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OPINION

The Right to Work Phenomenon

The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
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Wisconsin Governor Scott Walker signed a new law making the state the 25th to become a right-to-work state.

The move is strictly based on economics. Over the past dozen years, it is clear that job growth has soared in right-to-work states. It is the only way to bring in large manufacturers. In the end, it is really about the "right" of a worker not to be forced into a union.

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The benefits usually materialize quickly as the first ten years tend to see an increase in market shares and wages. Moreover, the logistics matter, as most states in the Midwest including Michigan, are right-to-work states that need to get in that chain.

So, will this help with a manufacturing Renaissance in America?

It should…however, corporate America is still focused on its share prices rather than the kind of investments that create jobs.

Monday, after the bell, Qualcomm (QCOM) announced they are going to buy back $15.0 billion of its own stock. The amount will increase by $10 billion over the next 12 months.

In addition, Qualcomm is hiking its quarterly dividend to $0.48 from $0.42. The company will access the debt market to fund these outlays. So, the question is when will there be investments in plants, equipment, and people. I get this is more about taxes, trade policies, and the administration's war on business and success. I also get that companies would be derelict not to take advantage of low interest rates, but I need to see a major shift toward capital investments.

Getting the Dow to 19,000 With the Use of Charts

Technical views of Apple (AAPL), IBM (IBM), and the Dow Jones Industrial Average:

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First, Apple is like the famous free agent coming to town with a lot of pressure to live up to the hype. One could argue the chart is in a cup and handle formation; it is very bullish and on the cusp of a major breakout.

There are a couple of laggards in the Dow, but none more derelict than IBM, which has been the worst performing company for two years running. However, the stock has been forming a base of support and hints at trying to stage a rally. I think the spark for such a breakout could be a major acquisition that shows a more determined effort to dominate the cloud, not tiptoeing behind the crowd.

With Apple leading the way and IBM coming in strong (or maybe Caterpillar and/or McDonalds), the Dow would have the right leadership to rally through 18,000 straight to 19,000.

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