Well, that escalated in a hurry!
In what seemed like a benign report from Fed Chairman Powell, the market found the bullishness they’ve been desperately seeking for a year.
Yes, the Fed raised rates as expected.
And, no, Powell didn’t say anything especially hopeful.
But his mood was…kind of confident. It was kind of like, “We’ve got this inflation thing under control.”
And the market lost its gosh-darned mind.
Remember those retail stocks we were thinking about?
Here’s Macy (M):
It broke above $24 and has the makings of a legitimate entry.
A stop could be placed below the moving average (MA) around $19.85 and the target could be up at $36 – or when it falls below the MA.
Right now, it’s off to the races.
And as long as Powell’s body language remains positive, we could see even more escalation.
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