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November 24, 2024

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In a truncated trading week, the Indian equities closed the week with gains thanks to a robust technical rebound that it witnessed on Friday. The Nifty continued to wear a corrective look for three days; on the last trading day of the week, the Index managed to get itself into positive territory at close. Had it not been for the technical rebound on Friday, the Index would have been heading to yet another negative weekly close. The trading range stayed wider on the anticipated lines, and the Nifty oscillated in the 692.95 points range over the past four trading sessions. The volatility edged higher; the IndiaVIX surged and closed 8.95% higher at 16.10 on a weekly basis. The headline index closed with a net weekly gain of 374.55 points (+1.59%).

The markets saw some important technical levels getting tested. The Nifty tested and violated the 200-DMA, presently placed at 23593. It also tested the 50-week MA, which is currently at 23312. Thanks to the rebound seen on Friday, the Nifty managed to rebound from these levels and close above the 200-DMA. However, the Nifty is testing the crucial pattern resistance levels and is not entirely out of the woods yet. We also enter the expiry week of the monthly derivative series; the coming days will likely remain influenced by rollover-centric activities. In any case, 23500-23300 is a crucial support zone for the Index; as long as this zone stays defended, we are unlikely to see any further downside. However, if this zone gets violated, we will be in for an extended corrective period.

We are likely to see a stable start for the coming week. The levels of 24150 and 24300 shall act as resistance levels. Supports are likely to come in at 23650 and 23500 levels.

The weekly RSI stands at 47.59; it remains neutral and does not show any divergence against the price. The weekly MACD is bearish and trades below the signal line. The PPO is negative.

The weekly chart pattern analysis indicates that the Nifty is supported by an extended trendline, which aligns with the 50-week moving average currently at 23312. This level is a crucial support for the Nifty, and a breach of this point would weaken the markets further.

Despite a robust technical rebound after testing the 50-week MA, the Nifty is not yet out of the woods. The Nifty will have to defend the 23300 on a closing basis; it will also need to cross above the 24150-24300 to confirm a base formation at the current lows. Market participants need to guard their profits at higher levels. A cautious outlook is advised for the week; keep leveraged exposure at modest levels.


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 a lack of leadership as only Nifty IT, Financial Services, and Services Sector indices are inside the leading quadrant. However, these groups are expected to outperform the broader markets relatively.

The Nifty Pharma Index has rolled inside the weakening quadrant. The Nifty Midcap 100 and Consumption Index are also inside the weakening quadrant.

The FMCG Index has rolled inside the weakening quadrant. The Nifty Auto, Energy, Commodities, PSE, Infrastructure, and Media Indices are inside the weakening quadrant and may relatively underperform the broader markets. However, the PSE and the Infrastructure indices are improving relative momentum against the broader Nifty 500 index.

The Nifty Realty Index has rolled inside the improving quadrant, potentially signaling the onset of a phase of relative outperformance. The Metal, Nifty, Bank, and PSU indices are also in 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

No matter how you slice it, small and mid caps have been absolutely crushed on a relative basis since 2021. The unfortunate part about this is that most traders have recency bias. They believe whatever has been working will continue to work and things that haven’t been working should continue to be ignored. If you study stock market history, you know this isn’t how it works.

First, I want you to look at a small cap vs. large cap relative ratio (IWM:SPY) since the turn of the century:

It’s rather clear that small caps have been completely out of favor for the past 3 years. And this is what traders know and remember. But if we step back and look at the Big Picture, then we realize that there are times when small caps absolutely TROUNCE large caps. I believe we’re entering one of those bullish periods and I circled the recent action to illustrate it. While small caps have seen a big jump recently, this charts demonstrates that if this period of small cap leadership is just beginning, things could get VERY exciting into year end and throughout 2025. Shouldn’t we at least entertain this idea? For further confirmation of a major shift into small caps, watch the July relative high near 0.41. If that level is cleared, the odds of a much more significant rotation into small caps increase significantly.

I began discussing small cap outperformance all the way back in January 2024 at our MarketVision 2024 event where I laid out my themes for 2024. I indicated that the Fed’s lowering of the fed funds rate would send the small and mid cap spaces flying, which it has, though it was delayed as a result of the Fed keeping rates “higher for longer”. The stock market began anticipating a much lower fed funds rate back in July, when the June Core CPI came in much better than expected. Small caps RIPPED to the upside with the IWM outperforming the QQQ by 18 percentage points in just a little over two weeks – rapid and violent rotation that, in my opinion, predicted much more rotation to small and mid caps ahead. We’re now seeing that.

At EarningsBeats.com, we “draft” 10 equal-weighted stocks into our portfolios every quarter. At our draft on August 19th, we loaded our Aggressive Portfolio with small and mid cap stocks in anticipation of leadership in those asset classes. Our Aggressive Portfolio results were very impressive:

The S&P 500, from August 19th through the update on November 15th, gained 4.68%, but our Aggressive Portfolio scorched higher by 25.75%. That type of outperformance can make a big difference in your financial future. On Monday night, we announced the stocks that would be part of our Aggressive Portfolio for the next 90 days. Thus far, it’s a small sample, but results have been equally impressive:

After quintupling the S&P 500 in the prior quarter, our Aggressive Portfolio has upped its relative performance and currently is sextupling the S&P 500’s performance. One stock in this portfolio is Lemonade (LMND). When we announced our Aggressive Portfolio stocks that we “drafted” on Monday, LMND had just closed at 34.31. By Thursday, LMND had surged to an intraday high of 52.22, representing more than a 50% move in less than 3 days! While we certainly don’t expect this type of outperformance, it does underscore the possibilities when small and mid caps get on a roll and are seeing money rotate into these asset classes. Another stock in this Portfolio jumped nearly 25% and a couple others had gained more than 10%.

Learn More About Small and Mid Cap Stocks

Last weekend, I offered our FREE EB Digest subscribers a Special Offer. I produced a video highlighting a chart that is SCREAMING at us to buy small and mid cap stocks, along with 10 small and mid cap stocks that I really like. Some of these 10 made it into our Portfolios that were announced on Monday. I’m happy to extend this offer. Anyone that would like a copy of this Small and Mid Cap recording and also would like to see ALL of the stocks that are now in our Portfolios, CLICK HERE to start your 30-day FREE trial to our EB service. There’s a very simple fundamental reason why we’re seeing this shift into small and mid caps and I show you on the Small and Mid Cap recording. If I continue to be correct about this small and mid cap explosion, it’ll likely turn out to be your best decision of 2024. Kick the tires at EarningsBeats.com, check out our small and mid cap favorites, and get ready to improve your trading results!

It’s also the start of our Fall Special. Therefore, signing up for a FREE 30-day trial makes a ton of sense right now. If you like our service, you’ll have the opportunity to save $200 on our annual membership under the Fall Special. An annual membership will include your FREE registration into our MarketVision 2025 event in January, priced at more than $500 for non-members.

YouTube Show

Finally, my weekly market report, “Here’s Why Small and Mid Caps Will Keep Flying!”, was updated earlier and is now available on YouTube. Please “Like” the video and “Subscribe” to our YouTube channel as we continue to build our online community! Thanks so much for your support!

Happy trading!

Tom

Bitcoin achieved five new all-time high prices this week, boosted by a wave of renewed optimism and growing confidence in the future of the cryptocurrency.

Meanwhile, MicroStrategy (NASDAQ:MSTR) increased its Bitcoin holdings, sending its share price to record-high valuations, and a major development in Google’s (NASDAQ:GOOGL) anti-trust trial weighed heavily on investors.

1. Bitcoin nears US$100,000, Solana, XRP soar

This week proved to be another dynamic period in the digital asset market.

The industry witnessed multiple new all-time highs and regulatory developments, with the total crypto market cap reaching a record-breaking US$3.025 trillion on Monday (November 18). The Crypto Fear and Greed Index also hit its highest level since March, a sign that market sentiment is becoming increasingly bullish.

After the US Federal Reserve dampened expectations last week of further interest rate cuts when it meets in December, Bitcoin’s volatility score reached a high of 3.34 on Monday, according to TradingView data, while its price fluctuated between US$89,000 and US$93,800 at the start of the week.

Tuesday’s (November 19) debut of BlackRock’s Bitcoin ETF (NASDAQ:IBIT) options drove Bitcoin’s value up by over 2 percent as nearly US$2 billion poured into the newly approved funds on their first day. The ratio of call options to put options was 4.4 to 1, indicating more bets on Bitcoin’s price increasing than decreasing.

On Wednesday (November 20), Bitcoin broke US$94,000 for the first time in history in pre-market trading, marking the first of five new all-time highs this week.

The rally continued after Bloomberg News reported that Trump’s team was holding discussions with the digital asset industry about whether to create a new White House post solely dedicated to crypto policy. This lead to its next record high of US$97,000 just after midnight EST on Thursday (November 21), followed by an ascent to US$98,310 early on Thursday morning.

It pulled back slightly as trading commenced, then surged to US$99,500 following the news, reported by Reuters around 2:30 p.m. EST on Thursday, that US Securities and Exchange Commission Chairman Gary Gensler would be leaving his position on January 20.

Bitcoin’s opening price on Friday (November 22) was US$97,915 and it notched its final all-time high price of US$99,645 at around 2:30 p.m. EST. It closed the week with a valuation of around US$99,300 following reports that Trump’s social media company filed for a trademark with the United States Patent and Trademark Office for computer software for use as a digital wallet, payment processing for crypto, fiat and trading in digital assets.

Bitcoin performance, November 16 to 22, 2024.

Chart via CoinGecko.

In other crypto news, the biggest gainer was Solana emerged as a significant mover, with its price increasing by 20.2 percent week-over-week to reach US$253.70 on Friday. The cryptocurrency, which outpaced Ethereum in terms of decentralized exchange (DEX) volume this week, hit a record-high valuation of US$262.46 on Thursday.

This substantial change was driven by Bitwise’s registration of a Bitwise Solana ETF on Thursday, indicating the company’s intent to launch a spot Solana ETF. This makes Bitwise the latest institution to file for a Solana spot ETF. Previously, VanEck filed with the SEC for a spot Solana ETF on June 27, 21Shares submitted its Solana ETF application on June 28 and Canary Capital filed on October 30.

By the time the trading day closed Friday, XRP had climbed 33 percent this week to a new all-time high of US$1.48 on Friday morning. Open interest for XRP derivatives also surpassed US$2 billion on Sunday (November 17). Ethereum was also up this week, moving up 8.4 percent for the week to US$3,293.28.

2. MicroStrategy scoops up more Bitcoin

MicroStrategy’s Bitcoin buying spree continued this week as the company announced a private offering of US$1.75 billion of convertible senior notes on Monday. In the press release, the company shared its intention to use the proceeds of the sale to purchase more Bitcoin and for general corporate purposes.

On Tuesday, amidst a Bitcoin rally, MicroStrategy’s options open interest exceeded market capitalization, and the stock’s trading volume was comparable to that of Apple and Microsoft. Its share price closed at a record US$430, 24.79 percent above the previous day’s opening price of US$345.15.

On Wednesday, MicroStrategy made the top 100 US publicly traded companies by market capitalization. Boosted by the surging price of Bitcoin, the company increased its offering to US$2.6 billion. Chairman Michael Saylor also said would be presenting a brief pitch to Microsoft’s (NASDAQ:MSFT) board of directors to encourage the company to include Bitcoin in its investment portfolio.

On Thursday MicroStrategy’s share price jumped to US$535.74. However, its week’s gains were reversed after Citron Research said the firm was shorting the software company. “Much respect to @saylor, but even he must know $MSTR is overheated,” the firm tweeted as the markets opened.

Later that day, MicroStrategy announced it had completed its offering, worth US$3 billion, but it wasn’t enough to sway investors. The company’s share price ultimately closed the day at US$397.28, down 25.84 percent from the start of trading, marking its worst single-day loss since April 30.

The company’s share price ultimately ended the week up 22 percent overall after recovering slightly during Friday’s session, which it closed at US$421.88.

3. Judge rules Alphabet must divest its Chrome business

In a court filing released on Thursday morning, antitrust enforcers ordered Google’s parent company, Alphabet, to sell its Chrome browser. According to Bloomberg Intelligence analyst Mandeep Singh, the business could go for as much as US$20 billion.

Alphabet’s share price slid 4.7 percent to a four-week low as markets wrapped on Thursday. It dropped a further 0.38 percent after hours.

Alphabet performance, November 18 to 22, 2024.

Chart via Google Finance.

This is the latest development in the antitrust lawsuit filed against Alphabet in 2020. In August 2024, following a trial that began in September 2023, a judge ruled that Google’s practice of paying billions of dollars to maintain its position as the default search engine was an illegal monopolization of the search market.

Google will have an opportunity to submit its own views on the matter next month. In a statement, Kent Walker, President of Global Affairs for Google and Alphabet, said, “DOJ’s approach would result in unprecedented government overreach that would harm American consumers, developers, and small businesses — and jeopardize America’s global economic and technological leadership at precisely the moment it’s needed most.”

The Justice Department will also offer additional perspectives in March 2025 before a two-week hearing scheduled for April. However, when President-elect Donald Trump takes office in January, his administration could opt to discard or make changes to the injunction.

In the court filing, the plaintiffs also proposed that Google be prohibited from acquiring, investing in or partnering with any company that influences consumer search behavior, including AI-powered search products.

Sources suggest this provision is aimed at Google’s investment in Anthropic. If the judge accepts the proposal, Google will be forced to unwind a partnership with Anthropic, which was struck in 2022 and made Google Cloud Anthropic’s primary cloud provider.

The two companies are also collaborating to develop AI systems. Google’s investments in Anthropic have been a significant source of funding for Anthropic’s research and development efforts. The deal was subject to regulatory scrutiny in the United Kingdom; however, the Competitions and Markets Authority, the UK’s primary competition regulatory, ultimately decided not to pursue an investigation on Thursday.

Enforcers also recommended the divestiture of the company’s Android operating system in the case that the ‘proposed conduct remedies are not effective in preventing Google from improperly leveraging its control of the Android ecosystem to its advantage, or if Google attempts to circumvent the remedy package.’

Google ended the week with its share price down 4.79 percent for the week at a valuation of US$166.57.

4. Sky-high expectations dampen NVIDIA’s Q3 earnings report

NVIDIA’s (NASDAQ:NVDA) share price experienced a turbulent week, starting with a 1.3 percent decline on Monday following a report in the Information alleging that the company’s new Blackwell graphics processing units (GPUs) were overheating servers. Sources claimed that NVIDIA had asked suppliers to redesign the server racks due to this issue late in the production process, but did not alert customers of a potential delay.

While the news sparked concerns about the potential impact on NVIDIA’s revenue, Business Insider reported the following day that the issues had largely been resolved.

Amidst this backdrop, NVIDIA’s Q3 2025 results on Wednesday were eagerly anticipated. NVIDIA reported total revenue of US$35.1 billion for Q3, up 17 percent quarter-over-quarter and up 94 percent year-over-year. This was higher than both NVIDIA’s own Q3 revenue guidance of US$32.5 billion from its Q2 2025 report and LSEG analysts’ estimates of US$33.1 billion.

Data center revenue came in at US$30.8 billion, up 17 percent from Q2 and up 112 percent from a year ago. GAAP earnings per diluted share were US$0.78, up 16 percent from the previous quarter and 111 percent from a year ago. The consensus estimate for earnings per share was US$0.75.

Despite an objectively positive Q3 performance, NVIDIA’s share price fell in after-hours trading. The company’s Q4 sales forecast of US$37.5 billion, while strong, disappointed investors that projected the first quarter to count sales of its anticipated Blackwell chips to be between US$37.1 billion and US$41 billion.

This lower-than-expected forecast represents the company’s slowest revenue growth projection in seven quarters, even considering Big Tech’s multi-billion dollar spending plans on AI.

Additionally, the company remained silent on whether it anticipates sales of its Hopper chips to increase as Blackwell chips become available. A slowdown in Hopper sales could negatively impact Q4 revenues, particularly if production issues continue.

By Thursday morning it had recovered slightly, opening 2.3 percent above Wednesday’s close and over 7 percent higher than its valuation on Monday. NVIDIA ultimately closed the week up 1.84 percent at US$141.95.

5. Super Micro Computer hires new auditor, submits plan of compliance

Shares of Super Micro Computer (NASDAQ:SMCI) jumped on Tuesday after the company revealed it hired a new auditor, BDO USA and submitted a compliance plan to the Nasdaq Exchange (INDEXNASDAQ:.IXIC) with regards to the delayed filing of its reports, Form 10-K for the fiscal year ended June 30, 2024, and Form 10-Q for the period ended September 30, 2024.

Both were delayed due to concerns raised by the company’s former auditor, Ernst & Young, about its financial reporting, governance and internal controls.

Its share price rose to US$27.16 at the opening bell on Tuesday, over 26 percent higher than Monday’s closing price.

Super Micro may be able to extend its deadline for filing the required document until February if the Nasdaq accepts its plan. The company’s listing on the exchange would be maintained during this period until a final decision is reached regarding its compliance. In the event the plan is not approved, Super Micro has the option to appeal the decision.

Its share price was US$33.15 on Friday’s close, up over 65 percent for the week.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Weighing in on Fed Chair Jerome Powell’s November 14 comments, she said he remains steadfast in his message that while inflation is coming down to the Fed’s 2 percent target, there’s a bumpy path ahead that will require patience.

‘I think the idea here is not so much to hang onto every single word he’s saying about the economy, but rather to understand that he’s retaining flexibility and does not want to be pigeonholed into saying, ‘Okay, there was one report that came out and therefore we’re going to do this.’ I don’t think that’s his aim,’ DiMartino Booth explained.

In her view, the Fed is likely to cut by another 25 basis points at its next meeting in December.

DiMartino Booth also went over where investors may want to focus their portfolios right now, noting that in the current environment it makes sense to be defensive and protective of assets that generate returns.

‘To the extent that (investors are) going to be exposed to the stock market, they should also be focused on companies that behave like gold — that are defensive in nature, that have really strong cashflow streams and are able to maintain their dividends and provide safe harbor when other riskier asset classes don’t do the same,’ she said.

She added that even though the Fed is lowering rates, there’s a trend of investors turning toward cash.

‘It looks like they’re trying to pare back their risk exposure by increasing their cash holdings despite the fact that they’re getting a lower level of an interest stream off that,’ DiMartino Booth said.

Watch the interview above for more of her thoughts on the Fed, Powell and the outlook for the US economy.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

He also discussed what he is — and isn’t — doing with his money right now.

‘Stay out of stocks, with a few exceptions here and there — there are always exceptions. Stay out of all bonds, frankly. They’re a triple threat to your capital,’ Casey said during the interview. ‘I still like commodities — commodities relative to everything else are cheap. And gold isn’t particularly cheap, but it’s going a lot higher.’

As the gold price moves up, he sees investors becoming more interested in gold stocks.

“The gold-mining stock market has actually been okay. Not great, but okay to me over the last three or four or five years. But I think that the world will turn, and at some point people are going to say, ‘I’ve got to have these crazy little crappy gold stocks,” Casey explained. ‘And they’ll go 10 to one again like they have as a group, five times actually, since 1971, when gold was freed up — or the dollar was first devalued, I should say — by the Nixon administration.’

Outside of gold, Casey remains interested in oil and gas stocks, as well as coal stocks. He also mentioned uranium as a sector that has his attention, pointing to the coming wave of artificial intelligence data centers that need power.

‘You’ve got to gird your loins, because you don’t know what kind of insanity is going to visit itself upon the world within the next few years. Even if Trump does all the right things — which he won’t, absolutely not — although he’s doing a lot of right things. You want to insulate yourself from what I think will be a gigantic catastrophe that we’re looking at,’ he said. ‘More is better, especially when it comes to money. Especially when that money is in gold.’

Watch the interview above for more from Casey on his current strategies for investing and speculating.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

The Israeli Prime Minister’s office says that an Israeli citizen living in the United Arab Emirates has been missing for two days.

The PMO said in a statement Saturday that Zvi Kogan, an Israeli-Moldovan citizen, had been missing since Thursday afternoon.

Kogan is a representative of Chabad, a religious movement of Hasidic Jews with communities, synagogues and other institutions in many countries.

The PMO’s office said that “since he disappeared, and due to information suggesting that this is a terror incident, an extensive investigation was launched in the country (the UAE).”

“The Israeli intelligence and security services have been operating tirelessly, due to their concern to the wellbeing and safety of Zvi Kogan.”

It said that Israel’s National Security Agency had previously recommended Israeli citizens avoid unnecessary travel to the UAE.

This is a developing story. More to come.

This post appeared first on cnn.com

The police chief in a small town in central Mexico took his own life Friday as troops closed in to arrest him as part of anticorruption raids that also detained several other top police commanders and a mayor in other towns.

The massive, near-simultaneous raids, which federal officials called “Operation Swarm,” took place in two rural towns in the State of Mexico, west of Mexico City, as well as in two populous suburbs right on the edge of the country’s capital.

The federal Public Safety Department said the seven officials arrested “were linked to criminal groups.” and were accused of “crimes like extortion, kidnaping and homicide.” It was not clear if formal charges had been filed against them yet.

State prosecutors said the police chief of the one of the rural towns, Texcaltitlan, killed himself with his own weapon as marines, National Guard and soldiers closed in to try to arrest him on unspecified charges.

And troops also arrested the mayor of the nearby town of Amanalco on “various charges,” and also detained the town’s police chief and another local official. They also arrested the police chief of the town of Tejupilco, farther south.

The area around those towns has long been dominated by the violent La Familia Michoacana gang, which deals in drugs, kidnapping and extortion.

While some of the raids targeted rural areas, authorities also detained the assistant police chief of Naucalpan, a sprawling suburb of 775,000 inhabitants on the northwest edge of Mexico City.

Later, they announced the arrest of a top police chief in the suburb of Ixtapaluca, to the east of Mexico City, which has about 370,000 inhabitants.

Gangs and drug cartels have long infiltrated, intimidated or bribed local officials into working for them, often going so far as to take a cut of the municipal budget or use local police forces to warn them or protect them from federal raids. Sometimes, police officers simply profit freelance from the drug trade.

This post appeared first on cnn.com

Kirra Pendergast talks to thousands of teenagers each year in her role as a cyber safety educator.

She knows what they get up to online – the texting, the bullying, the sextortion, the threats – but nothing prepared her for the hostility she faced this month in a roomful of students ages 12 and 13.

She’d been booked to give three talks at a high school in Australia but just minutes into the first session, a group of boys started shouting insults common among misogynistic online influencers about the women pictured on Pendergast’s presentation.

Teachers tried to shush them, then a girl in the front row made the final expletive-filled comment that shattered Pendergast’s veneer and saw the special guest speaker flee the room in tears.

“I can’t believe I’m crying on film on here,” Pendergast said in a selfie video filmed soon after in her car. “I believe that the behavior that I witnessed today is completely driven by things that they’ve seen online,” she said.

“In fact, I know it is, and it has to change.”

Pendergast, the founder and CEO of global cyber safety training company Safe on Social, once opposed a ban on social media for children, but now she’s totally on board.

The Australian government introduced what it’s called “world-leading” legislation in parliament this week to wipe social media accounts – including Snapchat, TikTok, Facebook, Instagram, Reddit and X – from the devices of children under 16.

If passed, the law would see courts impose fines of nearly 50 million Australian dollars ($32 million) on social media companies found not to have taken reasonable steps to prevent age-restricted children from using their service.

The government is not telling tech companies how to do it, but at the very least, it says it expects them to adopt age verification technologies. That comes with privacy issues that the government said will be addressed in the legislation.

But critics aren’t convinced.

They say it’s a rushed piece of legislation driven by political maneuvering ahead of a federal election, one that could push children who flout the rules deeper into unregulated areas of the internet.

Supporters say if it saves one life, it’s worth it.

Deadly bullying

In recent months, two more young girls have joined a growing list of children who have taken their own lives after allegations of online bullying.

Charlotte O’Brien died in September, followed by Ella Catley-Crawford – both were 12, and their families say they were targeted by bullies who taunted them through Snapchat.

In Ella’s case, girls allegedly catfished her by pretending to be someone else on the app and spread private videos she sent.

“SOCIAL MEDIA BULLYING IS REAL,” her relatives said in bold caps on a GoFundMe page set up to raise money for her funeral.

Charlotte’s parents Matthew Howard and Kelly O’Brien have since joined the campaign to push for a ban on social media for under 16s. They’re acting on Charlotte’s last request – an appeal to them to raise awareness.

How to get help

Help is available if you or someone you know is struggling with suicidal thoughts or mental health matters.
In the US: Call or text 988, the Suicide & Crisis Lifeline.
Globally: The International Association for Suicide Prevention and Befrienders Worldwide have contact information for crisis centers around the world.

    Earlier this month, they travelled to Canberra to present the prime minister with a petition then signed by 124,000 people – the world’s largest on the topic – calling for the age limit for social media to be raised 36 months from 13 to 16.

    Dr. Danielle Einstein, clinical psychologist and author, says schools are navigating a minefield of interactions that are playing out online, outside school hours, on platforms that are beyond their reach.

    “Teachers are under so much pressure to solve the fact that the culture has been undermined by social media, by this sort of mean behavior that subtly is being permitted to exist, just because it’s so hard to stop,” she said.

    Einstein supports the social media ban because she believes phones and group chats are replacing face-to-face interactions that teach children how to connect with people and resolve conflict.

    “All of a sudden, any errors they make are broadcast and they go straight out to a whole group,” she said. “They don’t have the opportunity to make these little mistakes, and for the mistakes not to matter.”

    Political leaders push for a ban

    Agreement between the major political parties is rare in Australia, but on this issue, they’re presenting a united front.

    The Liberal opposition party proposed a social media age limit in June that was backed by the prime minister, then all the state and territory leaders.

    “I want to talk to Australian parents,” Prime Minister Anthony Albanese said in a video posted to Instagram, one of the targets of the ban.

    “Too often social media isn’t social at all, and we all know that. The truth is it’s doing harm to our children, and I’m calling time on it,” he said.

    Dany Elachi called time on it in his household a few years ago, when he and his wife caved into their daughter’s demands to use their old smartphone. She was 10 at the time.

    “The straw that broke the camel’s back, I think, for her mom and I was catching her messaging friends under the covers at midnight. And so, we just connected all these dots together. We thought, we can’t do this for another 10 years.”

    They started the Heads Up Alliance to encourage other parents to delay giving smartphones to their children, and since then their network has grown.

    Elachi says there’s no question that social media is harming Australian kids.

    “Parents are seeing with their own eyes. I mean, there are suicide notes. Children who’ve killed themselves write their suicide notes, telling us that social media played a role in their deaths, and we’re seriously still debating whether social media is harmful to our children’s mental health?”

    “It’s actually disgraceful.”

    Legislation ‘motivated by political issues’

    For many experts, the debate’s not so much about the negative effects of social media – but whether an outright ban is the right response.

    Last month, more than 140 experts sent a joint letter to the government saying the ban is a “blunt” response to the problem that removes the incentive for tech companies to invest in more ways to keep children safe online.

    This week, a joint select committee investigating social media in Australia seemed to agree. Its final report, after months of public hearings and hundreds of submissions, did not call for a ban.

    Instead, it recommended that laws be changed to “effectively bring digital platforms under Australian jurisdiction,” and that any changes that affect young people should be “co-designed with young people.”

    Amanda Third, co-director of the Young and Resilient Research Centre at Western Sydney University, says for many children, the current sign-up age of 13 is “entirely appropriate.”

    “The idea of a ban is incredibly seductive for parents, because it feels like it’s just going to take that off your list of things to worry about,” she said. “But in actual fact, a ban is not going to deliver the relief that parents are looking for. It’s a fact of life that this will continue to be a key part of parenting into the future.”

    She believes calls for a ban are “motivated by political and economic issues.” The two major parties that support the ban will contest a federal election next year. And media heavyweight News Corporation, which has pushed for the ban, has a separate dispute with Meta, the owner of Facebook and Instagram.

    Meta announced in March it would stop paying Australian providers for news, provoking a furious reaction from News Corp, the dominant player in Australia’s highly concentrated news industry.

    News Corp Australia executive chairman Michael Miller delivered a nationally televised speech in June calling for the government to push Meta to pay, saying, “We can’t let ourselves be bullied.”

    News Corp had launched its “Let Them Be Kids” campaign the month before, telling the stories of children harmed by social media and pushing for a ban for under 16s.

    News Corp-owned The Courier Mail recently credited the campaign with leading discussion around “the damage caused by tech platforms to young people … with that reporting now set to result in seismic changes to online laws.”

    There’s a long way to go before any ban comes into place. Even if it becomes law, the government says it’ll give tech companies 12 months to comply, with the switch-off date to be set by the communications minister.

    In its submission to the joint committee, the Digital Industry Group Inc. (DIGI), which represents social media companies in Australia, said research to date had not established “a direct causal link between social media use and youth mental health issues in Australia or globally.”

    DIGI, whose members include Meta, Snap, TikTok and X, said it shared the government’s commitment to improving online safety.

    X owner Elon Musk was less diplomatic in a post on his social media platform. The self-proclaimed “free speech absolutist” and close ally of US President-elect Donald Trump, posted that the ban “seemed like a backdoor way to control access to the Internet by all Australians.”

    Other providers have made an effort to engage on the issue.

    Snap Inc., whose messaging service Snapchat was allegedly used to bully Charlotte O’Brien and Ella Catley-Crawford, said “bullying has no place” on the app, and has encouraged children who have problems to block and report offenders.

    Instagram, owned by Meta, recently paired up with Kids Helpline in an anti-bullying campaign “How do you mean?” that asks content creators how they cope with bullying online. Asked why they wouldn’t just log off, some said it would be “unfair and unrealistic” to leave because their community, friends and family are online.

    The message was that “everyone faces mean behavior” but there are ways to deal with it – notably pressing a button to report and block – before seeking adult help.

    Some parents believe there’s enough mean behavior in real life, without adding social media to the mix – especially in junior high, a time, Einstein the psychologist says, when children are forming friendship groups, and sometimes ostracizing classmates who for whatever reason aren’t deemed to fit in.

    Pendergast, the cyber safety educator, says she’s seen enough mean behavior in her travels to schools across the country to know that something needs to change.

    “If a simple rule protects just one child and helps them grow into a strong, resilient young person with their privacy intact, isn’t that worth it?” she wrote in a Facebook post.

    “Why would we deny a child that protection? Why is child online safety being treated like a political game? And why has the debate over ‘ban or no ban’ turned into a competition, when the only ones losing while we argue are the kids?”

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    Armed and hooded members of the Venezuelan security forces have surrounded Argentina’s embassy in Caracas, according to leaders of the country’s opposition.

    Six members of the opposition are currently taking refuge in the embassy, having fled there to escape a crackdown by Venezuelan authorities in the run-up to July’s presidential elections.

    Pedro Urruchurtu, who has been in the embassy since March and is the international coordinator for opposition leader Maria Corina Machado, wrote on X Saturday that armed hooded members of the National Police had closed off streets around the embassy. Drones were hovering above the embassy and phone signals had been cut off, he said.

    Omar Gonzalez, another opposition member living in the embassy, posted a video on X showing Venezuelan police outside the diplomatic building.

    Venezuelan President Nicolás Maduro claimed victory in the July election, despite widespread skepticism in the country and overseas about the result.

    Opposition leader Edmundo Gonzalez – who was last week recognized by the US as the winner of that election – said in a post on X Saturday that the embassy had been “besieged by hooded people.”

    “I alert the world to what may happen to fellow refugees in the Argentine Embassy in Caracas,” Gonzalez said.

    Similar scenes took place in September, when Venezuelan security forces surrounded the Argentine embassy.

    This is a developing story and will be updated.

    This post appeared first on cnn.com

    An Israeli citizen missing in the United Arab Emirates has been found dead, Israeli authorities said on Sunday, in what they described as an “antisemitic terrorist act.”

    Zvi Kogan, an Israeli-Moldovan citizen and representative of Chabad, a religious movement of Hasidic Jews with communities, synagogues and other institutions in many countries, had been missing since Thursday afternoon.

    In a joint statement Sunday, the Israeli Prime Minister’s Office and the Ministry of Foreign Affairs said Kogan’s body had been located by UAE authorities.

    “The murder of Tzvi Kogan, of blessed memory, is a heinous antisemitic terrorist act. The State of Israel will use all means at its disposal to bring the perpetrators of this crime to justice,” the statement said.

    Israel’s Defence Minister, Israel Katz, condemned the killing as a “cowardly and despicable act of anti-semitic terror.”

    Earlier, the PMO said that Israel’s National Security Agency had previously recommended Israeli citizens avoid unnecessary travel to the UAE.

    The UAE interior ministry confirmed Saturday it “had received a report from the family of a Moldovan national named Zvi Kogan, stating that he has been missing and out of contact since last Thursday” and that an investigation was underway.

    Kogan worked alongside other Chabad emissaries to establish and expand Judaism in the UAE. He founded the first Jewish education center in the region, as well as helped make kosher food widely available, according to the Chabad movement’s official website.

    Kogan’s wife Rivky is a US national, whose uncle Rabbi Gavriel Holtzberg was killed in the 2008 Mumbai terror attacks.

    This is a developing story. More to come.

    This post appeared first on cnn.com