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September 5, 2024

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Former Republican presidential candidate Nikki Haley has found a new job in the private sector.

Haley, who previously served as ambassador to the United Nations under former President Donald Trump, is headed to global communications firm Edelman.

‘Politics has become a critical consideration for clients in brand marketing, employee engagement and reputation management,’ CEO Richard Edelman wrote in an announcement of the company’s new hire.

‘In her time as Governor, Haley had great success in attracting foreign companies to South Carolina and as Ambassador to the UN, helped lead important work on global issues,’ he continued.

Edelman is hoping Haley’s long career in politics will allow her to offer perspective and guidance regarding the intersection of politics and business.

Haley dropped out of the 2024 Republican presidential race earlier this year after a series of state primaries broke in favor of Trump and rendered her path to the White House nearly impossible.

She has since endorsed Trump after he received the Republican nominee in July.

Haley told Fox News chief political anchor Bret Baier last month on ‘Special Report’ Republicans and Trump should focus on policy and messaging instead of crowd sizes at rallies, Vice President Kamala Harris’ race, or attacks on her intellect.

‘You can’t win on those things. The American people are smart. Treat them like they’re smart,’ she said. ‘It’s not about her. It’s about the American people. Talk to them and let them know you need their vote.’

‘In a time of growing complexities in business, policy, and politics — brands need to anticipate what’s coming next,’ Haley said of her new position at Edelman in the company announcement. ‘Whether managing a crisis or celebrating a success, industry leaders must be ready to communicate clearly and share their vision forward. I’m excited to join the team at Edelman to help their clients navigate the challenges ahead.’

She is expected to begin working next month.

Fox News Digital’s Ashley Carnahan contributed to this report.

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As we have discussed many times, financial markets are fractal. Different timeframes produce similar price structures. This is a very valuable phenomena for the study and practice of trading. When tracking the intraday time frame; Wyckoff structures of Accumulation, Markup, Distribution and Markdown repeat over and over. This creates a laboratory for study and analysis. Below is just such a case study. By paying attention to the intraday charts, the Wyckoffian often identifies setups brewing in the larger timeframes. The market’s intention in the larger picture is often first revealed in the intraday.

S&P 500 Index, Intraday 30-Minute Timeframe

Chart Notes

1.      The upward stride of the $SPX (30-minute timeframe) accelerated into Preliminary Supply (PSY) creating a local climactic event.

2.      The continuation of momentum carried the index into a Buying Climax (BC). Note the poor quality of the rally from the PSY to the BC. Supply is present!

3.      The Automatic Reaction was sudden and deep with expanding volume. Large sellers were present and motivated to reduce their holdings.

4.      The BC is critical Resistance and the AR is Support in the newly formed range-bound structure.

5.      A Cause was being built from the PSY to the Last Point of Supply (LPSY) that had the character of Distribution. Volatility on weakness to the Support line tipped off the presence of active selling and supply. Volume expanded during the second half of the Distribution structure. More Supply, Supply, Supply!

6.      A Last Point of Supply (LPSY) completed the Distribution which was confirmed by the immediate gap reversal and expanding spread on the return to the Support line. This volatility supported the conclusion that Distribution was complete and Markdown was the next phase. The decline below Support confirmed Markdown in progress.

7.      Downtrends, even small versions, are typically volatile with large up and down swings. They are ideal for study purposes, while only the most accomplished traders should consider campaigning them.

S&P 500 Index, 1-Box Method, 15 Minute Data, ATR Scale (12.51 pts)Distribution is a Cause building process for the next trending move of the index, which is expected to be downward. A 15-minute Point & Figure chart with ATR Scaling is used to estimate the potential for the extent of the subsequent decline. With this 1-Box reversal PnF chart we identifed two count segments. Counting from right to left the count was taken from the Last Point of Supply (LPSY) to the Buying Climax (BC) and to the Preliminary Supply (PSY). Two count estimates were generated: 5,366.75 and 5,291.73.

Chart Notes

1.      Using the vertical chart of the Distribution and the chart analysis and then identifying those points on the PnF, two counts were taken. The lower objective estimate suggested that the decline could take back the rally from August 14th to the BC high on August 22nd. So, volatility could ensue as there is little natural support to those lower objective levels.

2.      Volume was quite high into the PSY and the BC, which indicated active selling on a scale up by the Composite Operator (C.O.) community. Thereafter, C.O. selling was persistent at the 5,642.01 Resistance level. Note that volume expanded throughout the second half of the Distribution. This further confirmed the Distribution hypothesis.

3.      Supply engulfed the index as it fell out of the Distribution, and this can be seen in the very high downside volume. A rally into the underside of the prior Support zone is possible. Selling would be expected to continue from under the old Support zone.

4.      How, and if, the index approaches the PnF price objectives will tell much about the subsequent intention of the $SPX index. The stock market is always an unfolding picture.

This intraday structure is a Tempest in a Teapot for its small size in time and potential extent of the move. This is valuable training and good practice for a Wyckoffian. Please take the time to zoom out to the larger daily and weekly charts to study the greater picture. As they are fractal, your practice will speed the learning curve. And your path to mastery.

All the Best,

Bruce

@rdwyckoff  

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. 

Wyckoff Resources:

Distribution Definitions (Click Here)

Wyckoff Power Charting. Let’s Review (Click Here)

Additional Wyckoff Resources (Click Here)

Wyckoff Market Discussion (Click Here)

Event Announcement:

TSAA-SF Annual Conference (to learn more CLICK HERE)

Old School / New School.

Conference Themes will range from Artificial Intelligence to Reminiscences of a Stock Operator.

In-person in San Francisco and Livestreaming for dues paying members.

Saturday September 14th at Golden Gate University

The TSAA-SF annual conference will be held on Saturday Sept 14th 2024 at Golden Gate University. It is an all day hybrid event, held both in person and via zoom. This year’s speakers include:

 * John Bollinger, CFA, CMT – Creator of Bollinger Bands, Author, Investor

 * Linda Raschke – Author of “Trading Sardines” Trader/Investor

 * Damon Pavlatos – CEO of Future Path Trading LLC & PhotonTrader

 * Dave Landry – Trader, Author, Speaker, Educator, Founder of DaveLandry.com

 * Robert Schott – Expert in Global Investments, Strategy, Risk, Derivatives, & ALM

 * Patrick Dunawila, CMT – Technical Analyst, Co-Founder of The Chart Report

 * Mike Jones – Data Engineer & Analytics Consultant

Sen. JD Vance is trailing behind Gov. Tim Walz in favorability ratings as the pair push toward Election Day, according to a new poll from USA Today and Suffolk University.

A survey conducted after the Democratic National Convention in Chicago found that 36% of likely voters have a favorable view of Vance, while 48% approve of Walz. Former President Trump’s running mate fared similarly among independents, where 47% said they had an unfavorable view of Vance, but just 36% said they had an unfavorable view of Walz, who is running alongside Vice President Kamala Harris.

USA Today and Suffolk University surveyed 1,000 likely voters from August 25-28 over cellphone and landlines. The poll advertises a margin of error of plus or minus 3.1 percentage points.

The polling comes after Vance has adopted a media blitz strategy of accepting interviews even with outlets seen as hostile to the Trump campaign. Meanwhile, Walz and Harris have faced criticism for their relative lack of media transparency.

Harris and Walz conducted a joint, pre-recorded interview with CNN’s Dana Bash last week, but the pair have avoided more rigorous press events.

Trump and Vance have sat down for at least 38 combined interviews since Harris revealed Walz as her running mate.

Since Aug. 6, Trump has spoken with Fox News’ ‘Life, Liberty & Levin’ host Mark Levin, NBC News, the Daily Mail, Dr. Phil, Fox News’ Alicia Acuna, Hugh Hewitt Radio, FOX Business, podcaster Theo Von, the New York Post, WBRE News Wilkes-Barre, WLOS News 13 Asheville, Univision, and ‘FOX & Friends’ twice. He’s also made at least two other cable news appearances and sat down with supporter Elon Musk for a lengthy conversation, according to a Fox News Digital review.

The former president also sat down with podcaster Lex Fridman in an interview that was posted on Tuesday and a New Hampshire radio show on Wednesday, followed by a town hall with Fox News host Sean Hannity.

Vance, who has been critical of Harris dodging the press, has spoken to ‘FOX & Friends,’ CNN’s John Berman, WBAY2, News 5 Cleveland, NBC News, ‘Meet the Press,’ No Spin News, WALB 10, ‘CBS Evening News,’ ‘The Brett Winterble Show,’ ‘Jesse Watters Primetime,’ ‘Fox News Sunday,’ ‘The Dan O’Donnell Show,’ ABC’s ‘This Week,’ CBS’ ‘Face the Nation’ and CNN’s ‘State of the Union’ over that same time period.

Vance also appeared on Fox News’ ‘The Ingraham Angle’ on Tuesday.

Fox News’ Brian Flood contributed to this report

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Former President Donald Trump told a Fox News town hall in Pennsylvania on Wednesday night that he was the ‘toughest’ on Russia and that several global conflicts would not have happened under his watch. 

‘I was the toughest on Russia. Putin would even say, you know, if you’re not the toughest guy, you are, you’re killing us,’ Trump told Sean Hannity while discussing his actions opposing the Nord Stream pipeline. ‘I’d hate to see you if you were really tough.’

‘This was the biggest job they’ve ever had and I stopped it.’

Trump continued, ‘We have things going on in the world right now with Israel and with the Middle East, it’s blowing up. It’s blowing up. We have Ukraine and Russia. That would never happen. That would have never happened. October 7th would have never happened. If I were the president, they would have never happened. And everybody knows it.’

Trump went on to say that the ‘whole world’ was a safe place during his presidency.

‘That was the question they asked Viktor Orban, who is considered a very strong man. They said, ‘he’s a strong man,” Trump said. ‘Sometimes you need a strong man. He’s a strong man. He’s the prime minister of Hungary.’

‘And he said, you bring back Trump, everybody. Now I’m not saying it, but he said it because I’d rather say respect. But he said everybody was afraid of Trump. You bring him back, you’re not going to have any problems. It’s all going to go away. The world is blowing up.’

Trump pointed to the various problems going on around the world and said, ‘We’re heading into World War three territory.’

Recent Fox News polling shows that 4% of voters rank foreign policy as their most important issue heading into the 2024 election.

The polling shows that voters favor Trump by 5 points in terms of who is better positioned to handle foreign policy. 

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Jury selection in Hunter Biden’s criminal tax trial stemming from special counsel David Weiss’ yearslong investigation into the first son begins Thursday in California. 

United States District Court for the Central District of California Judge Mark Scarsi is presiding over the trial. 

Biden’s tax trial was set to begin in June, but his attorneys requested it be delayed to September, and Scarsi approved that request.

Weiss charged Hunter Biden with three felonies and six misdemeanors concerning $1.4 million in owed taxes that have since been paid. Weiss alleged a ‘four-year scheme’ when the president’s son did not pay his federal income taxes while also filing false tax reports. 

Biden pleaded not guilty. 

In the indictment, Weiss alleged that Biden ‘engaged in a four-year scheme to not pay at least $1.4 million in self-assessed federal taxes he owed for tax years 2016 through 2019, from in or about January 2017 through in or about October 15, 2020, and to evade the assessment of taxes for tax year 2018 when he filed false returns in or about February 2020.’

Weiss said that, in ‘furtherance of that scheme,’ Biden ‘subverted the payroll and tax withholding process of his own company, Owasco, PC by withdrawing millions’ from the company ‘outside of the payroll and tax withholding process that it was designed to perform.’

The special counsel alleged that Biden ‘spent millions of dollars on an extravagant lifestyle rather than paying his tax bills,’ and that in 2018, he ‘stopped paying his outstanding and overdue taxes for tax year 2015.’

Weiss alleged that Biden ‘willfully failed to pay his 2016, 2017, 2018, and 2019 taxes on time, despite having access to funds to pay some or all of these taxes,’ and that he ‘willfully failed to file his 2017 and 2018 tax returns on time.’

This is the second time Biden is on trial this year stemming from charges out of Weiss’ investigation. 

Biden was found guilty on all counts in Delaware after Weiss charged him with making a false statement during the purchase of a firearm; making a false statement related to information required to be kept by a licensed firearm dealer; and one count of possession of a firearm by a person who is an unlawful user of or addicted to a controlled substance. 

A date has not yet been set for sentencing for those charges. With all counts combined, the total maximum prison time for the charges could be up to 25 years. Each count carries a maximum fine of $250,000 and three years of supervised release. 

President Biden has vowed not to pardon his son. 

Jury selection in California is expected to take place Thursday and Friday. Weiss and Biden’s defense attorneys are expected to deliver their opening arguments the following Monday.

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Lawyers are expected to enter a not guilty plea on behalf of former President Trump in federal court in Washington, D.C., Thursday related to charges from special counsel Jack Smith’s new indictment after the Supreme Court ruled a president is immune from prosecution for official acts in office.

Trump will not appear in court Thursday, but his lawyers are expected to enter a not guilty plea during the status hearing before U.S. District Judge Tanya Chutkan. 

According to a court filing obtained by Fox News, Trump signed an entry of not guilty plea. In the document, filed on Tuesday, Trump also waived his right to be present at his arraignment.

‘I authorize my attorneys to enter a plea of not guilty on my behalf to each and every count of the superseding indictment, Doc. 226,’ the document says. ‘I further state that I have received a copy of the superseding indictment and reviewed it with my counsel.’

The case pertains to Trump’s alleged efforts to overturn the results of the 2020 presidential election. Last week, the former president was indicted and issued revised criminal charges by Smith, who alleges Trump pressured former Vice President Pence to reject legitimate electoral votes, in addition to mounting fake electors in key states that went to President Biden and to attest to Trump’s electoral victory.

The new indictment keeps the prior criminal charges but narrows and reframes the allegations against the Republican presidential nominee after a Supreme Court ruling that conferred broad immunity on former presidents.

Specifically, the indictment has been changed to remove allegations involving Department of Justice officials and other government officials. It clarifies Trump’s role as a candidate and makes clear the allegations regarding his conversations with then-Vice President Pence in his ceremonial role as president of the Senate.

The new indictment removes a section of the previous indictment that had accused Trump of trying to use the Justice Department to undo his 2020 loss. The Supreme Court recently ruled in a 6-3 decision that Trump was immune from prosecution for official White House acts.

Trump has been charged with conspiracy to defraud the United States, conspiracy to obstruct an official proceeding, obstruction of and attempt to obstruct an official proceeding and conspiracy against rights. Those charges, to which Trump pleaded not guilty, remain. 

Smith alleges Trump participated in an effort to enlist slates of fake electors in key states won by Biden to attest that Trump had in fact won and that Trump pressured Pence to reject legitimate electoral votes.

The special counsel’s office said the updated indictment, filed in federal court in Washington, was issued by a grand jury that had not previously heard evidence in the case. The new grand jury has only heard this new information.

Sources familiar with the matter tell Fox News that discussions surrounding the superseding indictment will likely not speed things up, and it is unlikely it will go to trial before the November election. 

Fox News’ David Spunt and The Associated Press contributed to this report.

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No one knows who’s going to win this election.

The polls are so tight in the top battleground states, with Donald Trump or Kamala Harris leading by a point or two – a statistical tie – that a small number of voters or even the weather could make the difference.

There is a sense that Kamala’s crusade has stalled. She got no bump from the Democratic convention, perhaps because her joy-filled, vibes-based campaign had already soared during her first month as the nominee.

Meanwhile, Joe Biden’s approval rating has jumped to 48 percent, the highest of his presidency. Some pundits are crediting an improvement in the economy, but that’s not it. It’s because the president is largely out of the line of fire now that he’s stepped aside. 

So the media have begun beating the drums for next Tuesday’s ABC debate, which may be the only such encounter between the two. If Trump can be disciplined and saddle Harris with the unpopular Biden record, he’ll win. If Harris can hold her own against a former president and deflect his attacks, she will have closed the stature gap.

And of course the airwaves will be flooded with partisans saying their candidate annihilated the other candidate.

In an interesting thought experiment, the New York Times had two columnists – both anti-Trump conservatives – write opposing pieces looking back on a Trump or Harris victory.

David Brooks, who is friendly with Biden, said the Trump camp ‘had one job: to define Kamala Harris as an elite San Francisco liberal before she could define herself as a middle-class moderate. The Trump campaign did next to nothing. All they needed was to play the 2019 clips of Harris sounding like a wokester cliché, but they couldn’t even come up with an argument…

‘This mistake could have been fatal for the Republicans, because Trump is the 46 percent man. That’s roughly the share of the popular vote he won in 2016 and 2020. He was never going to ride a majority wave to victory in 2024, so it would have been helpful to take his opponent down a few points.

‘And yet this is the pattern with Trump. He seems to do everything possible to sabotage his own campaigns, but still does surprisingly well in elections.’

That’s in part because Trump does 2 or 3 percent better, based on the last two elections, than his preelection polling. And the pundits should get that by now.

Though Trump could be ‘jerkish,’ says Brooks, the fastest-growing states are mostly governed by Republicans, including Florida, Texas, Idaho and Montana.

What’s more, ‘the Democrats dominate the media, the universities, the cultural institutions and government. Even the big corporations, headquartered in places like New York and San Francisco, are trending blue…

‘This is what the educated elites always do. They promise to do stuff for us, but they end up serving only themselves.’

And in my view, that’s always been the secret to Trump’s success: Playing on the resentments of those mostly less educated voters who feel the game is rigged against them. It’s the thing about Trump loyalists that top journalists, who tend to move in the same circles as the Dems – note the revolving door with MSNBC – least understand. 

That’s why they have been too quick to dismiss Trump voters as yahoos, racists, xenophobes and deplorables. And it’s why MAGA voters have been willing to overlook Jan. 6, indictments and even his softening stance on abortion. Trump has the right enemies.

 

Ross Douthat analyzes the hypothetical Harris victory, saying that the menu of liberal orthodoxy – what Ezra Klein has called the ‘everything bagel’ spirit – has become the most powerful ideology in America:

‘You can wander from an Ivy League faculty lounge to a corporate human resources department to a Hollywood gathering to a magazine editorial meeting and feel as though you inhabit a single-party state.’

The vice president mostly followed ‘a Marie Kondo strategy, applying the life-changing magic of tidying up to the Democratic platform. She didn’t offer a comprehensive moderate agenda or seek out a Sister Souljah confrontation with some left-wing interest group. Instead she offered a form of progressive minimalism…

‘Her convention speech was especially Kondo-ist: Short, sparse, and nonspecific about virtually everything except restoring Roe v. Wade, protecting middle-class entitlements and keeping Trump out of the Oval Office. The interest groups got oblique gestures, not shout-outs and promises.’

And then there was the media strategy – a grand total of one interview, with CNN – and the dropping of past left-wing positions that frustrated Republicans as well.

So how did she win? By liberating her party from laundry-list liberalism. 

‘When being a Democrat just means being pro-choice and anti-Trump, it’s a lot more relaxing and, yes, joyful,’ Douthat says. And Trump supporters ‘complained that he was too undisciplined — which is to say, too much himself — to drive a consistent anti-Harris message.’

Both columnists rely on assumptions that may or may not happen.

Which is why the 2024 contest remains impossible to forecast.

Strip everything else away and you have Trump outperforming his polling and the make-or-break debate.

Most debates don’t live up to the advance hype. This one really could decide who gets to run as the ‘change’ candidate – a former president or incumbent veep – and moves into the Oval Office.

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Former President Donald Trump said during a Fox News town hall in Pennsylvania Wednesday evening that the U.S. is heading towards ‘World War III territory’ as wars abroad rage under the Biden-Harris administration. 

‘We’re heading into World War III territory, and because of the power of weapons, nuclear weapons in particular, but other weapons also, and I know the weapons better than anybody because I’m the one that bought them,’ Trump said from the New Holland Arena in Harrisburg, Pennsylvania. 

The town hall, which was moderated by Fox News’ Sean Hannity, fielded questions from voters in the key battleground state, which will likely help determine the outcome of the election come Nov. 5. 

‘We rebuilt our entire military. We upgraded our entire program. And, you know, the one program I hated to upgrade, hated it, was the nuclear program. And I understand it maybe better than anybody. My uncle was at MIT, a professor, the longest serving professor in the history of MIT. Very smart guy. We have a smart family. It’s nice to have a smart family, but I knew, I understood, nuclear for a long time. The power of nuclear weapons. You need a president that’s not going to be taking you into war.’

‘We won’t have World War III when I’m elected. But with these clowns that you have in there now, you’re going to end up having World War III, and it’s going to be a war …  like no other.’ 

War broke out in Ukraine in 2022, when Russia invaded the nation. Another war broke out in the Middle East last October, when Hamas terrorists launched attacks on Israel. 

Trump doubled down in the town hall that if he were in the Oval Office, the world would not be facing wars or unrest. 

‘We have things going on in the world right now with Israel and with the Middle East. … It’s blowing up. We have Ukraine and Russia. That would never happen. That would have never happened. October 7th would have never happened if I were the president. It would have never happened. And everybody knows it. Iran was broke. They didn’t have the money for Hamas and for Hezbollah. They didn’t have the money for anybody. They wanted to get by, and we would have made a fair deal with them,’ he said.

Trump traveled to the key battleground state of Pennsylvania on Wednesday for the town hall less than one week before he will again head to the Keystone State for his debate against Vice President Kamala Harris in Philadelphia on Tuesday.

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