Thursday, December 12, 2024

A Phone Call Could Wipe Out Your Investment Gains

A Phone Call Could Wipe Out Your Investment Gains

By Marc Chaikin, founder, Chaikin Analytics

Amalia Speedone wished she never responded to that text message from "Bank of America"...

Just a few days earlier, the bank had contacted her about a suspicious charge on her card. She successfully stopped the fraud.

Now, she figured Bank of America was texting her about a new threat.

"They said it's two charges... a total of $3,400... so I panicked," she said earlier this year in an interview with Baltimore's WMAR-2 News.

The text told her to reply "No" if she hadn't authorized the payment. Then it instructed her reply "1" to speak to a representative.

Someone called her immediately. And everything seemed legitimate.

As Speedone explained...

They had my new address, they had my name, but they also were able to confirm the last four digits of my bank number.

The person on the phone said Speedone would need to use Zelle to solve the problem.

You might be familiar with Zelle. It's a digital-payment service that launched in the U.S. in 2017.

Zelle connects directly to your bank account. It allows you to send money almost instantly.

Speedone followed the instructions from the person on the phone. She set up a transfer for the amount she believed had been taken from her account. As the person on the phone said, this was part of the claims process.

You can probably guess that Speedone was not talking to anyone from Bank of America...

Wall Street Legend Warns: "This Will Happen With or Without You"

50-year Wall Street legend Marc Chaikin has used his award-winning Power Gauge system to track every twist and turn of the market since the 2016 election year. Right now, he's warning that a dramatic signal just flashed that has a 93% historical success rate of predicting a market surge. Here's how you can prepare.

Is Gold Headed Above $3,000 per Ounce? Here's How to Play It...

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As she said in her interview...

As soon as I accepted it, they said, 'OK, look back at your balance and tell me what you see.' And I look back on my balance, and the $3,452 was gone. And I said, 'what the ****,' and the phone disconnected.

Speedone immediately contacted an actual customer service representative at Bank of America. But they couldn't do anything to help her.

That's because she used Zelle...

Services like Zelle can send money instantly. But in order to do that, they sacrifice the ability to reverse a transaction. Users are warned to only use the service with family, friends, or other trusted parties.

Zelle is one of dozens of new real-time payment services. And it's far from the only one used by scammers...

In 2020, Lisa Williams set up an account with Cash App – another popular digital-payment service. It's owned by Block (SQ).

Williams is a director at a nonprofit in Detroit. She used a Cash App account to collect donations to buy groceries for local families that were struggling during the pandemic.

When she had trouble accessing the money, she used Google to look up the phone number for Cash App's customer service.

The number Williams found seemed legitimate. But once again, it turned out to be a scammer posing as a company representative.

Over the phone, the scammer got enough info from Williams to drain her Cash App account. Thankfully, it was only $335. Her nonprofit was able to cover the loss in order to buy food for 100 people.

It's tough to get solid data about this type of fraud. But the numbers we have show that it's a big problem...

Zelle customers disputed more than $206 million worth of transactions as scams in 2023. The company says that less than 0.1% of all transactions on its platform are fraudulent.

A recent survey by J.D. Power found that about 3% of Zelle users said they had lost money to a scam. That number was lower than similar services like Cash App, Venmo, and PayPal.

The FBI publishes an annual update on cybercrime. Its latest numbers show a record number of complaints by Americans – more than 880,000 in 2023. That's up 10% versus 2022.

Those complaints included more than $12.5 billion in losses – a 22% increase from the year before.

The FBI numbers include all kinds of Internet-based fraud – not just the kind based on real-time payments. In fact, the biggest losses are cryptocurrency-related investment fraud. The FBI says that losses from crypto fraud rose to more than $3.9 billion. That's up 53% versus 2022.

In short, scams are becoming more common – and easier to pull off – as money evolves. If you haven't been the target of a scam (whether a successful or unsuccessful one), you no doubt know somebody who has been.

As we head into the holiday season, I urge you to stay vigilant...

A simple phone call or text like the one Amalia Speedone received could end up wiping out your accounts.

So take the extra time to make sure you're talking to someone legitimate. The bank is never in a rush like scammers are. And remember, you can always call the bank back using an official number.

You worked hard to make money in the markets... Don't let scammers take those gains away.

Good investing,

Marc Chaikin

Market View

		# Hld: Bullish Neutral Bearish
Major Indexes and Notable Sectors

Dow 30

-0.27%

S&P 500

+0.78%

106

267

124

Nasdaq

+1.79%

Small Caps

+0.48%

602

980

326

Bonds

-0.95%

Consumer Discretionary

+1.77%

— According to the Chaikin Power Bar, Small Cap stocks are somewhat more Bullish than Large Cap stocks. Major indexes are mixed.

* * * *

Sector Tracker

Sector movement over the last 5 days

Discretionary

+4.6%

Communication

+1.73%

Staples

-0.55%

Information Technology

-0.73%

Financial

-0.9%

Energy

-1.98%

Real Estate

-2.05%

Industrials

-2.78%

Materials

-3.07%

Health Care

-3.12%

Utilities

-3.49%

* * * *

Industry Focus

Innovative Technology Services

Over the past 6 months, the Innovative Technology subsector (XITK) has outperformed the S&P 500 by +16.41%. Its Power Bar ratio, which measures future potential, is Very Strong, with more Bullish than Bearish stocks. It is currently ranked #5 of 21 subsectors and has moved up 7 slots over the past week.

Top Stocks

	ASAN	Asana, Inc.
	APPN	Appian Corporation
	CALX	Calix, Inc.

* * * *

Top Movers

Gainers
	AVGO	+6.63%
	TSLA	+5.96%
	EQT	+5.88%
	GOOGL	+5.52%
	GOOG	+5.46%

Losers
	TPL	-6.87%
	CVS	-6.15%
	UBER	-5.82%
	UNH	-5.6%
	CI	-5.57%

* * * *

Earnings Report

Rating	Before Open	After Close
Reporting Today
		COST
	JCI	AVGO

Earnings Surprises

ADBE Adobe Inc.	Q4	$4.81	Beat by $0.14
OXM Oxford Industries, Inc.	Q3	$-0.11	Missed by $-0.20
M Macy's, Inc.	Q3	$0.04	Beat by $0.01

* * * *

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This work is based on SEC filings, current events, interviews, corporate press releases, and what we've learned as financial journalists. It may contain errors, and you shouldn't make any investment decision based solely on what you read here. It's your money and your responsibility.

Game-changer for "SRM"? (here's why...)

*Sponsored by Lifewater Media. Please see disclosures below.

"SRM" Launches New Media Division

Folks,

SRM Entertainment has launched its new media division, SRM Media, marking a significant step in expanding its entertainment footprint.

The division's first acquisition, The Kid, a critically acclaimed 2019 Western featuring Ethan Hawke and Chris Pratt, aligns with SRM's strategy to invest in high-quality films that generate long-term revenue.

By leveraging The Kid's iconic storyline and star power, SRM aims to capitalize on merchandising and licensing opportunities, driving additional revenue streams.

This move builds on SRM's collaboration with Suretone Pictures, combining Suretone's filmmaking expertise with SRM's strengths in distribution and merchandising.

The launch also positions SRM as a vertically integrated media company, allowing it to control content creation, distribution, and related revenue opportunities.

With a growing library of valuable intellectual property, SRM is well-poised to compete in the entertainment industry and diversify its business model.

Anyways...

That's all for now!

Until Next Time,

-Damian

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Producer Price Index News Release

Bureau of Labor Statistics

The latest Producer Price Index news release has been posted on the BLS website at https://www.bls.gov/news.release/pdf/ppi.pdf and also archived at https://www.bls.gov/news.release/archives/ppi_12122024.pdf. Highlights are below.
PPI for final demand rises 0.4% in November; goods increase 0.7%, services advance 0.2%
12/12/2024
The Producer Price Index for final demand rose 0.4 percent in November. Prices for final demand goods increased 0.7 percent, and the index for final demand services moved up 0.2 percent. Prices for final demand advanced 3.0 percent for the 12 months ended in November. HTML \| PDF \| RSS \| Charts

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Data-Driven Buys for December

December 12, 2024

Data-Driven Buys for December

By Michael Salvatore, Editor, TradeSmith Daily

TradeSmith users, readers, and analysts all understand that data is the key to besting the market. That’s our edge.

And few in our team understand data like TradeSmith Daily contributing editor Lucas Downey and Quantum Edge Pro editor Jason Bodner.

Today, Lucas and Jason sift through the data on three key stocks – one of which is experiencing a rapid recovery, and two of which are consistently ranked among the top in Jason’s quantitative stock-picking system.

Check out the video here to learn why Lucas and Jason are so bullish on Hershey (HSY), Marvell Technology (MRVL), and Pure Storage (PSTG) right now.

And watch through to the end for a special word from Lucas on a project months in the making:

Jason’s Quantum Edge Pro subscribers get first access to analysis like this, Jason’s top ideas… and unlimited access to the system that powers all of Jason’s recommendations.

We’re in the very early innings of a potential multi-trillion-dollar wealth transfer from sidelined cash to high-quality small- and mid-cap stocks. If you want to outperform in 2025, you need to get these names on your watchlist.

Go here to learn more and get Jason’s top 10 and bottom 5 stocks each week – along with a complete model portfolio.

To your health and wealth,

Michael Salvatore
Editor, TradeSmith Daily

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Make a Lasting Impact: Join the Friends of the Library of Congress

Friends of the Library of Congress: Give history a future this holiday season. Join Friends of the Library with your year-end donation

As we approach the end of another remarkable year, we invite you to be part of something special.

The Library of Congress is America's library. It is central to preserving our nation's history. But the Library is also a nationwide resource that fosters creativity and inspiration, fueling future generations with its ever-growing, ever-more accessible collections. Your crucial support ensures these resources will continue to inspire and educate.

When you join the Friends of the Library of Congress, treasures of our nation's past will be preserved, educational programs like the National Book Festival will thrive, and the Library's singular resources will be available to communities across the United States. You can also have the opportunity to engage with the library through exclusive events, advance notice of Library news, and a subscription to the Library of Congress Magazine.

Your gift today will help bring inspiring experiences to even more people in meaningful ways tomorrow. Together, we can strengthen the future of American culture, scholarship, and creativity.

Join us as a Friend, and make a lasting impact.

Thank you for your support and for being part of our Library of Congress family.

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Thursday, December 12, 2024