The Supreme Court has 28 decisions still remaining, and there are a lot of really important cases that will shape history. The next opinion day will be June 13; this 2023-2024 term ends on June 28th. Buried within these 28 cases is the only one regarding deference to agencies known as the Chevron decision. Many hope that will be overruled, which will be a victory for the private sector, as well as the rulings on the abortion pill mifepristone. However, the political game changer will be former President Donald Trump’s presidential immunity. The court heard oral arguments in Trump v. United States on April 25.
It’s going to be a real legal mess, to say the least. I noticed that we had a Directional Change show up for announcement day – June 13th. That is very unusual, for it is the FIRST time I have ever seen the computer highlight on a Supreme Court announcement day. The Panic Cycle on the 17th is also showing up in the Euro.
However, the FOMC meeting at the Federal Reserve is on the 11-12th. When we look at the 30-year bond, we can see a Panic Cycle and a Directional Change for the 12th. The computer has been able to forecast even FOMC meetings. Interestingly, we also have a panic cycle showing up on the 12th in some European markets. Add to this mess, we have the EU elections on June 9th.
The decision, especially on the Trump Immunity case, may have the biggest impact. Many people thought that the Supreme Court would remand it and instruct the district court to parse what is and what is not an official act. If the Supreme Court was going to do that, it would have a quick decision. This opens the door to two possibilities.
(1) The court will state that Trump has virtually absolute immunity. That is probably the wisest decision that would wipe out all cases against Trump. If this is NOT done, then there will be a very dangerous precedent, and you can bet that denying that immunity to Trump can then be used against Biden and even Obama if he intervenes in the current election. Granting virtual absolute immunity will save the USA from weaponizing the DOJ and transforming the nation into a banana republic. You can bet WHATEVER they have done to Trump, the other side will do to Biden et al.
(2) The Special Prosecutor has NO jurisdiction to do what he is doing. He was not appointed by Congress nor confirmed. He was a special appointment by the DOJ, and he actually does not even fall under prosecutorial immunity himself. That would be a valid decision that would end the Washington and Florida cases.
