Power Plays Weekly Roundup + New Ideas: DIS & OXY
August 11, 2023

By Scott Redler

First we'll kick off with two new ideas:

Name: Disney

Ticker: DIS

Price: $90.76

Needs to Hold: $82 to $87

Price Objective 1: $97 to $102

Price Objective 2: N/A

Disney (DIS) has been out of play for ages, but it finally had a decent post-earnings move.

Right now, we are seeing a big rotation away from high-beta growth names like Unity Software (U) and SuperMicro (SMCI), which could mean more rotation to beaten-down names like Disney.

Disney could see a move back to the 200 day moving average around the $97 area, and potentially go higher than that.

The danger zone here is the $82 to $87 area.

And for our second idea:

Name: Occidental Petroleum

Ticker: OXY

Price: $64.90

Needs to Hold: $58 to $62

Price Objective 1: $72 to $76

Price Objective 2: N/A

Energy looks set to lead in the near term so I'm going back to Occidental as a Power Play.

Technically, it looks strong and could see the $72 to $76 area.

Now let's talk about the market overall.

We are definitely seeing a lot of choppiness, out there and leaders like Apple (AAPL), Nvidia (NVDA), and Tesla (TSLA) have been under pressure since the July 19 top in tech.

It's tricky to make consistent money in this market, which is why I've been lightening up my exposure and using shorter time frames.

I'd key in on Apple in the near-term. If it can hold today's low at $176.55 and show some strength, it can help everything. But that's a big if.

My positions are also more weighted toward options, which you can see in my disclosures below.

This is not the time to be too aggressive, so be careful with entries and sizing.

You don't want to get chopped up in a big whoosh down.

Have a great weekend!


Scott Redler Positions Disclosure as of 2023-08-11 at 10.11.23 AM