Should you buy the dip or further downside? Market update 8-29-22

SUPPORT THE PODCAST : https://anchor.fm/dailystockpick/support I was wrong on Friday thinking Powell speech was priced in. The selloff was immediate when Powell said “There will be pain to households and businesses as we fight inflation”. $UVXY shot up! $SQQQ shot up. $Baba might be a further buy because of the overhang of accounting being removed with the US and CHina agreeing…this may move it back to the $200 realm Look at weakness in oil and other commodities $UVXY was a crazy stock  Look at $CE - did buffet get in $mu - micron is building a new building Artemis rocket is launching today amid storms in Florida- but they are saying it’s unlikely as they try and troubleshoot an issue - scheduled for 830 Is $AAPL going to fill the gap down $Pdd beat on earnings - when is $baba - this could move nasdaq higher with hopes $Lng and other nat gas with the price posted on Instagram $TSLA close to $250 $Tqqq under $30 My weekly stock pick is $cvx - energy was down … but on weakness - My Weekly Stock is our stock-picking strategy delivering more than 300% cumulative returns since 2019 and 6% in 2022. Options play is up significantly higher Professor Siegel on cnbc thinks Powell lost credibility by going too hawkish and thinks he will over shoot but either way it’s a good time to buy % of SP500 stocks: above 200-day SMA: 34%🔴 above 50-day SMA: 63% 🟢 above 20-day SMA: 18% 🔴 "If he sticks to his script, we should expect more hawkish talk as we go forward, but there are people that doubt that he will," says @elerianm about Fed Chair Jay Powell. "The fact that he stuck to the script, made him come across as consistently hawkish." $F is down near $15 $Ape never learning is trending - LOOK OUT $MARA is looking interesting on the downturn with such a low RSI, macD crossing down - keep an eye on it for an upturn. SCANS $CGNX $EA - in hopes of takeover - it gapped up $PFIE on energy - crazy PE but the chart looks interesting