consumer confidence and take steps to achieve economic and market stability in the aftermath of the market crash. The U.S president consults with the team during times of economic uncertainty and turbulence in the markets.
The Working Group on Financial Markets’ informal name “Plunge Protection Team” was coined and popularized by The Washington Post in 1997.
What does the Plunge Protection Team Do?
The Plunge Protection Team was initially formed to advise the president and regulatory agencies on countering the negative impacts of the stock market crash of 1987. However, the team has continued to report to various presidents since that stock market crash and has met various U.S presidents on important financial matters over the years.
The team was believed to be behind the rally in the stock market shortly after a hefty drop in the Dow Jones Industrial Average (DJIA) on February 05, 2018. As per some market observers, after the plunge, the market made a smart recovery in the following days, which may have been a result of heavy buying by the Plunge Protection Team.
Who is on the plunge protection team?
The PPT several top government economic and financial officials. The Secretary of the Treasury heads the group, while the Chair of the Board of Governors of the Federal Reserve, the Chair of the Commodity Futures Trading Commission, and the Chair of the Securities and Exchange Commission, are also part of the team.
Why is the PPT secretive?
The Plunge Protection Team’s meetings or activities aren’t covered by the media, which gives rise to speculations and conspiracy theories about the team. The probable reason behind the secretive nature of its activities is that it reports only to the president. Some observers opine that the team’s role is not only limited to giving recommendations to the president; rather, the team intervenes in the market and artificially props up stock prices.
Critics claim that the members connive with big banks and profit from stock markets by carrying out trades on different stock exchanges when prices decline. They then artificially prop up the prices as part of their market stabilization efforts and profit from their transactions.
When does/have the PPT meet?
Although very little has come out in the mainstream media about the group’s activities, there have been some instances when the team’s meetings were reported. For example, in 1999, the team proposed to congress to incorporate some changes in the derivatives markets regulations. The last reported meeting of the group, at the time of this writing in June 2022, was in December 2018 when Treasury Secretary Steven Mnuchin headed the teleconference with the group’s members. Representatives from the Federal Deposit Insurance Corporation and the Comptroller of the Currency also attended the meeting.
Before the teleconference that took place on December 24, 2018, the S&P 500 and the DJIA had been under pressure for the whole month. But after Christmas, the DJIA and the S&P 500 both recovered and reversed most of the losses in the next few days. Conspiracy theorists attribute the recovery and gains in the indices to the intervention by the Plunge Protection Team.
Final Thoughts
The Working Group on Financial Markets serves an important function: to advise the president on financial markets and economic affairs. Because the exact nature of the group’s activities or recommendations haven’t been made public, some critics of the group blame the group for market intervention and artificially propping up stocks’ prices. However, some market observers believe that the team’s quiet activities are excused as it reports directly to the president.
The Exchange Stabilization Fund protects the FED.
We already know the FED is lying that raising interest rates will reduce price inflation. The Exchange Stabilization Fund (ESF) is an emergency reserve account that can be used by the U.S. Department of Treasury to mitigate instability in various financial sectors, including credit, securities, and foreign exchange markets. The U.S. Exchange Stabilization Fund was established at the Treasury Department by a provision in the Gold Reserve Act of 1934.
https://en.wikipedia.org/wiki/
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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.
WHO am I?
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.com. He became a member of the Market Technicians Association in 1982.
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.
OPPORTUNITY TO ACCESS MARK LEIBOVIT’S PROPRIETARY VOLUME REVERSAL INDICATOR – THIS IS THE ONLY PLACE TO DO IT!
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FOLKS THIS ALL YOU NEEDED TO KNOW! HISTORICALLY A GOOD SIGN THAT WE ARE AT OR NEAR A MARKET TOP = BULLISH MEDIA HEADLINES LIKE THIS. RECALL THE MARCH 10, 2000 TOP HEADLINE IN THE WALL STREET JOURNAL (BELOW) RIGHT AT THE TOP!
La Niña can impact weather around the world. For example, in 2024, NOAA projected a 60% chance that La Niña would develop between June and August, which could increase the chances of a dangerous Atlantic hurricane season.
https://tinyurl.com/msfk2je9
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2. WATCH THE FULL ROSWELL MOVIE PRODUCED IN THE 1990s
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I USE JOEL WALLACH’S SUPPLEMENTS EVERY DAY. MAY AGAIN PROVIDE A LINK TO PURCHASE THEM HERE
COME ON, DAD. IT’S TIME TO EAT
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