Power Plays New Ideas: JPM & SPY
October 17, 2022
By Scott Redler
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
Scott Redler Positions Disclosure