Closing XBI, Update on OXY

Closing XBI, Update on OXY

February 2, 2023

By Scott Redler

Biotech is surging and I think it's time to take a step back.

So let's close XBI out from Power Plays here.

Things feel extended and expectations for the market as a whole are very high heading into tonight's earnings reports from Apple (AAPL), Amazon (AMZN), and Google (GOOGL).

Therefore it makes sense to take the foot off the gas and let XBI go.

Meanwhile, I want to give Occidental Petroleum (OXY) a little more room.

Going forward, let's consider the $58 to $59 area to be the danger zone. Previously, I was looking for it to hold $60 to $61, but it makes sense to loosen the leash.

Warren Buffett seems to show up to buy around $60, so I think this new range makes more sense.

Stay tuned for more updates!

-Scott

Scott Redler Positions Disclosure as of 2023-02-02 at 1.36.46 PM

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