.@AOC accused Elon Musk of gutting Medicaid and Social Security to finance his own tax cuts and government contracts. She also accused him of robbing the public.
She made those accusations on Instagram Live, not during congressional proceedings.
The Supreme Court ruled in Hutchinson v. Proxmire that congressional immunity doesnโt protect defamatory statements made in public communications outside legislative proceedings.
AOC should be asked to produce the evidence supporting her accusations.
Being a member of Congress doesnโt give you a license to defame people.
US equity market breadth is rapidly improving:
The proportion of S&P 500 stocks trading above their 50-day moving average surged +5 percentage points on Friday, to 61%, the highest reading since mid-August.
Since the October 1st intraday low, this figure has more than tripled.
Additionally, the proportion of S&P 500 stocks trading above their 200-day moving average rose +3 percentage points on Friday, to 57%, the most since September 9th.
Over the last 3 weeks, this figure has risen +17 percentage points.
This comes despite the S&P 500 remaining roughly unchanged over the same period.
This also ranks among the 3 sharpest improvements in market breadth over the last 3 years.
On Thursday alone, 335 S&P 500 stocks finished higher, despite the index declining -1.2% on that day.
The market is strengthening beneath the surface.
During my criminal days at Crazy Eddie, our outside auditors found discrepancies they considered immaterial. They concluded our financial statements were fairly presented and issued clean audit opinions.
Meanwhile, we were committing massive fraud.
Gavin Newsom points to errors in some DOJ voter records as evidence that the investigation is bogus.
Finding errors in an investigation doesnโt establish that thereโs nothing else to find.
I learned that lesson from the criminal side of the table.
NDX has fallen hard since its Oct. 6 top. But the numbers of its components above their own 100MAs is rising. Usually I watch this for bearish divergences at tops. This is weird to see it showing a bullish divergence.
$SPX Weekend Timer (w/In Newsletter Issue No. 73). 10/18/26
"The yellow box on the Timer above allows for a drop down below 7651, tap the 100dma and resume the uptrend. Yes, it is an uptrend. The all-time high on 10/6 tells us this. That was a new all-time high both daily and closed weekly. After this swing completes, we expect the bull gets back on track: back through the 10/6 ATH, then 8,125, We ASSESS the entire way, but especially at highs that โmight โ not be confirmed with breadth. Thatโs +6.1% from Fridayโs close. The star on the Timer is the A-D line construction. Price gets us to the level. The A-D lines tell us what to do there.".... per letter.
Almost there...
Breadth led Price today!