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September 7, 2024

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A foreign minister who served under former Brazilian President Jair Bolsonaro called on the Biden administration to condemn his country’s ban on social media platform X, saying the U.S. has a ‘responsibility’ to speak up.

 Ernesto Araújo, who served as foreign minister under Bolsonaro from 2019 to 2021, said the U.S. has a ‘responsibility to be the reference point for democracy, for rule of law, for freedom in the hemisphere.’ But the White House has been silent for too long, he said, and it’s hesitation to advocate for free speech predates the ban on X, he said.

‘The Biden administration is not living up to that – have not lived up to that for a long time – and about what is happening in Brazil, because the banning of X is not something out of the blue,’ Araújo told Fox News Digital. ‘It’s one more step, after many steps, of curtailing basic rights and destroying the rule of law, destroying democracy in Brazil, something perpetrated by the Supreme Court, by a good portion of the political class, and the administration never did anything.’

Brazilian Supreme Court Justice Alexandre de Moraes last week banned X after the company failed to appoint a legal representative in the country, leading to the ‘immediate, complete and total suspension of X’s operations’ in Brazil. 

The ban will remain in place ‘until all court orders . . . are complied with, fines are duly paid and a new legal representative for the company is appointed in the country,’ according to The Guardian. 

X, under outspoken owner Elon Musk, has refused to comply following Moraes’s order to ban several accounts related to individuals involved in an alleged attempted coup last year. The powerful judge alleged that these accounts have spread misinformation and represent a threat. 

Musk accused the judge, an ally of Brazilian President Luiz Inácio Lula da Silva, of attacking free speech and said the order violates the Brazilian constitution. He further alleged in a post on X that the judge had targeted his platform ‘for political reasons.’ 

The White House has remained silent on the issue, and it declined a Fox News Digital request for comment. The U.S. State Department has also not issued any comments regarding the decision. 

‘I think the U.S. has this kind of international responsibility in the world – in the hemisphere, for sure,’ Araújo said. ‘It should be an ally of those who are trying to protect freedom and not those who are destroying freedom.’

‘So I see a lot of sympathy from the Biden administration, from the Democratic Party, for the wrong people in Latin America,’ he added. ‘It’s not a question of right or left, it’s a question of those who just claim to be for democracy.’ 

The order has not gone over well in Brazil, with the country heavily divided over the resulting ban. Many users have jumped ship to other platforms – mainly rivals Bluesky and Threads. 

The Brazilian user base for X is one-fifth and one-sixth that of Instagram and TikTok, respectively, but the platform has served as a major nexus for news agencies and political and thought leaders, giving it an outsized influence. 

Izabela Patriota, the director of development of the Ladies of Liberty Alliance and head of its Brazil section, told FOX Business that protests would materialize on Saturday, which coincides with Brazil’s Independence Day celebrations. 

While many Brazilians have found alternative social media outlets, former officials and allies of Bolsonaro argue that the ban sets the stage for further bans. Patriota fears that the courts could eventually take similar actions against the other platforms and services should the justices determine they also posed a threat. Musk also owns Starlink, a satellite internet service which has been targeted by de Moraes.

‘Where X is just another platform, and so many Brazilians are already migrating to different platforms, Starlink is providing access to many, many, many communities in the Amazon areas that they wouldn’t have without Starlink,’ Patriota said. 

Araújo also worried about the international trajectory for his country, noting that Brazil has continued to build ties with ‘the territorial block of China, Russia, Iran.’ 

‘It’s basically, playing a game,’ Araújo said. ‘Lula wants to play this game . . . he’s really, for everything that matters, is allying Brazil with the enemies of freedom, with the enemies of the United States.’

‘I think it’s in the hands of some people in the State Department or Democratic Party who think that Lula is their friend who also – I don’t know if it’s for specific interest or they’re just not smart enough to know what’s happening – who think that Lula is the good guy, and the Right is the bad guys in Brazil.’ 

The White House did not respond to a Fox News Digital request for comment by time of publication. 

This post appeared first on FOX NEWS

Democratic presidential nominee Vice President Kamala Harris has flipped on another policy — banning plastic straws.

Harris’ campaign has abandoned the vice president’s previous position from the 2020 Democratic primary in which she stated unequivocally that plastic straws should be banned due to environmental considerations.

‘She doesn’t support banning plastic straws,’ a campaign official told Axios on Wednesday.

Harris was asked whether she would support a ban on ‘single use plastics’ during a CNN town hall marathon in 2019, and specifically whether she would ban plastic straws.

‘I think we should, yes,’ Harris responded. 

‘Look, I’m going to be honest… It’s really difficult to drink out of a paper straw,’ she joked. ‘So we kinda have to perfect that a little bit more.’

The campaign emphasized that the policy change does not lower the priority of environmental reforms for the vice president.

‘She cast the tie-breaking vote on the most consequential legislation to combat climate change and create clean energy jobs in history, and as President, she is going to be focused on expanding on that progress,’ the campaign told Axios.

It’s the latest in a long series of position flips the Harris campaign has undertaken as the vice president seeks to succeed President Biden in the November election.

Harris has been accused by voters, political pundits and the Trump campaign of flip-flopping on key policies since emerging as the Democratic Party’s nominee after President Biden dropped out of the race last month. 

On fracking, for example, Harris’ campaign announced last month that the vice president did not support a ban on the oil extraction technique that enjoys broad support in battleground states like Pennsylvania.

That position, however, is the opposite of her remarks as a primary candidate during a 2019 CNN town hall event, when Harris said there is ‘no question I’m in favor of banning fracking.’

Harris has also distanced herself from ‘Medicare for All’ and semiautomatic rifle buyback programs, after publicly touting both programs during her failed primary campaign during the 2020 cycle. 

Fox News Digital’s Emma Colton contributed to this report.

This post appeared first on FOX NEWS

Former President Donald Trump claims that the upcoming presidential debate will not allow for adjustments to the nominees’ height behind the podium.

Trump made the comment in a Saturday post on his proprietary social media platform Truth Social.

‘No boxes or artificial lifts will be allowed to stand on [sic] during my upcoming debate with Comrade Kamala Harris,’ Trump wrote. ‘We had this out previously with former NYC Mayor Michael Bloomberg when he was in a debate, and he was not allowed a ‘lift.’

‘It would be a form of cheating, and the Democrats cheat enough,’ the former president added. ”You are who you are,’ it was determined!’

It is not immediately clear if Trump was relaying the outcome of discussions with ABC ahead of the debate or was speculating.

The post references Trump’s past feud with the former New York City mayor, who the former president taunted as ‘Mini Mike Bloomberg’ during his 2020 Democratic nomination bid.

Trump repeatedly claimed Bloomberg requested to stand on a box behind his podium during his Democratic primary debate — but this claim was never substantiated that the former mayor ever made such a request.

‘The president is lying,’ a spokesperson for Bloomberg’s 2020 campaign fired back at the time. ‘He is a pathological liar who lies about everything: his fake hair, his obesity, and his spray-on tan.’

Harris clarified her own height during an interview with ‘Today’ host Katie Couric earlier this year, correcting the interviewer when she claimed the vice president is 5’2′.

‘I am 5’4′ and a quarter — sometimes 5’4′ and a half,’ Harris told Couric. ‘And with heels — which I always wear — I’m 5’7’ and a half, thank you very much.’

Trump’ own height has been variously reported as 6’2′ and 6’3′.

This post appeared first on FOX NEWS

Israel’s multi-front wars against Hamas and Hezbollah and fears of a wider Middle East war with Iran have made support for the Jewish state an important issue in November’s presidential election.

Fox News Digital recently interviewed Israelis in the capital city of Jerusalem to see who they thought would be the better candidate in November’s election – former President Donald Trump or Vice President Kamala Harris.

‘He [Trump] has been president for four years and was an excellent president — the only president of America who brought us somewhat closer to solving the Israeli-Palestinian conflict,’ Mordechai told Fox News Digital from the heart of Israel’s capital city.

Moti Stein, a professor at Hebrew University in Jerusalem, told Fox News Digital that Vice President Kamala Harris ‘is very good for Israel.’

He said she was ‘representing and maybe delivering values that are extremely important for the future of the Israeli society.’

The issue of concern for those interviewed who view the Democratic nominee as the best choice for Israel’s future is the continuation of democracy in the Jewish state.

Jerusalem resident John Golub, who, like Stern, was at a protest against Prime Minister Netanyahu near the country’s parliament, believes Harris is the best choice for Israelis. ‘Kamala Harris is committed to democracy, and I think she is the candidate of the two who will help Israel realize its future as a strong liberal, democratic democracy with a strong, independent judiciary that we need.’

Other Israelis were fearful of what a Harris administration might look like for Israel. Baruch Kalman told Fox News Digital that she’s not the right ‘candidate to help Israel,’ complaining that he felt she is ‘concerned more about the Gazans and Hamas than she is about Israel.’

‘Of the two candidates, Trump is the better candidate,’ Kalman said. ‘He’s already shown his support for Israel, and he’s still supporting Israel, and he keeps his word, what he says, he does.’

Anna Gullko said that her support for Trump is due in part to his values that help form his policies. ‘I think his policy will be based on biblical values, what God demands of man.’

Zvika Klein, editor-in-chief of the Jerusalem Post, one of Israel’s most read English language newspapers, recently penned an opinion piece stating why he felt that Harris was the wrong choice for Israel.

‘Kamala Harris as president, I think, is something that should worry Jews and Israelis for a number of reasons,’ Klein said.

Klein believes that there is generally a large amount of respect from the Middle East for world leaders who display strength on the global stage – something that he says Harris is lacking. In contrast, he said the former president has demonstrated his support for Israel. Klein said that Trump’s track record in realizing the Abraham Accords and moving the U.S. Embassy from Tel Aviv to Jerusalem exemplify Trump’s willingness to work with Israel.

Klein cautioned that a future Trump administration will need to have skilled people who understand the region as he had during his first administration.

‘The question really would be if he’s going to … actually bring back, or work with the same kind of close team he had,’ Klein said. ‘Whether with his son-in-law Jared Kushner or David Friedman, who was the ambassador to Israel. Many people who are super knowledgeable about Israel and about the region. If those types of people actually continue to be close to the president and actually are able to affect him, that’s a good thing. And in general, the Republican Party is just so pro-Israel.’

There are up to 600,000 American citizens who live temporarily or permanently in Israel, the Jerusalem Post reported, citing figures from the U.S. Embassy. It also noted that some half a million of those citizens could be eligible to vote in November’s election.

This post appeared first on FOX NEWS

After initially forming a fresh incremental lifetime high, the markets succumbed to selling pressure from higher levels after spending some indecisive sessions during the week. The week that went by saw some early signs of the Nifty entering into broad corrective consolidation while ending near its low point of the trading range. Given the corrective undertone, the trading range got wider as well; the Nifty 50 oscillated in a 532.35-point trading range. The volatility spiked as well; the volatility barometer India VIX surged by 13.63% to 15.22 on a weekly basis. While setting a distinct corrective undertone, the headline index closed with a net weekly loss of 383.75 points (-1.52%).

In the previous technical note, it was categorically pointed out that the Nifty stays significantly deviated from its means; the nearest 20-week MA which is at 23795 is 1057 points below the current levels. The 50-week MA which is at 22208 is currently over 2640 points below the current close. Even if the Nifty attempts a modest mean-reversion, it can see this corrective bias getting extended. The derivative data suggests that the Index has dragged its resistance levels lower; the zone of 25000-25250 is now an important resistance for the index. So long as the Nifty is below this zone, it is likely to stay prone to profit-taking bouts from higher levels.

Expect the markets to start the fresh week on a soft and tepid note. The levels of 25075 and 25250 are likely to act as resistance points for Nifty; the supports come in lower at 24600 and 24480 levels.

The weekly RSI stands at 67.74; it has slipped below the 70 levels from the overbought area which is bearish. It however stays neutral and does not show any divergence against the price. The weekly MACD is bullish and above its signal line; however, the narrowing Histogram hints at an imminent negative crossover in the coming weeks.

A Bearish Engulfing candle has emerged; the occurrence of such a candle following an uptrend has the potential to disrupt the current trend. However, this will need confirmation going ahead from here.

The pattern analysis of the weekly chart shows that the markets are showing some first signs of fatigue at higher levels. The zone of 25000-25250 has become an immediate resistance zone and until the Nifty moves past this zone convincingly, it is unlikely to show any trending move on the upside. It continues to deviate from its mean; this may keep the index somewhat vulnerable to corrective retracements.

All in all, the markets will likely continue exhibiting tentative behavior; unless the mentioned resistance zone is not taken out convincingly, the Nifty may remain under broad consolidation or corrective pressures. Defensive setup may also remain evident, pockets like IT, Pharma, FMCG, Energy, etc., may do well. Avoiding excessive leveraged exposures and staying highly selective while making fresh purchases is strongly recommended. While vigilantly guarding profits at higher levels, a cautious approach is advised for the coming week.

Sector Analysis for the coming week

In our look at Relative Rotation Graphs®, we compared various sectors against CNX500 (NIFTY 500 Index), which represents over 95% of the free float market cap of all the stocks listed.

Relative Rotation Graphs (RRG) show the Nifty Pharma, IT, Consumption, and Midcap 100 indices are inside the leading quadrant. Though the Midcap 100 index is giving up on its relative momentum, these groups are likely to relatively outperform the broader markets over the coming weeks.

The Nifty Auto and PSE Indicex are inside the weakening quadrant; the PSE pack is showing strong improvement in its relative momentum against the broader Nifty 500 index.

The Nifty Financial Services, Commodities, Infrastructure, Banknifty, PSU Bank, Metal, the Realty indices continue to languish inside the lagging quadrant are are set to relatively underperform the broader Nifty 500 index. The Nifty Energy Index is also inside the lagging quadrant; however, it is seen sharply improving its relative momentum against the broader markets.

The Media and the Services sector indices are currently placed inside the improving quadrant.

Important Note: RRG™ charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.  

Milan Vaishnav, CMT, MSTA

Consulting Technical Analyst

www.EquityResearch.asia | www.ChartWizard.ae

The American University historian who has correctly predicted the outcomes of nine of the last ten presidential elections tells Fox News Digital that the Democrats ‘finally got smart’ by rallying around Kamala Harris as their candidate – and that is one of the reasons why he thinks she will be November’s winner. 

The formula Allan Lichtman has used to correctly predict nearly every presidential race since 1984, his ‘Keys to the White House,’ was developed in 1981 with mathematician Vladimir Keilis-Borok and is based on their analysis of presidential elections dating back to 1860. The ‘keys’ consist of 13 true or false questions, parameters that, if true, favor stability. 

‘The way it works is real simple. If six or more keys — any six — go against the White House party, they are predicted losers. Otherwise, they’re predicted winners,’ Lichtman told Fox News Digital this week. ‘And by the way, this also led to a prediction of Donald Trump’s win, which made me virtually alone in making that prediction in 2016.’ 

Lichtman says the Democrats represented by Harris could lose five keys ‘at most’ and that is why he is predicting that ‘we are going to have a precedent-breaking election and Kamala Harris will become the first woman President of the United States.’ 

‘We’ve had an unprecedented situation of a sitting president dropping out on the eve of the convention, and it has affected my keys,’ Lichtman continued. ‘Now, with Biden dropping out, the Democrats lost one key — the incumbency key. I thought perhaps the way things were looking, if Biden dropped out, the [Democrats] would have a big party brawl and that would cost them a second key, which could lose them the election. But the Democrats finally got smart and united behind Harris and that preserved the contest key. That means the shift only cost them one key.’ 

Lichtman describes the contest key as having ‘no serious contest for the incumbent-party nomination.’ The other keys are as follows: party mandate, incumbency, third party, short-term economy, long-term economy, policy change, social unrest, scandal, foreign/military failure, foreign/military success, incumbent charisma and challenger charisma. 

‘I think having Harris front and center rather than Joe Biden, the policymaker, has dampened enthusiasm for protests which helped salvage a second key, the social unrest key,’ Lichtman also said. ‘The keys show that Kamala Harris is a predicted winner.’ 

Fox News’ Chris Pandolfo contributed to this report. 

This post appeared first on FOX NEWS

Prominent attorney Alan Dershowitz announced his departure from the Democratic Party, citing several ‘anti-Jewish’ lawmakers that make up the ranks of the party and the recent Democratic National Convention in which Vice President Kamala Harris became the party’s presidential nominee. 

Speaking with radio host Zev Brenner on ‘Talkline with Zev Brenner,’ Dershowitz cited the DNC, which he said gave legitimacy to anti-Israel speakers, and anti-Israel protesters outside the gathering. 

‘It was the most anti-Jewish, anti-Israel, anti-Zionist convention I’ve experienced,’ he said. ‘I was disgusted at the Democratic National Convention. Absolutely disgusted.’

‘I am no longer a Democrat. I am an Independent,’ he added, noting that he wouldn’t reveal whom he was voting for president until possibly after Nov. 1. ‘I want to see how they deal with Iran. I want to encourage the current administration to support Israel.’

The Harvard Law professor emeritus said his departure from the party was a long time coming and that he gradually resigned over time. 

‘Alot of things pushed me in that direction,’ he said. Dershowitz noted Harris’ failure to preside over a joint session of Congress during an address by Israeli Prime Minister Benjamin Netanyahu played a big role in his decision. 

Some Democrats skipped Netanyahu’s speech as a form of protest. 

Ultimately, it was the convention that was held in Chicago last month that pushed him over the edge, he said. 

He named Reps. Alexandria Ocasio-Cortez, Elizabeth Warren, Bernie Sanders, who he said were anti-Israel, and Rev. Al Sharpton, who has been accused of antisemitism in the past.

In addition, there were anti-Israel protesters outside the gathering who called for the destruction of Israel, he said. 

‘That’s not my party,’ Dershowitz said. 

The Democratic Party has seen a sharp split within its ranks following the Oct. 7 attack on Israel by Hamas. Some members of the party have refused to condemn the terror group and have blamed Netanyahu for Israel’s military response. 

Many Democrats have called for a ceasefire and urged Israel to use restraint while neglecting to hold Hamas and Hezbollah, an Iran-backed terror group based in Lebanon, in Israel’s north, to the same standard. 

This post appeared first on FOX NEWS

This week, the market appeared to shift dramatically from “stalling out at all-time highs” to more of a “big time risk-off selloff move” kind of situation. The warning signs were building in August, but, so far, September is ringing all kinds of market topping alarm bells. Let’s review three key charts that tell the story of this shift in investor sentiment.

Weaker Momentum Indicates Bulls are Exhausted

When the S&P 500 first tested the 5650 level in July, the daily RSI pushed above 80 to reinforce the strong positive momentum. Then, when that level was retested in late August, the RSI was down around 60.

What appeared to be a potential pause before an upside breakout now seems to be a confirmed double top pattern with weakening momentum characteristics. This suggests an exhaustion of bullish sentiment and looks awfully similar to previous market tops.

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To be clear, the S&P 500 still remains within 5% of an all-time high.  But with the SPX down over 4% this week, and the Nasdaq 100 down almost 6%, bears appears to be back in control of the major market averages.

Elevated Volatility Implies Elevated Risks

I was super surprised to see the VIX come back down to the mid-teens in mid-August after spiking to one of its highest levels in history. Through late August, the VIX remained below the 20 level, suggesting a low-volatility environment.

This week, the VIX pushed back above that crucial 20 level, signaling elevated uncertainty and therefore elevated risk for stocks. Every day the VIX remains above 20 should give less comfort to bulls cautiously looking for a dramatic upside reversal.

Newer Dow Theory Flashes Bearish Non-Confirmation

Finally, we can look what I call the “Newer Dow Theory,” an adaptation of Charles Dow’s foundational work relating the movements of two major equity indexes. While Dow used the Dow Transports and Dow Railroads to gauge economic strength, I like to consider an equal-weighted S&P 500 and equal-weighted Nasdaq 100 to compare the performance of “old economy” versus “new economy” names.

Over the last six weeks, while the S&P 500 itself has stalled out around the 5650 level, the Invesco S&P 500 Equal Weight ETF (RSP) has actually achieved a new all-time high. At the same time, the Direxion Nasdaq 100 Equal Weighted ETF (QQQE) has actually displayed a lower peak. Dow called this configuration a “bearish non-confirmation,” where a new high from one index was not confirmed by the price action of another. And this bearish non-confirmation is a common feature of major market peaks.

As a trend-follower, I would argue that the primary trend in the S&P 500 remains bullish as long as the index remains above the August swing low around 5200. But given the growing signs of deterioration in these key macro charts, the likelihood of further downside in September feels very real.

RR#6,

Dave

P.S. Ready to upgrade your investment process? Check out my free behavioral investing course!

David Keller, CMT

Chief Market Strategist

StockCharts.com

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.

The author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.