Weekly Update: Stocks Drop as Fed Takes Aggressive Stance on Inflation
Stocks sold off hard today after Federal Reserve Chairman Jerome Powell made remarks about taking aggressive action on interest rates.
He was clearly setting the tone for a 75-basis-point (0.75%) rate hike at the next meeting, which the market was obviously not anticipating.
Even though we expected this pullback from the 200-day moving average, it does not make it fun to live through…
The S&P 500, represented by the SPDR S&P 500 ETF Trust (SPY) above, has now pulled back 5% from its August high and could fall a few percentage points more.
Portfolio Review
This does not change my stance on the market…
I believe the low is in and that we are in the early stages of a new bull market.
I also issued a new official trade alert last week on AstraZeneca PLC (AZN)…
The stock is emerging from a textbook breakout pattern. And fundamentally, sales and earnings growth are through the roof.
It made a good move through our buy point initially, but Friday’s market weakness caused shares to retrace slightly.
We will continue to monitor this position in the coming week, and I’ll let you know if there is any action to take.
Stealth Trades Watchlist
Going forward, your Weekly Updates will look a lot more like this one…
They’ll include more information on our current stock recommendations and put less of a focus on our weekly Watchlist.
Don’t worry – The full Watchlist is still available on our website right here!
But it’s important to remember that not all of the stocks on our Watchlist are actionable.
When it’s time to make an official recommendation for our Trade Tracker, I’ll let you know on our Alerts page right here!
Join the Insiders
Now, if you’ve ever wondered how I developed a proven track record of trading along the insiders like corporate CEOs, CFOs, executives and board members…
Do yourself a favor and check out my latest Insider Effect presentation!
Corporate insiders are always buying or selling shares in the companies they operate. These folks have a footing of knowledge that Main Street investors simply do not.
I covered my strategy for trading alongside corporate insiders and generating potentially massive gains as a result.
Live Coaching Session
Monday, at 3:00 p.m. EDT, we’ll be hosting our regular weekly coaching session for Stealth Trades.
We’ll send you a login reminder that morning, just so you don’t forget.
We’ll cover all of our new stocks on the Watchlist as well as the rest of the stocks inside Stealth Trades.
You need to attend this session to get the most from your subscription!
In the meantime, you can watch the replay of our latest Stealth Trades session right here.
Best wishes for your trading,
Ross Givens
Editor, Stealth Trades
P.S. Click here to learn more about my Insider Effect strategy and see what you could be missing out on.