Hey, what happened? Just when everyone was getting used to stocks going up and up, the market hits the brakes, big-time!
It's been a tough few days for stocks, but it's not the worst we've seen. The last two sessions haven't been so bad, and, after Fed Chair Jerome Powell's second day of testimony, the Dow is actually inching up on Wednesday afternoon as I write this.
Trouble is, the Money Calendar and Jerome Powell are telling me two different things.
The Fed chair is saying the Fed won't tighten up policy anytime soon, which sounds like good news for stocks, but then the Money Calendar is saying we haven't seen the last of the selling.
So who's right? I think they both are. In the long run, I don't think the bull market's going away, because ultimately Chair Powell's got the firepower to make sure it keeps on keeping on.
But the Money Calendar's never let us down before. I think we should get ready for some more selling in the short term, and I'll show you why in a second.
Even better, the Money Calendar is pointing at a fantastic profit play for this kind of slump. This trade's got it all - it's cheap, for one, and it's finished in the green for eight years in a row, so it's a tradeable pattern.Best of all, it's offering way better than double-the-money profits in five weeks or less...