A bullish breakout

 Finally the BIG day is coming: President TRUMP's inauguration day on Monday, Jan 20, 2025! We have been waiting for too long but the waiting has come to the end!

There’s a lot of optimism about tax cuts, deregulation, and other pro-growth policies promised by the incoming administration. As such, there’s a lot of hope for those actions to boost economic activity and corporate earnings growth. It seems the market is signaling that with a bullish breakout as shown below.

   

With today's strong push up, SPX has broken out above the weeks' long downtrend. Of course, it is too early to say for sure this is a true breakout as it will needs to stay above the downtrend to make it a legitimate breakout. If so, then it appears to be a bullish breakout from the bull flag, which may push the index up for another 200 points or so in the weeks ahead. No guarantee but it is technically promising. 

With that, let me share a paper about Biden's legacy. For me, his legacy is very simple: a fake president stealing the presidency but ended up with the poorest rating even by the leftist CNN standard! What a joke!!

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Bye, Bye, Biden! SEAN RING It’s Trump Week: three more days until the inauguration of the once and future president. Each day this week, we dove into what to expect from Donald Trump’s second term. This change of presidents will also change America and the world and affect the economy and our investments. On Monday, we discussed closing the border and deporting millions of undocumented migrants. On Tuesday, we discussed Trump’s proposed tariffs. On Wednesday, we considered the possibility of a Biden Recession under Trump. Yesterday, we examined Europe through Trump's lenses. Today, we’ll look over four years at what the Biden administration meant to America and the world. As we’ll see, there’s much for Trump to undo. Read on... Aging Disgracefully Never has a president been so deleterious to the American Dream or embarrassed his country more. Not since his old boss did we have a more purposely divisive president. Joke Biden’s presidency was so brittle that a George Clooney-authored Los Angeles Times op-ed was enough to unseat him. I was embarrassed for America in 2020 when the country opted for the Delaware Degenerate. Now, I’m relieved for her. America gets Trump back, but with a mountain of problems created by the very man American Groupthink’s vote put in Trump’s place. “From Hell’s Heart, I stab at thee!” Captain Ahab shrieked as he went down with The Pequod. As Biden leaves the Oval Office, he’s putting as many obstacles in the new administration’s way as possible.

Credit: @MikeBenzCyber If you’re not already following Mike Benz, I encourage you to do so. He’s an intelligence expert and is excellent at communicating the inside scoop. Click on the link under the video to watch the landmines Biden is putting in place for the incoming Trump administration. Since Biden is letting the door hit him in the ass on the way out, let’s look at his achievements (his word, not mine). Foreign Policy “Achievements” Victor David Hansen obliterated the Big Guy in his latest on Zero Hedge. I will use his article as the basis for the foreign policy aspect of Biden’s mercifully short reign. Iran: Weakened by Biden’s Efforts (Sort Of) Biden brags about Iran being weaker than it’s been in decades, but the reality is that his actions—lifting sanctions, paying ransom, and pleading for the Iran nuclear deal—only emboldened Tehran. It’s Israel’s relentless retaliation against Iran pulling Hamas’ strings that have genuinely made Iran feel the heat, not Biden’s so-called diplomacy. Syria and the Assad Regime: A Collapse He Can’t Claim Credit For Biden points to Syria’s regime imploding, but it wasn’t his policies that led to Assad’s downfall. Instead, it was Israel’s military successes and the election of Donald Trump that forced Assad into a corner, not Biden’s influence. Hamas Hostage Release: Another Biden Delusion Incredibly, Biden claims credit for the potential release of hostages held by Hamas, but Donald Trump is the one behind the deal. Even inside the administration, people like Tony Blinken complained that nothing was getting done. Afghanistan: An Embarrassing Retreat Biden's claim that he didn’t leave a war for his successor is factually valid, but ridiculously illogical. His chaotic withdrawal from Afghanistan, which led to the deaths of 13 Marines and left billions in military equipment behind, stands as the greatest military debacle in decades. A botched, humiliating retreat is the reason there’s no more war. Ukraine: A Crisis of His Own Making Biden takes credit for supporting Ukraine against Russia but overlooks the fact that his disastrous withdrawal from Afghanistan and soft rhetoric about Putin’s potential actions helped set the stage for Russia’s invasion. This war would have never happened if Biden had been as tough as Trump. Military Weakness: Undermining U.S. Power Under Biden, the U.S. military has been weakened by budget cuts, failed recruitment strategies, and woke mandates that have drained the ranks. This is at a time when China’s aggression is escalating, and America’s ability to deter adversaries is at an all-time low. China’s Global Aggression: A Crisis Ignored Biden’s open borders policy has seen over 11 million illegal entries, including thousands of Chinese nationals. Meanwhile, China has become bolder in its threats to Taiwan, cyber-attacks, and military espionage. Sweden and Finland Join NATO: A Victory for Expansion? One of Biden’s foreign policy wins was ratifying Sweden and Finland’s accession protocols to NATO. However, the implications of further NATO expansion, especially in the face of Russian opposition, are still alarming. Now, let’s get to his domestic “wins.” Domestic Policy “Achievements” Inflation Reduction Act: A Win? Biden touts the Inflation Reduction Act as one of his landmark achievements, but it hasn’t reduced prices. People don’t care if inflation is cut; they care if products are more expensive than before. In fact, despite the massive bill’s passage, inflation remains a persistent issue. CHIPS and Science Act: A Boost to Tech? While the CHIPS and Science Act seeks to boost domestic semiconductor production, its impact on reducing dependence on foreign tech remains unclear. It's another government push with uncertain returns. Bipartisan Infrastructure Law: More Spending, Less Impact? Biden claims the Bipartisan Infrastructure Law is a monumental success, but the $1.2 trillion bill is more about spending on long-term projects than providing immediate relief. The roads and bridges might eventually be fixed, but with a hefty price tag. American Rescue Plan: A Lifeline for the Economy? The American Rescue Plan was supposed to kickstart the economy after the pandemic. However, with rising debt and concerns over inflation, its lasting effects are still debated. It may have created a temporary boost but failed to address deeper systemic issues. PACT Act for Veterans: Helping Those Who Served? The PACT Act, aimed at providing health care to veterans exposed to toxic substances, is a step in the right direction. However, its implementation could fall short of adequately supporting those veterans who need it most. Bipartisan Safer Communities Act: A Step Toward Safety? Hailed as a victory for bipartisan collaboration, the law focuses on reducing gun violence. But it doesn't do enough to address the root causes of violence. Executive Orders Protecting Reproductive Rights: A Controversial Move Biden’s executive orders to protect reproductive rights are controversial, especially after the Supreme Court overturned Roe v. Wade. It’s rightly seen as the Executive contravening the Judiciary. While the move was seen as a defense of women’s rights, the impact on abortion access remains a state-by-state battle, where legal experts agree it should be. 9.5 Million Jobs Created: A Recovered Economy? Biden’s claim of 9.5 million jobs added since taking office might sound impressive, but this figure reflects recovery from pandemic-era job losses. In terms of wage growth and job quality, most of these positions are still below pre-pandemic levels. More People with Health Insurance Than Ever: An Affordable Outcome? Under Biden’s administration, more Americans have gained health insurance. However, healthcare costs continue to climb, and the system needs a complete overhaul - without the extra layer of government - to make American healthcare affordable. Wrap Up As most political analysts have said, it would’ve been better for Biden to leave the White House quietly than to give a farewell address. He thinks he did a lot for the American people. He also says he would have won the election against Donald Trump. Someone will sell that man a bridge someday. I’m glad I’ve lived long enough to see the end of Biden’s political career. It should’ve ended decades ago, but failing upward is real, especially in politics.