Power Plays Update: Thoughts on the Market

March 1, 2023

By Scott Redler

I just want to chime in with a quick update on the market.

The SPX has been in an active bearish sequence since February 16, and it's about 235 points off the February 2 high.

ARKK is 14% off its February 2 high.

This has been a difficult environment for swing longs, which is why I haven't introduced new ideas.

Remember, we don't want to buy things for the sake of buying, especially in the face of a downtrend like this.

We all understand that inaction can be frustrating.

But the reality is that most stocks are down, and there are not many great charts out there.

Sometimes cash is the best position you can hold. You can't fight the tide.

Yes, there are times when I will share ideas pretty aggressively.

But now is not that time, especially with Tesla (TSLA) investor event today.

If Tesla falls apart, it could take the whole market down.

So it's almost a market-wide binary event like a CPI number or jobs report.

We have to play the cards we are dealt, so let's be smart about it.

When the time is right, we'll be aggressive in taking action.

For now, be careful out there.


Scott Redler Positions Disclosure as of 2023-03-01 at 10.57.02 AM