Hey, Ross here:
The more Powell spoke, the more markets fell.
Unusual? Far from it. As today’s chart shows, it’s actually par for the course.
Chart of the Day
With Powell at the helm, the market moves down the vast majority of the time during his post-meeting press conferences.
Yesterday was par for the course, with him throwing cold water on the possibility of a March rate cut.
Here was the specific Fed hedging language he used:
“I will tell you that I don’t think it’s likely that the committee will reach a level of confidence by the time of the March meeting to identify March is the time to do that.
″It’s probably not the most likely case or what we would call the base case.”
As I said, standard Fed hedging language that still gives them room to cut in March if they want to.
But despite my admittedly frequent jabs at Powell and his big mouth, I’m not mad about yesterday at all.
In fact, there’s an opportunity here most don’t see.
Insight of the Day
When the market gets a little too ahead of itself, a big dip like what we saw yesterday is a chance to pick high-potential stocks for cheaper.
The recent run in the indexes has been great – but also very rare, occurring only a few times in history.
There was just no way it could go on indefinitely. As I say over and over again, stocks do not – and cannot – just keep going up.
Powell’s speech yesterday was the catalyst the market needed to correct itself a little.
The market’s foundations are still solid, meaning yesterday’s downward move is an opportunity to enter the highest-potential stocks at a discount.
That’s why later today at 12 p.m. Eastern…
I’m hosting a LIVE masterclass that will allow you to play the opportunity that Powell just presented to us.
I’m not sure how long this opportunity will last (we’ve seen markets take off strongly in the days after the Fed meeting in the recent past), so take advantage of it while you can.
And keep an eye out for the login details in your inbox shortly.
See you there.
Editor, Stock Surge Daily