Today I'm adding two new names to Power Plays:

Idea #1:

Name: JP Morgan

Ticker: JPM

Price: $115

Needs to Hold: $109 to $110

Price Objective 1: $124 to $125

Price Objective 2: N/A

The banks are responding well to earnings so far as it appears they are doing a good job of balancing higher rates with a slowing housing market and economy.

JP Morgan (JPM) was loved at $172+ last October. Now it's around $115ish and no one's paying attention. That spells buying opportunity to me. I see it hitting the $124 to $125 area.

Idea #2:

Name: SPDR S&P 500 ETF Trust

Ticker: SPY

Price: $366.75

Needs to Hold: $357 to $358

Price Objective 1: $384 to $385

Price Objective 2: N/A

Things feel ripe for a rally given today's follow-through, so I'm also adding SPY to Power Plays. It could see the $384 to $385 area fast, especially if we get good earnings from Netflix (NFLX) and Tesla (TSLA) this week.

-Scott