In a unanimous decision, a Republican-led House investigative committee that spent months quietly looking into Paxton recommended impeaching the state’s top lawyer on 20 articles, including bribery, unfitness for office and abuse of public trust.
Yahoo News Friday morning
Texas Attorney General Ken Paxton was indicted for securities fraud in 2015 and has been under investigation for years. If an impeachment vote passes he has to leave office. Only two Texas officials have been impeached in 200 years. Paxton should not have run for office again under these circumstances but he never asked me. Democrats will be delighted. Negative mood is exclusionary, throw the bums out is the mantra and we see that here. After years of investigation, bang, he is about to be impeached now.
Crude oil is bouncing in the $70-72 range. It remains above its 200 day moving average at $67.10. Gasoline is doing better at $2.55. Its MA is $2.07.
The major oil stock prices all experienced a terrific rally from the end of 2020. ConocoPhillips ran from $30 to $130 and is now $101.69. Warren Buffett has loaded up on Occidental. It ran from $10 to $75 and is now $58.81.
I have recommended shares in the Nustar NS complex. Nustar is a San Antonio based company which owns extensive pipelines in the U.S. as well as storage facilities along the Gulf Coast. The stock has climbed to the high sixteens. The Preferred B which was recommended in the low 22s is now $23.59. Both issues have a 10% dividend. We will discuss the stock market next but with a bearish view of the stock market it is important to find high dividend stocks somewhat independent of stock market action. Nustar seems to fill that requirement.
The equal weight SPX has fallen from 6300 to 5700. The move down should accelerate from here. The SPX has rallied from its March low at 3825 to 4150. This divergence in the weighted SPX versus unweighted SPXEW is hiding the real weakness in the market, stay alert and be prepared.
The decline in stock prices lately is attributed to the debt ceiling debate. No doubt we will see a rally in stock and bond prices once a deal is reached, then the bear market in both should resume.
Bear markets are marked by a renewed interest in horror movies. The 1930s had Frankenstein, 1972 had the Exorcist and now no less than six horror movies are in various theaters. Dead Rise, Nefarious, Beau is Afraid, the Pope’s Exorcist, Renfield, and Outpost are all telegraphing that a bear market in mood is upon us.
