https://www.howestreet.com/2024/08/markets-in-a-potentially-dangerous-time-mark-leibovit/
The Drug Enforcement Administration (DEA) has scheduled a hearing to consider differing expert opinions on the Justice Department’s proposal to federally reschedule marijuana—an extra procedural step that will take place after the November election.
After moving to reclassify cannabis as a Schedule III drug under the Controlled Substances Act (CSA) back in March, DOJ opened a 60-day public comment period that saw more than 4o,000 submissions. Now that DEA has reviewed the comments, it agreed to an administrative hearing, as requested by several supporters and opponents of the reform.
Recession evidence grows: Red Lobster Is Closing Another 23 Restaurants
Dow Sets New Record Closing High But Nasdaq, S&P 500 Give Back Ground
The major U.S. stock indexes turned in a mixed performance during trading on Monday, with the Dow reaching a new record closing high, while the tech-heavy Nasdaq saw a notable pullback after posting a strong gain last week.
The Dow pulled back well off its best levels of the session and briefly dipped into negative territory but ended the day up 65.44 points or 0.2 percent at 41,240.52.
Meanwhile, the Nasdaq slid 152.03 points or 0.9 percent to 17,725.77 and the S&P 500 fell 17.77 points or 0.3 percent at 5,616.84.
The modest gain posted by the Dow came amid strong gains by 3M Co. (MMM), Coca-Cola (KO) and Walt Disney (DIS).
On the other hand, substantial weakness among semiconductor stocks weighed on the Nasdaq, with the Philadelphia Semiconductor Index plunging by 2.5 percent.
Within the semiconductor sector, AI darling Nvidia (NVDA) slumped by 2.3 percent ahead of the release of its fiscal second quarter results after the close of trading on Wednesday.
Computer hardware stocks also showed a notable move to the downside, dragging the NYSE Arca Computer Hardware Index down by 1.3 percent.
At the same time, energy stocks turned in a strong performance as the price of crude oil surged amid geopolitical concerns after Israel and Hezbollah traded a barrage of strikes across the Lebanon border.
On the U.S. economic front, the Commerce Department released a report showing a sharp increase by new orders for U.S. manufactured durable goods in the month of July.
The Commerce Department said durable goods orders spiked by 9.9 percent in July after tumbling by a revised 6.9 percent in June.
Economists had expected durable goods orders to jump by 4.0 percent compared to the 6.7 percent plunge that had been reported for the previous month.
The substantial rebound by durable goods orders came as orders for transportation equipment skyrocketed by 34.8 percent in July after plummeting by 20.6 percent in June.
Excluding the surge in orders for transportation equipment, durable goods orders dipped by 0.2 percent in July after inching up by 0.1 percent in June. Ex-transportation orders were expected to come in unchanged.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday. Japan’s Nikkei 225 Index fell by 0.7 percent, while Hong Kong’s Hang Seng Index jumped by 1.1 percent.
The major European markets also finished the day narrowly mixed, with the U.K. markets closed for a holiday. While the French CAC 40 Index rose by 0.2 percent, the German DAX Index edged down by 0.1 percent.
In the bond market, treasuries moved slightly lower over the course of the session after seeing early strength. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by 1.1 basis points to 3.818 percent.
Looking Ahead
Trading on Tuesday may be impacted by reaction to a report on consumer confidence in the month of August, although activity may be somewhat subdued ahead of the release of more closely watched data later in the week.
FULL MOON ABOVE – TRADING TOP CONFIRMED
Inflation is not caused by the actions of private citizens, but by the government: by an artificial expansion of the money supply required to support deficit spending. No private embezzlers or bank robbers in history have ever plundered people’s savings on a scale comparable to the plunder perpetrated by the fiscal policies of statist governments.
~ Ayn Rand
WHEN WILL THE ‘PHONY’ EARNINGS SEASONS COME TO AN END? YES, PHONY! MANIPULATED FORECASTS, INSIDE INFORMATION, ETC HAVE BECOME INSTITUTIONALIZED.
OPPORTUNITY TO ACCESS MARK LEIBOVIT’S PROPRIETARY VOLUME REVERSAL INDICATOR – THIS IS THE ONLY PLACE TO DO IT!
https://www.metastock.com/prod
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.
RFK Jr. Shreds Democrats for Abandoning Democracy
Trump promises to release JFK assassination documents after Robert F Kennedy Jr backs him for president
https://news.sky.com/story/trump-promises-to-release-jfk-assassination-documents-after-robert-f-kennedy-jr-backs-him-for-president-13201993
DANGER DANGER WILL ROBINSON
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
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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