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Couldn’t Have Happened to a Bigger Bunch of …

Dicks Sporting Goods says it may have to close its Field and Stream stores because of poor sales. Still, they say they don’t regret their choices and would make the same choices again if they were given a do-over. It’s not many companies that will deliberately and knowingly piss away significant business while telling investors they are happy to have cost them money. I notice they are rated a sell currently.

Dick’s Sporting Goods Inc holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our recommendation for this stock since last evaluation from a Hold/Accumulate to a Sell Candidate.

Sounds about right to me!

There’s No Possibility Getting National Reciprocity During Lame Duck

Why does everyone in the gun issue think a Lame Duck passing of National Reciprocity is possible? It’s not. Not happening. Wasn’t going to happen in any known universe of possibilities.

Lame duck sessions are when you might get an outgoing party to do something for an important constituency they didn’t want to otherwise do if having to face re-election. It’s not a magical time where you can get anything you want. First, the Lame Duck House has already passed National Reciprocity. They weren’t the problem.

The problem is getting 60 votes for cloture in the Senate. The votes for that aren’t there, whether it’s a lame duck session or not. The only option would be to eliminate the filibuster, and while I do think the filibuster should be taken back to what it used to be prior to the 1970s, I have a bad bad feeling if we did that now, we’d very much come to regret it in the not too distant future.

The only way we’re likely making progress is to have the courts firm up the 2nd Amendment a bit, and make Bloomberg reel some. Strategically, I think the number one goal should be to get gun bans off the table. You cannot ban handguns, rifles, and shotguns, no matter what they look like, and what ergonomic features they have. Semi-automatic firearms are categorically protected. We also need some kind of protection for common accessories, like magazines. If those are off the table, we’re on much better ground for moving carry forward. I’ve never agreed with putting carry first on the priority list. We need bans off the table, first and foremost.

Kennedy May Have Been the Weak Link

Dave Hardy noticed something in John Paul Stevens’ piece on writing his memoirs:

He said he had taken an extraordinary step in trying to head off the decision. Five weeks before Justice Antonin Scalia circulated his draft opinion for the majority, Justice Stevens sent around a draft of what he called his probable dissent. He said he could not recall ever having done anything like that.

“I thought I should give it every effort to switch the case before it was too late,” he said.

The effort failed. But Justice Stevens wrote that he helped persuade Justice Anthony M. Kennedy, who was in the majority, to ask for “some important changes” to Justice Scalia’s opinion. A passage in the opinion, which Justice Scalia had plainly added to secure a fifth vote, said the decision “should not be taken to cast doubt” on many kinds of gun control laws.

As Dave notes, this is pretty strong evidence that Kennedy was the weak member of the coalition, and his replacement by Justice Kavanaugh may tip the balance. Of course, that assumes there was only one weak link, not two. But this is very encouraging. It’s clear that Stevens targeted Kennedy to flip, and when he wouldn’t he at least convinced him to water down the ruling. Indeed, those passages have been latched on by lower courts and gun control advocates to render Heller and McDonald largely meaningless.

This is very good news, because at some point the Republicans will be out and the Dems in, and Dems are still competitive in dozens of states with currently reasonable gun laws. We really do need strong court protections for the Second Amendment, and we’re not going to get them through Congress.

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