Today we continued getting data on purchasing managers’ indexes — and they’re all signaling contraction in the manufacturing sector.
We also have some pretty strong signals that job layoffs are continuing at a rapid pace — particularly in the tech sector.
The fact is we’re moving deeper and deeper into a recession… and it’s becoming more and more obvious, even to those talking heads who have been talking about market bottoms all year. (while I’ve been warning you otherwise)
We’re in for a rough ride. And don’t let the market’s recent jump fool you:
The market ripped higher on ONE single statement — among a slew of hawkish statements — that Powell made yesterday in his Fed speech.
And this little spike we’ve seen in markets?
I’m not buying it. I think the market has peaked from it’s little 6 week bull run.
► So for today’s free daily pick, I’m recommending you short the broad market.
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👉👉 Our total now comes to 29 winners since we started in mid-August! (just 18 losers in that same period, with small losses in each)
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The Daily Pick is Don’s daily alert service, where for just a few dollars a month, he gives you a pick every trading day, complete with triggers, stop loss and profit targets.
ABOUT DON’S DAILY BRIEF:
Every market day, Don Yocham scans thousands of potential stocks, whittling down the list to just a handful that could be setting up to make BIG moves.
The top idea from his daily scan ends up here.
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