Power Plays Weekly Roundup
August 4, 2023
By Scott Redler
What a week it's been.
We saw big earnings from the likes of AMD (AMD), Apple (AAPL), and Amazon (AMZN), plus today's jobs report.
This earnings season has had a lot of "haves" and "have nots."
And options traders have been frustrated by stocks moving less-than-expected after earnings, though Amazon and Atlassian (TEAM) were good to me today.
Looking forward, the pace of big reports is about to slow quite a bit, but the market may not necessarily quiet down.
I've been making the case that the summer high is in, and Apple's weakness today may confirm that.
In fact, if Apple takes out today's morning low of $183.25, the market could be in for trouble. So keep an eye on that level.
So looking forward, it makes sense to be more tactical.
And as you can see in my disclosures below, I have only two equities and I'm much more weighted options. This is because I'm looking to define my risk as much as possible.
With most major earnings reports out of the way, we should have more opportunities coming our way as names set up after their earnings gaps.
However, we have to be very specific and careful with entries.
Now let's go over our remaining Power Play:
Unity Software (U) has been holding up decent, even with high-beta tech stocks taking hits in August. If Apple drags tech down, this could be a victim. But if things hold in, Unity should be a leader to the upside. It has to stay above the $38 area to keep out of the danger zone.
Have a great weekend!
Scott Redler Positions Disclosure as of 2023-08-04 at 10.25.01 AM