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August 19, 2024

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In this edition of StockCharts TV‘s The Final Bar, Dave kicks off a five-part series covering ten charts to watch in August 2024, starting with two mega-cap growth stocks testing key resistance levels. Will they power up to new all-time highs into September?

This video originally premiered on August 19, 2024. Watch on our dedicated Final Bar page on StockCharts TV!

New episodes of The Final Bar premiere every weekday afternoon. You can view all previously recorded episodes at this link.

CHICAGO — As the Democratic National Convention kicked off on Monday, Vice President Harris called for upping the corporate tax rate as the party’s presidential nominee unveiled her first big ticket proposal to raise revenues.

The Harris campaign confirmed to Fox News that the vice president is proposing to raise the rate that major businesses pay from 21% to 28%, describing it as ‘a fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share.’

‘As President, Kamala Harris will focus on creating an opportunity economy for the middle class that advances their economic security, stability, and dignity,’ campaign spokesperson James Singer said in a statement.

The move, if it were to become law, would likely raise hundreds of billions of dollars, according to projections from the nonpartisan Congressional Budget Office.

The announcement comes as Harris is beginning to offer details on how she’d govern if she is elected president and how she would try to pay for expensive ideas she proposed last week, including expanding the child tax credit and easing the cost of homeownership and lowering medical debt.

The announcement would also constitute a major rollback of the 2017 tax cuts, the signature domestic legislation passed during former President Trump’s administration that dramatically cut the corporate tax rate from 35% to 21%.

Trump has pledged to cut taxes if he returns to the White House.

‘Our plan will massively cut taxes,’ Trump said at a campaign event on Monday at a factory in York, Pennsylvania. ‘I gave you the best tax cut in history.’

And he signaled that he would aim to use tariffs against competitors and allies alike by pushing for legislation called the Trump Reciprocal Trade Act.

But the Harris campaign says Trump’s proposed tariffs on overseas goods ‘would punish middle and working class Americans, so he can cut taxes for the richest Americans.’

Portions of the Trump tax cuts sunset at the end of 2025, which will spur a major debate next year over what parts should be extended.

Trump campaign senior adviser Jason Miller pointed to the Harris proposal in a social media post, writing, ‘[B]ye-bye economic growth, new hirings, investment, expansion, onshoring, and so much more!’

The new stance by Harris aligns her with the most recent federal budget proposal by President Biden, which also proposes boosting the corporate tax rate to 28%.

Harris replaced Biden four weeks ago at the top of the Democrats’ 2024 ticket after Biden announced he was ending his re-election bid and supporting his vice president as his successor.

But veteran Republican consultant and strategist Alex Castellanos told Fox News such proposals will do Harris no favors at the voting booth.

‘She does not need the spotlight on her or her policies. She’s been two sides of too many issues. And if she supports raising the corporate tax, that’s a job killer. You don’t need to hurt working people directly. All you need to do is hurt the companies working people work for,’ Castellanos said.

Fox News’ Emily Reynolds contributed to this report.

This post appeared first on FOX NEWS

Sen. JD Vance of Ohio called out Vice President Kamala Harris for her campaign promise to lower prices ‘on day one,’ despite her current influential role in the White House.

‘We have a country that is being failed by its present leadership,’ Vance said. ‘And don’t let anybody gaslight you here, because Kamala Harris is running around the country and saying that on Day One, she wants to bring the cost of goods and the cost of housing under control.’

Vance held a campaign event in Philadelphia on Monday, where he focused on contrasting the Trump-Vance campaign agenda with that of Harris.

‘She says that on Day One, she wants to make groceries and homes more affordable for American citizens. Well, Kamala Harris, where have you been? Because you’ve been vice president for about 1,300 days.’

‘Day One was three and a half years ago. You should have been doing your job then and not promising to do it now,’ Vance added.

While recently on the campaign trail, Harris said that if elected she would bring down food prices, end price gouging and lower housing costs.

But Vance highlighted the current high prices on electricity, food and gas, saying, ‘This is all because of the policies of Kamala Harris.’

‘This is the person who’s promising that she’s going to fix the very problems that she has been creating for 1,300 days, and now she wants the American people to give her a promotion,’ he told attendees. 

Vance focused on oil and energy as he made a pitch to voters in Pennsylvania, a state that will play a crucial role in determining the 2024 election.

‘We are, first of all, going to unleash Pennsylvania energy workers. We are going to drill, baby, drill. Let’s. We’re going to stop buying energy from tinpot dictators all over the world who hate this country,’ Vance said. ‘We’re going to start buying it from our own land, from our own people, from our own workers. And that’s going to start on Day One of the Trump presidency.’

Vance also said that Harris ‘has got quite the running mate,’ referencing Minnesota Gov. Tim Walz.

‘The closest Tim Walz has ever come to combat is when he let rioters burn Minneapolis to the ground a few years ago,’ Vance said. Walz has faced backlash recently regarding the validity of his status and service in the military.

Vance answered questions from local reporters during the campaign event, after saying, ‘It is disgraceful that Kamala Harris pretends to run for the presidency of the United States, but she refuses to stand before the American people without a teleprompter standing between them. Kamala, what are you so afraid of?’

Vance’s event came on the first day of the Democratic National Convention in Chicago, Illinois.

This post appeared first on FOX NEWS

In this StockCharts TV video, Mary Ellen highlights what drove last week’s sharp rally in the markets – posting their largest weekly gains for the year! She takes a close look at retail and cybersecurity stocks setting up for gains, and shares some of the best ways to participate.

This video originally premiered August 19, 2024. You can watch it on our dedicated page for Mary Ellen on StockCharts TV.

New videos from Mary Ellen premiere weekly on Fridays. You can view all previously recorded episodes at this link.

If you’re looking for stocks to invest in, be sure to check out the MEM Edge Report! This report gives you detailed information on the top sectors, industries and stocks so you can make informed investment decisions.

Today Carl and Erin discuss the potential of a housing crash as more evidence is coming in that many haven’t thought of. Private Equity firms have become very involved in the housing market, buying up properties on high amounts of leverage. What happens when it’s time to refinance?

The market has reversed its prior bear market trend and so it is time to pivot. Carl displays charts that support a recovering market.

The Magnificent Seven are diverting from each other with some looking bullish and others looking bearish. Get Carl’s current view of these hot stocks.

Erin covers Sector Rotation with an eye toward one sector that is showing weakness. She then finishes up the show with a look at viewer’s symbol requests.

01:21 DP Signal Tables

04:04 Market Overview

12:30 Magnificent Seven

20:10 Potential Real Estate Crash Discussion

26:14 Questions

34:54 Sector Rotation

38:51 Symbol Requests

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Good morning and welcome to this week’s Flight Path. Equities continue their path out of the “NoGo” correction. This week we saw amber “Go Fish” bars over the second half of the week. GoNoGo Trend shows that the trend in treasury bond prices saw strength with strong blue bars. U.S. Commodities index remained in the “NoGo” trend but continue to show weakness. The dollar as well, saw weak pink “NoGo” bars at the end of the week.

$SPY Rallies and Indicator Paints “Go Fish” Bars

On Thursday, price gapped higher and GoNoGo Trend painted more “Go Fish” bars as the week came to a close. There was much enthusiasm this week and we are fast approaching an interim high. GoNoGo Oscillator has broken away from the zero line and out of a small GoNoGo Squeeze into positive territory. With positive momentum, we will watch to see if this gives price the push it needs to enter a new “Go” trend.

The longer time frame chart tells us that the “Go” trend is still safe for now. The week’s strong rally pushed price higher and away from last week’s lows. We look at the oscillator panel and see that GoNoGo Oscillator tested the zero level for only a bar or two, and was quickly able to find support and bounce back into positive territory. Now we can say that momentum is resurgent in the direction of the underlying “Go” trend and we will look to see if price can climb further from here.

Treasury Remain Suppressed

While there was no new lower low this week, the “NoGo” trend remained in place. We can see that price is painting pink “NoGo” bars, higher than the recent low and lower than the recent high. If we look at the oscillator panel, we can see that GoNoGo Oscillator is testing the zero line from below again. We will watch to see if it finds resistance at this level as it has now for several weeks.

he weekly chart below shows us that the trend remains strongly “NoGo”. This is the second strong purple bar in a row and we can say that there is downside pressure on prices with the weight of the evidence approach. GoNoGo Oscillator is in negative territory but no longer oversold at a value of -3.

The Dollar’s “NoGo” Weakens but Remains

It was an up and down week for the dollar. It fell early in the week then gapped higher before falling again on Friday. We saw GoNoGo Trend move between pink and purple “NoGo” bars. When price gapped higher it was not able to set a new high and as prices fell again on Friday we saw a NoGo Trend Continuation Icon (red circle). GoNoGo Oscillator has been rejected again by the zero line and so we know that momentum is in the direction of the “NoGo” trend.

Hamas and Islamic Jihad claimed joint responsibility Monday for a bombing the day before in Tel Aviv that killed the apparent attacker and wounded a bystander and that Israeli officials confirmed was a terrorist attack.

The bomb appeared to go off before it was intended, and the presumed attacker was shown in security footage walking down the street wearing a large backpack just before the explosion, according to the Associated Press. Israeli media quoted police officials as saying the intended target was a nearby synagogue.

In a statement Monday, Hamas’ militant wing said it and the Palestinian Islamic Jihad’s militant wing were responsible for the blast. 

Al-Qassam Brigades, in cooperation with Saraya Al-Quds, announced ‘the execution of a martyrdom operation that took place last night, Sunday, in the city of ‘Tel Aviv.’’ 

The groups threatened ‘martyrdom operations within the occupied territories will return to the forefront as long as the massacres by the occupation, the displacement of civilians, and the assassination policy continue.’

Reuters reported that was a reference to Israel’s offensive in Gaza and the July 31 killing of top Hamas leader Ismail Haniyeh in an explosion in Tehran that was blamed on Israel.

The Israeli police spokesperson’s unit and the Shin Bet spokesperson’s unit released a joint statement of their own confirming the large explosion that detonated the night before in Tel Aviv was a ‘terror attack.’ 

Since Sunday night, Tel Aviv District police officers, officers from the police bomb disposal unit, and forensic investigators, in collaboration with the Israel Security Agency (Shin Bet), ‘have been working at the scene where a powerful bomb exploded on Lechi Road in Tel Aviv. All necessary actions and examinations are being carried out in coordination with the Shin Bet,’ Monday’s statement said. ‘It can now be confirmed that this was a terror attack involving the explosion of a powerful explosive.’

Israeli officials said the explosion moderately injured a passerby who was transported to receive medical treatment.

‘Immediately following the incident, the Tel Aviv District Commander conducted a special situational assessment with all investigative and support units, directing an increase in alert levels and extensive searches throughout the greater Tel Aviv area,’ the statement added. ‘The Israel Police continues to operate with heightened security measures in crowded areas, in collaboration with special units and volunteers from the emergency response teams, to ensure the safety and security of the public. We urge citizens to remain vigilant and to report any suspicious person or object to the Israel Police by calling the 100 emergency hotline.’

Police said Sunday that the explosion killed one person, presumed to be the bomber.

‘We know that the mutilated body is not that of an innocent bystander but the one who carried the bomb,’ Tel Aviv District Police Commander, Deputy Commissioner Peretz Amar said, according to the AP. 

The bombing happened about an hour after U.S. Secretary of State Antony Blinken arrived in Tel Aviv on Sunday to renew ceasefire negotiations, Reuters reported. Blinken said it is ‘maybe the last opportunity’ to reach a Gaza cease-fire agreement that would return hostages held by Hamas and bring relief to Palestinians after 10 months of war in Gaza.

Blinken on Monday was on his ninth urgent mission to the Middle East since the conflict began. His visit came days after mediators, including the United States, expressed renewed optimism a deal was near. But Hamas has voiced deep dissatisfaction with the latest proposal and Israel has said there were areas it was unwilling to compromise, the AP reported.

The trip also comes amid fears the conflict could widen into a deeper regional war following the killings of top militant commanders in Lebanon that Iran blamed on Israel.

‘This is a decisive moment, probably the best, maybe the last, opportunity to get the hostages home, to get a cease-fire and to put everyone on a better path to enduring peace and security,’ Blinken said as he opened talks with Israeli President Isaac Herzog in Tel Aviv.

Fox News’ Yonat Friling and the Associated Press contributed to this report.

This post appeared first on FOX NEWS

The Democratic National Convention (DNC) begins Monday as top Democrats travel to Chicago to celebrate the party’s presidential nomination of Vice President Kamala Harris.

The convention, which will be held at the United Center in Chicago, starts Monday and runs through Thursday, when Harris will formally accept the nomination with her running mate, Minnesota Gov. Tim Walz. 

Anti-Israel protesters are expected to demonstrate outside the event, opposing the Biden-Harris administration’s support for Israel in its nearly 11-month war with Hamas in Gaza.

The DNC said the party will celebrate the record of the Biden-Harris administration and ‘chart a path for the future.’ 

The convention will ‘show America what Democrats stand for and tell the story of our proven track record of delivering for all Americans,’ the DNC said. 

‘But the story is far from over,’ the party says. ‘At the convention, Democrats will come together to build on our progress, lay out what’s at stake in this election, and unite around our shared values of democracy and freedom to create a future for all Americans.’ 

The DNC said it is holding the 2024 nominating convention in Chicago because the city ‘represents the diversity of the Democratic Party and the country.’ 

‘It’s a union city that sits in the heart of the Midwest, and it’s a Democratic stronghold that was part of the ‘blue wall’ crucial to the Biden-Harris victory in 2020 and will be for a Harris-Walz victory in November,’ the DNC said. 

The convention in 1996, where Democrats nominated President Bill Clinton and Vice President Al Gore for re-election, was also held in Chicago in the same arena. 

‘Our convention is an opportunity to bring the story of our party to the American people — not just the story of what we’ve achieved under the Biden-Harris administration, but how the Harris-Walz ticket is planning to build on that historic record for a new way forward into the future,’ said Convention Chair Minyon Moore. ‘The story here is simple and it’s one that will resonate with Americans across the country: Kamala Harris and Tim Walz are fighting for the American people and America’s future — Donald Trump is only fighting for himself.’

The DNC announced that each night of the convention will have a theme. 

Monday night will be ‘for the people,’ and speakers will present that ‘at its core, the Harris-Walz ticket is a ticket for the people.’ 

Tuesday night will be a ‘Bold Vision for America’s Future,’ and will focus on how the Harriz-Walz ticket intends to present a ‘brighter vision where everyone will have a chance not just to get by, but to get ahead.’ 

Wednesday night’s theme is ‘A Fight for Our Freedoms,’ and Thursday night’s theme is ‘For Our Future.’ 

The Democrats’ convention comes nearly a month after the president’s blockbuster July 21 announcement that he was suspending his re-election bid and endorsing Harris following his disastrous performance against former President Trump, the GOP presidential nominee, in their late June debate.

Biden’s rambling and uneven answers at the debate fueled questions over whether the 81-year-old president had the physical and mental abilities to handle another four years in the White House and sparked a chorus of calls from within his own party to end his 2024 campaign.

Biden eventually caved to the pressure, announcing the suspension of his re-election campaign just days after the Republican National Convention ended with a solidified GOP ticket of Trump and running mate, Sen. JD Vance of Ohio. 

Biden, in his announcement to suspend his bid for the White House, nominated his vice president to take over. 

Democrats desperate to keep Trump from returning to the White House quickly coalesced around Harris, who last week was formally nominated by the party in a virtual roll call. 

Biden is expected to address the Democratic National Convention Monday night to open the week’s events. Sources said his speech will focus on the ‘successes of the Biden-Harris Administration,’ including ‘successfully overcoming a once in a century pandemic, transforming an economy that was flat on its back to the strongest economy in the world, defending democracy at home and abroad, and restoring decency and dignity to the White House.’

First Lady Jill Biden will also speak to the party Monday night, along with Chicago Mayor Brandon Johnson and Illinois Gov. JB Pritzker. 

Former Secretary of State Hillary Clinton is also expected to speak at the convention Monday night, followed by former President Barack Obama on Tuesday and former President Bill Clinton on Wednesday. 

Former First Lady Michelle Obama will also speak at the convention in an effort to rally support for the Harris-Walz ticket. She’ll speak about the importance of civic engagement and voting.

Also speaking at the Democratic National Convention will be Harris’ husband, Second Gentleman Doug Emhoff; Senate Majority Leader Chuck Schumer; and House Democratic Leader Hakeem Jeffries. 

Walz is expected to accept the vice presidential nomination on Wednesday night and address the party. 

Walz can showcase a slew of progressive policy victories in Minnesota, including protecting abortion rights, legalizing recreational marijuana and restricting gun access to curb shootings. 

Walz was elected to the House in 2006 and re-elected five times, representing Minnesota’s 1st Congressional District, a mostly rural district covering the southern part of the state that includes a number of midsize cities. During his last two years on Capitol Hill, he served as ranking member of the House Veterans Affairs Committee. 

Walz won election as governor in 2018 and re-election four years later.

Harris will accept the nomination in a nationally televised address Thursday night. 

Harris has enjoyed a surge in fundraising after replacing Biden atop the Democrats’ 2024 ticket, and her July haul was more than double the funds raised last month by Trump. Additionally, Harris saw another spike in fundraising after naming Walz as her running mate a week ago.

The vice president and Walz quickly hit the campaign trail with a swing through the key battleground states of Pennsylvania, Wisconsin, Michigan, Arizona and Nevada. 

Even though both Harris and Walz have been officially nominated, convention organizers say there will be ceremonial roll calls in Chicago. 

And while a mostly unified and now energized Democratic Party will meet inside the United Center arena on Chicago’s West Side, outside the security perimeter, there will likely be scenes of anger and dissent – as demonstrators protesting the Biden-Harris administration’s support for Israel plan to take to the streets.

Party officials are hoping to avoid any type of repeat of their 1968 convention in Chicago, when scenes of fighting erupted among delegates, and clouds of tear gas and police batons used to smash protests, as divided Democrats brawled over the Vietnam War.

While Democrats are divided over the U.S. response to the soaring death toll among Palestinians in the Israel-Hamas war, political pundits say comparisons to the 1968 chaos are not justifiable.

However, the Coalition to March on the D.N.C., an umbrella group of organizations on the left that is helping to organize the planned protests, said in a social media posting on Sunday that Democratic Party officials ‘underestimate our rage, our tenacity, and our steadfast commitment to the precious life of every Palestinian person enduring this horrific genocide. We’re fighting back.’

Protesters are trading fire with Chicago officials over where they will be allowed to march during the convention. The activists are aiming for a longer route, which they say would better accommodate the tens of thousands of people they hope will protest. A federal judge overseeing the dispute between the protesters and city officials has yet to make a decision.

This post appeared first on FOX NEWS