It’s amazing how every bit of news spooks the participants of the markets. We know inflation is high and Powell has continued to state that he will raise rates until necessary. Today we we’re reminded of that and markets still went down. Last year was all down and flushed everyone out and this year seems to be continuous ups and downs. It’s got to resolve eventually, right?
- I mentioned in the morning Scoop that I’d be bearish at these levels and if Powell was not speaking, I’d take a trade to the downside here.
- Well, we got the drop at 10 AM as soon as Powell started speaking, coincidence?
- No recovery the rest of the day, it just flopped and now we look to see where we can find some relief.
- Not everything was red, SE had a huge breakout today, look at the strength today with a market headed down, that’s something to take note of.
FSLR stayed above $215 and headed towards $217. Overall it still looks like it’s ready for a pullback or at the least a consolidation phase.
I did my best to practice patience today, I was ready to hop into two trades today but opted to keep myself out, I missed one winner and one that is still holding above what would be my stop loss. Either way I’m happy to be out and wait to see what tomorrow brings. I like these pullbacks they always present more trading opportunities in stocks, lets prepare and be ready!
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