Power Plays Weekly Roundup
November 25, 2022
By Scott Redler
The market still feels a bit constructive and there is a chance the SPX could fill a bigger part of the gap up to $4080ish, thought that's probably more likely next week.
The Dovish Fed minutes helped, especially following the light inflation readings from the recent PPI and CPI numbers.
Black Friday can be a chaotic day, so odds are some things could change by the close.
Things are flattish for now, but that's no surprise given the strength of the move this week.
Tech is showing some relative weakness, and it would be good to see that turn around, especially into the close.
Apple (AAPL) and Tesla (TSLA) are a bit heavy which is not helping.
But again, we came a long way, so the action is leaning towards the healthier side for now.
I have some interesting names on the radar, like Visa (V), so hopefully we'll get more constructive setups in the near future.
Remember, we are still in a bear market so we have to be extra careful with entries. This is not the time to throw out names for the sake of it.
Taiwan Semi (TSM) is doing a little better than the rest of the market today. There's a lot of mixed chatter around Apple (AAPL) but TSM has been holding up together overall. I've added on weakness a few times to trade around it. Closing above $83.20 with authority would be good and could set it up for a nice run next week. Black Friday sales numbers for phones and electronics could have an impact so keep an eye out for news.
Scott Redler Positions Disclosure as of 2022-11-18 at 10.57.44 AM