Market direction has been even harder than usual to anticipate. Here are two things that will signal a move lower. HONG KONG, CHINA / ACCESSWIRE / June 26, 2020 / OlympTrade platform is a popular online trading platform, and has been serving customers since 2014. To begin with, making a deposit on OlympTrade trading platform does not take a lot of time. A team of experienced traders decided to make a complete guide After a difficult few months, New York City’s real estate market is bouncing back. This week, after the city entered phase 2 of its reopening, contract activity rose. As the coronavirus pandemic and recession hits California, the governor’s top environmental official has launched a comprehensive review of cap and trade. Local tycoons and British-trained civil servants helped promote Beijing’s agenda in the territory. Now Beijing seems ready to push them aside.
(Photo by Michael Nagle)
Last week I presented reasons why the stock market rally from the March 23 lows was ending. This included “island reversals” on the daily charts for the Dow Jones Industrial Average and the S&P 500. These are sell signals.
Last week ended with the Dow, S&P 500, the Dow Transportation Average and Russell 2000 below their 200-day simple moving averages. The Nasdaq Composite continues to trade in its own world. It’s well above 200-day simple moving average at 8,712.57. It set a new all-time intraday high of 10,221.85 on June 23.
Describing the Weekly Charts
The weekly chart for the Dow Jones Industrial Average is negative with the average below its five-week modified moving average at 25,142. It’s above its 200-week simple moving average or reversion to the mean at 24,051. Its 12x3x3 weekly slow stochastic reading slipped to 75.68 last week, down from 78.46 on June 19. The Dow is just below its monthly pivot at 25,157 with its quarterly pivot at 26,091. The Dow is well below its annual, and semiannual risky levels at 29,964 and 30,361, respectively.
The weekly chart for the S&P 500 remains positive but overbought with the index above its five-week modified moving average at 3,001.4. This index is above its 200-week simple moving average or reversion to the mean at 2,694.4. Its 12x3x3 weekly slow stochastic reading slipped to 80.71 last week, down from 82.68 on June 19. Its above its quarterly, monthly and semiannual pivots at 2,979.6, 3,062.1 and 3,303.4, respectively, and below annual risky level at 3,466.5. A weekly close below 3,001.4 this week will result in a sell signal.
The weekly chart for the Nasdaq is positive but overbought with the index above its five-week modified moving average at 9,419.73. The Nasdaq is well above its 200-week simple moving average or reversion to the mean at 7,253.16. Its 12x3x3 weekly slow stochastic reading slipped to 89.15 last week, down from 89.94 on June 19. Its quarterly value level is 8,559 with semiannual, monthly and annual pivots at 9,074, 9,605, and 9,352, respectively. This week’s risky level is 10,465.
The weekly chart for the Dow Jones Transportation Average is negative with the average below its five-week modified moving average at 8,832.01. The average is below its 200-week simple moving average or reversion to the mean at 9,901.84. Its 12x3x3 weekly slow stochastic reading slipped to 67.73 last week, down from 70.48 on June 19. Transports set its all-time intraday high of 11,623.58 back on September 14, 2018. Its monthly pivot is 8,806 with quarterly, semiannual and annual risky levels at 9,269, 12,155 and 12,755, respectively.
The weekly chart for the Russell 2000 is neutral with the average above its five-week modified moving average at 1,371.65. It is below its 200-week simple moving average or reversion to the mean rose to 1,484.12. Its 12x3x3 weekly slow stochastic reading slipped to 73.23 last week, down from 74.03 on June 19. The small-cap index set its all-time intraday high 1,742.09 back on August 31, 2018. Its quarterly, and monthly pivots are 1,424.48 and 1,409.46, respectively, with semiannual and annual risky levels are 1,831.9 and 1,910.58, respectively. A weekly close below 1,371.65 this week will result in a sell signal.
Author: Richard Henry Suttmeier
Olymp Trade Added Popular Payment Methods with Hot Approval Ratio
HONG KONG, CHINA / ACCESSWIRE / June 26, 2020 / OlympTrade platform is a popular online trading platform, and has been serving customers since 2014. But what makes Olymp platform a reliable choice for many investors out there? There are a number of reasons why https://olymptraders.net/ is the choice platform of many informed and experienced investors out there.
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Fortunately, there is a video included into the article itself. Thus, novice traders don’t even need to read the whole guide. They can simply watch the video and understand the whole process. But, there is a recommendation to go through the article anyway. It is packed with some extra useful information which will help in the future for sure.
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New York real estate market sees steep rise in listings after state’s reopening
“What we’re seeing is a lot of concern, but also a lot of pent-up demand.”
Author: ABC News
Amid Pandemic, California Re-evaluating Landmark Cap-and-Trade Climate Strategy
As the coronavirus pandemic and recession hits California, the governor’s top environmental official has launched a comprehensive review of the cap and trade program that has been the cornerstone of the state’s strategy to fight climate change.
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California has been relying on its carbon trading program for nearly half of the greenhouse gas reductions it has promised by 2030. Now, in a letter obtained by CalMatters, California EPA Secretary Jared Blumenfeld laid out plans for re-examining the program and whether it’s likely to meet its goals.
“The advent of the COVID 19 Crisis, the collapse of the world oil market, and the results of [the California Air Resources Board’s] May 2020 Auction are all factors that deserve careful consideration,” Blumenfeld said in the letter addressed to state Sen. Bob Wieckowski, a Democrat from Fremont.
Blumenfeld said in the letter that he would work with air board leadership to weigh “the extent to which the state’s climate strategy should rely on the cap-and-trade program reductions relative to other approaches.”
The letter could reflect a shift for Gov. Gavin Newsom’s administration when it comes to California’s cap and trade, a landmark program that was the first in the nation to create a carbon market for all segments of the economy and now is one of the largest pollution markets in the world.
“It’s the first formal acknowledgement from the administration that they’re willing to look at a different mix,” Wieckowski said. “They’re not conceding that it’s not working, but they’re willing to look at it. Therein lies victory, I guess.”
But critics of the program are concerned that it isn’t stringent enough to meet California’s ambitious goals to reduce emissions of planet-warming gases by 2030 to 40 percent below 1990 levels. Major polluters include oil refineries, power plants, transportation and manufacturers.
Assemblymember Cristina Garcia, a Democrat from Bell Gardens and chair of the Joint Legislative Committee on Climate Change Policies, said it’s time for California to be more aggressive because the climate is continuing to warm.
Re-examining the cap and trade program creates an opportunity, she said. “The legislature, the nonprofits, the activists now need to figure out how to take advantage of this opportunity,” she said. “It’s up to all of us to figure out how to make it more than lip service.”
Launched in 2013, California’s cap and trade program sets an overall cap on greenhouse gas emissions each year but offers flexibility in how companies achieve it by allowing them to buy and sell pollution credits in auctions.
“Nobody’s talking about getting rid of this program. It’s just if it’s not doing enough as it’s currently designed, you can’t count on it to do all the work,” said Danny Cullenward, an energy attorney and economist who lectures at Stanford Law School. Cullenward serves on the Independent Emissions Market Advisory Committee, which is tasked with evaluating cap and trade, but he said he was not speaking on behalf of the committee.
Quarterly auctions for pollution permits have been a major revenue generator for the state, raking in more than $600 million per auction over the past two years. The money pays for a wide range of climate projects, such as clean vehicle rebates, high speed rail and dairy digesters.
But with the economy thrown into turmoil by the coronavirus, the most recent auction in May made only about $25 million.
California’s nonpartisan Legislative Analyst’s Office said that its possible this could become a trend: Future auctions might continue to flatline because of the recession and too many pollution credits floating around the market.
The Independent Emissions Market Advisory Committee, made up of researchers and academics appointed by the governor and leaders in the Legislature, has proposed metrics for tracking that bank of extra credits. The Legislative Analyst’s Office warns too many credits might interfere with reaching California’s 2030 climate goals.
While Blumenfeld could not be reached for comment, his letter proposed evaluating “potential changes to the cap-and-trade program that may be necessary to address the long-term economic and emission projections.” He said the air board should work with the market advisory committee and the Legislative Analyst on “an agreeable set of technical metrics.”
A think-tank analysis published in January suggested altering the minimum price at which cap-and-trade credits are sold, recommending that the price rise and fall in response to rising and falling emissions.
Wieckowski proposed including $200,000 in the budget and instructions for the Air Resources Board, which operates cap and trade, to use the money to consider changes to the program.
“I think of it as the 10,000-mile checkup on the car. Not saying anything’s wrong with the car — I am — but look at everything, and see if things are running the way it’s supposed to,” Wieckowski said.
California’s businesses, manufacturers and oil companies pushed back, saying that changes to cap and trade could increase the price of gasoline and consumer goods, and that the program was not designed to raise revenue. The California Manufacturers & Technology Association launched an advertising campaign saying “Hands off Cap and Trade.”
As California’s leadership haggled over the budget, Wieckowski’s proposal was scrapped. Blumenfeld said in his letter that California needs more time to understand the long-term consequences of the pandemic.
Catherine Reheis-Boyd, president of the Western States Petroleum Association, said “it’s appropriate to evaluate what’s happening, but it must be done holistically and inclusively.”
She said the program was already scheduled to be reviewed as part of an update to the state’s climate roadmap, called the scoping plan, which is due to be completed by fall 2022.
“Because climate change is a shared challenge,” she said, it’s essential to include the petroleum industry and other stakeholders in reviewing the program.
Blumenfeld wrote in his letter that the review must clarify how much California can rely on cap and trade. The state’s latest climate roadmap “designates cap-and-trade as responsible for almost half of the reductions required to achieve California’s 2030 climate target, making it the single largest driver of planned climate policy outcomes.”
Focusing on reaching the 2030 target is critical because the state is not on track to meet it, Cullenward said. Independent analyses agree. While California met its 2020 goals to cut greenhouse gas pollution early, its 2030 targets are much more ambitious.
“It’s a pretty significant thing to have a public statement from the administration on this,” Cullenward said. “They’ve not spoken to this before, and it’s a significant commitment.”
CalMatters is a nonprofit, nonpartisan media venture explaining California policies and politics.
Amid Pandemic, California Re-evaluating Landmark Cap-and-Trade Climate Strategy was last modified: June 27th, 2020 by
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In Seizing Control, China Sidelines Its Allies in Hong Kong
Local tycoons and British-trained civil servants helped promote Beijing’s agenda in the territory. Now Beijing seems ready to push them aside.
BEIJING — China’s Communist Party has long pursued its agenda in Hong Kong by working through loyalists among the city’s top officials, lawmakers and tycoons. That behind-the-scenes approach was a key feature in preserving considerable autonomy for the territory.
Now, as the party prepares to grab more power in Hong Kong after months of sometimes violent unrest last year, it has pushed aside even its own allies in the city. The party’s strategy sends a clear message to Hong Kong: In quashing challenges to its authority, Beijing won’t hesitate to upend the delicate political balance at the core of the city’s identity.
Party-appointed lawmakers in Beijing are expected to pass a sweeping security law for Hong Kong on Tuesday. Yet few among the city’s Beijing-backed establishment, even at the highest levels, appear to have seen a draft. Its top leader, Carrie Lam, and secretary for justice, Teresa Cheng, have both acknowledged knowing little about the law beyond what has been reported in the news.
“Your guess is as good as mine,” Ms. Cheng said earlier this month.
Bernard Chan, a Hong Kong cabinet official and a member of the Chinese legislature, said that he had not even expected Beijing to act this spring. “I’m actually surprised, caught by surprise with the timing,” he said in an interview.
The sidelining of Hong Kong’s elite is the latest sign that in his pursuit for power, China’s top leader, Xi Jinping, is willing to defy political norms established over decades, and will do so swiftly and secretively. Mr. Xi’s decision to have Beijing take charge points to how deeply the months of protests in Hong Kong have unsettled his administration’s confidence in its handpicked allies in the city.
“There was a mood among mainland officials that we needed a second handover of Hong Kong to China, and we’re moving toward that,” said Jean-Pierre Cabestan, a political science professor at Hong Kong Baptist University. “I don’t think Beijing trusts the Hong Kong elites any more.”
Even before Britain returned Hong Kong to Chinese sovereignty in 1997, Beijing was cultivating ties with tycoons who had fled communism in China for the city and built vast fortunes in trading, banking, real estate and industry. The tycoons, together with British-trained civil servants, later formed the establishment Beijing entrusted with running the city alongside an independent judiciary, police, academic system and capitalist model.
The elite have served as Beijing’s eyes and ears. They have defended the Communist Party’s interests by promoting patriotism and pushing through unpopular laws, including one earlier this month that criminalized disrespect of the national anthem.
But the establishment has struggled to balance Beijing’s desire for control with residents’ demands to preserve the autonomy that has shielded them from the mainland’s feared security services and opaque, often harsh legal system.
When protests erupted last summer, the city’s leadership was responsible for trying to quell it but was not empowered by Beijing to make major concessions, resulting in an impasse. The pro-Beijing camp now also sees the Communist Party’s new assertiveness as a sign of its impatience with the local establishment’s failure to pass national security laws on its own.
“They delegated that authority to us to do it and we failed, we failed 23 years. So they said, OK, we’ll take it back,” said Mr. Chan, the top government adviser. “So we can’t say anymore that we didn’t have a chance.”
Beijing also increasingly recognizes that the influence of its pro-business allies has fueled public anger over the small pensions and costly housing that have made Hong Kong one of the most unequal places in the world. Support for the pro-Beijing camp has fallen to record lows: They suffered a resounding defeat in local district elections in November, and could see potentially heavy losses in legislative elections in September.
The party’s push for more overt control throws into question the role of Hong Kong’s elite in the coming months and years. Establishment figures now find themselves in the awkward position of having to defend a law they have not seen in detail, amid growing pressure from Beijing to demonstrate loyalty.
“I am also disappointed that we can’t see the bill,” Elsie Leung, a stalwart Beijing ally and former secretary for justice, told reporters, in a rare admission. She said, though, that she believed that Beijing had heard different views about the law.
For many in Hong Kong, such reassurances have largely rung hollow. The city’s residents are accustomed to very public, sometimes rowdy discussions of new laws by the city’s legislature. Confronted with Beijing’s secrecy, Hong Kong’s democracy activists, scholars and former chief justices have asked: Who would get to rule on cases? Would Hong Kong’s residents be extradited to the mainland? Would the law be used retroactively to prosecute protesters?
Mrs. Lam, the city’s leader, has sought to allay the public’s concerns, saying this week that Beijing had pledged to preserve the city’s civil liberties. But she acknowledged not having seen the specifics of the legislation.
Tanya Chan, a pro-democracy lawmaker, said Beijing had undercut the city government’s credibility. “How could we believe you?” she said in an interview.
“The entire law is to be imposed on Hong Kong, but the government is willing to be a propaganda machine without having seen the clauses,” Ms. Chan said. “Not only did they not help citizens fight for the right to know, they were blinded themselves.”
Even without releasing a draft of the law, China last week made clear that its passage would grant Beijing expansive powers in the city. It would allow mainland security agencies to set up operations in Hong Kong and for Beijing to assert legal jurisdiction over some cases. The law calls for a mainland security official to be an adviser to Mrs. Lam and for tighter controls on the city’s schools, which have been hotbeds of sometimes violent activism.
The law would make it a crime to collude with foreigners, push for independence, subvert the state or otherwise endanger the party’s rule. Beijing has not yet disclosed how these crimes will be defined, but many pro-democracy lawyers and activists fear they will be applied broadly to muzzle dissent and shut down the opposition.
The Chinese government crafted the national security plan this spring with such stealth to prevent the city’s tycoons and professionals from lobbying against it.
“Beijing this time has kept its secret very well,” said Lau Siu-kai, a former senior Hong Kong government official who now advises Beijing on the territory’s policies. These days, he added, “the military and the national security people are more influential in Hong Kong affairs.”
Besides marginalizing the party’s allies in Hong Kong, Mr. Xi also removed and replaced several of Beijing’s longest-serving officials dealing with the territory’s affairs, including Sun Lijun, a deputy minister of public security.
Up until January, the head of Beijing’s powerful Liaison Office in Hong Kong was Wang Zhimin, who was a fixture on the Hong Kong cocktail party circuit, hobnobbing with bankers, captains of industry and top civil servants. Mr. Wang was said to have been criticized in Beijing for not foreseeing the grass-roots anger that fed Hong Kong’s protests.
He was replaced by Luo Huining, an official from central China who spent much of his career as a tough security enforcer in northwestern China. Unlike Mr. Wang, Mr. Luo does not speak Cantonese, makes few public appearances in Hong Kong and often works from a backup office in Beijing, not Hong Kong. Mr. Xi also installed a trusted aide as the new head of an office in Beijing that oversees Hong Kong affairs.
“These new leaders are little known in Hong Kong,” said Regina Ip, a Hong Kong cabinet member and the leader of a pro-Beijing party in the legislature.
As Hong Kong has become deeply polarized between Beijing’s allies and democracy advocates, a shrinking political center has looked for compromises. But it is unlikely to wring major concessions from Beijing.
James Tien, a moderate politician and honorary chairman of the pro-establishment Liberal Party, has emerged as one of the few establishment figures willing to acknowledge that Beijing’s move is deeply unpopular and unsettling, despite the party’s assertion that the law enjoys wide support.
“I think most people will say that we don’t like it, we don’t want it,” he said last week in an interview with Radio Television Hong Kong. “But there’s nothing much we could do.”
Keith Bradsher reported from Beijing and Elaine Yu from Hong Kong.
Author: Elaine Yu