Power Plays Weekly Roundup
September 2, 2022
By Scott Redler
We're closing out the week with some tricky action.
The market faded fast after the hot jobs number, led by tech names like Nvidia (NVDA) and AMD (AMD).
But we're building higher and the SPY up 1.2% and the QQQ's showing some relative strength.
However, given the size of the move from Thursday's lows, I'd rather play it safe and not chase anything until we get confirmation the market can hold.
For now, our names look fine though let's not get complacent in this market where anything can happen.
Let's go over them:
Global X Uranium ETF (URA): sentiment towards nuclear energy continues to improve. But remember, we want to respect price action instead of simply relying on a story. I still think this can hit the $28 area, though it needs to hold $21 to $21.40. Any energy weakness will weigh on URA so watch oil.
Occidental Petroleum (OXY): it pulled in from its highs at $77 and I'm glad we took off half for Power Plays higher. Right now it's hovering around the 21 day. I'd like to see it hold the $67.80 area. If that breaks, I'll look to switch gears.
Pinterest (PINS): it's holding up better than many tech/social stock. But it's not the type of name you want to chase on strength. I'd like to see it hold the $21.70 area.
Uber (UBER): this one is holding its earnings gap, which we can't say for many tech names that had strong earnings. I think it has high potential to outperform over the next month or so, but I'd like to see it hold the $27 area.
Enjoy the long holiday weekend! Remember we're off Monday for Labor Day.
Scott Redler Positions Disclosure