Which Way can Powell send some Splainin to Congress on Wednesday?

Which Way can Powell send some Splainin to Congress on Wednesday? ...

As he pleads to Congress, Chairman Powell will hear from at 10am this morning. Since the market collapsed last time (Wednesday afternoon) many people are selling off in anticipation of another horrible situation.

The reasoning does not matter too much, but there is a very clear situation in which we hit our predicted Weak Bounce Line on the nose (S&P 3,780) and we''re being harshly rejected there. That''s a weak market signal that we will be re-testing the Strong Retrace Line (3,680) and, if we fail, we''ll be looking at 3,520 as our next support, which puts us in danger of having to rethink 4,000 as the S&

Is there any need to keep an eye on the Death Cross signals in the future? Yes, I had said that if the market has another 20% left to lose, is there any reason to keep an eye on our longs, or should we cash out and wait? We added a few bargain stocks to our long-term portfolio in yestrerday''s Live Member Chat Room, as well as our Morning Report (sign up here so you stop missing out) but they were all initial positions, allowing for a 20% drop, where

Although managing a whole portfolio like that can be tedious, deciding which one day would be to lose $100? Since the Nasdaq is certainly the entire Media industry, even if media is only part of what they do. When ABC, CBS, NBC, and Fox had all of the power? Those days

Sony (SONY) must be curious what happened as they used to dominate electronics with Walkmen, Discmen, and TVs, and their film division (Spider Man, James Bond, and their music division) and were considered cutting edge until AAPL removed them.

SONY is down but not out and they are another one of those undervalued businesses at $84.50, which is $104 billion and they made 1Tn Yen last year and that''s still $7.4 billion. So let''s say that 14x earnings they are trading at. They are carrying 791Bn Yen in debt and that''s $5.8Bn but, even at 5% interest, it does not result in significant gains, so I believe they are good and still make the best TV

If SONY stays above $75, it is the type of stock we can promise to buy if it becomes cheaper by selling the $75 for $8.50, and we can sell ten of them for $8,500 in our long-term portfolio (LTP) and, if assigned below $75, our net entry would be $66.50 21% below the current price. If SONY stays below $75, we simply keep the money, and maybe we''ll add a bullish spread later there''s no hurry.

While we''re still working on bargain-hunt, Powell is unlikely to say anything worse than 0.75 rate rises, and oil is down to $102, so it''s very probable that the bounce line will stick. But as long as we don''t get new lows, we have all all strong enough to get past the weak bounce line, so it''s very probable that other people will have the energy to progress. This is because as I said yesterday, we only have to get past this bump and try again.

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