A Day of Protection and Punishment
Today's reading is a vision of the two ways of experiencing God's judgment on "the day of the Lord." First, those who have truly been faithful will be gathered in the holy city of Jerusalem and be protected. Second, those who have not been faithful -- and especially those who have caused pain and suffering for the faithful -- will be gathered together and punished and experience the same pain and suffering that they had inflicted on God's people.
Christians have often interpreted these verses in light of the expected return of Jesus. The faithful will be rewarded; the sinful will be punished. Eventually, the new Jerusalem is seen as heaven (as it is described in Revelation); the valley of Jehoshaphat is seen as a euphemism for hell.
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Reading the Bible in Its Entirety
If you are planning to read the Bible in its entirety, you should read Joel 2:30-3:8 today.