Friday Update - Epic Trades - 10/13/2023
By David Prince
Good morning all,
What a week as we've seen stocks bounce after the outbreak of war. We hate to sound callous, but war is typically a buy signal, not a sell.
Our $USO trade worked very well and then growth stocks started to run.
Now we watch for pullbacks for opportunities there. $AMD and $AMZN are of particular interest. Both have several layers of potential support underneath. We'll be back with more as the trades set up.
Several banks including $C $JPM $WFC reported earnings this morning and most beat across the board. The stocks are up, but not huge. Nothing to do there now.
Earnings continue next week with $NFLX $MS $GS and $TSLA to name a few.
As mentioned above, we are looking for ideas on this market pullback and may have something later.
Some of you asked for an update on our $IMNM idea. This chart is improving, but it looks unlikely that it will move far enough fast enough for our October options. I do believe the stock goes much higher over time, even if our timing for this trade was off. We'll keep it on the radar.
More to come,