November 16, 2022
By Scott Redler
I just wanted to chime in with a quick update on the market.
I'm expecting the market to be range-bound for the time being, which is why I've added to my short calls. If the market goes sideways, those calls should be nicely profitable.
And I especially want to be cautious in front of Nvidia's (NVDA) earnings report tonight.
This morning, the market had to absorb weak numbers in Micron (MU) and Target (TGT), and it's hard to say if there's enough bad news priced in.
And now the QQQ's are toying with yesterday's lows.
If those lows break, the market could be headed for more trouble.
So I don't want to rush to put on new names, because there's a chance everything could be caught in a downdraft.
We need to be on our toes and only take the best opportunities.
We can't just rush in.
Good luck out there, and stay tuned for more updates.
Scott Redler Positions Disclosure as of 2022-11-16 at 10:45 am ET