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The Chinese military officials in brown uniforms fan out around rows of young trees, shoveling soil into freshly dug pits. The camera pans to the most senior leaders one by one, in order of rank. But one prominent face is conspicuously absent.

The news segment, aired Wednesday night on China’s state broadcaster, features a tree-planting event in the outskirts of the capital Beijing – an annual springtime tradition for the country’s military leadership spanning more than four decades.

But Gen. He Weidong, the second-highest-ranking uniformed officer in the People’s Liberation Army, was nowhere to be seen. Nor was he named as a participant in a report by the official state news agency.

Gen. He’s absence from the high-profile event has fueled ongoing speculation that the second-ranking vice chairman of the powerful Central Military Commission (CMC) may have become the latest – and most senior – casualty in leader Xi Jinping’s purge of the military’s top ranks.

As Xi’s No.2 general, He shares a long-standing relationship with the Chinese leader, dating back decades to the early days of their careers in the coastal province of Fujian.

Rumors about an investigation against He first surfaced among the Chinese dissident community following China’s annual political meetings last month. The 67-year-old hasn’t appeared in public for three weeks since the closing ceremony of the country’s rubber-stamp legislature on March 11.

The Chinese government has offered little in the way of clearing the air.

When asked about He’s situation at a news briefing on March 27, Defense Ministry spokesperson Wu Qian said: “There is no information on this matter, and we are not aware of the situation.”

It is now unclear what has happened to He, who also sits on the Communist Party’s 24-member Politburo.

Three weeks out of the public eye is not unheard of for a top general without a public-facing role and there is always a chance he resurfaces. But his no-show at a well-choreographed annual propaganda event stands out in a political system deeply attuned to the importance of symbolism.

“Clearly the absence of one CMC vice chair is important symbolically,” said James Char, a longtime PLA expert and assistant professor at the S. Rajaratnam School of International Studies in Singapore.

Similar to the Communist Party Congresses and annual “two sessions” political gatherings, “it’s important for all the major figures that the rest of the world know of to show up to be in the same picture, because it helps to demonstrate the power and – more importantly – the unity of the party,” Char said.

Reading the “tree leaves”

In the opaque world of Chinese politics, observers have long leaned on arcane signals of Communist Party traditions and protocol to interpret what is going on behind the scenes. The discipline, known as “tea-leaf reading,” has become more relevant than ever in Xi’s era as he centralizes power into his own hands and makes the decision-making process even more obscure.

And now, some experts are scouring this week’s events for clues on the fate of one of Xi’s top generals.

The annual ritual began as part of a nationwide tree-planting campaign launched by late paramount leader Deng Xiaoping in late 1981, following devastating floods he blamed on rampant deforestation. It was billed as a patriotic, selfless undertaking in “greening the motherland, building socialism and benefiting future generations.”

The following spring, Deng, then chairman of the CMC, planted the first tree of the campaign, setting a tradition that has since been carried on by successive Chinese leaders and military top brass.

Wednesday marked “the 43th consecutive year the CMC leadership has collectively participated in the voluntary tree-planting activity in the capital,” said Xinhua, the state news agency.

Since Xi came to power in late 2012, his two vice chairmen on the CMC had led military officers to plant trees without fail every spring – until He’s rare absence on Wednesday.

The first-ranking CMC vice chairman, Gen. Zhang Youxia, attended the event, so did two other generals on the commission, Liu Zhenli and Zhang Shengmin.

The only other uniformed CMC member who did not show up was Adm. Miao Hua, who was suspended under investigation in November for “serious violations of discipline” – a common euphemism for corruption and disloyalty.

“I think He’s absence is quite telling, but again, no one can be absolutely sure,” Char said. “There’s another school of thought, which is He Weidong was involved in the last two weeks with the preparations for the military exercises around Taiwan.”

Starting from Tuesday, combined forces of the PLA’s Eastern Theater Command held surprised exercises around Taiwan for two straight days, testing capabilities to blockade the self-ruling island, simulate strikes on its ports and other critical infrastructure, and launch long-range live-fire strikes.

The commander of the Eastern Theater Command from 2019 to 2022 was He. It was during his tenure that the Eastern Theater Command staged massive military drills and fired missiles around Taiwan in August 2022, in retaliation against then US House Speaker Nancy Pelosi’s visit to Taipei.

A prolonged absence from public view does not always signal trouble for Chinese officials. Some have resurfaced and resumed their duties. It’s also not uncommon for officials to be taken in for questioning by graft busters to assist investigations into colleagues.

Last November, Defense Minister Dong Jun was reported to be under investigation for corruption by the Financial Times, citing US officials. China’s Defense Ministry dismissed the report as a “sheer fabrication.” Dong reemerged in public a week later. The minister was also seen attending Wednesday’s tree-planting event on the state broadcaster.

Military purges

After coming to power, Xi consolidated control over the world’s largest military by taking down powerful generals from rival factions and replacing them with allies and loyal proteges.

But a decade on, having structurally overhauled the People’s Liberation Army and stacked its top ranks with his own men, Xi is still knee-deep in his seemingly endless struggle against graft and disloyalty – and is increasingly turning against his own handpicked loyalists.

Since the summer of 2023, more than a dozen high-ranking figures in China’s defense establishment have been ousted in a sweeping purge that focused on the country’s nuclear force and equipment procurement, including two defense ministers promoted to the CMC by Xi.

The ongoing turmoil roiling the senior ranks of the PLA has raised questions over Xi’s ability to end systemic corruption in the military and enhance its combat readiness at a time of heightened geopolitical tensions.

“Recurring purges of the senior-most PLA leaders indicate that Xi Jinping distrusts his officer corps,” said Drew Thompson, a senior fellow at the RSIS.

“The constant removal of so many senior officers, as well as the extent of corruption running to the very top undoubtedly has an effect on the PLA’s morale, and likely also its military capabilities,” Thompson added.

But some analysts noted that by this point, the PLA may have well become accustomed to the shake-ups in its high command.

“Leadership purges in the PLA seem to have become normalized to a point that it’s just part and parcel of being the PLA,” said Collin Koh, another research fellow at RSIS.

The Chinese military may have started to grow accustomed to the purges – to a point where it is able to isolate them from its daily operational activities and go on with business as usual, Koh noted.

“It does not necessarily mean that because of the purges, the PLA has started to relent on readiness. These purges might potentially have the effect of reminding the PLA to do their work better – if anything, if you want to escape the purges, then one way to do that is to obey what the party is telling you, which is to be prepared for conflict,” he said.

A close confidant

Like Miao, He is widely believed to have forged close personal ties with Xi during their overlapping years in Fujian, where the future Chinese leader was rising through the ranks as a local official in the 1990s and early 2000s.

Both He and Miao spent most of their early career serving in the former 31st Group Army in Fujian, which became a major power base for Xi. A string of military officers hailing from the 31st Group Army have been fast-tracked for promotion since Xi took power in late 2012.

Gen. He was no exception. In 2013, he was promoted to commander of Jiangsu Military District; less than a year later, he became commander of the Shanghai Garrison. In 2016, he was promoted yet again to command ground forces of the Western Theater Command, which oversees China’s border with India.

He was promoted to full general in 2017, when he became commander of the Eastern Theater Command, responsible for leading any military invasion or blockade of Taiwan.

But the ultimate sign of Xi’s trust in He came at the 20th Party Congress in 2022, when He landed the CMC vice chairmanship – an unusually rapid rise for an official who hadn’t served on the Central Committee of the ruling Communist Party.

During that leadership reshuffle, Xi stacked the CMC with six loyalists. If confirmed to be under investigation, He would be the powerful military body’s first sitting vice chairman to be purged by Xi and the third member on the current CMC to fall from grace.

The last time a sitting CMC vice chair was purged was more than three decades ago, when then-Party General Secretary Zhao Ziyang was ousted for sympathizing with student protesters in the 1989 Tiananmen pro-democracy movement.

“What happens finally to He Weidong gives us a window into how the political system in China is being restructured further under Xi Jinping,” Char said, noting the PLA’s reform of its rigid political structure.

“I don’t think anyone in the system now is irreplaceable,” he said. “This is what a political strong man does. He’s ruthless… he’s continuously purging his own ranks to keep his generals on their toes.”

This post appeared first on cnn.com

Stocks are in a freefall with selling pressure spreading into industrial metals and other economically sensitive commodities. There are few places to hide in bear markets, and the list of alternatives continues to shrink. Bitcoin, an alternative, is holding up relatively well since March, but this crypto is positively correlated with stocks long-term and has yet to achieve a relative breakout. Today’s report focuses on Bitcoin’s correlation and relative performance. 

TrendInvestorPro takes a weight of the evidence approach to define bull and bear markets. This evidence turned bearish on March 13th and remains bearish until proven otherwise. As noted in s to all our reports and videos.

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American Water Works (AWK)

Why focus on a utility that isn’t reporting earnings this week? It’s because the biggest question of the week is where should you put your money when markets are in turmoil. Hence, we review American Water. 

Do you want safety with a 2% dividend, a little international exposure, and no tariff implications? Then I give you Jersey’s finest, American Water Works Co, Inc. (AWK). 

Technically, the stock is breaking out to new highs and trying to hold on. If this market sell-off is more prolonged, then this is a good place to hide out and is also a nice diversification for your portfolio. It won’t run like a tech stock, but the risk/reward set-up is favorable. 

Use the $146 level to set stops on the downside with upside targets based on the breakout from this rounded bottom formation at roughly $175. The candle formation put in on Friday to close the week was not ideal but may be worth the risk given the volatility.

And if you like lagging indicators, a “golden cross” formed last week and is another technical reason to look positively on the stock.

Delta Air Lines (DAL)

Delta Air Lines (DAL) shares have nosedived 50% from its January peak as it heads into earnings week. Shares fell 16% when the company slashed its first-quarter outlook in early March.

Delta cited declining consumer confidence amid growing uncertainty over the economy, which resulted in weaker domestic demand. It cut its revenue guide to rise between 3% and 4% compared to an outlook of 7–9%.

Technically, the damage has been done. The stock has been oversold since March and is beginning to show a bullish divergence. In this case, price makes a new low but the RSI does not. Look for a break above 30 in the RSI as a buy signal.

The risk/reward is good but not great. DAL has tested and held a support area just above $35 going back to early 2024. A break and close below $35 and downside risk takes the price to $30. 

A sharp V-shaped rally could happen with good earnings results and positive guidance. That’s a big IF, given the continued air of uncertainty. A small rally could see the stock get back to $44. 

Historically the trends in the airline stocks last for months and are rarely neutral. Follow the trend higher if it changes. Otherwise, a landing lower is likely. 

J.P. Morgan Chase

J.P. Morgan Chase (JPM) will be one of the most watched earnings of the quarter. Not only is it one of the largest weighted financial stocks in the world, but its CEO, Jamie Dimon, isn’t one to mince words. 

Shares have fallen 25% from its February 9 peak as the market has corrected in the face of tariff uncertainty and a global trade war. Dimon has been somewhat quiet but is always one to give a great sound bite or two, come the conference call. 

Technically, we have a problem

Shares have broken a 16-month uptrend. The stock price breached its 50-day moving average in March, then failed to recapture it—old support became resistance. After one successful test of its rising 200-day moving average, the stock broke through it last week with some vigor. 

On a rally, look for that 200-day moving average at $228 to become resistance. The sellers are now in charge until something changes. To the downside, we have a target of $180 based on a head and shoulders topping pattern as outlined above. 

The stock market hoped for curtailment of tariffs on Wednesday, but that didn’t happen. Even the better-than-expected March non-farm payrolls weren’t enough to turn things around.

The stock market slid sharply with the S&P 500 ($SPX), Nasdaq Composite, and Dow breaking through key technical support levels and closing very close to the low of the day’s range.

The StockCharts MarketCarpets was a sea of deep red with a few small green islands. All S&P sectors were trading lower on Friday. 

The selloff was across the board and precious metals, which soared in the early part of the week, got slammed after the tariff announcement. When investors sell off equities and precious metals, it’s a sign of elevated fear, which is reflected in the spike in the Cboe Volatility Index ($VIX). It closed at 45.12, close to its high of 45.56.

Not a Pretty Picture

The adage, “The stock market takes the stairs up and the elevator down,” rings true. Unfortunately, things got ugly quickly. It’s a volatile environment, and if your portfolio includes mostly equities, you’re probably beside yourself. But it’s not time to let your emotions get the better of you. Neither is it the time to engage in dip buying. If you look at any chart of the market, it’s clear which direction the market is heading. 

The three-year weekly chart of the S&P 500 ($SPX) below shows the index has dropped below its August lows. 

FIGURE 1. THREE-YEAR WEEKLY CHART OF THE S&P 500 INDEX. It was a rough week in the stock market with the S&P 500 closing below its 100-week simple moving average. Chart source: StockCharts.com. For educational purposes.

In March, the S&P 500 crossed below its 40-week simple moving average (SMA), the equivalent of the 200-day SMA. Wednesday’s tariff announcements sent the index even lower, breaching its 100-week SMA, approximately a two-year average. Another concerning point is that Friday’s close is below the August 2024 low. This increases the probability of the index dropping further, perhaps as low as its 150-week SMA. But then again, you never know what the market is going to do. 

A smart investor is always engaged with the market in good times and bad. It’s important to observe the price action at key support levels to get an insight into when buyers come back into the market. 

Looking at Market Breadth 

The Bullish Percent Index (BPI), a breadth indicator that gives a bird’s eye view of the internals of different indexes and sector ETFs, isn’t encouraging, at the moment. The only sectors or indexes at or above 50, as of this writing, are the S&P Consumer Staples Sector BPI ($BPSTAP) and the S&P Utilities Sector BPI ($BPUTIL). Despite the slightly bullish values, the corresponding ETFs are trading below their 50-day SMA. 

The chart below displays $BPUTIL with the chart of the Utilities Select Sector SPDR Fund (XLU). Even though the BPI of the Utilities sector is above 50, it’s still trending lower and XLU just crossed below its 50-day SMA.

FIGURE 2. THE UTILITIES SECTOR IS ONE SECTOR WITH A BPI OVER 50. While a BPI over 50 indicates bulls are in favor, the chart of XLU has fallen below its 50-day SMA. Generally, breadth is leaning towards bearishness. Chart source: StockCharts.com. For educational purposes.

Sellers are in control across the board. The key will be to identify when buyers are in favor. And for that, you need to monitor the BPI and other breadth indicators.  

Investor sentiment got overly bearish quickly. When this occurs, investors usually look for signs of capitulation. We’re not seeing those signs yet, but it’s worth adding sentiment indicators to your toolkit. 

Sentiment Check

At some point, the selling will stop and buyers will come back in. The worst action to take now is to enter positions when you think the market has hit its low, only to catch a falling knife.

When markets are at extreme levels of fear or greed, sentiment indicators such as the VIX can be helpful. Besides the VIX, the American Association of Individual Investors (AAII) Sentiment Survey helps identify when investors are extremely optimistic or pessimistic. Generally, when emotions reach extreme levels, it may be an alert to move in the opposite direction of the crowds.

The five-year weekly chart below displays the S&P 500 with the AAII bullish minus bearish sentiment in the lower panel.

FIGURE 3. S&P 500 AND BULLISH VS. BEARISH SENTIMENT. Bearish sentiment is relatively high and the S&P 500 could fall if the bearish sentiment persists. Chart source: StockCharts.com. For educational purposes.

The lower panel shows that investor sentiment is negative, similar to between April 2022 and September 2022. Note how the market went through a correction before resuming its uptrend. 

The price action in the S&P 500 coincides with extreme bearish sentiment and could remain this way for an extended period. How will you know if sentiment has reached extreme levels? It can be challenging but constant monitoring of market breadth and sentiment indicators can reveal a shift in behavior. When buyers come back in, the indexes break above resistance levels, and momentum indicators turn bullish, there’s a chance the bullish trend will resume. 

The Bottom Line  

Investors should stay on the sidelines until the unwinding of positions is in the rearview mirror. As painful as it may be to watch your portfolio lose value, at some point the selling will stop and buyers will get back in. Look for signs of this occurring before adding any positions to your portfolio. Congratulations to investors who followed the traditional 60% stocks, and 40% bonds portfolio mix. Rising bond prices provide some cushion to falling equity prices. 


End-of-Week Wrap-Up

  • S&P 500 down 9.08% on the week, at 5074.08, Dow Jones Industrial Average down 7.86% on the week at 38314.86; Nasdaq Composite down 10.02% on the week at 15,587.79.
  • $VIX up 109.28% on the week, closing at 45.31.
  • Best performing sector for the week: Consumer Staples
  • Worst performing sector for the week: Energy
  • Top 5 Large Cap SCTR stocks: Corcept Therapeutics, Inc. (CORT); Elbit Systems, Ltd. (ESLT); MicroStrategy, Inc. (MSTR); Palantir Technologies, Inc. (PLTR); XPeng, Inc. (XPEV)

On the Radar Next Week

  • Earnings season kicks off with Delta Air Lines, Inc. (DAL), J.P. Morgan Chase (JPM), Wells Fargo (WFC), and others reporting
  • March CPI
  • March PPI
  • FOMC minutes
  • Several Fed speeches

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.

In the Pacific island nation of Samoa, residents have been grappling with rolling blackouts for weeks that have plunged villages into darkness and caused major disruptions to businesses and daily life.

On Upolu, the nation’s most populous island frequented by tourists for its white sand beaches, some have reverted to using kerosene lamps at night and are struggling to keep their food frozen – as rolling power outages leave them without electricity for hours each day.

Shelley Burich, who lives on the outskirts of the capital, Apia, said the power has been out at her place one to two nights each week, forcing them to use solar torches, lanterns and candles.

“It’s just about having dinner early and we go to bed early” she said. “We’ve just learnt to adapt and cope.”

Prime Minister Fiamē Naomi Mataʻafa declared a 30-day state of emergency on Monday, acknowledging the “significant hardship” the crisis has had on households, businesses and essential services.

Power outages are not unusual for Samoa’s 215,000 population, who often face disruptions from cyclones churning through the Pacific. But it’s rare to see island-wide blackouts reoccur over such long periods of time as has been seen in recent weeks.

Officials say there are a multitude of reasons: mechanical failures at a power station, faulty underground cables, extensive damage from a recent storm and the significant surge in demand for power over the past two years.

Fiamē said the government’s power provider, the Electric Power Corporation, has had to introduce power rationing on Upolu since March 16 after three key generators failed.

Meanwhile, power workers are racing to repair the cable lines and five large electricity generators are expected to arrive on Saturday as a temporary solution, with permanent generators expected in August.

An economic ‘disaster’

The prime minister warned the crisis could result in a 16% drop in gross domestic product (GDP), the broadest measure of economic output, this year due to the “severe disruptions.”

Chamber of Commerce President Fa’aso’otauloa Sam Saili called the power situation a “disaster” for businesses. And it’s not just the missed days of productivity.

“The damage in equipment is very significant. 84% of our membership have identified this as a major issue,” Fa’aso’otauloa said, which could leave businesses idle for long periods while waiting for repair or replacement.

Many of the country’s major manufacturers and producers have been left grappling with failing key machinery, which were damaged by power surges during the sudden and unexpected power cuts, he said.

Fa’aso’otauloa said businesses urged the government to impose the state of emergency to allow greater economic support and called for the removal of “red tape” and tariffs on key equipment to help manufacturers amid the crisis.

The economy is heavily reliant on agriculture with coconut products, forestry and fisheries among the largest export earners.

Businesses have also been forced to temporarily close because of the outages.

“Everyone is affected,” said Gary, a manager at a restaurant in Apia. “We’ve had to turn (customers) away more than once. Since the power interruptions began, we have had to close three times.”

The restaurant is fortunate to have a generator on site, but even so, the costs to operate it have more than doubled since the power cuts began.

It’s not just the cost of running the generator, suppliers are putting up their prices too, he said, calling the costs “quite significant.”

Finance Minister Lautimuia Uelese Vaaio said the state of emergency would allow Samoa’s development partners to assist with the situation. It also allows the government to implement measures to manage the energy supply, protect public health, and maintain essential services, said Prime Minister Fiamē.

Learning to adapt

The impact has hit everyone – from ordinary citizens to small businesses, schools, universities and large-scale infrastructure projects. Despite the growing frustrations, many say they have learned to adapt.

“The first few weeks were quite difficult,” said Leilani Fruean, the manager of a local ice cream shop, called Scoops, in Apia. The shop has had to purchase deep freezers, also known as chest freezers, to keep serving cones.

Fruean said the shop now has a permanent power connection, by sheer luck of being close to the wharf, which has been prioritized for power. Even so, it’s been hard to predict how each day will go.

“We can’t really afford to close, especially after Covid and everything,” she said. “We really try to open. Not just for us, but for our employees as well – just because the power is off doesn’t mean they don’t need money.”

The rolling power cuts have also led to panic buying of candles, flashlights and lamps – leading to price gouging in some areas, according to local outlet, the Samoan Observer. Candle prices had surged to 25 Samoan Tālā ($8) – more than half a day’s pay for a minimum wage earner, the outlet said.

A general store in Apia called Indoors doesn’t sell candles but sales representative Neci Lemo said they had “sold out of everything battery operated,” when asked about the demand for lighting.

Like everyone, Lemo is frequently dealing with the power being out at home.

“You just have to be smart,” she said, adding that it has been easier to plan for powerless days since authorities have begun issuing public warnings.

This post appeared first on cnn.com

South Korea’s highest court has removed embattled President Yoon Suk Yeol from office, ending months of uncertainty and legal wrangling after he briefly declared martial law in December and plunged the nation into political turmoil.

The court’s decision on Friday marks Yoon’s formal dismissal from the presidency after parliament voted to impeach him in December. His removal takes effect immediately, and he must now leave the presidential residence.

The long-running crisis has left a major global economy and key US ally rudderless at a fraught moment in world affairs, especially as US President Donald Trump’s “America First” agenda upends decades of foreign policy norms and dismantles the global trading system.

The Constitutional Court’s eight justices unanimously ruled to uphold Yoon’s impeachment.

Moon Hyung-bae, the court’s acting head judge, said Yoon’s martial law decree was unconstitutional as there was no grave national crisis at the time and his reasons for declaring it “cannot be justified.”

The president had violated the formal process of declaring martial law, infringed on lawmakers’ rights, and violated his duty as head of the armed forces by forcing soldiers to confront the public, the judge added.

In a separate criminal trial, Yoon was arrested in January on charges of leading an insurrection, then released in March after a court canceled his arrest warrant – though it did not drop his charges.

The verdict was met with mixed reactions across the South Korean capital.

Yoon’s opponents exploded in celebration and jubilation outside the court, waving flags and dancing to music. Many had been afraid that if he were reinstated, he could declare martial law again. But the mood was more still and somber outside Yoon’s official residence where his conservative supporters had gathered.

The issue has been hugely divisive, with major crowds taking to the streets both for and against Yoon’s removal. Police ramped up security in the capital ahead of the verdict, setting up barriers and checkpoints, and warning against any violence.

It’s a remarkable fall from grace for the former prosecutor-turned-politician, who rose to prominence for his role in the impeachment and imprisonment of another president years ago – only to now meet the same fate.

What happens now?

Under South Korean law, a general election to choose a new president must be held within 60 days of Yoon’s removal.

One potential candidate for the country’s next president is opposition leader Lee Jae-myung, a former lawyer and lawmaker who narrowly lost to Yoon in the 2022 presidential election.

Meanwhile, Yoon is still dogged by other legal proceedings, including his insurrection trial. It’s one of the few criminal charges a president does not have immunity from – and is punishable by life imprisonment or death, although South Korea has not executed anyone in decades.

The indictment had alleged that Yoon’s imposition of martial law – during which he sent troops to parliament, with commanders testifying they were ordered to “drag out” lawmakers – was an illegal attempt to shut down the National Assembly and arrest politicians and election authorities.

Yoon has said his decree was justified by political deadlock and threats from “anti-state forces” sympathetic to North Korea, and was intended as a temporary warning to the liberal opposition. He claimed that he always planned to respect lawmakers’ will if they voted to lift the decree.

In the end, his decree only lasted six hours. Yoon reversed the declaration after lawmakers forced their way into parliament and voted unanimously to block it – beginning four months of political disarray, during which parliament also voted to impeach the prime minister and acting president.

Fall from grace

Before taking office in 2022, Yoon was a star prosecutor and a key figure in the sweeping investigation of South Korea’s last impeached president, Park Geun-hye. Park was removed from office in 2017 and sentenced to prison for corruption and abuse of power in 2018.

Yoon is now the second president to be ousted by the Constitutional Court – and the shortest-serving elected leader in the nation’s democratic history.

The swift series of events marks a dramatic decline for Yoon, who was once touted as a key ally by former US President Joe Biden. During a White House state dinner in 2023, Yoon stood as the honored guest and sung Don McLean’s “American Pie” to a delighted audience.

Yoon’s serenade was meant to showcase his easy rapport with Washington, reinforcing Seoul’s strategic ties with the US. His critics, however, saw the moment as an odd distraction from pressing domestic concerns.

Back home, he clashed fiercely with the opposition, who overwhelmingly won midterm elections and used parliament to impeach key cabinet members and hold up legislation. It was this gridlock that Yoon used to try to justify his fateful decree.

This is a developing story and will be updated.

This post appeared first on cnn.com

Declaring martial law in a stable and boisterous democracy was an audacious gamble – and one that backfired spectacularly for former South Korean President Yoon Suk Yeol.

With Friday’s guilty impeachment verdict from the country’s Constitutional Court, the former prosecutor and conservative firebrand’s political career is likely over, especially because Yoon still faces criminal charges that could land him in prison for life.

Dramatic scenes from South Korea one Tuesday night in December showed military helicopters landing near the National Assembly in the capital Seoul, soldiers breaking through windows to try to prevent lawmakers from gathering, and protesters confronting riot police.

But the declaration was unsuccessful. TV stations and news media continued to report unhindered, people traveled freely and there were no mass arrests. When lawmakers voted to overturn Yoon’s surprise decree, security forces backed away.

In the months since, life in the South Korean capital essentially returned to normal. Businesses and restaurants were busy, streets crowded with residents and the city’s usual throngs of tourists – though large, loud demonstrations for and against Yoon were frequent as the court considered his case.

At one rally in the capital shortly after Yoon’s late-night declaration, teacher Kyung-soo said Yoon’s attacks on his opponents – including calling them “communist forces” – were “the behavior of a dictator and clearly clashes with the wishes of the people.”

Two years ago, Yoon was serenading then United States President Joe Biden with a rendition of “American Pie” by Don McLean at a White House state dinner and toasting their “ironclad” relationship.

As a nation still tries to understand why Yoon chose the extreme option of martial law, many are relieved that the fiasco may well be remembered as when democracy was threatened in South Korea, but ultimately survived.

Who is Yoon, and what was he thinking?

Yoon, a political newcomer, took office in 2022 with the conservative People Power Party, winning the presidential election by a margin of less than 1%.

He had spent almost 30 years as a prosecutor, leading high-profile investigations into corruption scandals that included a graft probe against former President Park Geun-hye that led to her impeachment and landed her in prison.

On the campaign trail, Yoon appealed to the country’s growing anti-feminist movement, and committed to abolishing the Ministry of Gender Equality and Family, which he claimed is unfair to men.

And while his predecessor Moon Jae-in favored dialogue with North Korea, Yoon took a tougher stance, promising to bulk up the South’s military, and even hinting he would launch a preemptive strike if he saw signs of a launch against Seoul.

In office, Yoon clashed fiercely with the opposition. Last year, opposition parties overwhelmingly won elections seen as a referendum on Yoon’s rule and took control of the National Assembly.

This left him a lame-duck president prevented from moving forward on legislation to cut taxes and ease business regulations, as his main rivals in the Democratic Party used parliament to impeach key cabinet members and hold up a budget bill.

It was this gridlock that Yoon used to try to justify his fateful decree.

In his speech declaring martial law, he labeled the opposition’s actions “clear anti-state behavior aimed at inciting rebellion” and referenced “threats posed by North Korea’s communist forces,” vowing to “eliminate anti-state elements.”

While Yoon had previously “claimed to advocate for fairness and common sense” as president, “his words and actions reflect a dictator’s,” said Park Sung-min, analyst at Min Consulting in Seoul.

“It seems like a political suicide.”

But Yoon’s eventual decision to rescind the decree showed he was “not a man who’s trying to seize power, or create a second term, or prolong his rule,” said Sydney Seiler, senior adviser for the Center for Strategic and International Studies.

“From the ruling party’s perspective, (he’s) trying to get the ball moving. He probably thought he had much more support within the ruling party for his actions than he actually did.”

Designer handbag at center of controversy

Observers say Yoon’s decision to declare martial law may have been more self-serving.

After taking office, he faced plummeting approval ratings over economic issues and a series of scandals involving his wife and political appointments that prompted calls for him to resign.

First Lady Kim Keon Hee was accused in 2023 of accepting a $2,200 Christian Dior bag as a gift – a potential violation of anti-graft laws. A secretly filmed video that surfaced online purported to show Kim receiving a cloud-blue “Lady Dior Pouch” from a Korean-American pastor.

The first lady is no stranger to controversy. Over the past few years, she has apologized for resumé-padding and has faced allegations ranging from academic plagiarism to stock manipulation, which the presidential office has repeatedly denied.

The main opposition Democratic Party accused Yoon of “concealing suspicions” surrounding his wife, and the mounting public backlash even caused a rift between Yoon and senior members of his party.

“Yoon tends to act more on instinct than rationality, embodying a reckless ‘lonely hero’ persona,” said Ahn Byung-jin, professor at the global academy for future civilizations at Kyung Hee University.

“He perceives the current situation as an existential crisis, especially with attempts to impeach members of his cabinet, cut the budget, and push for special investigations against his wife. He believes he is seriously cornered.”

What comes next for Yoon?

Yoon is now the second president to be ousted by the Constitutional Court – and the shortest-serving elected leader in the nation’s democratic history.

And his legal troubles are not over. In a separate case, Yoon was arrested in January on charges of leading an insurrection, then released in March after a court canceled his arrest warrant – though it did not drop the charges.

Insurrection is one of the few criminal charges a president does not have immunity from – and is punishable by life imprisonment or death, although South Korea has not executed anyone in decades.

The indictment had alleged that Yoon’s imposition of martial law – during which he sent troops to parliament, with commanders testifying they were ordered to “drag out” lawmakers – was an illegal attempt to shut down the National Assembly and arrest politicians and election authorities.

For some South Koreans, such as pastor Kwak Dong-seok, Yoon has worked to address economic issues, and is correct in his claims of “anti-state” forces in the country.

“Martial law is often criticized as excessive, but in some cases, it has been justified as a measure to prevent the establishment of a communist regime,” said Kwak, who organizes regular conservative rallies and political activities.

But others say Yoon’s decision shows how far removed he was from public sentiment.

“Korean democracy started late, but we made it by ourselves and are very proud of it,” said school principal Kim Hyeon. Yoon’s attempt at martial law demonstrates that “the president’s way of thinking doesn’t match our society,” she said.

Many say the botched martial law and subsequent democratic proceedings show that South Korean democracy is alive and well.

“Korean democracy has the awareness and capability to prevent any impulsive actions by a dictator,” said Park from Min Consulting.

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As the road shook beneath him, Ko Zeyer sped past crumbled buildings, buckled roads and gaping sinkholes toward his hometown of Sagaing, the epicenter of the most powerful earthquake to hit Myanmar in a century.

The journey from Mandalay normally takes 45 minutes by car across the mighty Irrawaddy River, but after the quake hit last Friday, it took him 24 hours to navigate broken bridges and collapsed buildings.

Ko Zeyer found his family safe, but many of his friends had died and much of the town lies in ruins, as local rescuers scramble for resources in a country controlled by a paranoid military junta and plagued by civil war.

All around him, people remain trapped under the rubble, not yet counted among the 3,145 confirmed dead a week after the devastating quake.

“The smell of the dead bodies has overwhelmed the town,” said Ko Zeyar, a social worker, as other residents described the rush to bury bodies in mass graves.

Survivors queue for food and water, and many sleep outside on mats at the mercy of mosquitos and the baking 100° F (37° C) heat as aftershocks continue to rattle the region.

The immense scale of the disaster has piled a fresh crisis on the impoverished Southeast Asian country, where almost 20 million people were already in need of humanitarian assistance after four years of civil war.

Junta leader Min Aung Hlaing has been fighting a multi-front war against pro-democracy fighters and ethnic armed groups after seizing power in 2021, with credible and widespread reports of atrocities against the people.

Years of war have depleted the local resources and health infrastructure needed to respond effectively to the quake, and observers say a large-scale disaster response from the country’s military government is absent.

“Why hasn’t Min Aung Hlaing sent in all of his military assets for rescue and relief?… We only see civilians digging to into the rubble,” said former United Nations Special Rapporteur for Myanmar Yanghee Lee.

A town in ruins

In every direction he looks in Sagaing, volunteer rescue worker Kyaw Min says houses, schools, temples, mosques and shops lie in ruin.

“It looks like a place of death … like the town was bombarded by a nuclear bomb,” said Kyaw Min, who is aligned with the shadow National Unity Government (NUG) and asked to use a pseudonym for his safety in the ongoing war.

The earthquake caused widespread destruction in nearby Mandalay, home to around 1.5 million people, and the military capital Naypyidaw. It was also felt in neighboring Thailand and China.

For days, Kyaw Min and volunteer rescuers have dug through rubble with their bare hands or minimal tools to look for survivors.

“We managed to save as many people as we could with the little equipment we have,” he said. “We retrieved many dead bodies, including those of children and the elderly… bodies without heads or hands or legs – we have suffered such a horrendous experience.”

About 80% of Sagaing town, the regional capital, was damaged in the quake and there is widespread destruction across the surrounding rural townships, according to Kyaw Min.

Roads connecting towns and outlying villages were torn and twisted, slowing rescue and relief efforts, including the delivery of heavy machinery such as excavators and backhoes.

“Rescue missions or aid could not immediately arrive to Sagaing. The bridges connecting Sagaing were badly damaged,” said Ko Zeyer. “That’s why, many lost their lives. It was already too late to save the people when the aid arrived.”

A region in revolt

Since the 2021 coup, Sagaing region – a giant arc of arid land studded with the spires of pagodas has become a vast battleground between the military and pro-democracy “People’s Defense Forces,” many aligned with the ousted democratic government.

The junta controls most of the larger towns in the region, while villages are split between support for the military, thought of as “green” territory, or “red,” backers of former civilian leader Aung San Suu Kyi.

Those defying the junta have paid a heavy price.

The military regularly sends columns of troops and allied militias on bloody rampages through districts suspected of opposing its rule, where troops raze whole villages, massacre residents and leave.

And its air force launches devastating air strikes on communities.

The military on Thursday announced a temporary ceasefire to aid recovery efforts, and said the truce would last until April 22.

The announcement followed several ethnic armed groups and the NUG – an offshoot of lawmakers deposed in the coup – in declaring temporary pauses in fighting.

The junta had initially refused to issue a ceasefire, and the reversal came only after it acknowledged its troops had fired three warning shots near a Chinese Red Cross convoy delivering earthquake aid in Shan state – underscoring the dangers for those delivering disaster aid in a conflict zone.

But reports in local media and from humanitarian teams in southeast Myanmar Thursday suggest the military had already broken the ceasefire.

Getting aid into a war-torn disaster zone

Myanmar’s military rulers have a long history of blocking foreign help after natural disasters, impeding access to vulnerable communities, and appropriating funds intended for disaster victims.

This time, the junta took the unusual step of quickly asking for foreign aid. International teams, including groups from China, Russia, India, Singapore, Malaysia, and Pakistan, have been assisting with rescue efforts, and in recent days, dramatic videos showing people being pulled out alive after days under rubble have featured mainly Chinese teams alongside local responders.

But residents in Sagaing say such assistance is dwarfed by the scale of the disaster and that some communities, especially in opposition-controlled areas, have not seen international help.

Local volunteers and the NUG have mobilized rescuers, medical teams and supplies to quake-hit communities through their own networks across the country. But the need is too great.

On the idyllic shores of the once popular tourist hot spot Inle Lake, in southern Shan state, the earthquake destroyed hundreds of bamboo houses on stilts occupied by impoverished villagers, according to aid workers.

One aid team who say they were the first major organization to reach the lake on Tuesday found thousands of people in need of urgent humanitarian assistance.

“They hadn’t had any visits from government officials. The only other assistance they had received was from community-based groups, other local groups,” said Claire Gibbons, a spokesperson for Partners Relief and Development, an international agency that works with local partners and networks in Myanmar.

Relief efforts to some of these hardest-hit areas have been hindered by damaged roads and military checkpoints on the main highway between the biggest city Yangon, where much of the aid is being flown into and organized, to Mandalay.

Finding people to send into the quake zone is proving difficult too, amid fears that younger people will be arrested and forcibly recruited into the army.

“We have team members from Myanmar that we don’t want to risk their safety by heading them into the earthquake areas,” said Gibbon.

Compounding the challenges are existing junta-imposed restrictions on humanitarian aid to certain areas of the country, nighttime curfews, and a junta requirement that international aid groups seek authorization before delivering supplies.

Meanwhile, the junta has also barred international journalists from entering the country and some foreign aid teams have reportedly faced issues obtaining visas from the military regime.

Some teams who traveled to Sagaing were prevented from delivering their supplies, and in some cases their aid was confiscated, according to Kyaw Min.

Others with ties to groups opposing the junta have been asked to list names of volunteers and supplies before they can enter, a scary proposition for many as the military has designated the resistance groups terrorists.

Appeals for aid

The earthquake came as international humanitarian agencies are struggling with a lack of funding as governments, most notably the United States, make drastic cuts to their foreign aid budgets.

The US would typically be among the first to respond to a natural disaster of this scale with both physical and monetary support.

But following President Donald Trump’s gutting of the US Agency for International Development (USAID), the US response has been minimal, prompting condemnation from American senators and civil society groups.

Rescuers from China – a major ally and arms supplier of the junta – arrived in Yangon hours after the quake struck. And Beijing has pledged 100 million yuan ($13.76 million) worth of relief supplies, according to Chinese state media.

A small USAID team is on the ground in Myanmar, a State Department spokesperson confirmed Thursday, and the Trump administration has authorized an initial $2 million in humanitarian assistance.

Given the military’s history of appropriating and misdirecting international aid, donors and humanitarian agencies have been urged to insist on aid impartiality and work through local civil society organizations, including the National Unity Government and resistance groups, to avoid lining the pockets of the junta.

But an overall lack of aid funding could prove disastrous for the people of Myanmar.

“My real worry is that the international community will not respond in the scale that is needed,” said Richard Horsey, Crisis Group Senior Adviser.

In Sagaing, those focused on helping quake-hit communities say the most urgent needs are for clean water and food, tarpaulins for shelters, mosquito nets to prevent dengue fever, medicine to prevent diseases from drinking contaminated water, cooking utensils, and sanitation kits.

“Seeing many in pain and grief feels really sad,” said Ko Zeyer.

“We don’t even dare to ask how many have died, because the scale of the death is such that almost every family has had a loved one killed.”

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US President Donald Trump has thrown his support behind another embattled far-right European leader, backing Marine Le Pen after French presidential hopeful was convicted of embezzlement and barred from political office.

“FREE MARINE LE PEN,” Trump wrote on Truth Social on Friday, calling the court ruling a “Witch Hunt.”

The message is the latest high-profile endorsement from his administration of a far-right party in Europe and comes as Trump upends decades of post-World War Two security guarantees towards the continent with his “America First” foreign and trade policies.

Le Pen’s hopes of becoming France’s president in 2027 were cut short on Monday when a Paris court blocked her from standing for office for five years, after she was found guilty of embezzling European Union funds. The figurehead of the far-right National Rally (RN) party had been seen as the front-runner for the next election, and the ruling has thrown French politics into disarray.

“I don’t know Marine Le Pen, but do appreciate how hard she worked for so many years,” Trump wrote.

“She suffered losses, but kept on going, and now, just before what would be a Big Victory, they get her on a minor charge that she probably knew nothing about – Sounds like a ‘bookkeeping’ error to me.”

“It is all so bad for France, and the Great French People, no matter what side they are on,” Trump said.

The presiding judge in Le Pen’s case, Bénédicte de Perthuis, said the politician’s actions amounted to a “serious and lasting attack on the rules of democratic life in Europe, but especially in France.”

In addition to the ban, she was handed a four-year prison sentence with two years suspended, to be served under house arrest, and a €100,000 ($108,000) fine.

Le Pen, the daughter of Jean-Marie Le Pen, who founded her party when it was known as the National Front, slammed the ruling as a purely “political decision” in a television interview, and claimed the “rule of law [had been] completely violated.” She plans to appeal, her lawyer said.

Trump called the conviction a “very big deal” on Monday, drawing parallels with his own legal entanglements. His comments on Friday went further, with pointed criticism of European politicians.

“The Witch Hunt against Marine Le Pen is another example of European Leftists using Lawfare to silence Free Speech, and censor their Political Opponent, this time going so far as to put that Opponent in prison,” said Trump.

There is no indication Le Pen will serve time in prison.

Trump’s sentiment echoes that of his top advisor Elon Musk who also publicly decried Le Pen’s sentence earlier this week, writing on his platform X: “When the radical left can’t win via democratic vote, they abuse the legal system to jail their opponents.”

The Trump administration has railed against perceived attacks on other far-right politicians in Europe, including a court decision to re-run the Romanian presidential election, which saw a surprise win by a far-right candidate.

The country’s constitutional court voided the initial result after declassified intelligence reports uncovered possible Russian interference in Calin Georgescu’s TikTok-fueled campaign. A re-run is scheduled for May, but Georgescu has been barred from running.

Vice President JD Vance has also publicly backed far-right groups in Europe, including the anti-immigration Alternative for Germany (AfD) party in Germany.

Musk has also backed the AfD, urging Germans to vote for the right-wing group in elections earlier this year, as well as English far-right figure Tommy Robinson. The AfD almost doubled its vote share and surged into second place in the polls, behind the center-right Christian Democratic Union.

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In this exclusive StockCharts video, Joe Rabil shows you how to use the ADX on monthly and weekly charts to find stocks with massive breakout potential. Joe walks you through several examples of stocks and ETFs that broke out of an extended period of trading sideways. He also discusses the recent stock market correction and where the SPY and QQQ are trading with respect to the support of moving averages.

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