Hey, Ross here:
The CPI report came in hot, and the market reacted accordingly – heavily gapping down.
But as I said a few days ago, it’s still not the time to go on defense.
Today’s chart helps explain why.
Chart of the Day
Even after yesterday’s drawdown, the S&P 500 is up 8.8% year-to-date (the Nasdaq is up 9.5%).
And despite gapping down at the open yesterday, by the close – both indexes were down less than 1%.
So far this year, the maximum pullback has only been 2%. The chart above shows how that stacks up with the maximum pullbacks of previous years.
Of course, we still have almost nine months left.
But we shouldn’t catastrophize. If the market makes a big shift – we’ll just shift along with it.
Until then, it’s still time for offense.
Insight of the Day
In a market that’s pulling back, it’s crucial your offense becomes even more targeted.
All markets were in the red yesterday. On a sector basis, all sectors closed lower as well…
Except one – energy.
That’s how you carry out targeted offense when in uncertain conditions – by focusing on these areas of strength.
And of course, you have to be disciplined with your profit taking and stop losses, as doing so will naturally help safeguard you against negative market shifts.
There’s still time to go on the offense.
That’s why tomorrow morning at 11 a.m. Eastern…
I’m going LIVE for a masterclass that will allow you to “double down” even further…
Not just by focusing on these areas of strength…
But also drilling down the specific stocks within these areas that have one of the strongest buying signals I know – corporate insider activity.
Doing this has uncovered a high-potential opportunity in the energy sector that there’s still time to move on.
So make sure you click here to save your seat for my masterclass…
And my team will send you the login details tomorrow morning.
I’ll see you at 11 a.m. ET tomorrow.
Embrace the surge,
Ross Givens
Editor, Stock Surge Daily
