I'm going to summarize jerome powell speaking to the u.s senate in about five minutes, so i just saved you almost about two hours of the live stream and actually live streamed it with my learn plan profit group: i trade, live with them every morning. If you want to learn a little bit more about it again, if you are just getting into the stock market, if you're an absolute beginner and you think that it would be useful to watch me trade live, i encourage you. Take one minute: click that second link down below learn a little bit more about our group, what we offer and see if it's a good fit for you with. That being said, you really didn't miss much, and i think this is why the market is reacting in the way that it did it's because jerome spe up jerome powell, which is the head of the federal reserve, did not say anything new in front of the u.s Senate, if anything, it was almost laughable.

Elizabeth warren is a great example. All these u.s senators began to ask questions that were guided and directed in a way that they would be able to circle back if the market were to fail and or if they needed a scapegoat, and they can use jerome powell and the federal reserve as their Scapegoat elizabeth warren made a comment of you should be very, very careful about raising interest rates because by raising interest rates, this will only make it more expensive for businesses and small businesses to borrow money, slowing down the rate of employment and potentially causing people to get Laid off well duh right. That's the whole point that the only tool that the federal reserve has to moderate inflation is to increase or decrease the right. The interest rate.

So for her to say that i mean she's, a democrat right and, and their party was really focused on bringing down the unemployment report uh or the unemployment rate. But that being said, obviously, during the pandemic, unemployment rate was very, very high. So it wasn't very difficult to bring down that bring down that unemployment rate uh unemployment rate and the way that she just would position her questions was so frustrating because you can see that jerome pal. You know the type of questions that she would ask where, like well, you're, saying that raising interest rates isn't going to really influence or bring down the price of oil.

So why raise it? If oil has the biggest weight? Well, is it just because i can't do anything about bringing down the price of oil that that i shouldn't do anything no? At the end of the day, the federal reserve and drone house still have a job to do and their job is to fight back inflation and the only way that they can do. That is by raising interest rates. So i just found it to be so twisted in the way that she positioned that, because it wouldn't be in her party's best interest to raise interest rates, to make it more expensive and for people to begin to lose their job. Because that's been the only thing that they've been able to hold hold strong on to that they've created supposedly more jobs, and this would be quite the opposite.

Everyone, just every senator just continued to i mean some senators were so old that i don't even know if they understood the questions that they were asking there's another senator that wanted jerome powell to agree with his opinion that oil companies are solely at fault. For the current inflation that we're experiencing - and he openly said, he is not there to give his opinion, but he knows that even before russia attacked ukraine, that inflation was still high, that russia attacking ukraine isn't the only reason. Of course, it did act as a further negative catalyst, but it's not the only reason that we're experiencing what we're experiencing today, inflation is at a 40 year high. This is something that they need to make sure that, with the tools that they have available, that they focus on their job, just like he said from the very beginning, he would rather take on inflation or interest rates head-on, meaning being aggressive with it than waiting.

A couple of weeks and then seeing if they then need to increase it a little bit more. Why not just approach it more aggressive in the beginning, like they've been doing and then later on, make those you know more seasonable adjustments, and i think that makes perfect sense the end of the day. He is not there to give his opinion about what he thinks about how oil companies should be running their business. That's not what it that's, not his job, nor his job role.

So it was just so mind-boggling to me that these senators would waste so much time asking these very guided questions for their own personal best interests and that's what i took uh uh, that's what i took out of today's meeting. It was a complete waste of time. All they tried to do were asked questions in a way that would be in their best interest, and this went on for about two hours now president biden will be speaking today. I believe it's going to go into be it at 2 pm eastern time.

So please make sure that you're aware of that tqqq, which means the overall nasdaq market we are in the green, but barely we are retesting that same resistance level, as yesterday. Remember yesterday that resistance level right around 25. Today we did hit highs of about 25.45, but that solid resistance level at 25. I'm not saying that we're going to get rejected, i'm just saying that hey for the past five months, we've been bearish.

I want all these stocks to recover. I'm heavily invested in in some of my long-term positions. I want the market to recover, but i need to look out for the beginner investor and the beginner trader and that's you. I don't want you to be super confident right now, because things are still very uncertain.

There's another one of these meetings tomorrow, and this is 30 minutes after the market opens president biden's going to be speaking today. I i really do not think he's going to have much of an influence he rarely ever does to the overall stock market. He doesn't even talk about it. So with that being said, as of right now, tkq is looking bullish, but it is looking overbought.

I am telling you this as someone that's in tkq that it is looking overbought and if you want to consider maybe having an exit plan and or in preparation for potential pullback. Then now is the time to prepare to do so, not when the stock is actually selling off. So i appreciate you guys time. I hope that i stuck uh at six minutes, so i hope that i earned your thumbs up.

I i hope that i summarize uh today's live session with jerome powell in the u.s senate and again we will be live streaming it tomorrow when he speaks in front of the u.s house of representatives. So if you want to tune on into that, i'm going to be hosting that live stream exclusively with my learn plan profit group and that's that second link down below. I hope that i earned your thumbs up. Please consider subscribing.

I upload new videos about the stock market every single day and, like always, let's make sure that we end the year on a green now. Take it easy team.