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October 2024

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Portions of southern and eastern Spain were hit by severe flash flooding on Tuesday, as some locations received up to 12 inches of rain in just a few hours.

Footage from the city of Valencia showed mud-colored water flooding through the streets, tearing down walls, and sweeping away parked cars.

Extreme rain warnings were in effect for some areas including around Valencia, according to Spain’s Meteorological Agency, AEMET. These warnings called for the potential of 200 mm (4 inches) of rain in less than 12 hours.

In some locations, the rainfall estimates were exceeded in even shorter periods of time. Chiva, which is east of Valencia, received 320 mm of rain in just over four hours, according to the European Severe Weather Database.

The Valencia area averages 77 mm (3.03 inches) for the entire month of October.

Flooding was also reported in and around Murcia and Malaga with over 100 mm (4 inches) of rain falling in some of these areas.

A strong upper level low pressure is moving northward into the region from Africa.  The strong system is bringing a significant amount of atmospheric instability to the region.  Extreme amounts of rainfall are also being enhanced with moisture from the Mediterranean Sea and upslope flow into higher terrain which acts to squeeze out additional moisture.

Rainfall warnings continue through Wednesday for portions of eastern and southern Spain, according to AEMET. The warnings north of Valencia are for rainfall totals in excess of 100 mm (4 inches) and rainfall rates of 30 mm per hour (1.18 inches per hour).

Areas of southwestern Spain will see the threat of heavy rain continue through the end of the week.

This post appeared first on cnn.com

Montecarlo is a small city in the province of Misiones, Argentina, with just under 20,000 inhabitants. Those who walk through its neighborhoods can find cobblestone streets, but most of the roads are made of dirt. Anyone who wants to travel from this town to Posadas, the provincial capital, has to drive for about three hours.

María (who asked not to be identified by her real name to avoid being recognized in her city) says that in Montecarlo, all the neighbors know each other. She has four children: the oldest is 13 years old, and the youngest is just over a year old.

As she speaks, she breastfeeds her baby, and explains that for some time now, she has been in charge of all the household and childcare responsibilities: her husband lost his registered job in February and had to move to a nearby town where he does cleaning work in fields.

In July, María noticed a delay in her period despite using contraceptives. The situation at home was not easy, and supporting four children on an informal income made it difficult for her family to get through each month. She says that having another child was not an option. As soon as she suspected she might be pregnant, she went to her regular gynecologist, who had helped her deliver her children.

During the consultation, María asked about her options for accessing an abortion, but the doctor told her he didn’t perform such procedures and asked her to leave.

After this initial negative response, María got an appointment at the local public hospital. There, she also asked for help, but they couldn’t provide her with information about her alternatives. So, she sought of a third option: she traveled to Eldorado, a neighboring city to Montecarlo, where the public hospital has a family planning section.

There, they sat her down with other patients and explained to all of them how the abortion procedure worked. When some of them asked if the hospital would provide the medication, they were told there wasn’t enough, and they would be given a prescription to buy the abortion-inducing drug misoprostol privately.

“At that moment, I didn’t have 100,000 pesos (about 73 dollars at the parallel exchange rate in July). My husband had lost his registered job, so I went to the public hospital to get it for free,” she explains, adding that she tried to inquire about misoprostol with professionals at the public hospital in her area, but they also didn’t have free medication.

“When I asked, they replied: no, we don’t have any. I started crying, going back home, I was overwhelmed with despair because my husband had gone far away to work, and I was left alone. It felt like every door was closed to me. And I got home crying with my baby in my arms”, María recounts.

Since the start of his administration, the government of Argentina’s President Javier Milei halted the purchase of essential supplies for abortion access and has not delivered a single box of misoprostol, mifepristone, or manual vacuum aspiration cannulas, essential elements to guarantee abortion access for pregnant individuals, according to an information request filed by rights group Amnesty International.

Abortions were legalized in Argentina in 2021 in all cases up to 14 weeks of pregnancy. According to the legislation, a person who wants an abortion has the right to do so safely and free of charge.

However, exercising this right is becoming increasingly difficult in the country this past year, as confirmed by organizations dedicated to monitoring reproductive rights in Argentina, such as Amnesty International, the Latin American team of Justice and Gender, and the Safe Abortion Access Network, among others.

According to the report presented in May by the National Directorate of Sexual and Reproductive Health of Argentina’s Ministry of Health, the distribution of medications and equipment for manual vacuum aspiration had not been carried out until that month due to lack of stock, and the guarantee of these supplies for the remaining months would depend on the progress of the public tender, which at the time of the official response, was underway.

Searching for a workaround

As a last resort, María searched for alternatives online. This is how she came across Amnesty International, an organization that works for the promotion and defense of human rights. Through a form on their website, she shared the obstacles she faced in accessing an abortion in her province, and within a week, professionals from the NGO contacted her and guided her on how to obtain the medications for free to assert her right to a legal, safe, and free abortion.

María is one of the cases where Amnesty International had to intervene to ensure a safe abortion. The law states that individuals who wish to access this procedure must have their right guaranteed within no more than ten days. It took nearly a month for María to get an abortion.

According to the organization, complaints about barriers to accessing voluntary termination of pregnancy through the complaint form available on their website increased by 80% in the year up to August 2024 compared to the previous year.

The contrast with data from previous years is striking, Galkin explains. “While in 2023, nearly 150,000 treatments of the misoprostol and mifepristone combination were guaranteed or distributed nationwide, this year the provinces have not received stock, and we have been confirming this with public information requests to various provinces,” she detailed.

Galkin from Amnesty highlighted that provinces are not only reporting a lack of access to supplies for legal voluntary termination of pregnancy but also a shortage of contraceptive methods. “There is a lot of concern about the impact this will have on family planning,” she emphasized.

A temporary solution

According to Amnesty International and RedAAS, provincial governments are seeking alternatives to fill the gap left by the national government in reproductive health.

“Some provinces have immediately made direct purchases because, otherwise, women’s and pregnant individuals’ rights end up being violated,” explains Galkin.

Ramos adds: “Provinces are purchasing in quantities that probably won’t meet the entire demand, but there is a willingness from some provinces to take on the purchase of supplies.”

The problem with leaving it to each province, both specialists explain, is that it deepens inequalities across different regions of the country, as not all regions have the same resources.

Ramos asserts that the impact of this withdrawal by Milei’s government on public health policies could be twofold: “Women who end up not accessing abortion and who may resort to unsafe abortions or continue a forced pregnancy. Those are the options for a woman who wants an abortion and can’t get the procedure.”

Galkin concludes: “It has been demonstrated, in two years of implementation, how it has contributed to reducing, for example, the maternal mortality rate from abortion by 53% from 2020 to 2022. Legal voluntary termination of pregnancy is another health service that must be included in the mandatory medical program and must be available to the population because it is a public health issue.”

This post appeared first on cnn.com

Authorities in Taiwan are warning residents along its eastern coast to brace for the impacts Super Typhoon Kong-rey, which has rapidly intensified as it barrels towards the island after bashing the Philippines.

Kong-rey, moving northwest over the Philippine Sea, reached super-typhoon strength on Wednesday, according to the Joint Typhoon Warning Center (JTWC). With winds of 240 kilometers per hour (150 miles per hour), it is the equivalent of a Category 4 Atlantic hurricane.

The powerful typhoon is forecast to make landfall early Thursday (Wednesday evening ET) in Taitung, a sparsely populated county on Taiwan’s mountainous southeastern coast.

“As the typhoon continues to move towards the northwest, almost the whole of Taiwan will be covered by the storm circle later tonight,” meteorologist Chu Mei-lin, with the island’s weather agency, said in a press conference on Wednesday morning.

The Central Weather Administration (CWA) issued a sea warning Tuesday as the storm drew closer. On Wednesday, it also issued a land warning for two southern counties expected to be hit by the storm’s outer bands.

Forecasts show the powerful storm could weaken slightly ahead of making direct landfall on its southeastern coast, but it is still expected to unleash intense downpours, bringing flash flooding, storm surges and the risk of landslides.

“We urge everyone to make preparations accordingly,” Chu warned.

Chu added that waves could reach up to eight meters high when the typhoon makes landfall. There will also be heavy rainfall across Taiwan on Thursday, including in Taipei.

Taiwan’s military has placed about 36,000 soldiers on standby to assist with rescue and relief work, according to its Ministry of National Defense.

More than 6,000 first responders have also been put on standby to assist in response to the typhoon, according to the Central Emergency Operations Center. Most flights and ferries across Taiwan are so far operating as usual, the center said on Wednesday.

Taiwan generally has a strong track record of responding to major typhoons, though remote villages in more mountainous regions can be particularly vulnerable to landslides. Earlier this month, Typhoon Krathon killed four people as it brought particularly heavy rains to the south of the island.

Two outlying islands of Taiwan, Green Island and Orchid Island, suspended work and classes on Wednesday, according the county government.

In recent days, northern parts of the Philippines’ main island of Luzon have been lashed by the outer bands of Kong-rey, known locally as Leon, as authorities ordered evacuations and warned of its impacts after already seeing devastation last week from Tropical Storm Trami, known as Kristine, which killed at least 130 people.

As of Wednesday morning, Kong-rey continued to skirt the island’s north as it moved towards Taiwan.

This post appeared first on cnn.com

A large fire has broken out at the site of one of Britain’s biggest defense companies.

Emergency officials said early Wednesday that fire crews and police were responding to the blaze in the vicinity of BAE Systems in Barrow-in-Furness, northwest England.

BAE Systems is one of the largest defense contractors in Europe. Its subsidiary, BAE Systems Submarines, headquartered in Barrow-in-Furness, builds and assembles the UK’s nuclear submarines.

“There is no nuclear risk,” Cumbria Police said in a statement on X. “However, people living nearby are advised to remain indoors and keep doors and windows closed.”

A similar advisory was also shared by the Cumbria Fire & Rescue Services on its X account.

Police said the incident was reported around 12:44 a.m. local time on Wednesday. It did not say the cause of the fire.

Two people have been hospitalized after suffering suspected smoke inhalation, it added.

Photos shared on social media showed flames and smoke rising from an industrial building near the shipyard.

This is a developing story and will be updated.

This post appeared first on cnn.com

Cosm, the immersive technology company that broadcasts live sports events using what it calls “shared reality,” is partnering with the National Football League, the company announced Monday.

As part of the deal, Cosm will produce and distribute NFL games at its venues throughout the rest of the 2024 season.

The deal includes broadcasting every Thursday night football game on Amazon, all Sunday night games on NBC, every Monday night football game on ESPN and select games on Sunday with Fox.

The company, founded in 2020 by Mirasol Capital, uses a 360-degree dome with giant 12K+ LED screens to offer viewers a fully immersive “shared reality” experience that mirrors being at the game.

The domes fit about 700 people with the average ticket price ranging between $22 and $127. Cosm uses a dynamic pricing model, similar to concerts or live sports.

Cosm offers a range of live sports and educational programming.COSM

“What’s so unique about a property like the NFL is that fandom is everywhere,” said Jeb Terry, president and CEO at Cosm. “We see fans coming in wearing jerseys, bringing the Terrible Towel, bringing cow bells, having an absolute blast, like they’re at the stadium themselves.”

The company did not disclose the financial details of its deal with the NFL.

Cosm first opened its doors in Los Angeles and Dallas this summer and recently announced its third venue would be in downtown Atlanta, with future locations to be announced soon.

Cosm already has deals in place with the NBA, UFC, ESPN, NBC Sports, TNT Sports, Fox Sports and Amazon Prime Video, and broadcasts everything from the Summer Olympics in Paris to the current World Series.

Tickets for the first game of the World Series featuring the Los Angeles Dodgers and the New York Yankees sold out in seven minutes, Cosm said. The second game sold out in one minute.

“Inventory is flying off the shelf,” Terry said.

While live sports act as the core anchor for Cosm, the company also has nonsports offerings, including an animated voyage beyond the planets through the eyes of astronauts and a Cirque du Soleil show. This allows the company to have programs throughout lunch and matinee hours when live sports may not be available.

As fans’ viewing habits are changing, Cosm is finding rapid success in its tech-forward model.

Terry said the venues are already seeing repeat customers and they will soon be introducing membership rewards and season passes.

In July, the company raised more than $250 million in funding to expand globally. Cosm is valued at more than $1 billion, and its investors include sports heavyweights such as former Milwaukee Bucks owner Marc Lasry, Cleveland Cavaliers owner Dan Gilbert and co-managing partner of the Philadelphia 76ers and the New Jersey Devils David Blitzer.

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.

This post appeared first on NBC NEWS

JPMorgan Chase has begun suing customers who allegedly stole thousands of dollars from ATMs by taking advantage of a technical glitch that allowed them to withdraw funds before a check bounced.

The bank on Monday filed lawsuits in at least three federal courts, taking aim at some of the people who withdrew the highest amounts in the so-called infinite money glitch that went viral on TikTok and other social media platforms in late August.

A Houston case involves a man who owes JPMorgan $290,939.47 after an unidentified accomplice deposited a counterfeit $335,000 check at an ATM, according to the bank.

A customer uses an ATM outside of a Chase Bank branch in Rolling Hills Estates, Calif. on March 13, 2023. Patrick T. Fallon / AFP via Getty Images

“On August 29, 2024, a masked man deposited a check in Defendant’s Chase bank account in the amount of $335,000,” the bank said in the Texas filing. “After the check was deposited, Defendant began withdrawing the vast majority of the ill-gotten funds.”

JPMorgan, the biggest U.S. bank by assets, is investigating thousands of possible cases related to the “infinite money glitch,” though it hasn’t disclosed the scope of associated losses. Despite the waning use of paper checks as digital forms of payment gain popularity, they’re still a major avenue for fraud, resulting in $26.6 billion in losses globally last year, according to Nasdaq’s Global Financial Crime Report.

The infinite money glitch episode highlights the risk that social media can amplify vulnerabilities discovered at a financial institution. Videos began circulating in late August showing people celebrating the withdrawal of wads of cash from Chase ATMs shortly after bad checks were deposited.

Normally, banks only make available a fraction of the value of a check until it clears, which takes several days. JPMorgan says it closed the loophole a few days after it was discovered.

The other lawsuits filed Monday are in courts including Miami and the Central District of California, and involve cases where JPMorgan says customers owe the bank sums ranging from about $80,000 to $141,000.

Most cases being examined by the bank are for far smaller amounts, according to people with knowledge of the situation who declined to be identified speaking about the internal investigation.

In each case, JPMorgan says its security team reached out to the alleged fraudster, but it hasn’t been repaid for the phony checks, in violation of the deposit agreement that customers sign when creating an account with the bank.

JPMorgan is seeking the return of the stolen funds with interest and overdraft fees, as well as lawyers’ fees and, in some cases, punitive damages, according to the complaints.

The lawsuits are likely to be just the start of a wave of litigation meant to force customers to repay their debts and signal broadly that the bank won’t tolerate fraud, according to the people familiar. JPMorgan prioritized cases with large dollar amounts and indications of possible ties to organized crime, they said.

The civil cases are separate from potential criminal investigations; JPMorgan says it has also referred cases to law enforcement officials across the country.

“Fraud is a crime that impacts everyone and undermines trust in the banking system,” JPMorgan spokesman Drew Pusateri said in a statement to CNBC. “We’re pursuing these cases and actively cooperating with law enforcement to make sure if someone is committing fraud against Chase and its customers, they’re held accountable.”

This post appeared first on NBC NEWS

When I was growing up, I loved Choose Your Own Adventure books. I see the world in shades of gray instead of black-and-white, so I was immediately drawn to the seemingly endless scenarios that the main characters could experience as I made different choices for them.

As investors, we often get so caught up in one particular market narrative that we are unable to think “outside the box” and consider other possible outcomes. Successful investors I’ve worked with have been exceptionally good at looking at all the possibilities, challenging their own investment thesis by opening themselves up to other options.

Today, we’ll walk through four potential outcomes for the S&P 500 index over the next six to eight weeks. As I share each of these four future paths, I’ll describe the market conditions that would likely be involved, and I’ll also share my estimated probability for each scenario.  

By the way, we ran through four scenarios for the S&P 500 back in July, and you may be surprised to see which scenario actually played out!

And remember, the point of this exercise is threefold:

  1. Consider all four potential future paths for the index, think about what would cause each scenario to unfold in terms of the macro drivers, and review what signals/patterns/indicators would confirm the scenario.
  2. Decide which scenario you feel is most likely, and why you think that’s the case. Don’t forget to drop a comment and let me know your vote and what you think will cause that scenario to play out.
  3. Think about how each of the four scenarios would impact your current portfolio. How would you manage risk in each case? How and when would you take action to adapt to this new reality?

Let’s start with the most bullish scenario, where the S&P 500 keeps going with a consistent pace and breaks above 6000 by early December.

Option 1: The Super Bullish Scenario

The S&P 500 has experienced a remarkably strong run off the low in early August. This first scenario would mean a continuation of the pace of the current trend, suggesting the SPX would remain above a trendline drawn from the August and September lows. This scenario would include the S&P breaking above 6000 for the first time, and by early December, we’d be wondering how we made it through an entire calendar year with the biggest drawdown sitting at just less than 10%.

Dave’s Vote: 5%

Option 2: The Mildly Bullish Scenario

Let’s say that Trump wins a second term, and investors see that as a fairly pro-business and pro-market outcome. At the same time, however, new economic data and the November Fed meeting leave investors a little skeptical of the Fed’s ability to navigate the soft landing scenario into early 2025.

The second scenario would mean we drift a bit higher, but breadth conditions break down as investors gravitate to Magnificent 7 stocks and other safe havens as the VIX pushes above 20. We don’t see a major correction into early December, but it still feels like one is just around the corner and everyone’s talking about overvaluations and a potential Q1 pullback.

Dave’s vote: 25%

Option 3: The Mildly Bearish Scenario

A Harris victory could certainly weigh on the markets as we progress through Q4, as we realize how much investors had been pricing in a Republican White House. Skepticism of the Fed reaches a fever pitch as we’re no longer talking about a potential soft landing, but rather when the next major correction will play out. Volume and breadth divergences that have been growing in October continue to play out, and a 2018-style Q4 drop becomes our reality in 2024.

Dave’s vote: 50%

Option 4: The Very Bearish Scenario

You always need a “doomsday” scenario, where things get bad and stay bad. What if the S&P 500 starts selling off as a frustrating earnings season leads into a contentious election and a November Fed meeting raises more questions than answers? Paul Tudor Jones famously remarked, “Nothing good happens below the 200-day moving average.” And in this scenario, that’s exactly what we’re facing in December as we wonder where how and why the normal Q4 rally is nowhere to be seen.

Dave’s vote: 20%

What probabilities would you assign to each of these four scenarios? Check out the video below, and then drop a comment with which scenario you select and why!

RR#6,

Dave

P.S. Ready to upgrade your investment process? Check out my free behavioral investing course!


David Keller, CMT

President and Chief Strategist

Sierra Alpha Research LLC


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.

The author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.

In the fast-paced world of trading, success often hinges on screening for the best ideas in real-time to find trading opportunities. At OptionsPlay, we are committed to providing our users with the latest cutting-edge tools to automate the manual process of researching options trades. This is why we are thrilled to announce a groundbreaking partnership with StockCharts.com, a leader in technical analysis, charting, and screening.

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As part of today’s coverage of the Magnificent Seven we remind you when the big mega-caps are reporting and give you are current perspective of each. We also cover all of the Magnificent Seven in the short and intermediate terms with daily and weekly charts.

Carl gives us his opinion on where the market is headed and what DecisionPoint signal tables are telling us about market conditions. He also covers asset classes Gold, Dollar, Gold Miners, Crude Oil, Bonds and Yields.

Erin takes the controls and enlightens us on current sector rotation trends. Momentum may be failing on some of the sectors, but Silver Crosses are still intact.

The pair finish with a look at viewer symbol requests that included RIVN, ON, SMCI and more!

01:52 DP Signal Tables

04:44 Market Overview

14:50 Magnificent Seven

24:48 Questions

30:09 Sector Rotation

35:49 Symbol Requests

Be sure and check out our subscriptions! The DP Alert sets the table for your trades giving you the current trend and condition of the market each market day. DP Diamonds give you stock/ETF Picks and the Scan Alert Service gives you the results of all of our scans. Find the best trades and market conditions! Subscribe HERE! Or try us out for two weeks FREE using coupon code: DPTRIAL2.


Introducing the new Scan Alert System!

Delivered to your email box at the end of the market day. You’ll get the results of our proprietary scans that Erin uses to pick her “Diamonds in the Rough” for the DecisionPoint Diamonds Report. Get all of the results and see which ones you like best! Only $29/month! Or, use our free trial to try it out for two weeks using coupon code: DPTRIAL2. Click HERE to subscribe NOW!


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Technical Analysis is a windsock, not a crystal ball. –Carl Swenlin


(c) Copyright 2024 DecisionPoint.com


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. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

DecisionPoint is not a registered investment advisor. Investment and trading decisions are solely your responsibility. DecisionPoint newsletters, blogs or website materials should NOT be interpreted as a recommendation or solicitation to buy or sell any security or to take any specific action.


Helpful DecisionPoint Links:

Trend Models

Price Momentum Oscillator (PMO)

On Balance Volume

Swenlin Trading Oscillators (STO-B and STO-V)

ITBM and ITVM

SCTR Ranking

Bear Market Rules


In this video, Dave digs into five market breadth indicators every investor should track as we navigate a volatile period including Q3 earnings, the US elections, and the November Fed meeting. He breaks down key insights on each of the five charts, talks about why breadth indicators are equal-weighted, and relates all of this back to the most important chart of all: the daily S&P 500 chart.

This video originally premiered on October 28, 2024. Watch on our dedicated David Keller page on StockCharts TV!

Previously recorded videos from Dave are available at this link.