It's here! Enjoy this week's FogCutter...

July 29, 2024 Dear , Welcome to the FogCutter, a weekly treasure wire from Traders Edge Network. Each Monday we come into port, drop anchor and ready the sails! The FogCutter aims to guide you through today's perplexing market action and noise. Check out our view from the Crow's Nest, the quick-glance "Treasure Hunting Climate" and other direct and relevant bulletins for this week.. Chart your course for the coming week with this edition of the FogCutter! Here’s what we got on deck for you today: 💣 Is The Stock Market Sell Off Done Yet? 🧐 💣 Latest PCE Reading Adds Confidence To Rate Cuts 📊 💣 Video: Don't Chase $... Get $$ Chasing You 💰 Markets At A Glance🔎 As of July 29, 2024, 12:05 PM MST Treasure Hunting Climate 📈 Last week we saw the markets continue to break down. The S&P 500 and the Nasdaq all broke below support lines (and trend lines) to set new "lower lows". At this point, we are watching closely to see if the markets drop further to reach the 10% correction level. Markets average a 10% correction about every 12 months, so we have been overdue for that to occur. If the markets push to "lower lows" from here we most likely will get to that 10% mark with another downswing. Of course corrections and pull backs can provide the market with some needed relief to attract the bulls again... which can bring some exciting opportunities for us. During times like these we love to tune up our watchlists and be on the lookout for some great buying opportunities. Earnings will continue to have a large impact on price action this week as we will have reports from around 160 of the S&P 500 companies. Also, the bulk of the "Magnificent Seven" will report this week including Microsoft (Tuesday), Meta (Wednesday), and Apple and Amazon (Thursday). How investors react to these earnings calls will definitely provide some volatility and drive price action. We are continuing to be defensive and will look for opportunities for when this downturn seems to be turning back around. See you all next week! View From The Crow's Nest 👀 Is The Stock Market Sell Off Done Yet? 🧐 The S&P 500 and Nasdaq saw their worst one-day drops since 2022. Truist’s Keith Lerner noted that when the S&P 500 rises more than 10% in the first half, the second half often sees a 9% pullback. As of June's end, the S&P was up 14%. "This choppier market action, which we expected, likely has further to go," Lerner wrote. [See Full Article]( Latest PCE Reading Adds Confidence To Rate Cuts 📊 The Fed's preferred inflation gauge rose slightly more than expected in June. This marks the slowest annual increase in over three years. "This suggests the inflation spike in Q1 was an aberration," said BofA's Michael Gapen. "Inflation is gradually decelerating as the Fed wants." [See Full Article]( Mumsy's Meme Of The Week 😂 WOW Insider Receive Preston's Live Trades and More! Gain exclusive benefits as a WOW Insider, including access to LIVE Friday morning webinars, 31+ training videos on Preston's option strategies, a member forum for Q&A, and updated trade journals. [Find Out More]( Free Resource LEARN HOW TO DO IT YOURSELF Head to the TEAM HUB for more options training. Learn the basics of options, how to setup an account, and place your first Money Press trade through the Onramp. [Go to T.E.A.M. Hub]( Economic Calendar 🌎 Earnings Calendar 💰 Video of the Week 📹 Are you tired of the endless cycle of chasing stocks, day trading, and relying on indicators that never seem to work? In this video, we reveal why these methods are a waste of time and how you can flip the script to have money chasing you instead! [Watch Now]( I hope you enjoyed this edition of "The Fogcutter". You can expect this in your inbox every Monday moving forward. Have a great week! - Preston [Unsubscribe]( Traders Edge Network 8180 South 700 East Suite 210 Sandy, Utah 84070 United States (801) 733-4190