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The Canadian government is warning citizens visiting the United States that US border officials have the authority to search travelers’ electronic devices – including phones, laptops, and tablets – without providing a reason.

In a revised travel advisory posted online, it urges Canadians to “expect scrutiny” when crossing the border and warns that refusing to comply involves risks including device seizure, travel delays, or the denial of entry for non-US citizens.

Under US law, Customs and Border Protection (CBP) agents may demand passwords to unlock devices during inspections. Travelers who refuse the demand risk having their electronics confiscated and may face long delays.

The advisory recommends placing devices in airplane mode before crossing to prevent unintended downloads of remote files, which could complicate screenings.

The move follows recent incidents involving such searches. Last month, Dr. Rasha Alawieh, a Lebanese assistant professor and physician at Brown University, was deported to Lebanon after US agents at Boston Logan International Airport discovered deleted photos of the late Hezbollah leader Hassan Nasrallah and Iran’s Supreme Leader Ayatollah Ali Khamenei on her phone.

“In explaining why these multiple photos were deleted by her one to two days before she arrived at Logan Airport, Dr. Alawieh stated that she did not want to give authorities the perception that she supports Hezbollah and the Ayatollah politically or militarily,” the filing reads, per WCVB.

While US authorities maintain that device searches are critical for national security, civil liberties groups have long criticized the practice as invasive.

The US Supreme Court has upheld the authority of border agents to conduct warrantless device searches, citing the “border search exception” to the Fourth Amendment.

This post appeared first on cnn.com

The dramatic arrest of the Philippines’ controversial former president in March sent shock waves through much of the world – and cast a renewed spotlight on the other leaders wanted by the International Criminal Court (ICC).

Former Philippine President Rodrigo Duterte, who was whisked off to the Netherlands to answer for alleged crimes against humanity, had long been under scrutiny over a brutal anti-drugs crackdown. But even after years of on-and-off investigations, during which Duterte taunted the court and told it to “hurry up,” his detention came as a surprise to many experts.

“We have had other high-ranking individuals brought before the court,” including several former presidents of African nations, said Leila Sadat, professor of international criminal law at the Washington University School of Law and the former special adviser on crimes against humanity to the ICC prosecutor.

But in many of those cases, the prosecuted leaders were either summoned to court or arrested after a warrant was publicly issued – a stark contrast to Duterte’s case, where the warrant was issued secretly and the former leader swiftly apprehended within several head-spinning hours.

“It’s the first time we’ve seen this at the ICC,” Sadat said – though similar cases have been seen in other international tribunals, she added.

Duterte, now 80, oversaw a ferocious crackdown on alleged drug pushers in the Philippines that killed more than 6,000 people, based on police data. Independent monitors believe the number of extrajudicial killings could be much higher.

His arrest is significant, partly because it could set a precedent for future trials of other leaders wanted by the court, however unlikely, including Russian President Vladimir Putin and Israeli Prime Minister Benjamin Netanyahu.

That’s not to say their turn could be imminent, far from it – many political factors can make it extremely difficult to execute an arrest warrant.

Case in point: Netanyahu on Sunday was wrapping up a visit to Hungary, in defiance of the ICC warrant. As a signatory to the Rome Statute, Hungary is obligated to arrest anyone wanted by the ICC. Instead, its Prime Minister Viktor Orban welcomed Netanyahu with open arms, and Budapest announced it would begin the process of leaving the court.

But Duterte’s case has shown that arrest is possible – especially once a leader is out of office – and that the threat against those wanted leaders is not only theoretical.

“The precedent set here – maybe not now, but in future generations – will allow us to visualize what justice looks like for the highest-ranking leaders of countries that commit these kinds of crimes,” said Gregory Gordon, a professor of international criminal law at the Peking University School of Transnational Law in Shenzhen, China.

“There’s always that initial breakthrough that has to happen.”

Putin and the Ukraine war

Located in The Hague in the Netherlands, the ICC investigates and prosecutes individuals for war crimes, crimes against humanity, genocide and crimes of aggression against the territory of its member states, of which there are 125.

The court cannot carry out arrests on its own and relies on the cooperation of national governments to execute warrants – which often rests on domestic politics and political will.

ICC member countries include Canada, France, Germany, Italy, Japan, the United Kingdom, Australia, Brazil and all other members of the European Union – at least until Hungary makes its promised exit.

In March 2023, the ICC issued an arrest warrant for Putin and Russian official Maria Lvova-Belova over an alleged scheme to deport Ukrainian children to Russia.

The charges were the first to be formally lodged by the ICC against Russian officials since the Kremlin’s full-scale invasion of Ukraine began in 2022.

Russia – like the United States, Israel, China and Ukraine – is not a member of the ICC. The court does not have its own police force and does not conduct trials in absentia – and therefore the likelihood of any Russian official appearing before it is very low, analysts said.

Any charged Russian officials would either have to be handed over by Moscow, or arrested outside of Russia, said Sadat, the Washington University professor.

“The warrant against Vladimir Putin himself is obviously the most challenging because he’s a head of state in power, and he’s not going to leave Russia unless he’s pretty sure he’s going to have immunity wherever he goes,” she said. “But his choices are now restricted, and he’s been labeled, for better or worse, a war criminal.”

Gordon agreed, saying the chances of Putin being arrested are slim, given his “firm grip on power” and layers of protection – unless Russia’s domestic political situation changes enough to leave him vulnerable. After all, it was a dramatic change in the Philippines’ domestic politics that ultimately did for Duterte.

Even when Putin leaves Russia, many countries are unwilling to arrest him. Last year, the Russian leader traveled to Mongolia without facing any repercussions – despite the East Asian country being a member of the ICC.

“Obviously the pressure on a small country like Mongolia is pretty substantial,” Sadat said.

But she pointed to other times the warrant had seemed to restrict Putin’s movements; in 2023, the Russian leader attended a BRICS summit in ICC signatory South Africa via video call, sparing the host country a potential diplomatic quandary.

“I think the warrants themselves are powerful. At the same time, we do have to see a significant number of warrants actually get executed, or the warrants become sort of symbols of a court that can’t arrest its accused,” she said.

“That’s why (Duterte’s arrest) is a really exciting moment for the court, because it shows it can engage in interstate cooperation.”

Netanyahu, Hamas and the Gaza war

The ICC issued its warrant for Netanyahu in November 2024 – also seeking the arrest of former Israeli Defense Minister Yoav Gallant – citing allegations of war crimes and crimes against humanity committed during Israel’s war against Hamas in Gaza.

A senior Hamas official is also wanted by the ICC on allegations of war crimes and crimes against humanity committed during the October 7, 2023 attacks on Israel. Other leaders of the militant group sought by the court for prosecution were killed by Israel.

The historic warrants made Netanyahu the first Israeli leader summoned by an international court for alleged actions against Palestinians in the more than seven-decade-long Arab-Israeli conflict.

The warrants were also denounced across the Israeli political spectrum as unconscionable, with Netanyahu’s own office labeling the move “antisemitic.” Several Israeli allies – including the United States – strongly criticized the ICC warrant.

Israel is not a member of the ICC and does not recognize the ICC’s jurisdiction, nor does it honor international warrants issued by the court, and likely wouldn’t turn over Israeli citizens for prosecution. In addition, the ICC only steps in when a country’s own government is unwilling or unable to prosecute cases.

But unlike Russia, it is a functioning democracy, with a long history of peaceful transitions between elected governments. That makes Netanyahu’s future political security more tenuous than Putin’s, and more comparable to the Duterte situation, where a shift in government once the Philippine leader was out of office ultimately led to his downfall.

The Israeli prime minister is already contending with a number of domestic legal troubles unrelated to the Gaza war, including a long-running corruption trial.

Israel is also deeply politically divided, with many citizens furious at the Netanyahu government and his far-right cabinet allies.

According to Gordon, it is at least “conceivable” that Netanyahu could one day face arrest in Israel for alleged crimes related to Israel’s actions in Gaza – though that still doesn’t mean the ICC warrant would be enforced.

Then there’s the fact that several powerful nations have opted not to enforce the ICC’s warrants while others have openly rejected them – further undermining the court’s authority.

France, for instance, had fervently supported the ICC’s warrant for Putin – but it shifted its stance after the court sought Netanyahu’s arrest, arguing that as Israel was not an ICC member, its prime minister should be immune from prosecution. Other European nations have also indicated they would be unwilling to enforce the Israeli warrants.

But critics say the responses suggest two sets of rules: one for the West’s traditional allies, and another for its foes.

The trouble with international prosecutions

The ICC has a long list of outstanding arrest warrants, including for former dictator Omar al-Bashir, who ruled Sudan for three decades before being deposed in 2019. Currently imprisoned in Sudan, Bashir faces charges of genocide, war crimes and crimes against humanity in Darfur.

A disproportionate number of ICC prosecutions have been against African leaders, warlords and militia members – including former Kenyan President Uhuru Kenyatta and the East African country’s current leader William Ruto, whose case was abandoned by the court partly due to “witness interference and political meddling.”

The ICC’s past focus on Africa is partly rooted in its constitution, said Sadat in Washington. The court can only exercise jurisdiction in crimes committed on or after its creation on July 1, 2002. At the time, major wars that killed millions were raging across Africa, from Darfur to the Democratic Republic of Congo.

Additionally, many African nations self-referred their cases to the ICC, Sadat added – meaning they asked the international court to investigate and granted it jurisdiction.

“With time, the prosecutor’s office started staffing up, developing more expertise, taking on additional situations … now the court is moving into other situations,” Sadat said.

But, she added, it’s difficult to prosecute alleged crimes while conflicts are ongoing and those accused remain in positions of power.

For years, the ICC has faced criticism for slow trials and its low conviction rate. From 60 arrest warrants issued since the court was created, 31 suspects remain at large. Only 11 defendants have ever been convicted – all African war criminals.

Sadat pointed to Syria, saying that for years, the ICC couldn’t “figure out a way to get jurisdiction” to investigate alleged war crimes during the country’s civil war – until former dictator Bashar al-Assad’s regime was toppled in December. Since then, the new interim government has invited the court to visit the country and collect the evidence needed for prosecution.

The Philippines is another prime example of how ICC cases often become stuck until some political upheaval changes the game, said Gordon, the law professor.

Philippine President Ferdinand Marcos Jr. had previously said the Southeast Asian country would not engage with the ICC, only for Manila to reverse its stance this week following the collapse of an alliance between the Marcos political dynasty and Duterte’s clan.

Some might argue “that this is just about politics, and that the only time the ICC will ever be able to engage in the justice process is if political processes are aligned in certain ways – and it’s just a matter of luck, not justice,” Gordon said.

Duterte’s arrest could establish a foundation for “combating the culture of impunity and assuring accountability for state leaders who commit international crimes,” Gordon said.

“That makes people in the future more comfortable with the idea that it can be done.”

This post appeared first on cnn.com

For weeks, US airstrikes have pounded Houthi targets in Yemen, hitting oil refineries, airports and missile sites, with President Trump vowing to use “overwhelming force” until the US achieves its goal of stopping the Houthis from targeting shipping in the Red Sea.

The Houthis began the campaign in solidarity with Palestinians when Israel went to war in Gaza in October 2023. The group has carried out more than 100 attacks and have sunk two vessels. The result: 70% of merchant shipping that once transited the Red Sea now takes the long route around southern Africa.

The US says the campaign is working. National Security Advisor Mike Waltz said that multiple Houthi leaders had been killed.

But every round of strikes provokes more defiance.

The Houthis are what one veteran Yemen-watcher calls the honey badgers of resistance, referring to the belligerent mammal known for its fearless attitude toward predators. Bitten by a cobra, they get up minutes later and attack the snake.

While as many as 80 Houthi military officers may have been killed, according to analysts, the senior echelon of its military and political leadership appears intact. So are at least some of its missile-launching sites. Since mid-March, the Houthis have launched a dozen ballistic missiles at Israel, and barrages of drones and missiles at US navy ships. While none caused major damage, the threat remains.

“We are burning through readiness — munitions, fuel, deployment time,” said one official.

Far from being cowed, the Houthis have threatened to extend their range of targets to the UAE, which backs the rival government to the Houthis in Yemen’s Civil War. Similarly, Saudi officials say the Kingdom’s air defenses are on high alert.

“The dozens of airstrikes on Yemen will not deter the Yemeni Armed Forces from fulfilling their religious, moral, and humanitarian duties,” said a Houthi spokesman earlier this week.

There’s no doubt that the US campaign has degraded the Houthis’ capabilities. Michael Knights, a senior fellow at the Washington Institute, says he suspects the Houthis “have lost a lot of drone manufacturing capability, and there does seem to be more effective interdiction of resupply shipments coming via the sea and via Oman. So the Houthis are not comfortable.”

But history shows that the Houthis have an extraordinarily high tolerance for pain. And the Trump administration’s determination to eradicate the threat they pose may ultimately require a ground offensive.

“The Houthis are just inured to being at war with a first world military,” Knights says.“They’re ideological, but they’re also very tough tribal fighters from northern Yemen.”

The Houthis’ ability to survive is helped by an elaborate smuggling network that brings in missile parts and other equipment. Last year, hidden among cargo on one intercepted ship, air frames and fins for artillery rockets, small turbojet engines and hydrogen fuel cells were discovered, according to an investigation by Conflict Armament Research (CAR).

Such equipment could enable Houthi UAVs to carry larger payloads and to travel for far longer periods. That would “greatly extend the potential threat posed by the Houthis,” CAR reported.

The Houthis survived several offensives during the long presidency of Ali Abdullah Saleh in Yemen, then a Saudi offensive ten years ago, followed by more recent Israeli, UK and US airstrikes.

Ahmed Nagi, a senior analyst on Yemen at the International Crisis Group, says Israel and western powers lack a deep understanding of the Houthis. “Their opaque leadership and internal structure have created persistent gaps in intelligence.”

Another Yemen expert, Elisabeth Kendall, questions the endgame of the US campaign. “The Houthis have been bombed tens of thousands of times over the past decade and remain undeterred. So one is left thinking that the bombing is largely performative: let’s show the world – we’ll do it because we can.”

“They are an extremely aggressive movement. The best way to end them permanently is to overthrow them, remove them from the capital, remove them from the Red Sea coast.”

Regional diplomatic sources, as well as analysts, say that ultimately only a ground offensive can dislodge the Houthis, who currently control the Yemeni capital, Sanaa, its major port, Hodeidah, and much of northern Yemen.

Ahmed Nagi, a senior analyst on Yemen at the International Crisis Group, says the US is wrong to believe that airstrikes can compel the Houthis to back down. “This approach failed under the Biden administration and is unlikely to succeed under the Trump administration.”

“Their logic is shaped by years of war; they see resilience as a form of strength and are driven to prove they are not easily deterred.”

“The only times I’ve ever seen the Houthis go to the negotiating table or compromise has been when they’ve been threatened with the realistic prospect of defeat on the ground: territorial loss, loss of control of populations and loss of access to the Red Sea coastline,” said Knights.

That briefly happened in 2017 when forces backed by the United Arab Emirates threatened Houthi access to the Red Sea, critical for the Houthis’ revenue and military supplies.

The Houthis, if anything, may actually be relishing US strikes. They are a “direct answer to the Houthi prayers to have a war with the US,” said Farea Al-Muslimi, a Yemeni research fellow at Chatham House. The group “wants to drag the US into a larger regional escalation.”

A ground offensive

The Houthis are fighting for control of Yemen against the internationally recognized government that controls part of the south and is supported mainly by the UAE. The unanswered question is whether forces loyal to that government can take the fight to the Houthis. “They’re already trained and equipped,” says Knights. But there are doubts about their unity.

Analysts do not expect the US to put any troops on the ground, beyond a handful of special forces to help direct airstrikes. The US would perhaps provide [Yemeni forces] “with a bit of logistics, certain key munitions,” Knights says.

The UAE would be “quietly supportive” as it has long supplied the Aden-based government, he adds.

The Saudi perspective is less clear. Knights believes Riyadh is apprehensive about the Houthis retaliating with long-range drones and missiles against its infrastructure. But the US has accelerated deliveries of anti-missile defenses to Saudi Arabia in recent months.

The US will have to say to Riyadh: “We are going to protect you in the same way that we protected Israel in 2024 from the two rounds of Iranian strikes,” says Knights.

Regional diplomatic sources say preparations are underway for a ground operation that would be launched from the south and east, as well as along the coast. A coordinated offensive could also involve Saudi and US naval support in an attempt to retake the port of Hodeidah.

From day one, President Trump and other US officials have linked the campaign against the Houthis to Iran. Trump said he would hold Iran responsible for “every shot” fired by Houthi rebels and it would face “dire” consequences for any attacks by the Yemeni militants.

So far it hasn’t, and it’s unclear whether Tehran can simply order the Houthis to stop firing. While very much part of Iran’s axis of resistance, the Houthis retain considerable autonomy.

Trump continues to warn Iran that it will face a massive bombing campaign if it doesn’t do a deal to limit its nuclear and ballistic missile programs. For the administration, the Houthi campaign and the “maximum pressure” campaign on Tehran are two sides of the same coin.

The Iranians are treading carefully, offering moral support to their ally in Yemen. Former Iranian Revolutionary Guards commander Mohsen Rezaee hailed “the barefooted resistance forces of Yemen, who will bring advanced American warships to their knees.”

But the Iranian leadership does not want to be seen providing further military support for the Houthis right now as it tries to work out Trump’s mixture of small carrot and large stick.

The US appears ready to expand its campaign. B-2 bombers and KC-135 refuelling planes have arrived on the island of Diego Garcia in the Indian Ocean. That may presage strikes on hardened targets in Yemen but may equally be a signal to Iran.

The next few weeks may be a crucial test of the honey badgers’ resilience.

This post appeared first on cnn.com

Stocks are in a freefall with selling pressure spreading into industrial metals and other economically sensitive commodities. There are few places to hide in bear markets, and the list of alternatives continues to shrink. Bitcoin, an alternative, is holding up relatively well since March, but this crypto is positively correlated with stocks long-term and has yet to achieve a relative breakout. Today’s report focuses on Bitcoin’s correlation and relative performance. 

TrendInvestorPro takes a weight of the evidence approach to define bull and bear markets. This evidence turned bearish on March 13th and remains bearish until proven otherwise. As noted in s to all our reports and videos.

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American Water Works (AWK)

Why focus on a utility that isn’t reporting earnings this week? It’s because the biggest question of the week is where should you put your money when markets are in turmoil. Hence, we review American Water. 

Do you want safety with a 2% dividend, a little international exposure, and no tariff implications? Then I give you Jersey’s finest, American Water Works Co, Inc. (AWK). 

Technically, the stock is breaking out to new highs and trying to hold on. If this market sell-off is more prolonged, then this is a good place to hide out and is also a nice diversification for your portfolio. It won’t run like a tech stock, but the risk/reward set-up is favorable. 

Use the $146 level to set stops on the downside with upside targets based on the breakout from this rounded bottom formation at roughly $175. The candle formation put in on Friday to close the week was not ideal but may be worth the risk given the volatility.

And if you like lagging indicators, a “golden cross” formed last week and is another technical reason to look positively on the stock.

Delta Air Lines (DAL)

Delta Air Lines (DAL) shares have nosedived 50% from its January peak as it heads into earnings week. Shares fell 16% when the company slashed its first-quarter outlook in early March.

Delta cited declining consumer confidence amid growing uncertainty over the economy, which resulted in weaker domestic demand. It cut its revenue guide to rise between 3% and 4% compared to an outlook of 7–9%.

Technically, the damage has been done. The stock has been oversold since March and is beginning to show a bullish divergence. In this case, price makes a new low but the RSI does not. Look for a break above 30 in the RSI as a buy signal.

The risk/reward is good but not great. DAL has tested and held a support area just above $35 going back to early 2024. A break and close below $35 and downside risk takes the price to $30. 

A sharp V-shaped rally could happen with good earnings results and positive guidance. That’s a big IF, given the continued air of uncertainty. A small rally could see the stock get back to $44. 

Historically the trends in the airline stocks last for months and are rarely neutral. Follow the trend higher if it changes. Otherwise, a landing lower is likely. 

J.P. Morgan Chase

J.P. Morgan Chase (JPM) will be one of the most watched earnings of the quarter. Not only is it one of the largest weighted financial stocks in the world, but its CEO, Jamie Dimon, isn’t one to mince words. 

Shares have fallen 25% from its February 9 peak as the market has corrected in the face of tariff uncertainty and a global trade war. Dimon has been somewhat quiet but is always one to give a great sound bite or two, come the conference call. 

Technically, we have a problem

Shares have broken a 16-month uptrend. The stock price breached its 50-day moving average in March, then failed to recapture it—old support became resistance. After one successful test of its rising 200-day moving average, the stock broke through it last week with some vigor. 

On a rally, look for that 200-day moving average at $228 to become resistance. The sellers are now in charge until something changes. To the downside, we have a target of $180 based on a head and shoulders topping pattern as outlined above. 

The stock market hoped for curtailment of tariffs on Wednesday, but that didn’t happen. Even the better-than-expected March non-farm payrolls weren’t enough to turn things around.

The stock market slid sharply with the S&P 500 ($SPX), Nasdaq Composite, and Dow breaking through key technical support levels and closing very close to the low of the day’s range.

The StockCharts MarketCarpets was a sea of deep red with a few small green islands. All S&P sectors were trading lower on Friday. 

The selloff was across the board and precious metals, which soared in the early part of the week, got slammed after the tariff announcement. When investors sell off equities and precious metals, it’s a sign of elevated fear, which is reflected in the spike in the Cboe Volatility Index ($VIX). It closed at 45.12, close to its high of 45.56.

Not a Pretty Picture

The adage, “The stock market takes the stairs up and the elevator down,” rings true. Unfortunately, things got ugly quickly. It’s a volatile environment, and if your portfolio includes mostly equities, you’re probably beside yourself. But it’s not time to let your emotions get the better of you. Neither is it the time to engage in dip buying. If you look at any chart of the market, it’s clear which direction the market is heading. 

The three-year weekly chart of the S&P 500 ($SPX) below shows the index has dropped below its August lows. 

FIGURE 1. THREE-YEAR WEEKLY CHART OF THE S&P 500 INDEX. It was a rough week in the stock market with the S&P 500 closing below its 100-week simple moving average. Chart source: StockCharts.com. For educational purposes.

In March, the S&P 500 crossed below its 40-week simple moving average (SMA), the equivalent of the 200-day SMA. Wednesday’s tariff announcements sent the index even lower, breaching its 100-week SMA, approximately a two-year average. Another concerning point is that Friday’s close is below the August 2024 low. This increases the probability of the index dropping further, perhaps as low as its 150-week SMA. But then again, you never know what the market is going to do. 

A smart investor is always engaged with the market in good times and bad. It’s important to observe the price action at key support levels to get an insight into when buyers come back into the market. 

Looking at Market Breadth 

The Bullish Percent Index (BPI), a breadth indicator that gives a bird’s eye view of the internals of different indexes and sector ETFs, isn’t encouraging, at the moment. The only sectors or indexes at or above 50, as of this writing, are the S&P Consumer Staples Sector BPI ($BPSTAP) and the S&P Utilities Sector BPI ($BPUTIL). Despite the slightly bullish values, the corresponding ETFs are trading below their 50-day SMA. 

The chart below displays $BPUTIL with the chart of the Utilities Select Sector SPDR Fund (XLU). Even though the BPI of the Utilities sector is above 50, it’s still trending lower and XLU just crossed below its 50-day SMA.

FIGURE 2. THE UTILITIES SECTOR IS ONE SECTOR WITH A BPI OVER 50. While a BPI over 50 indicates bulls are in favor, the chart of XLU has fallen below its 50-day SMA. Generally, breadth is leaning towards bearishness. Chart source: StockCharts.com. For educational purposes.

Sellers are in control across the board. The key will be to identify when buyers are in favor. And for that, you need to monitor the BPI and other breadth indicators.  

Investor sentiment got overly bearish quickly. When this occurs, investors usually look for signs of capitulation. We’re not seeing those signs yet, but it’s worth adding sentiment indicators to your toolkit. 

Sentiment Check

At some point, the selling will stop and buyers will come back in. The worst action to take now is to enter positions when you think the market has hit its low, only to catch a falling knife.

When markets are at extreme levels of fear or greed, sentiment indicators such as the VIX can be helpful. Besides the VIX, the American Association of Individual Investors (AAII) Sentiment Survey helps identify when investors are extremely optimistic or pessimistic. Generally, when emotions reach extreme levels, it may be an alert to move in the opposite direction of the crowds.

The five-year weekly chart below displays the S&P 500 with the AAII bullish minus bearish sentiment in the lower panel.

FIGURE 3. S&P 500 AND BULLISH VS. BEARISH SENTIMENT. Bearish sentiment is relatively high and the S&P 500 could fall if the bearish sentiment persists. Chart source: StockCharts.com. For educational purposes.

The lower panel shows that investor sentiment is negative, similar to between April 2022 and September 2022. Note how the market went through a correction before resuming its uptrend. 

The price action in the S&P 500 coincides with extreme bearish sentiment and could remain this way for an extended period. How will you know if sentiment has reached extreme levels? It can be challenging but constant monitoring of market breadth and sentiment indicators can reveal a shift in behavior. When buyers come back in, the indexes break above resistance levels, and momentum indicators turn bullish, there’s a chance the bullish trend will resume. 

The Bottom Line  

Investors should stay on the sidelines until the unwinding of positions is in the rearview mirror. As painful as it may be to watch your portfolio lose value, at some point the selling will stop and buyers will get back in. Look for signs of this occurring before adding any positions to your portfolio. Congratulations to investors who followed the traditional 60% stocks, and 40% bonds portfolio mix. Rising bond prices provide some cushion to falling equity prices. 


End-of-Week Wrap-Up

  • S&P 500 down 9.08% on the week, at 5074.08, Dow Jones Industrial Average down 7.86% on the week at 38314.86; Nasdaq Composite down 10.02% on the week at 15,587.79.
  • $VIX up 109.28% on the week, closing at 45.31.
  • Best performing sector for the week: Consumer Staples
  • Worst performing sector for the week: Energy
  • Top 5 Large Cap SCTR stocks: Corcept Therapeutics, Inc. (CORT); Elbit Systems, Ltd. (ESLT); MicroStrategy, Inc. (MSTR); Palantir Technologies, Inc. (PLTR); XPeng, Inc. (XPEV)

On the Radar Next Week

  • Earnings season kicks off with Delta Air Lines, Inc. (DAL), J.P. Morgan Chase (JPM), Wells Fargo (WFC), and others reporting
  • March CPI
  • March PPI
  • FOMC minutes
  • Several Fed speeches

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.

CleanTech Lithium PLC (AIM: CTL), a lithium exploration and development company operating in Chile, further to its announcement on 15 January 2025 (‘Application RNS’), provides an update regarding the Special Lithium Operating Contract (‘CEOL’) application process for the Laguna Verde project.

As outlined in the Application RNS, the Company expected the simplified procedure for the CEOL Award Mechanism to be as follows: Submission of applications closed on 31 January 2025 following which the Ministry IT and legal departments had 5 business days to register and organise the submittal. The Ministry´s Lithium and Salar Unit then has 45 business days to review and analyse the request. Once this analysis is completed and the Lithium and Salar Unit verifies that all the information and documents needed to enter the simplified procedure have been submitted then an administrative act to accept the application will be made.

This timetable indicated that an update from the Government was expected at the beginning of April confirming which applicants will enter direct negotiation on the CEOL with the Ministry. So far, no such update has been made and following recent discussions between CleanTech Lithium and the Ministry, the Company understands that the administration process is still progressing for all applicants. The Company will inform the market as soon as official communication is received.

Steve Kesler, Executive Chairman and Interim CEO, CleanTech Lithium said:

‘Clearly, the process is taking a little longer than we had initially anticipated but we look forward to the response when the Ministry has completed its review process.’

For further information contact:

CleanTech Lithium PLC

Steve Kesler/Gordon Stein/Nick Baxter

Jersey office: +44 (0) 1534 668 321

info@ctlithium.com

Chile office: +562-32239222

Beaumont Cornish Limited (Nominated Adviser)

Roland Cornish/Asia Szusciak

+44 (0) 20 7628 3396

Fox-Davies Capital Limited (Joint Broker)

Daniel Fox-Davies

+44 (0) 20 3884 8450

daniel@fox-davies.com

Canaccord Genuity (Joint Broker)

James Asensio

+44 (0) 20 7523 4680

Beaumont Cornish Limited (‘Beaumont Cornish’) is the Company’s Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish’s responsibilities as the Company’s Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

Notes

CleanTech Lithium (AIM:CTL) is an exploration and development company advancing lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium’s mission is to scale battery grade lithium at its flagship project, Laguna Verde, using Direct Lithium Extraction technology powered by renewable energy.

CleanTech Lithium is committed to utilising Direct Lithium Extraction (‘DLE’) with reinjection of spent brine resulting in no aquifer depletion. Direct Lithium Extraction is a transformative technology which removes lithium from brine with higher recoveries, short development lead times and no extensive evaporation pond construction. For more information, please visit: www.ctlithium.com

Click here for the full release

This post appeared first on investingnews.com

The gold price surged this week, rising to yet another new all-time high of more than US$3,160 per ounce ahead of tariff updates from US President Donald Trump.

The yellow metal’s latest move follows a strong Q1, during which it continually hit new records amid widespread uncertainty and achieved its best quarterly performance since 1986.

However, Trump’s Wednesday (April 2) tariff announcement took some of the wind out of gold’s sails. While it showed resilience on Thursday (April 3), rebounding back above US$3,100 after falling below that level, the yellow metal lost substantial ground on Friday (April 4), sinking to just above US$3,020.

Major US indexes have also taken hits — the S&P 500 (INDEXSP:.INX), Dow Jones Industrial Average (INDEXDJX:.DJI) and Nasdaq Composite (INDEXNASDAQ:.IXIC) have all seen steep declines this week.

Bullet briefing — Tariffs rock global markets

Trump’s ‘Liberation Day’

There’s still much uncertainty surrounding tariffs, but here’s what we know at this point.

After declaring a national economic emergency, Trump has put tariffs of at least 10 percent on all countries. Higher tariffs have been levied on about 60 nations that have large trade deficits with the US and have been deemed the ‘worst offenders.’

While Trump has called the tariffs reciprocal, that’s not exactly how they’ve panned out.

A tariff calculation formula published by the White House indicates that the math involves taking the trade deficit for the US in goods with a particular country, dividing that by the total goods imports from that country and then dividing that number by two. A BBC explainer shows how the formula works for the EU, where the US has instated a 20 percent tariff based on what it believes the EU charges.

The situation is more complex for countries like China, which already had a 20 percent tariff in place from the US. Trump has now added a further 34 percent tariff, bringing China’s total rate to 54 percent. Canada and Mexico, which have also already faced tariffs from the US, avoided further charges this week.

Gold, copper excluded from tariffs

While Trump’s new tariffs are sweeping in nature, there are exclusions — among them are steel, aluminum, copper, pharmaceuticals and semiconductors, as well as bullion, which includes gold, plus ‘energy and other certain minerals’ not available in the US.

The news that gold won’t face levies is reportedly cooling its flow from London to New York. In recent months, traders have been rushing to bring the metal into the US ahead of potential tariffs; with this week’s clarity, the transfers no longer appear necessary.

A Section 232 investigation into copper tariffs is ongoing.

Will tariffs cause inflation?

Trump has referred to Wednesday as ‘Liberation Day,’ saying that tariffs will help reinvigorate the US manufacturing industry and help the country grow.

‘Jobs and factories will come roaring back into our country, and you see it happening already. We will supercharge our domestic industrial base. We will pry open foreign markets and break down foreign trade barriers, and ultimately, more production at home will mean stronger competition and lower prices for consumers’ — Trump

However, there are widespread concerns that the tariffs will boost inflation in the US, putting pressure on Americans who are already struggling with high prices.

Let’s take a look at it from both angles.

Keith Weiner of Monetary Metals noted that while he doesn’t define inflation as an increase in consumer prices, that’s the standard definition. In his view, tariffs could boost consumer prices in several ways:

If inflation is defined as an increase in consumer prices, and you’ve forced them to manufacture in a high-cost jurisdiction with much higher regulatory costs, and then deport a lot of labor to drive up the price of labor even more, then you’re going to find consumer prices have a one-two punch.

The third punch is — what is everybody’s solution from a monetary policy perspective to so-called inflation? Hiking interest rates. Which means hike the cost of financing new factories, and hike the cost of automation … Every company when faced with massively increased demand for labor and massively higher labor (costs) is going to want to automate. Well, the cost of financing the automation is going to be hiked. So we’re going to see a one-two-three punch for the forces pushing up consumer prices.

Jim Thorne of Wellington-Altus took a different approach to the question. He explained the relationship between tariffs and inflation as follows:

Tariffs slow growth — one. So that’s why we’ve been talking about a growth scare. We’ll have a balance sheet recession in Canada, we will have a slow growth period in the US.

What tariffs do is they change the relative prices in an economy, they don’t change the general price level. And so no, they’re not inflationary. And Tiff Macklem knows that, and Jay Powell knows that, because that’s third year macro.

Click the links above to watch the full interviews with Weiner and Thorne.

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

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Here’s a quick recap of the crypto landscape for Friday (April 4) as of 9:00 p.m. UTC.

Bitcoin and Ethereum price update

At the time of this writing, Bitcoin (BTC) had recovered to US$83,879.15, up 2.3 percent in 24 hours. The day’s range has brought a low of US$81,950.04 and a high of US$84,497.52.

Bitcoin performance, April 4, 2025.

Chart via TradingView.

The crypto market staged an apparent recovery by the end of Friday’s trading session. US President Donald Trump’s announcement of new global tariffs has unsettled financial markets, as reflected in risk assets.

Ethereum (ETH) is priced at US$1,808.88, a 1.3 percent increase over 24 hours. The cryptocurrency reached an intraday low of US$1,772.16 and a high of US$1,823.14.

Altcoin price update

  • Solana (SOL) is currently valued at US$122.36, up 6.2 percent over the past 24 hours. SOL experienced a low of US$114.16 and a high of US$123.31 on Friday.
  • XRP is trading at US$2.12, reflecting a 3.5 percent increase over the past 24 hours. The cryptocurrency recorded an intraday low of US$2.04 and a high of US$2.15.
  • Sui (SUI) is priced at US$2.27, showing a 2.4 percent increase over the past 24 hours. It achieved a daily low of US$2.18 and a high of US$2.30.
  • Cardano (ADA) is trading at US$0.6606, reflecting a 3.5 percent increase over the past 24 hours. Its lowest price on Friday was US$0.6667, with a high of US$0.6325.

Crypto news to know

Trumps tap crypto after Trump Organization’s ‘cancellation’

Eric Trump has revealed to CNBC that his family’s business pivoted toward the cryptocurrency sector following what he describes as ‘unprecedented financial deplatforming.’

After the Trump Organization faced legal scrutiny and banking restrictions — including the closure of over 300 accounts by Capital One Financial (NYSE:COF) — the Trump brothers decided to turn to digital assets.

This led to the creation of World Liberty Financial, a US dollar-backed stablecoin venture, and American Bitcoin, a new Bitcoin-mining company co-founded with Hut 8 (NASDAQ:HUT) CEO Asher Genoot.

According to Eric Trump, the shift to crypto was as much about financial opportunity as it was about resistance.

He claims that during what he calls a ‘war on the industry,’ major banks were shutting down accounts simply for holding Bitcoin, and regulatory agencies were targeting crypto firms through aggressive lawsuits.

Now, with Donald Trump back in the White House, the US has taken a more crypto-friendly stance, including signing an executive order to establish a strategic Bitcoin reserve and pardoning Silk Road founder Ross Ulbricht.

Atkins moves closer to SEC chair position

US lawmakers in the Senate Committee on Banking voted to advance Paul Atkins as chair of the US Securities and Exchange Commission (SEC) on Thursday (April 3) through a final vote of 13 to 11.

If approved, Atkins will take over for Gary Gensler, who resigned as chair on January 20. Gensler’s term ends in June 2026, after which Atkins will serve a second consecutive term that will terminate in 2031.

Atkins’ nomination will now move to a full Senate vote on a yet-to-be-determined date. Experts predict a likely confirmation. Interim Chair Mark Uyeda is currently sitting in the role.

Coinbase files for XRP futures contracts

Crypto exchange Coinbase Global (NASDAQ:COIN) filed on Thursday with the US Commodity Futures Trading Commission (CFTC) to launch futures contracts tracking Ripple’s token, XRP.

“We’re excited to announce that Coinbase Derivatives has filed with the CFTC to self-certify XRP futures — bringing a regulated, capital-efficient way to gain exposure to one of the most liquid digital assets,” Coinbase said in an X post that day, adding that it anticipates that the contract will go live on April 21.

Monthly-settled, margined contracts will trade under the symbol XRP. Each contract will represent 10,000 XRP, worth about US$20,000 at the current value. Trading will halt if the spot XRP price deviates over 10 percent in an hour.

In other news, Grayscale filed an S-1 application with the SEC on Friday to convert its Grayscale Solana Trust into a spot SOL exchange-traded fund trading under the ticker symbol GSOL.

Circle, Klarna and Chime may delay IPOs

A Friday report from the Wall Street Journal suggests that stablecoin firm Circle may delay its initial public offering (IPO). The event was originally slated for April 11, according to the firm’s S-1 filing.

“Circle had been nearing its next steps in going public but is now watching anxiously before deciding what to do,” the news outlet’s report reads, before suggesting that fintech companies Klarna and Chime may also postpone their IPOs amid ongoing market turmoil triggered by the unfolding global trade war.

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

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

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Nickel prices experienced a volatile year in 2024 on uncertainty on both the demand and supply sides. This trend has continued into the first quarter of 2025 and is expected to remain for the year. While this environment has been tough, some nickel stocks are still thriving.

Supply is expected to outflank demand over the short term, but the longer-term outlook for the metal is strong. Demand from the electric vehicle (EV) industry is one reason nickel’s outlook looks bright further into the future.

Battery nickel demand is poised to triple by 2030, according to Benchmark Mineral Intelligence.

“Mid and high level performance EVs will be the primary driver of battery nickel demand growth in the coming years, particularly in Western markets,” said Jorge Uzcategui, senior nickel analyst at the firm. “There will be growth in China, but it won’t be as pronounced as in ex-China markets.”

As for Canada, nickel is listed as a top priority in the government’s Critical Minerals Strategy. The country is the world’s fifth largest producer of nickel, with much of its production coming from mines in Ontario’s Sudbury Basin, including Vale’s (NYSE:VALE) Sudbury operation and Glencore’s (LSE:GLEN,OTC Pink:GLCNF) Sudbury Integrated Nickel Operations.

How have Canadian nickel stocks performed in 2025? Below are the top nickel stocks in Canada on the TSX, TSXV and CSE by share price performance so far this year.

All year-to-date and share price data was obtained on March 26, 2025, using TradingView’s stock screener. Canadian nickel stocks with market caps above C$10 million at that time were considered.

1. Power Metallic Mines (TSXV:PNPN)

Year-to-date gain: 40.37 percent
Market cap: C$364.15 million
Share price: C$1.53

Power Metallic Mines, formerly Power Nickel, is developing its 80 percent owned Nisk polymetallic property in Québec, Canada, which hosts high-grade nickel, copper, platinum, palladium, gold and silver mineralization. The polymetallic nature of the project is a plus for the economic case for future nickel production in a low price environment.

The company was recognized as one of the 2024 top 50 performers on the TSX Venture Exchange, ranking as the top mining company and fourth overall company due to posting a 365 percent share price appreciation for the year.

Ongoing work at the Nisk project has generated positive news flow for Power Metallic in 2025. After starting the year at C$1.07, Power Metallic’s share price climbed to C$1.49 by January 30 following two key announcements in late January. First, the company released drill results from the 2024 fall campaign on Nisk’s Lion zone and the start of its winter 2025 drill campaign. Shortly after, it announced a new discovery 700 meters east from the Lion zone, now named the Tiger zone, which it plans to target as part of its winter drilling.

From there, Power Metallic’s share price jumped more than 26 percent to reach C$1.88 on February 6, its highest point of Q1. This followed further drill results out its 2024 fall campaign with with notable assays further demonstrating the high-grade nature of the mineralization.

Other notable news supporting the company’s share price this quarter included the closing of a C$50 million private placement and the plan to scale up its 2025 winter drill campaign from three to six rigs in the second quarter. Additionally, further results from the 2024 fall campaign expanded the Lion zone with the deepest assayed intersection to date, plus initial nickel-copper assays from the new Tiger zone.

2. Magna Mining (TSXV:NICU)

Year-to-date gain: 25.93 percent
Market cap: C$273.59 million
Share price: C$1.70

Magna Mining is a base metal exploration and development company based in Sudbury, Ontario, Canada. The company’s flagship assets are the Shakespeare mine and the Crean Hill project. Shakespeare is a past-producing nickel, copper and platinum group metals mine with major permits in place. It hosts an indicated open-pit resource of 16.51 million metric tons at 0.56 percent nickel equivalent. Crean Hill also hosts a past-producing mine that produced the same resources.

Magna Mining was also included in the 2025 TSX Venture 50 list.

Last year, Magna signed a definitive offtake agreement with Vale Base Metals’ wholly owned subsidiary Vale Canada for the advanced exploration portion of Crean Hill, and inked a toll-milling agreement with Glencore Canada for the surface bulk sample of the 109 Footwall zone at Crean Hill. Magna completed an updated preliminary economic assessment at Crean Hill in November.

Magna’s share price started off the year at C$1.42, and gradually climbed throughout the following weeks to reach a year-to-date high of C$1.84 on February 5.

Its share price was supported by continued positive updates on its acquisition of a portfolio of base metals assets located in the Sudbury Basin, including the producing McCreedy West copper-nickel mine, through a share purchase agreement with a subsidiary of KGHM Polska Miedz (FWB:KGHA). The company completed the acquisition at the end of February.

Magna also closed a C$33.5 million private placement in early March.

3. Talon Metals (TSX:TLO)

Year-to-date gain: 23.53 percent
Market cap: C$79.45 million
Share price: C$0.105

Talon Metals is focused on developing high-grade nickel resources for the US domestic battery supply chain. The company has partnered with mining giant Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) on the Tamarack nickel-copper project located in Minnesota, US. Talon has an earn-in right to acquire up to 60 percent of Tamarack and currently owns 51 percent. The US Department of Defense awarded Talon a US$20.6 million grant in September 2023.

An environmental review process is underway for the proposed Tamarack underground mine. The company plans to process ore from the mine at a proposed battery mineral processing facility in North Dakota. The company plans to initiate the permitting process for the processing facility in 2025.

Talon has a six year offtake agreement with Tesla (NASDAQ:TSLA) for a total of 75,000 metric tons, or 165 million pounds, of nickel concentrate, as well as cobalt and iron by-products, from the Tamarack project once it’s in commercial production.

The company is also the operator of the Boulderdash nickel-copper discovery and numerous high-grade nickel-copper prospects in Michigan, which it optioned to Lundin Mining (TSX:LUN) in early March.

Talon Metal’s share price reached a year-to-date high of C$0.105 on March 26. That day, the company announced a significant massive sulfide discovery at Tamarack with an intercept measuring over 8.25 meters logged as 95 percent sulfide content.

4. Stillwater Critical Minerals (TSXV:PGE)

Year-to-date gain: 16.67 percent
Market cap: C$32.61 million
Share price: C$0.14

Stillwater Critical Metals’ flagship asset is its Stillwater West polymetallic project in Montana, US. In addition to the platinum group elements, copper, cobalt, and gold resources identified on the property, a January 2023 NI 43-101 inferred mineral resource estimate on Stillwater West shows it to have the largest nickel resource in an active US mining district.

Stillwater Critical Metal’s share price reached a year-to-date high of C$0.14 on March 26.

On this day, the company reported multiple large-scale magmatic sulfide targets following analysis of the property-wide third-party MobileMtm magneto-telluric geophysical survey completed in late 2024.

The data from the survey was also used to build a new 3D geological model of the lower Stillwater Igneous Complex that will help the company to further prioritize targets at Stillwater West in an upcoming planned drill campaign.

5. First Atlantic Nickel (TSXV:FAN)

Year-to-date gain: 15.22 percent
Market cap: C$25.22 million
Share price: C$0.265

First Atlantic Nickel is developing its wholly owned Atlantic nickel project in Newfoundland and Labrador, Canada. The large-scale project hosts a naturally occurring nickel-iron alloy that contains about 75 percent nickel with no sulfur or sulfides. Known as awaruite, it is known for its strong magnetic properties. Its also easier and cleaner to separate and concentrate than conventional nickel ores as it can be processed without a smelter.

A series of catalysts in February gave the company’s stock value a boost to the upside. On February 19, it shared that drilling confirmed ‘the RPM zone extends 400 meters along strike and 500 meters wide, remaining open at depth and along strike to the north and west, indicating significant expansion potential.’

Initial Phase 1 assay results from the Super Gulp zone were released on February 26 showing up to 0.32 percent nickel with an average of 0.25 percent nickel over the entire 293.8 meter length. First Atlantic Nickel stated the results confirmed ‘the presence of a major new nickel zone.’ That same day, shares in First Atlantic surged to C$0.33.

The next month, on March 4, First Atlantic reported a new discovery at the RPM zone with intersects of 0.24 percent nickel over 383.1 meters, and 10 kilometers downstrike from Super Gulp.

First Atlantic shares reached their highest year-to-date value of C$0.35 on March 13 after the company announced initial metallurgical test results from the first drill hole at the RPM zone. The company said “the results confirm the potential for magnetic separation as a viable processing method for awaruite nickel mineralization previously identified at the RPM Zone.”

FAQs for nickel investing

How to invest in nickel?

There are a variety of ways to invest in nickel, but stocks and exchange-traded products are the most common. Nickel-focused companies can be found globally on various exchanges, and through the use of a broker or a service such as an app, investors can purchase companies and products that match their investing outlook.

Before buying a nickel stock, potential investors should take time to research the companies they’re considering; they should also decide how many shares will be purchased, and what price they are willing to pay. With many options on the market, it’s critical to complete due diligence before making any investment decisions.

Nickel stocks like those mentioned above could be a good option for investors interested in the space. Experienced investors can also look at nickel futures.

What is nickel used for?

Nickel has a variety of applications. Its main use is an alloy material for products such as stainless steel, and it is also used for plating metals to reduce corrosion. It is used in coins as well, such as the 5 cent nickel in the US and Canada; the US nickel is made up of 25 percent nickel and 75 percent copper, while Canada’s nickel has nickel plating that makes up 2 percent of its composition.

Nickel’s up-and-coming use is in electric vehicles as a component of certain lithium-ion battery compositions, and it has gotten extra attention because of that purpose.

Where is nickel mined?

The world’s top nickel-producing countries are primarily in Asia: Indonesia, the Philippines and Russia make up the top three. Rounding out the top five are Canada and China. Indonesia’s production stands far ahead of the rest of the pack, with 2024 output of 2.2 million metric tons compared to the Philippines’ 330,000 metric tons and Canada’s 190,000 metric tons.

Significant nickel miners include Norilsk Nickel (OTC Pink:NILSY,MCX:GMKN), Nickel Asia, BHP Group (NYSE:BHP,ASX:BHP,LSE:BHP) and Glencore (LSE:GLEN,OTC Pink:GLCNF).

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

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