Should you buy the dip or further downside? Market update 8-29-22

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I was wrong on Friday thinking Powell speech was priced in. The selloff was immediate when Powell said “There will be pain to households and businesses as we fight inflation”. $UVXY shot up! $SQQQ shot up.

$Baba might be a further buy because of the overhang of accounting being removed with the US and CHina agreeing…this may move it back to the $200 realm

Look at weakness in oil and other commodities

$UVXY was a crazy stock 

Look at $CE - did buffet get in

$mu - micron is building a new building

Artemis rocket is launching today amid storms in Florida- but they are saying it’s unlikely as they try and troubleshoot an issue - scheduled for 830

Is $AAPL going to fill the gap down

$Pdd beat on earnings - when is $baba - this could move nasdaq higher with hopes

$Lng and other nat gas with the price posted on Instagram

$TSLA close to $250

$Tqqq under $30

My weekly stock pick is $cvx - energy was down … but on weakness - My Weekly Stock is our stock-picking strategy delivering more than 300% cumulative returns since 2019 and 6% in 2022. Options play is up significantly higher

Professor Siegel on cnbc thinks Powell lost credibility by going too hawkish and thinks he will over shoot but either way it’s a good time to buy

% of SP500 stocks:

above 200-day SMA: 34%🔴

above 50-day SMA: 63% 🟢

above 20-day SMA: 18% 🔴

"If he sticks to his script, we should expect more hawkish talk as we go forward, but there are people that doubt that he will," says @elerianm about Fed Chair Jay Powell. "The fact that he stuck to the script, made him come across as consistently hawkish."

$F is down near $15

$Ape never learning is trending - LOOK OUT

$MARA is looking interesting on the downturn with such a low RSI, macD crossing down - keep an eye on it for an upturn.

SCANS

$CGNX

$EA - in hopes of takeover - it gapped up

$PFIE on energy - crazy PE but the chart looks interesting