Abra Cadaver!

Joke Biden wants to “reform” SCOTUS, with or without House approval. [Morning Reckoning] August 01, 2024 [WEBSITE]( | [UNSUBSCRIBE]( Abra Cadaver! Asti, Northern Italy August 01, 2024 [Sean Ring] SEAN RING Hi Reader, “A snake that cannot shed its skin dies,” Friedrich Nietzsche once wrote. And yet Joke Biden, who has one foot in the Oval Office and the other in the grave, continues to pilfer oxygen from the rest of us humans. After his debate disaster with The Donald, it’s nearly certain President Emeritus and Klaus Schwab wannabe Barack Obama called Biden to tell him Kamala Harris, Biden’s “loyal” Veep, approved using the 25th Amendment to remove him from office. And that was after Obama’s buddy George Clooney wrote an op-ed in The New York Times asking Biden to step down, mere weeks after stealing $30 million from Hollywood donors on Biden’s behalf. Sulking, Biden disappeared for a few days—you know, just to gather his thoughts. It takes him a while to do that, like hunting for easter eggs in a field the size of the Great Plains. Then Biden held a hastily planned news conference. Looking like his granddaughter combed his hair with buttered toast, he told the nation, “This isn’t about me. It’s about you.” But it really was about the coup d’etat the Deep State just pulled off. Defeated but still proud, Biden endorsed the dumbest politician on earth, Kamala Harris, to succeed him on the Democrat ticket, bequeathing her his vast campaign chest and potentially setting the stage for a disastrous presidency. This is the same Kamala Harris who, as California Attorney General, incarcerated over 1,700 black men for minor marijuana offenses, only to later joke about her own marijuana use. This is the same Kamala Harris who couldn't even secure a single delegate in the 2020 Democrat primary. “There is no Michelle Obama on this year’s ticket, Barry. Take that!” Biden must have mumbled to himself. Biden – or whoever’s at the controls – refuses to go gentle into the good night. His next target is SCOTUS. [Urgent Buy Alert - Monday, August 5, 10:00 A.M. Eastern]( [Click here to learn more]( This coming Monday morning at 10:00 a.m. Eastern, our #1 trader will release an urgent buy alert to his readers using a unique and potentially extremely profitable trade setup he’s been tracking which could double your money FAST. This one idea could hand you a huge windfall in record time. [Click here to learn how to get this urgent buy alert on Monday.]( [LEARN MORE]( Mike Johnson: DOA You’d think after Biden’s opponent took a headshot at a rally, he’d mind his rhetoric. “Nah, it’ll be fine,” Biden probably feels… because he no longer thinks. The latest target – besides Johnson – is the Supreme Court. Joke Biden, a man who spent 36 years in the Senate, 8 years as Vice President, and 4 years as President, wants to introduce term limits of 18 years for Supreme Court justices. On any other timeline, he’d be laughed out of the building and ridiculed as a hypocrite. But because White Liberal Women™ are so upset at Trump’s nominees for throwing Roe v Wade back to the States, this asinine idea is getting a hearing. The last time I looked, this was quite important. The U.S. Constitution states in Article III, Section I: The judicial Power of the United States, shall be vested in one supreme Court, and in such inferior Courts as the Congress may from time to time ordain and establish. The Judges, both of the supreme and inferior Courts, shall hold their Offices during good Behaviour, and shall, at stated Times, receive for their Services, a Compensation, which shall not be diminished during their Continuance in Office. In short, once the Senate confirms the justice, they can sit on the bench until they come out feet first. The Founding Fathers purposely did this so judges were never subject to the whims of an electorate. If a justice isn’t impeached and convicted, he stays until retirement or death. Ok, I get that some people don’t like justices accepting gifts from parties who may have cases on the court. Fine, then impeach them. We already have that mechanism to remove improper justices. This brings us to Mike Johnson, the Republican Speaker of the House. Rightly, Johnson dismissed Biden’s bird-brained (he should be so lucky) plan to reform the Court. Johnson said, “Biden’s plan was dead on arrival (DOA).” When a reporter asked him about this, Biden asked, “Who said that?” The reporter replied, “Speaker Johnson.” Biden said, “Tell him he is.” The reporter asked for confirmation. Biden reiterated, “Tell him he’s dead on arrival.” Little Gray Cells If Biden isn’t fit to run again, he’s not fit to lead now, and this genuinely proves it. He was an intellectual amoeba when he had his marbles. Before he was elected President, Joe Biden was known as “the man who plagiarized Neil Kinnock’s speech in 1987.” Seriously, that’s how the BBC used to introduce him every time. [Johnny Carson made a joke about this 37 years ago.]( Yes, Carson was still on television when Biden was already proving himself a dunce. I just wish he’d go and stop causing a commotion, but then we’d be stuck with Cacklin’ Kamala for the remainder of Biden’s term. That the media is “bigging” her up is proof the media is in bed with the DNC, as if you needed proof. And make no mistake, Harris can win this election. How, besides cheating, you ask? If the Right makes this about race (Indian or Black, your guess is as good as mine) or gender, they’ll lose the female center and, hence, the election. My advice is this: let her run her mouth. Whenever she talks, an angel loses its wings… and most people smack their heads so hard they get slightly concussed. I look forward to when she once again says, “What can be, unburdened by what has been…” It should be the new tagline for Preparation H. Wrap Up Dan Quayle may have been an idiot, but at least he was kept in a box, away from the levers of power. Kamala Harris wouldn’t spell potato with an “e,” but she can’t answer a straight question without a teleprompter. But first, we need to ensure Bumbling Biden doesn’t confuse his nursing button with the red one. All the best, [Sean Ring] Sean Ring Contributing Editor, The Morning Reckoning feedback@dailyreckoning.com X (formerly Twitter): [@seaniechaos]( [Congrats, you earned this…]( As one of my readers, you qualify for [this special deal.]( Only a small fraction of our readers will have the chance to see this. Fortunately, you’re one of them. All you have to do is [click here now to see how to claim your special deal.]( [LEARN MORE]( In Case You Missed It… Idiocracy Trades Greg Guenthner, Editor [Greg Guenthner] GREG GUENTHNER Good Morning Reader, In the nine days since President Biden announced he was shutting down his reelection campaign, a fresh wave of political prognostications has infiltrated my news feed as market pundits adjust to the new race. As Kamala attempts to pull off an upset victory, the questions I’m fielding are blurring the lines between politics and markets. Almost everyone I interact with in my personal and professional life wants to know one thing: What stocks and sectors will outperform if Trump wins, and which ones could benefit from a Harris victory? But markets don’t read the political rulebooks. If trading was this simple, we could literally take the polls to the bank. In reality, big political predictions rarely lead to profitable short-term trading insights. Simply put, proposed policy changes don’t always affect the market in the most obvious ways – and they usually take a lot longer to play out than you might expect. Like trying to get a cranky toddler to eat his vegetables, the more politicians attempt to bend the market to their will, the less it obeys. So instead of asking what might happen to the markets if a certain candidate wins this fall, let’s try to find the trends and trades that have the best chance to persist no matter who takes the win in November. Consider this my list of Idiocracy Trades. These are the plays that have the potential to lead the market higher into November – even if a bumbling cartoon dad scores a write-in victory (I can see the T-shirts now: Don’t blame me – I voted for Homer Simpson!) Before we get to the details of my three favorite ideas, let’s take a quick peek at our market roadmap… The Nasdaq Composite finished the first half of the year with a gain of almost 20%, with the S&P 500 not far behind. Semiconductors and the mega-caps were the driving forces in the push to all-time highs. The mega-cap dominance led to an incredibly smooth ride higher – a rally devoid of the typical gut checks and resets that keep investors honest. But the strongest stocks that propelled the major averages to during the first half of the year have finally cooled. You might recall a curious data point I shared with you a couple of weeks ago: The stock market had gone almost 380 days without a one-day selloff of at least 2%, the longest stretch since the Great Financial Crisis. We’ve experienced a bit of downside over the past two weeks, and last Wednesday’s meltdown (S&P -2.3%, Nasdaq -3.6%) reset the clock on the drawdown drought. Now, we’re diving headfirst into a packed earnings week as the semiconductors and mega-cap tech names attempt to recover from nearly two weeks of corrective action. Add in a Fed meeting and rate decision on Wednesday and payroll data on Friday, and you have a critical week for this market heading into the new trading month… As you’ve probably already guessed, chip stocks and mega-caps didn’t make the cut this time around (Don’t worry – they’ll probably be fine after blowing off some steam). In the meantime, here are the trades that have legs heading into election season… Gold Defies a Metals Reset It’s been a rough few weeks for the metals trade. Despite the poor performance of the dollar, precious and industrial metals haven’t played nice this month. In fact, you can find plenty of downside action in silver and copper – both of which are down double-digits from their respective July swing highs. Yet throughout this bout of summer volatility, gold has remained relatively calm. Gold futures briefly climbed to new all-time highs earlier this month, only to retreat back into their consolidation range. Yet the late July drawdown in gold hasn’t been as severe as the move in copper or silver – and I suspect the shiny yellow metal could continue to attract buyers if it manages to halt its skid and turn higher before getting dragged down to the lower bounds of its consolidation zone near $2,300. I’m even more impressed with the resilient VanEck Gold Miners ETF (GDX). Yes, the miners flew a little too close to the sun as they roared higher in early July. But GDX can remain a viable long-side play if it can put in a strong bounce before cracking below $35. Small Stocks Continue to Soar Two weeks ago, we chronicled the rise of the iShares Russell 2000 ETF (IWM) as it exploded back above 200. Even after a rocky start to the new trading week, it’s still up nearly 10% since this move began earlier this month. Make no mistake: this is a powerful breakout that could send these small stocks much higher in the months ahead. We’ll see just how aggressive small-cap buyers are feeling in the 225 area. This is the spot where IWM has been running into sellers for nearly two weeks. We’ve mentioned how IWM has been short-term overextended since it first tagged 225, but it has been able to consolidate and bleed off some of the excess momentum without giving back too much of the double-digit move that got us here in the first place. Out of all the rotation trade candidates, small-caps are at the top of the heap. All signs point to the rally continuing in the weeks and months ahead… Bitcoin Breaks from Big Tech While the chip stocks and big tech have trended lower this month, Bitcoin has ignored the carnage and pushed back within striking distance of its all-time highs. What’s even more impressive is Bitcoin’s move began after appearing to break down as it dropped below critical support back at the beginning of the month. The chart looked downright terrible… until Bitcoin caught a bid at $55K and started pushing back into its wide consolidation range. Now, Bitcoin is attempting to retake $70K, which just so happens to be the last area of resistance before it’s able to make a go at those March highs. To be fair, Bitcoin has been a downright exasperating asset for the past four months. It threatened to break down more than once, with buyers stepping in each time it got close to falling apart. That’s impressive in its own right. But what really sells me on Bitcoin right now is the fact that it’s ignoring the pullback in tech, which it usually follows closely. If Bitcoin were to take out $70K and push toward the March highs amid a broader tech correction, I would consider this turn of events extremely bullish for crypto. Best, [Greg Guenthner] Greg Guenthner Contributing Editor, Morning Reckoning feedback@dailyreckoning.com Thank you for reading The Morning Reckoning! We greatly value your questions and comments. Please send all feedback to [feedback@dailyreckoning.com.](mailto:dr@dailyreckoning.com) [Sean Ring] [Sean Ring, CAIA, FRM and CMT]( is a former banker and financial educator and is the editor of the Rude Awakening. Sean has trained interns and graduates from Goldman Sachs, Morgan Stanley, Citi, Bank of America, Standard Chartered Bank, DBS (Singapore), the Abu Dhabi Investment Authority (ADIA), Bank Indonesia (the central bank), HSBC, Barclays, RBS, and BlackRock. He knows the global economy is being corrupted by forces that most people can't understand and has used his unique and worldly experiences to help people navigate the markets. [Paradigm]( ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( © 2024 Paradigm Press, LLC. 1001 Cathedral Street, Baltimore, MD 21201. By submitting your email address, you consent to Paradigm Press, LLC. delivering daily email issues and advertisements. 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