You have been WARNED

Jerome Powell puts traders on notice ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ We can't say we haven't been warned. Federal Reserve Chairman Jerome Powell did exactly what "Mr. X" predicted - presented a grim picture of the steps needed to stop inflation. "Although inflation has been moderating in recent months, the process of getting inflation back down to 2% has a long way to go and is likely to be bumpy," he said. That "bumpy" ride is going to inflict some casualties. The market melted down yesterday. It is likely to suffer more if the Fed sees positive data on the jobs market later this week. It's a tiresome and borderline immoral game - rooting for a weaker jobs report in the hope that the Fed will lay off interest rate hikes. I don't believe in a trading model built on hope... or fear for that matter. Gains can be made in any market. And even in a falling market, it's not just a matter of shorts. Trades are emerging as strong companies break out from the miasma of fantasy and illusion that defined the pandemic-era trading market. I can't stress it enough - in a market like this, it's all about the fundamentals. Hard numbers, technical tools, and objective signs of momentum. As Chris Hood continues to remind us, this is not a "set it and forget it" style market. It requires an active trading approach and a team at your back. Don't ever forget that you've got one - and don't ever hesitate to reach out. We all succeed or none of us do. Keep Moving, COACH'S CORNER "Every time Jerome Powell opens his mouth, something major happens." "Today he tanked the market. The tight, range-bound price action on SPX completely broke down when he started his Congressional testimony. Honestly, though, today wasn’t unique for intraday trading. The key is to let the market find its range and establish a trend. That may be flat, up, or down." "Unfortunately, once the hearing started, what looked like a flatline EKG turned into a bearish waterfall. And it all started with one of the biggest red 5-minute candles I’ve ever seen." "We saw this coming and played short-duration puts on SPX all the way down. All told, we had nine winners and two losers for the day." "Even with my indicators, these past few weeks have been unusual, choppy, and hard trading. Kudos to you if you’ve been profitable." "Nothing right now looks particularly attractive for long or short trades. The best bet is to take a wait-and-see approach. You should already have a watchlist. Look it over pre-market and make your daily plan." "Protect your capital by going into the evening as flat as possible. Trading in this environment has been full of unpleasant surprises." "Take a look at the daily chart of SPX above." "We’ve been range bound for quite some time and look set to retest the lows at $3800.00 in the near future. Keep this in mind during any rally." Cheers, Chris Hood WORD ON THE STREET Powell Warns, Warren Rages, Treasuries Hit '07 Levels - Prophet Of Doom - Federal Reserve Chairman Jerome Powell had little good news for investors yesterday. "The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated." Numerous analysts said that a 50 bps hike is now possible this month, with Powell's remarks putting it back on the table. - Berkshire Loads Up On Occidental - After stopping for five months, Berkshire Hathaway is renewing purchases of Occidental Petroleum Corp. (OXY). It now has a stake of about 22.2% in the company. OXY has broached expanding into lithium and nuclear power in recent days - Elizabeth Warren Accuses Powell Of Wanting To Get People Fired - Senator Elizabeth Warren has never been a fan of Federal Reserve Chairman Jerome Powell, whom she's called a "dangerous man." It's not surprising she put him on the spot yesterday. "So Chair Powell, if you could speak directly to the 2 million hard working people who have decent jobs today," she asked him, "who you're planning to get fired over the next year, what would you say to them?" Powell actually responded. He said that he would "explain to people more broadly that inflation is extremely high and it's hurting the working people of this country badly... all of them." - 2-Year Treasury Yield Hits 5% - Building off the gain for 10-year Treasury yields earlier this week, 2-Year Treasury bonds rose above 5% during Chairman Powell's testimony. That's the highest level since 2007 - and another sign investors are looking for a safer bet as the Fed cracks down. HOT SPOTS: What's Going on in Geopolitics - Yellen: Climate Change Could "Cascade" Through Financial System - Treasury Secretary Janet Yellen said climate change poses a major threat to the financial system. "As climate change intensifies, natural disasters and warning temperatures can lead to declines in asset values that could cascade through the financial system," said in the first meeting with the Financial Risk Advisory Committee (CFRAC). However, she also said "shocks" could result from a "delayed and disorderly transition to a net-zero economy." - Two Americans Dead, Two Found Alive In Mexico – Of the four Americans kidnapped by a cartel in Mexico, two have been found alive. Unfortunately, two others are dead. Mexican officials said that the Americans were not directly targeted and the tragedy happened because of a "misunderstanding." - Narrative Shift On Ukraine - Ukrainian President Volodymyr Zelenskyy is suddenly stressing the strategic importance of Bakhmut as he explains a controversial decision to defend the city. "We understand that after Bakhmut they [Russian forces] could go further," he said. "They could go to Kramatorsk, they could go to Sloviansk, it would be an open road for the Russians after Bakhmut to other towns in Ukraine." Ukrainian forces in the city are resisting an attempt at encirclement, though pro-Russian sources claim the Wagner Corporation's paramilitaries are making tactical progress. CUTTING EDGE: What[']( )s Happening In Tech - Hackers Post Private Photos From Hospital After Ransomware Refused - Russian hackers carried out their threats after Lehigh Valley Health Network refused to pay a ransomware demand. The "Black Cat" group reportedly released nude photos from patients at numerous hospitals from the Pennsylvania based consortium. "We are ready to unleash our full power on you!" said the group in a threat. Ransomware is becoming an increasing danger not just to hospitals but schools, utilities, and government agencies of all kinds. - Musk Claims FTC Investigation Is "Unconstitutional" – The FTC has demanded internal communications about Elon Musk, layoffs, and other issues as it investigates Twitter. The FTC may also demand Elon Musk testify as part of an investigation. "A shameful case of weaponization of a government agency for political purposes and suppression of the truth!" exclaimed Elon Musk on Twitter. - NSA Worried About TikTok - National Security Agency Director General Paul Nakasone testified before the Senate and said that he was worried about TikTok. "One is the data that they have," he said, listing the dangers. "Secondly, is the algorithm and who controls the algorithm. Third is the broad platform influence operations." Momentum is building for a bill that would allow the Biden White House to ban TikTok and other foreign-owned platforms in the United States. It has already been banned from government-owned computers. It's looking like that ban may actually happen FOR YOUR CONSIDERATION --------------------------------------------------------------- "In the end, the only thing that truly matters is that you’re consistently profitable." It's all about balance. You can't go all-in once one of your technical signals is triggered... but you don't want to hold back from possible gains. What is the best time to act? Part of it depends on your personality and willingness for risk, but some of it is just following your plan. You've got the world's best Options Coach in your corner. Chris Hood breaks it down. [REWARDING THE BEST TRADES]( ) Enjoying Dawn Report? Learn something, made some money? 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