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Why I Don’t Eat Mushrooms

Why I Don’t Eat Mushrooms

Mushrooms are commonly eaten among vegans and non-vegans alike, but many feel that mushrooms are not suitable for food. Below are a few of the reasons that I personally choose not to eat mushrooms.

(Note: Before anyone starts jumping on their keyboards to chastise me for posting this article, please note that these are my personal reasons for not eating mushrooms. I am not telling you that you cannot eat mushrooms. You are entitled to your personal preferences just as I am entitled to mine.

If you are offended by my personal decision concerning what I eat, then . . . Hmmm . . . I guess we should cancel our lunch date because I also don’t like brown sugar on my sweet potatoes. I prefer Creamy Italian Dressing instead.)

Vegan vs Plant-Based

While there is definitely overlap with a vegan diet and a plant-based diet, they are different.

A plant-based diet is a diet based on fruits, vegetables, whole grains, legumes, nuts, and seeds. A whole-food, plant-based diet uses only unrefined forms of these foods. This type of diet is usually adopted for health reasons.

In contrast, a vegan diet omits animal products usually for ethical or environmental reasons. Generally, vegans do not eat meat, dairy, eggs, or honey or wear animal products, such as leather, or use products tested on animals.

While I do agree with most of the ideology of veganism, I do not consider myself a vegan. Rather, I do my best to follow a whole-food plant-based diet because I believe that is the diet that God gave to humans when He created them. (See Genesis 1:29 and Genesis 3:18, which name grains, seeds, fruits, nuts, vegetables, and herbs.)

I believe that, since God is my Creator, He knows what is best for the health of my body.

Genetic Composition of Mushrooms

If you want to adhere to a plant-based diet, it is important to know what a plant is.

Mushrooms (the reproductive body of a certain phylum of fungi) are not plants. In fact, the genetic composition of mushrooms is actually more similar to humans than to plants.

For example, when plants are exposed to sunlight, they create energy through photosynthesis. When mushrooms are exposed to sunlight, they produce vitamin D (just like humans).

Much like humans, mushrooms store reserve energy as glycogen. Plants store reserve energy as starch.

The length of the ribosomes in mushrooms shows an amino acid that is similar to muscle. In fact, there are several amino acid sequences that are similar to heavy-chain proteins in mammals.

The cell walls of mushrooms are made up of chitin, which also composes the hard shells of insects, crabs, and other arthropods; plant cell walls are made up of cellulose.

The cell membranes of mushrooms contain ergosterol, a sterol that serves many of the same functions that cholesterol serves in animal cells. Ergosterol is not present in plants.

Plants have chloroplasts or chlorophyll. Mushrooms do not.

The protein and amino acid sequences of mushrooms are more similar to animals than plants.

Although mushrooms are often referred to as vegetables, they are not a vegetable at all.

Trophic levels

Plants are autotrophic. They produce their own energy via photosynthesis.

On the other hand, mushrooms are heterotrophs, like animals.

Heterotrophs cannot produce their own food, so they must consume other organisms in order to obtain energy.

Mushrooms are heterotrophs that recycle waste material from other trophic levels. They subsist by digesting dead or decomposing remains of other forms of life. They are scavengers (like vultures in the animal kingdom).

Food chains start with primary producers and end with decay and decomposers. With each step taken away from level one in the trophic levels, there is a significant reduction in health-giving properties.

Insect Nurseries

One of the chief uses of mushrooms in nature is as an insect nursery. Mushrooms are home to the Cecid fly larvae, Phorid fly larvae, Sciarid Fly larvae, Springtails, and many, many more. So much so that the FDA allows an exceptionally large number of maggots, mites, and other foreign material in each can of mushrooms. (I realize that many commercial foods contain insects, but the number allowed on mushrooms is exceptionally large because mushrooms host so many insects.)

Health

The consumption of mushrooms is promoted as beneficial for health; however, history tells us that many foods/products have for years been promoted as healthy only to later find that they were not.

Tobacco is a good example. Tobacco was used by native Americans for hundreds of years. In the 1900’s scientists, physicians, and the general public believed that tobacco had beneficial medicinal properties. For decades, physicians recommended the use of tobacco because it would supposedly aid digestion, help with weight loss, and make one live longer.

Current science recognizes that tobacco actually does offer some health benefits. Smoking eases the symptoms of ulcerative colitis and nicotine seems to protect against the development of Parkinson’s disease. But without a doubt, there are enough negative effects of tobacco – such as lung cancer – to warrant abstinence.

Certain varieties of mushrooms (particularly common button mushrooms) contain agaritine, a chemical reported to be carcinogenic. Cooking destroys some of the agaritine, but not all. In addition, mushrooms contain hydrazine and benzine diazonium both of which are cancer causing agents. It is also known that certain non-poisonous mushrooms cause small intestinal damage characterized by flattening of the mucosa, fusing of villi, and other alterations in the cells of the absorptive surface, causing abnormalities of absorption (which can lead to leaky gut syndrome, celiac sprue, mineral or fat malabsorption, allergies, etc.).

These factors may be small, but perhaps with more research we may find other problems with consuming mushrooms. maybe not. But, when it comes to my health, I’d rather play it safe.

Conclusion

Mushrooms may be tasty, but so are many other foods that don’t fall under the category of a whole, plant-based food. I prefer to fill my plate with health-giving fruits, vegetables, whole grains, nuts, and seeds included in the diet that God gave to humans at creation.

***

Note:

The biological sciences define at least five kingdoms of living things. These are:

money – Examples: bacteria, blue-green algae (cyanobacteria), and spirochetes

Protist – Examples: protozoans and algae of various types

Fungi – Examples: fungies, molds, mushrooms, yeasts, mildews, and smuts

Plantae – (This is the plant kingdom) Examples: mosses, ferns, woody and non-woody flowering plants

Animalia – (This is the animal kingdom) Examples: sponges, worms, insects, fish, amphibians, reptiles, birds, and mammals

Mushrooms are in the fungi kingdom. Much of their cellular structure and function is more closely related to animals than to plants, and they are placed with animals in the monophyletic group of opisthokonts.

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US regulators protect Silicon Valley Bank depositors and shore up the financial system

US regulators said Silicon Valley Bank depositors would be fully repaid as they acted to shore up the banking system after the lender’s implosion, unveiling emergency funding measures and closing down a second financial institution.

The Federal Reserve announced a new lending facility on Sunday aimed at providing extra funding to eligible institutions to ensure that “banks have the ability to meet the needs of all their depositors”. The US central bank said it was “prepared to address any liquidity pressures that may arise”.

The Fed facility is part of a broader effort by regulators, including Treasury secretary Janet Yellen, Fed chair Jay Powell and Federal Deposit Insurance Corporation chair Martin Gruenberg, to avoid spillovers across the financial system and reassure customers that their money is safe following the second- largest bank failure in US history.

The measures come after a frenzied weekend marked by a chaotic search for a potential buyer for SVB and regulators’ closure of New York-based Signature Bank.

The so-called Bank Term Funding Program will offer loans of up to one year to lenders that pledge collateral including US Treasuries and other “qualifying assets”, which will be valued at par.

The program will eliminate an institution’s “need to quickly sell those securities in times of stress” and would be enough to cover all uninsured US deposits, the Fed said. The facility is backstopped by the Treasury, which put up $25bn. The discount window, where banks can access funding at a slight penalty, remained “open and available”, the central bank added.

The regulators said all depositors of SVB would have access to their money on Monday, as would those of Signature, which was closed by the New York Department of Financial Services before being placed under FDIC control and marketed for sale.

Officials on Sunday said no losses stemming from the resolution of either SVB or Signature’s deposits would be borne by the taxpayer. Any shortfall would be funded by a levy on the rest of the banking system. They added that shareholders and certain unsecured debtholders would not be protected.

A number of venture capitalists said Signature was the most exposed lender after SVB because it also had a concentrated customer base, significant exposure to cryptocurrencies and technology companies, and a high proportion of uninsured deposits.

Of Signature’s $89bn in deposits, 90 per cent were not insured by the FDIC at the end of last year, according to a regulatory filing. Roughly a fifth of its total deposits were related to digital assets as of December 31.

Securities and Exchange Commission chair Gary Gensler vowed on Sunday to “investigate and bring enforcement actions” in the event of violations of the federal securities law.

A senior US Treasury official told reporters on Sunday that Yellen had consulted with US president Joe Biden before signing off on the plan to invoke a “systemic risk exception”, allowing all depositors of SVB and Signature to gain access to their money on Monday. In terms of SVB, there had not been enough time for a buyer to emerge and complete a successful auction.

Biden said he was pleased that his economic team “reached a prompt solution that protects American workers and small businesses, and keeps our financial system safe” while “taxpayer dollars are not put at risk”.

The senior Treasury official denied that the move represented a bailout because shareholders and bondholders of the two banks had been “wiped out”. The official said the “economy remains in good shape” and the financial system had a more solid “foundation” than in 2008.

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Anat Admati, a finance professor at Stanford University, said regulators over the past few years had allowed the banking system to become fragile again and had no choice but to bail out SVB.

“When it gets to this point and you are in a hostage situation, there is nothing else you can do,” Admati said. “But there is no other word for this other than to call it a bailout.”

The move underscored US regulators’ concerns about potential spillovers, which motivated the establishment of the Fed facility to help prevent bank runs. The senior Treasury official said they saw “similarities” in the situations at some of SVB and Signature’s peers and wanted to ensure depositors would not suddenly withdraw.

Neither SVB nor Signature — leading lenders for the start-up community and cryptocurrency industry — was likely to be acquired by a rival bank as all the potential buyers had so far walked away, said people with direct knowledge of the negotiations and who have been working with SVB and the government.

PNC, a large US bank, and Canada’s RBC were invited to buy SVB but decided against bidding, said people with direct knowledge of the matter.

America’s five largest banks, including JPMorgan and Bank of America, would also not be buyers, these people said.

For a transaction to make sense for any buyer, the US government would be required to cover part of their losses, said a person working with SVB.

Separately, New York-based investment bank Centerview Partners has been hired to sell SVB’s assets not related to customers’ deposits, including its investment bank and capital business, said people with direct knowledge of the matter.

Additional reporting by Joshua Franklin and Stephen Gandel in New York, Stefania Palma in Washington and George Hammond in San Francisco

Uranium Forecasted to Outperform Gold: How Investors Can Profit From a Nuclear Bull Run

Amidst rising energy costs, the world is turning to nuclear power for cheap, reliable, and clean electricity. The price of uranium has doubled to $54 in the last 5 years and started growing faster in spite of Covid and market conditions. Bank of America forecasted that the spot uranium price would hit $70 by the end of 2023. Investors looking to cash in on this foreseeable industry trend have been investing in up-and-coming uranium mining and exploration companies such as Kiplin Metals (TSXV: KIP | FWB: 17G1 | OTC: ALDVF) for their prime locations, findings, and leadership.

While gold prices continue to grow from anticipated inflation, the perfect storm of market conditions is causing uranium mining stocks to soar. Newly planned and constructed power plants, uranium supply shortages, the shift to green energy, breakthroughs in reactor technology, Russia, and inflation are all independently pushing up the value of Canadian mining stocks.

Media outlets like Yahoo Finance, Financial Times and CNN have recently reported on Kiplin’s strategic mining location next to Cluff Lake, a known vein of uranium that has historically produced more than 62,000,000 lbs of yellowcake uranium.

Our analysts continue to recommend Kiplin Metals as the uranium mining stock that has the greatest potential during this market upswing, all signs point to a 700% stock price rise as a result of its upcoming summer exploration program.

The Uranium-Powered Bull Market & The Rising Demand for Nuclear Power

The world is witnessing a 13% increase in nuclear plants worldwide, with over 60 reactors under construction as of 2023, as governments push for nuclear energy to power the world’s clean energy grid.

France hosted a pro-nuclear meeting to push for the EU to recognize nuclear power’s role in meeting climate goals for 2050. Additionally, Japan is extending the lifespan of nuclear power plants, and even oil-producing nations like the UAE have kickstarted reactor operations in recent years.

Numerous countries have also invested in new reactor technology, exemplified by the collaborative US$275 million funding from the US, Japan, the Republic of Korea, and the UAE. This investment is directed toward a Small Modular Reactor (SMR) project in Romania.

As more nuclear reactors continue to be built, the demand for uranium is projected to surge, leading to a twofold benefit for the market price. Early recognition of this trend can potentially result in substantial gains for investors.

After decades of stagnation, the U3O8 spot uranium price has more than doubled in the last 5 years, boasting a total gain of 137%, exceeding that of other asset classes. In 2023, the U3O8 spot uranium price rose from $47.34 per pound in January to $54.60 in May, an increase of 15.33%.

With the increasing demand for uranium coupled with a shift away from Russian suppliers, the U3O8 spot uranium price is expected to continue its upward trajectory, ultimately supporting the uranium mining industry.

Uranium Spot Price (USD/Lbs)

Source: Trading Economics – Uranium Spot Price

At present, the global demand for uranium stands at approximately 60,000 tonnes per year, as necessary to fuel the world’s 440 operational nuclear power reactors, according to the 29th edition of the Red Booka publication on uranium resources, production and demand by the IAEA and the Nuclear Energy Agency.

Additional research also points to uranium supply and demand scenarios turning bullish over the next two decades. The World Nuclear Association released The Nuclear Fuel Report: Global Scenarios for Demand and Supply Availability 2021–2040 in September last year.

The report estimated that nuclear reactors would require 112,400 metric tons of uranium (MTU) by 2040. In comparison, the global uranium demand for nuclear reactors in 2021 was estimated at 62,500 MTU.

WNA Upper Scenario for Uranium Demand, in MTU

Source: World Nuclear Assn. The Nuclear Fuel Report: Expanded Summary

As nuclear energy adoption looms on the horizon and the demand for uranium surges, the U3O8 uranium spot price points towards a bullish market outlook for uranium producers. In response to this industry trend, investors are flocking towards emerging uranium mining and exploration companies like Kiplin Metalsdrawn to their strategic locations, promising discoveries, strong leadership, and rewarding returns.

The Stock Primed for an 800% Bull Run

Kiplin Metals (TSXV: KIP | FWB: 17G1 | OTC: ALDVF) owns a diversified mining portfolio which includes uranium, copper and gold mines in Canada. Their Cluff Lake Road (CLR) Project in Saskatchewan’s prolific Athabasca Basin is 5 km east of the Cluff Lake Road (Hwy 955) leading to the famous Cluff Lake Mine, which historically produced more than 62,000,000 lbs of yellowcake uranium.

Source: Kiplin Metals Inc.

Kiplin, along with other mining enterprises in the region like Cameco (NYSE: CCJ) and F3 Uranium Corp (TSXV: FUU, formerly Fission 3.0 Corp), operate on top of proven reserves of the mineral. The most recent uranium find was made on F3’s property in November 2022, an event that caused a surge in the company’s stock by over 540% within a span of two months.

While the opportunity to massively profit from F3 may have passed, analyst projections indicate a more substantial surge for Kiplin Metals. Industry geologists anticipate a significant discovery in the company’s CLR property adjacent to F3’s find. Savvy investors have the potential to reap substantial returns with an anticipated 800% upswing as Kiplin Metals advances its summer exploration program.

Source: Kiplin Metals Inc.

Kiplin Metals’ leadership has expertly slashed liabilities post-COVID-19, steering the company toward debt-free waters and better positioning it to invest heavily in equipment to ramp up its exploration project. The company’s strategic location, surrounded by proven deposits, further strengthens its industry standing.

With the global uranium demand fueling its growth and a diversified mining portfolio, Kiplin Metals is poised for impressive expansion. This presents a prime opportunity for investors to capitalize on and generate substantial profits.

Which Diet (way of eating) Is Best for Health and Longevity?

Proper diet undoubtedly promotes healthier aging and longevity. But what’s the right diet? A meta-analysis of diet studies proposes an answer. or more accurately, answers, based on diet-related biomarkers linked to disease and aging. Half of the studies were done in Europe, the rest from North America and Asia. The February, 2023, article was published in Nutrients. You can read the entire article online.

“….the main goal of this systematic review was to perceive the quantity and quality of different diets or aspects in nutrition, how they could modulate biomarkers and prevent aging-related diseases, in order to enlighten new intervention strategies. Biomarkers that are linked to aging-associated metabolism, inflammation processes, cognitive decline, and telomere attrition were scrutinized in order to understand how these mechanisms could actually influence healthy aging. Moreover, it could provide information to future health professionals.”

The researchers conclusions:

“In conclusion, this systematic review demonstrated the necessity for individuals to improve their diets, to reduce the emergence and development of several comorbidities and promote healthy aging. Diets rich in vegetables, fruits, nuts, cereals, fiber, fish, unsaturated fats, containing antioxidants, vitamins, potassium, omega-3—and reducing red meat and ultra-processed food intake—could prevent obesity, CVD [cardiovascular disease], and inflammation, and promote favorable glycemic, insulinemic, and lipidemic responses. Moreover, the Mediterranean diet and ketogenic diet, or a combination of these diets (MMKD), and increasing consumption of vegetables and green tea catechins, could improve one’s working memory and decrease destabilization of the brain network and the attention domain, preventing cognitive decline. Finally, the Mediterranean diet, supplemented with CoQ or virgin olive oil, or a low-fat diet, also rich in antioxidants, can help reduce the prevalence of atherothrombosis [arterial blood clots], hepatic steatosis, diabetes, and telomere attrition, as well as preventing oxidative and DNA damage. These diets can improve one’s quality of life and increase life expectancy. Moreover, a putative panel of molecular markers would follow the impact of diet/nutrition alterations during aging.”

The biomarkers tested included C-reactive protein, telomere length, HOMA-IR (insulin resistance), cholesterols, fibrinogen, platelet activating factor acetylhydrolase in HDLs, glucose, white blood cells, apolipoproteins, adiponectin, leptin, visceral adiposity index, etc.

Diets mentioned in the article include DASH, modified Alternative Healthy Eating Index, Southern European Atlantic (SEAD), Baltic Sea (a Nordic alternative to the Mediterranean diet), Mediterranean, and ketogenic Mediterranean.

This article is pretty dense reading. For science nerds only!

I was gratified to see several mentions of the ketogenic Mediterranean diet. It deserves more attention from the general public.

Steve Parker, M.D

PS: If you have my Advanced Mediterranean Diet (2nd edition), you already have the Ketogenic Mediterranean Diet. It’s there in addition to the traditional Mediterranean diet.

front cover of KMD: ketogenic mediterranean diet
front cover of Conquer Diabetes and Prediabetes

Do You Absolutely Hate Broccoli?

June 7, 2023 · 8:50 AM

If so, it may well be because of your genes according to an article at SBS.com. Particular genes determine whether you can detect a bitter chemical (called PTC) in broccoli and other brassicas like cauliflower and brussels sprouts.

Do You Absolutely Hate Broccoli?
“Free broccoli and carrots in frying”/ CC0 1.0

“On average, about 70% of us can taste something bitter in broccoli or PTC, but those with two copies of the bitter sensitivity gene are closer to 20%, and they are much more likely to hate it.”

US President George HW Bush said in March 1990, “I do not like broccoli. And I haven’t liked it since I was a little kid and my mother made me eat it. And I’m President of the United States and I’m not going to eat any more broccoli!” He banned it on Air Force One.

Most of us at the Parker Compound like broccoli. My wife usually sautes it in olive oil and seasons it with garlic, other herbs and salt.

Steve Parker, M.D

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Filed under Uncategorized, Vegetables

Dow Jones Futures Fall; Regulators Protect All SVB Deposits, But Bank Stocks Keep Tumbling

Dow Jones futures and S&P 500 futures fell Monday, while Nasdaq futures rose after a flurry of news Sunday evening. The FDIC and other financial regulators announced that all SVB Financial depositors would get access to all funds Monday, while also announcing a plan to limit the contagion. Regulators also closed embattled Signature Bank (SBNY).




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Treasury yields plummeted while the Fed rate hiked odds faded, but bank stocks continued to sell off, including such as First Republic Bank (FRC), Western Alliance Bancorp (WAL) and Charles Schwabs (SCHW) as regulators stressed they would be no bailouts for shareholders.

President Biden will speak on the banking crisis at 9 am ET.

First Republic stock crashed more than 60% Monday morning, even after saying it got fresh funding from the Federal Reserve and JPMorgan. Western Alliance also is off over 60% as well. Schwab lost 6% despite a Citigroup upgrade. JPMorgan Chase (JPM), which found support on Friday, fell 1% even with a Wells Fargo upgrade. Bank of America (BAC) retreated 3%. The XLF financial ETF fell modestly and the KRE regional bank ETF declined sharply.

The stock market suffered big losses last week as SVB Financial (SIVB) and crypto bank Silvergate Financial (SI) collapsed, triggering intense losses for bank stocks. The major indexes sold off hard, breaking multiple areas of support during the week as many leading stocks also came under pressure.

Dow Jones Futures Today

Dow Jones futures fell 0.7% after surging more than 1% Sunday night. S&P 500 futures sank 0.4% and Nasdaq 100 futures rose 0.%. Futures are active and volatile.

The 10-year Treasury yield, which dived last week on safe-haven flows, tumbled 21 basis points to 3.48%. But the 2-year Treasury yield plunged 50 basis points to 4.9%, as the Fed rate hike odds fall.

Markets are now pricing in just one quarter-point rate hike, with a solid chance that the Fed will pause on March 22. A few days ago, markets expected 50 basis points on March 22, with at least two more quarter-point hikes after that.

Crude oil futures plunged 5%.

Bitcoin rose sharply Sunday and largely held those gains Monday morning. The cryptocurrency tumbled last week on the Silvergate and SVB collapsed.

In other news, Pfizer (PFE) will buy Seagen (SGEN) for $229 a share, with an enterprise value of $43 billion, following weeks of talks. PFE stock fell modestly while SGEN stock jumped nearly 20%. Sanofi (SNY) will acquire Provention Bio (PRVB) for $2.9 billion, or $25 a share. SNY stock was little changed while PRVB stock was more than tripled.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

The video embedded in this article discusses market action in depth while also analyzing JPMorgan Chase, Palo Alto Networks and META stock.

FDIC, Regulators Protect SVB Financial Depositors

Shortly after Dow futures opened, the Federal Deposit Insurance Corp. and the Federal Reserve issued a joint statement that SVB Financial’s “[d]epositors will have access to all of their money starting Monday, March 13.” They also announced that Signature Bank, which had a lot of crypto exposure, would be closed due to systemic risks. Signature Bank’s depositors will also be protected.

California regulators shut down SVB Financial and its Silicon Valley Bank subsidiary on Friday, the largest bank failure since Washington Mutual in the 2008 financial crisis.

The FDIC held an auction over the weekend for Silicon Valley Bank, with final bids due Sunday afternoon, according to multiple reports. No winner has been announced.

HSBC Holdings (HSBC) will buy SVB’s UK arm for just over $1.

Meanwhile, the Fed is creating a new financial backstop for other banks. The facility will offer loans of up to one year to banks and other institutions. They’ll have to pledge high-quality collateral such as Treasuries, agency debt and mortgage-backed securities. Notably, that collateral will be valued at par, not marked to market. Banks have been sitting on unrealized debt losses as the Fed rate hikes sent rates soaring over the past year. That was a big fact in SVB Financial’s collapse.

Hundreds of companies, including many venture capital and tech startups, have deposits or business ties to Silicon Valley Bank. There were reports that many would struggle to meet payroll without accessing accounts soon.

Notably, SVB and SBNY shareholders and certain unsecured debtholders will not be protected.

Stocks Near Buy Points

Amid a weak, volatile, uncertain market, investors should not be making new position trades and instead be mostly or entirely in cash. But keep an eye on stocks holding up near buy points. Palo Alto Networks (PANW), Facebook parents Meta Platforms (META), Ulta Beauty (ULTA), Monolithic Power Systems (MPWR) and United Airlines (UAL) are five stocks showing strength, near buy points. PANW stock has formed a handle on a long consolidation, while META stock has a new flat base. ULTA stock is finding support at key levels. Monolithic Power is working on a long cup-with-handle base while UAL stock has retreated from a buy zone.

meanwhile, apples (AAPL) has a new flat base as well. Tesla (TSLA) sold off hard this past week, but did find support at its 10-week line on Friday. TSLA stock is far from being actionable. Wolfe Research downgraded Tesla to peer perform on Monday, saying the SVB collapse added to macro pressures.

Insullet (PODD) will replace SIVB stock in the S&P 500 before Wednesday’s open. PODD stock jumped Friday night.

PANW stock is on the IBD Leaderboard watchlist. MPWR stock is on the IBD Long-Term Leaders watchlist. Monolithic Power, United Airlines and ULTA stock are on the IBD 50. Meta Platforms was Friday’s IBD Stock Of The Day.

Join IBD experts as they analyze leading stocks and market conditions on IBD Live

Stock Market Weekly Actions

The stock market started off higher but quickly reversed lower for major losses on Fed rate hikes fears and later the SVB Financial and Silvergate shutdowns.

Twice on Friday, stocks bounced as Treasury Secretary Janet Yellen expressed confidence in a “resilient” banking system. But the positive momentum quickly faded.

The Dow Jones Industrial Average tumbled 4.4% in last week’s stock market trading. The S&P 500 index sold off 4.55%. The Nasdaq composite skidded 4.7%. The small-cap Russell 2000 dived 8%.

Apple stock fell just 1.7% for the week to 148.50, holding above its 200-day line. But that’s after reversing from Monday’s intraday high of 156.30, nearly hitting AAPL’s 157.48 buy point.

The 10-year Treasury yield plunged 29 basis points to 3.69% this past week, after hitting a 2023 high of 4.09% on March 2. The 2-year yield tumbled 27 basis points to 4.59%, including 31 basis points on Friday and 48 points on Thursday-Friday.

US crude oil futures fell 3.8% to $76.68 a barrel this past week, but did rise on Friday.

ETFs

Among growth ETFs, the Innovator IBD 50 ETF (FFTY) plunged just over 6% last week, while the Innovator IBD Breakout Opportunities ETF (BOUT) slumped 3.4%. The iShares Expanded Tech-Software Sector ETF (IGV) gave up 5.7%. The VanEck Vectors Semiconductor ETF (SMH) retreated 3%, with MPWR stock an SMH holding.

Reflecting more speculative story stocks, ARK Innovation ETF (ARKK) dived 10.9% last week and ARK Genomics ETF (ARKG) 11.4%. Tesla stock is a major holding across Ark Invest’s ETFs. TSLA fell 12.3% for the week, amid fresh price cuts and safety probes. But shares edged up on Friday.

The SPDR S&P Metals & Mining ETF (XME) sold off 11.1% last week. The Global X US Infrastructure Development ETF (PAVE) retreated 7.1%. US Global Jets ETF (JETS) descended 4.8, with UAL stock a key component. The SPDR S&P Homebuilders ETF (XHB) stepped down 4.85%. The Energy Select SPDR ETF (XLE) gave up 5.3%. The Health Care Select Sector SPDR Fund (XLV) slumped 3.85% to the lowest point since October.

The Financial Select SPDR ETF (XLF) dived 8.5%, with JPMorgan and SCHW stock big holdings. The SPDR S&P Regional Banking ETF (KRE) plummeted 15.7%, its worst weekly loss since the Covid crash in March 2020. SIVB stock and Western Alliance are notable components.

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Market Analysis

The stock market suffered damaging losses this past week, with the major indexes selling off hard and breaking through multiple support levels. The indexes tried to bounce back from Friday’s early losses, briefly turning positive, before tumbling to fresh lows.

The S&P 500, Nasdaq composite and Russell 2000 tumbled through their 21-day lines early in the week and finished desperately below their 50-day and 200-day moving averages. The S&P 500 and Russell 2000 finished Friday below the close of the Jan. 6 follow-through days.

The Dow Jones is at its worst levels since early November.

Fed chief Jerome Powell’s signal that he favors “faster” rate hikes hit the market on Tuesday-Wednesday. But SVB Financial and crypto bank Silvergate Capital rocked banks late in the week.

A Friday morning rebound attempt fizzled as the FDIC announced SVB Financial’s failure.

If bank contagion fears grow, that would be grim for Wall Street and the economy. However, if SVB Financial’s woes are seen as isolated and broader banking fears quickly fade, that could restore overall market confidence. But that would also likely send Treasury yields and the dollar rebounding higher, with the Fed rate hike also increasing odds.

The odds of a half-point Fed rate hiked surged from 30% on Monday to over 80% following Fed chief Powell’s testimony, then fell back below 40% on Friday. The odds fell further over the weekend.

Leading stocks also sold off hard last week. A number of names held up for much of the week, but most of those were struggling by Friday’s close.

Up until Thursday, Friday’s jobs report and the upcoming March 14 CPI inflation report seemed like major events. And they are still important. A relatively tame CPI inflation rate could give Fed’s chief Powell and his colleagues the excuse they need to raise rates by only a quarter-point.

But in the very near term, Wall Street will likely take its cue from the banking sector. So pay attention to banks, from the biggest recent losers such as First Republic to broad ETFs and relative stalwarts such as JPM stock.

JPMorgan was the S&P 500’s second-best stock on Friday, even as SBNY stock, First Republic and Schwab were the worst performers. That’s a sign that investors see JPMorgan as relatively safe. But if JPM stock breaks this past week’s lows, that would be concerning.

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What To Do Now

The stock market is selling off hard amid bad news and even greater uncertainty.

This is not a healthy environment. Investors should be largely or entirely on the sidelines, waiting to see how this shakes out. If conditions clear up in a few days or weeks, new buying opportunities will arise.

Build your watchlists with a focus on the stocks showing strong relative strength. If they’re near potential buy points like META stock, Monolithic Power or Palo Alto, great. But that’s not the priority right now.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

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Congestive Heart Failure: Excessive Sodium Restriction is Dangerous

June 1, 2023 · 7:00 AM

Congestive Heart Failure: Excessive Sodium Restriction is Dangerous

From DailyMail:

Salt has long been seen as enemy number one for people with heart problems, with doctors telling patients to cut down on the amount of sodium they consume.

But new research suggests that restricting salt too much may actually raise the risk of an early death in heart failure patients.

Their work builds upon a growing body of research that posits the benefits of cutting out salt to this subset of patients may be overblown.

And the findings could mean a more exciting diet for more than six million Americans with heart failure.

Compared to those CHF consuming patients over 2.5 grams of sodium daily, those eating below that limit were 80% more likely to die during the observation period. The Daily Mail article shares the sodium content of some common foods and will convince you that keeping sodium under 3 grams/day requires meticulous attention. If you have CHF, consult your personal physician before making significant dietary changes.

Steve Parker, M.D

front cover of Conquer Diabetes and Prediabetes

Filed under Heart Disease

The Dementia/Fructose Link | Diabetic Mediterranean Diet

May 28, 2023 12:59 PM

The Dementia/Fructose Link | Diabetic Mediterranean Diet
MRI scan of brain

Colorado researchers theorize that fructose metabolism may be the driving force behind Alzheimer’s Disease pathology. Diets high in sugar and high glycemic index carbohydrates would exacerbate the problem. Salt may also play a role. Fructose is a simple sugar (a monosaccharide) typically found in fruit, honey, and some vegetables. Table sugar is sucrose, a combination of fructose and a glucose molecule. High-fructose corn syrup (HFCS) is added to many processed foods as a bulk sweetener. From the article linked above:

An ancient human foraging instinct, fueled by fructose production in the brain, may hold clues to the development and possible treatment of Alzheimer’s disease (AD), according to researchers at the University of Colorado Anschutz Medical Campus.

The study, published recently in The American Journal of Clinical Nutritionoffers a new way of looking at a fatal disease characterized by abnormal accumulations of proteins in the brain that slowly erode memory and cognition.

“We make the case that Alzheimer’s disease is driven by diet,” said the study’s lead author Richard Johnson, MD, professor at the University of Colorado School of Medicine specializing in renal disease and hypertension. The study co-authors include Maria Nagel, MD, research professor of neurology at the CU School of Medicine.

Steve Parker, M.D

PS: The Mediterranean diet is linked to a lower risk of dementia.

front cover of Conquer Diabetes and Prediabetes