Powell's announcement from Jackson Hole

The market was awaiting Powell's speech today from Jackson Hole and it wasn't well received. The Dow is currently down 18% to 32,678 and NASDAQ down 2.66% at 12,303. Investors do not like what he has to say. Looks like the Federal Reserve will keep on hiking as long as they see inflation as a threat. The threat here is the more they hike the higher the chance of recession.

Doesn't really seem like new news to me. Maybe the market was looking for more positive news. I believe I'll stay the course and continue to add on to my NU position through selling puts and using that income to buy more stock. Of course, the tricky part here is that my puts fall below my strike price and I'll have to purchase more than I intended. It's good to always keep in mind my one of my initial rules - to keep margin below 35%.